Harnessing the Role of Succession Planning on the Performance of Retail Small to Medium Enterprises (SMEs) in Mashonaland West Province Zimbabwe

Abstract

Small to Medium Enterprises (SMEs), within the Zimbabwean retail sector, play a pivotal role in the nation's economic growth. This study investigated the antecedents for adopting succession planning by retail SMEs in Mashonaland West Province. The study was guided by Positivism Research Philosophy.  The study was anchored on Systems Theory and a Raosoft 
sample size calculator with a 5% margin of error and 95% confidence level was used. The sample size reached was 148 owner-managers of the SMEs. Structured questionnaires were used to collect data. Quantitative data was uploaded on SPSS Version 21 and analysed using descriptive statistics and correlations. It was established from the main study findings that effective succession planning prepares the next generation of leaders, minimising disruptions when key personnel leave. This is vital in retail, where customer relationships and operational knowledge are critical. The study findings showed that investors and stakeholders are more inclined to support businesses with a succession strategy. They view it as a sign of stability and foresight, which can lead to better funding opportunities. It was established that once employees saw a path for advancement, it boosted morale and productivity. Engaged employees were more likely to contribute positively to the business, enhancing overall performance. It was revealed that succession planning encouraged long-term thinking and strategic goal setting. Retail SMEs can align their succession strategies with their overall business goals, ensuring sustained growth. The recommendations proffered by the study was that owners should provide the necessary support and strategies such as focusing on continuity, 
knowledge retention, employee engagement and strategic adaptability. These businesses could improve their resilience and competitiveness in the marketplace.