Effective governance is the cornerstone to business success and longevity. Good governance is about structuring, operating and controlling a company with a view to achieving long-term strategic goals for shareholders, creditors, employees, customers, and suppliers. In short, good governance exists to add value to a business, big or small.
Effective governance adds value in four critical business areas:
- Purpose: defining your purpose and acting with it in mind.
- Governance Culture: working effectively to make the right decisions at the right times.
- Holding to Account: being aware of what's happening and how to respond.
- Compliance: effective risk management.
What types of companies should undertake Governance Planning?
Any company that is serious about creating and developing an effective Board of Directors should have a Governance Plan. Even if your business is currently small, if your growth plans are large or you simply want to get better at guiding your business, an effective Governance Plan will remove stress and add value.
If your industry is going through times of change or family dynamics are getting in the way of the business, having a Governance Plan will help align the directors to respond to industry changes and minimise the effect family relationship issues will have on the decision making in the business.
- Agreeing how you will separate the governance functions and responsibilities from that of operations
- Determining and documenting a Governance Framework Plan and Governance Action Calendar
- Identifying significant opportunities and risks that need to be managed
- Establishing an action plan to address critical issues and get runs on the board
- Agreeing the form and frequency of your regular Board Meetings
We'll provide you with pre-work to complete prior to the Governance Planning session. This will help to maximise your outcomes and the value gained from the session.
Upon completion, you'll be able to identify and prioritise goals, both short term and long term, create strategies to achieve your goals, review actual performance against targets and establish a 90-Day Action Plan to address immediate and critical issues.
Any time is a good time to develop a Governance Plan, even if you already have a functioning Board of Directors.
Contact us today on +64 3 474 0475 to book your Governance Planning session.