When people see or hear the word “governance” in relation to a business they tend to think of the term “corporate governance” and perhaps assume that it is something that only large corporates need to worry about. But good governance is just as important for a small company as it is for a huge multi-national – in the same way that good results are important for all sizes of business.

.

Different countries and cultures have different approaches to governance and its associated regulations but in short, corporate governance encompasses the processes, mechanisms and relations by which an organization is controlled and directed. So, what does this mean in practice? Well, this ranges from ensuring that your Company’s Board has the skills, knowledge and experience to provide effective guidance to your executive team through to ensuring that your business meets its regulatory and compliance obligations including, for example, employment law, data protection and financial reporting. It is also important to ensure your Board has identified a clear corporate vision and supporting strategy and that your business is ready and able to implement the strategy to deliver your agreed goals.

.

In terms of strategy you need to be asking yourself does it reflect the needs of all stakeholders or does it just focus on some stakeholders and it’s a case of “fingers crossed” for the rest? Good governance is about being transparent when communicating the company’s goals and plans and getting everyone involved and committed.

.

Another vital issue is risk and making sure your business is fit to tackle changes and problems as they occur. What would you do, for example, if one of your suppliers went out of business or a client pays late? Either of these issues could damage your business so appropriate mitigation strategies need to be in place and the higher the risk the more protection will be recurred. Change does not need to be a bad thing provided you are prepared for it. And if there is one thing that is guaranteed about your business’s future, it is that it will confront change, with Brexit being a fine example.

.

So good governance is important for all sizes of company as well as at all levels within the business. At Crescus, we have the expertise to help you: from mentoring your board or executive teams, to ensuring the alignment of your mission, vision and goals, or even providing a health check of your business team’s effectiveness.

.

Contact us now at Info@crescus.com for a complimentary introductory review of your business.