Governance is the cornerstone to business success and longevity
Effective Governance is the cornerstone to business success and longevity
It’s essential that all directors of a company understand governance best practice, and why it’s important: to add value and minimise risk.
If you’re serious about having an effective Board of Directors, a plan is crucial to help reduce stress and increase the value of your company.
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.
The effect of good governance is the realisation of the company's desired vision and purpose due to achieving the required results and outcomes operationally in the business.
Why we developed this service
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:
1. Purpose: defining your purpose and acting with it in mind.
2. Governance Culture: working effectively to make the right decisions at the right times.
3. Holding to Account: being aware of what's happening and how to respond.
4. Compliance: effective risk management.
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.
What is involved
You’ll attend a Governance Planning session facilitated by Camelia Petrus, Head of Business Development at Lynch & Associates.
The key areas we'll cover include:
- 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
You'll complete the pre-work we send you prior to the Governance Planning session. This will help to maximise your outcomes and the value gained from the session.
When shall we have the effective governance session?
Any time is a good time to develop a Governance Plan, even if you already have a functioning Board of Directors.
Key benefits of having
a Governance Planning session
- Eliminate current ‘laid back’ business practices to become more strategic
- Ensuring management implement the plan and deliver results (on budget!)
- Improve decision making and maximise shareholder value
- Execute known business opportunities well
- Maintain business stability through periods of high growth and change
- Prevent family relationship issues affecting business decision making
- Better succession outcomes - enabling owners to step back from the business and enjoy the fruits of many years of hard work
Up to $2,500 + GST
Most of our clients, decide to take on Governance Coaching to provide greater accountability and support with planning and decision making to ensure progress is achieved.
The role of the governance coach is a combination of a coach, mentor and advisor; we'll be teaching the directors how to use a Governance Framework to successfully navigate a Board Meeting which focuses on strategy and risk, rather than getting into operations.
Our clients will have different levels of experience, so it’s important to discuss your role prior to the first Board Meeting. There are several options which you may choose.
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