Governance Planning - Outline and Benefits
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
- 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.
What is involved?
You’ll attend a Governance Planning session facilitated by. 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 manage.
- 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.
When should we have this session?
Any time is a good time to develop a Governance Plan, even if you already have a functioning Board of Directors.
Call us now on to discuss the facilitation of your Governance Plan.
Benefits of Developing a Governance Plan
- Develop a clearer company purpose.
- Eliminate current 'laid back' business practices to become more active and strategic.
- Hold management to account in implementing the Strategic Plan and delivering results on budget.
- Maximise shareholder value.
- Execute known business opportunities well.
- Maintain business stability through periods of high growth.
- Reduce the stress associated with business growth.
- Reduce the constraints of cashflow as you grow.
- Reduce the complexity of the business.
- Gain outside perspective and expertise on how to change the way you do business.
- Stay on top of industry changes.
- Prevent family relationship issues affecting the decision making in the business.
- Execute your Succession Plan.
- Reduce key dependency on particular family members.
- Ability to step back from the business and enjoy the fruits of many years of hard work.