Governance focuses on the policies and mechanisms set in place to administer and direct your business. Although many believe that corporate governance is something reserved only for large corporations, this is not true. In fact, good governance is vital to the growth and success of any business regardless of size or industry.
The key values that form the basis of governance are:
• Integrity
• Leadership
• Competence
• Enterprise
• Fairness
• Commitment
• Confidence
• Respect
• Accountability
• Transparency
Governance consists of strategic planning, appropriate business conduct, ethical behaviour, ensuring the business meets compliance requirements, quality assurance, good human resource practices, and assessing and managing business risk.
Remember that it is important to make decisions, regardless of the size of your business, about how you will govern it. These decisions and processes should be implemented in such a way that they filter through all management levels and impact staff. Creating an atmosphere where these key values are characteristic of all staff members and managers is one of the key performance indicators for success, as well as staff satisfaction.
Good business governance can help you to create and implement successful strategies for your business, giving you the confidence and determination to overcome any challenges your business may face in the future. If you would like to discuss business governance or get any SME advice please call The Quinn Group on 1300 QUINNS (784 667) or on +61 2 9223 9166 or submit an online enquiry.
