Sound governance practices and a well chosen board can assist small to medium enterprises (SMEs) deal with two major business issues: growth and succession planning.
Directors Australia works with SMEs of all types including founder and family businesses to assist them with establishing:
- advisory boards to advise the company in areas such as strategy and business development
- governing boards with decision-making functions regarding strategy, company performance, risk and compliance
- formal governance policies, meeting structures and processes.
Transitioning to a more formal governing board structure can realise many benefits for SMEs including:
- objective and strategic advice
- new skill sets and experience not in the management team
- fresh insights and an opportunity to constructively challenge the “usual way of doing business”
- expanded networks especially if the company is moving into new areas or geographical markets
- enhanced company reputation and standing for clients, financiers and investors.