Good Governance
You business is growing and you need to ensure that your company culture and controls can support it.
When running a Limited Company it's important to bear in mind that the company is separate and distinct from its owners and shareholders. It is not simply ‘the owner’s business’.
Principles of all good governance include:
- Accountability
- Transparency
- Probity
- Focus on the sustainable success of an entity over the longer term.
As well as running the business on a day to day basis, directors are responsible for:
- Setting an appropriate strategy
- Compliance and company administration
- Delegation of authority
- Risk management and internal controls
- Dealing with business difficulties.
Understanding your Vision, Mission & Values can ensure that your strategy is on the right track and leading by example helps to set the tone from the top and create the right company culture to fit your brand.
Company manuals, robust financial management and a system of internal controls alongside regular management meetings and the right mix of skills within management are fundamental to success as a business grows.
Ultimately, owner-managers have to learn to delegate responsibility and let their 'baby' fly for it to be able to grow and thrive.
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