Perhaps simplistically, governance can be seen as something that large corporations require, not the smaller operators. This is a perception that the Australian Institute of Company Directors (AICD) seek to challenge.
These the South Australian Business Chamber members want Australian SMEs consider the various governance structures as ways to unlock and maximise their potential. This level of self-discipline may initially seem onerous. Still, it will demonstrate your sincere commitment to the business to investors, suppliers, and customers.
Examples of considerations relating to governance include questions such as should we add a new business to the existing ones? Should we maximise the value of the business in the next three years to sell it? Now that technological newcomers on the market have disrupted the industry in which we operate, what do we need to do in response to remain relevant and financially sustainable?
While many governance-related stories focus on failure, they miss the point that corporate governance frameworks can help bring in outside expertise, attract funding, and ensure long-term sustainability.
The AICD outline three general governance models for consideration:
If you want to find out more, then please visit their website >
