governanceNo matter what stage your business is at, governance should always be a big priority. But if your business is in a growth phase, then Governance becomes a more urgent issue.
 

Acknowledge, Assess and Address

As you grow, it’s vital to be assessing not only your strengths, but your weaknesses too. If you do not acknowledge and get to know your weaknesses, you risk that gap in your business becoming a huge chasm. One that could cause major problems and even become insurmountable over time. 
 
What if your business is going gang-busters and you’re run off your feet? It may seem counter-productive to step back and think about governance. You might worry that this will put the focus on risk and accountability instead of growth. That’s an understandable concern. 
 
But the skills used to start and develop your business are only part of what’s required. If you want to break into new markets and attract new capital, a new skillset needs to be present. The same is true if you want to attract great staff.
 

The Benefit of Outside Advisors

 Business owners feel hesitant about passing over an element of control. But this is exactly the time external advisors can provide signficant, lasting benefit. They will add immense value by helping develop your business’s goals and strategy. 
 
The great thing about most of our SME’s is their innate flexibility. They have the ability to make adjustments and fix problems in short order. That’s a key strength you can use to address weaknesses in your business. And remember there’s no room for preciousness when you’re looking for your business to grow and succeed.
 
In Summary
Recognise weaknesses early. Fill the gaps fast. And appreciate that great governance will always add long-term value to your business.
 
 

Read our Free Special Report: Will Your Business Survive Without A Board Of Competent Advisors?

  • This field is for validation purposes and should be left unchanged.