No 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 become a huge chasm. One that could cause major problems and even become insurmountable over time.
When your business is going gang-busters and you’re run off your feet, it may seem counter-productive to step back think about governance. There’s the understandable fear that by doing so, emphasis will be on risk and accountability at a time when the focus needs to be on growth.
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, attract new capital and attract great staff, a new skillset needs to be present.
The Benefit Of Outside Advisors
Business owners feel hesitant about passing over an element of control. But this is exactly the time that external advisors can provide signficant, real and lasting value. A board of directors can add immense value as they lead the development of your business’s purpose, 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.
Recognise weaknesses early, fill the gaps quickly and appreciate that great governance will always add long-term value to your business.