Craig Hattle, a former partner at Advantage Business and a governance specialist.

Governance of small and medium-sized enterprises

SMEs have always been the backbone and impetus for growth in our economy.  However, their path to success is not easy. New Zealand business owners tell us of their many challenges growing the business for export. Competing with ‘cheaper’ imported products is another huge issue.

If we are to constantly raise the bar for New Zealand businesses, we need to effectively apply the principles of governance best practice.

Why it’s important

Governance Best Practice should be viewed as a journey, not a destination. The shareholders in private firms, both large and small, are more frequently looking for ways to implement best practices into the governance of their businesses.

Good corporate governance is as important for SMEs as for any other company. High standards of governance help to attract investors, trust in the market place. Most importantly, they may assist SMEs in gaining access to finance.

Good Governance is important to the operation and the strategic development of SMEs. Indeed, bringing in some form of independent thinking at a strategic level could be vital. For example, to help the business find ways of breaking new ground with products or entering into a new market.

Advantage makes it easy

However, it is often the case that SME owners resist the idea of corporate governance. It just seems to be too complex and unnecessary. This need not be the case. The Advantage Business Applied Governance programme ensures high integrity, with relative simplicity, on a journey of governance best practice.

Reap the benefits

Available research demonstrates that better corporate governance of SMEs is positively linked to their growth and long term sustainability. So why would you not do it?

Good governance is and will continue to be, a cornerstone to business success. Advantage Business can help lay that important groundwork.

Next steps

We can help you with all your governance advisory needs, including:

  • Establishing an effective board or advisory board
  • Driving business strategy execution
  • Introducing risk management and internal controls
  • Improving board performance
  • Board mentorship and management consulting
  • Succession planning
  • Developing accountability frameworks
  • Conducting essential due diligence
  • Chairing boards and advisory boards
Book an obligation free consultation

Agile Governance – why we need this in the ‘new normal’ was the topic of our May 2020 webinar. Watch the recording.