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board governance
form a board of directors
Many SME's do not have 'formal board meetings', yet it is a vital way to ensure that all decision makers are aligned, the direction of the business remains in check, and that you remain focused on maintaining productive and strategically focussed meetings and avoid getting drawn back into operational matters.
Also, setting up a board is often slightly more complex than many would imagine, as there are a variety of different governance models that an organisation can elect to use - depending on the nature of the business and your objectives.
Ginga Business can provide a director to help you create a board, but then attend the meetings as Chair, or attend on an advisory basis.
benefits to establishing a board
Establishing a board of directors can offer several significant benefits to an organisation:
Accountability: A board holds the management team accountable, ensuring that the company's goals and objectives are met, and helping to mitigate risks.
Credibility:
Having a board can enhance an organisation's credibility with investors, customers, and other stakeholders, as it signals a commitment to good governance and strategic oversight.
Expertise: Establishing a board including an external advisor (or 'NED') can provide complimentary experience and knowledge across various fields that may not exist in the existing senior leadership team, which can help in the strategic decision making process.
Strategic Planning: A board helps with long-term strategic planning, ensuring the company stays focused on its mission and adapts to market changes.
Networking: external advisors and NEDs often bring with them a network of contacts and business relationships that can open doors to new opportunities, partnerships, and resources.
The ultimate result of good governance is a flourishing and resilient organisation that operates ethically and efficiently. It ensures accountability, transparency, and fairness, builds trust with stakeholders, and drives sustainable growth and success.
Good governance is the bedrock of a organisation's long-term stability and helps deliver a positive impact for it's employees, the environment and on the wider community.