Running a business is challenging

There are a whole range of issues confronting SME business operators, whether they are operating as a sole trader, in a partnership or through a company.

An awareness of ‘Corporate Governance’ is very important as this is a key component on the structure for all businesses, whether they are incorporated as a company or not.

Why is it important?

Corporate Governance includes:

An awareness of regulatory requirements.

Keeping up-to-date with the legal and regulatory requirements that apply to your type of business.

Being aware of the risks confronting the business and ensuring that appropriate strategies have been developed and are routinely reviewed to mitigate financial, reputational and legal risks for the business.

What is happening with issues such as consumer demand? What are your customers’ requirements relating to environmental issues, social and ethical issues relative to the products that you’re selling, the reputation of businesses that you are securing products from?

All of these activities can have a significant impact on your customers and need to be given ongoing consideration within the business.

Having a clear understanding of your ‘Strengths and Weaknesses’ is very important for business operators. You need to decide whether you are going to undertake additional study to overcome the perceived weaknesses, or are you going to hire a part-time or full-time executive to assist you in the areas that in which you believe you have a weakness?

Businesses cover a wide number of disciplines including:

Purchases of raw materials

Management of team members – training – counselling

Design of products and services to be produced

Research and Development

Planning

Production

Marketing and promotion

Selling

Accounting and Administration – are you the CFO for your business or do you have one?

Budgets and Cash Flow Forecasts (predictive accounting)

Funding for the business

Environmental issues

Legal and contractual matters

The challenge for the owner/CEO is how you coordinate these various disciplines to ensure that the team works in an effective manner.

Towers Business Development assists businesses in the development of leadership team duties and responsibilities, as well as Corporate Governance training. To find out more, contact us on 1800 232 088 or email to arrange a complimentary initial consultation via Zoom.