“Whether you’re in the public or private sector, a sole trade or a corporation, governance training will allow you to be confident in asking the right questions, setting the right frameworks and better understanding all aspects of your role so you can protect yourself while also setting yourself up for the best shot at success…”Miranda Mears
Whether you’re a sole trader, a small to medium enterprise or a larger corporate, good governance is at the core of a successful future. It helps to minimise risk while opening doors to potential growth opportunities.
If the COVID pandemic has taught us one thing, it’s that the entire world can be turned upside down, literally overnight.
Good governance means putting the right procedures and policies in place to protect you or your business through every season. Many sole traders we work with don’t realise that if things go belly up, it is their house or personal assets that are on the line. We’ve had many clients who’ve joined a Board but had no idea that they could be personally liable because they haven’t appropriately protected themselves.
In terms of larger organisations, innovation is critical. Does the business have the right systems and frameworks in place to support business as usual, if business as usual is turned on its head? It’s critical to identify risks so that they can be protected against. Is the business agile enough? Does it have a rock-solid management plan in place to protect against levels of uncertainty, whether that be from a pandemic right through to a key manager being hit by a bus? What plans are in place?
Governance and Director training works on a number of different levels. It provides that extra layer of corporate governance and oversight for an organisation to understand what systems are working, what systems aren’t and what need to improve?
When working with our clients, we delve into roles and responsibilities, organisational structure, analysis of financial statement and budgets, profit and loss and the ability to actually identify any issues and challenges there that they need to be aware of.
If you think about all of our sporting clubs, if you think about all of our not-for-profits out there that have committees- so many don’t realise that they still have the same due diligence requirements and the same legal responsibilities and the same penalties and legal risks as a business owner does.
Good governance is also critical if you’re applying for government tenders or want to work in government funded sectors. Having the training and qualifications gives a distinct competitive advantage.
Whether you’re in the public or private sector, a sole trade or a corporation, governance training will allow you to be confident in asking the right questions, setting the right frameworks and better understanding all aspects of your role so you can protect yourself while also setting yourself up for the best shot at success.
ABOUT THE AUTHOR:
Miranda is an experienced and passionate leader and consultant, specialising in providing business advisory assessment and training services to individuals, businesses and government for transformation and growth.
Visit www.learningpartnerships.edu.au for more information.