02/10/2024
Governance is about the big picture!
Governance includes all the practices, processes and policies that help you guide your business in the right direction. Any task that focuses on the ‘big picture’ is part of governance — tasks like checking your finances are stable, creating long-term strategies, planning your risk management and keeping an eye on your wider industry.
As a business owner, you’ve probably been doing some governance tasks from day one, whether you realise it or not. You might think of governance as ‘oversight’ or ‘supervision’ or even ‘making sure the wheels don’t come off’. Whatever you call it, it’s essential for making sure your business stays on track.
If you struggle to find time to focus on governance, you’re not alone. Many business owners have multiple demands on their time and find it tricky to balance all their roles. When you’re busy, it can be hard to think about anything non-operational, but you shouldn’t underestimate the importance of overseeing your business well. Your decisions can affect future performance.
Don’t think of governance as more paperwork and hassle — it’s simply about running your business in the best way possible and helping it succeed. It’s an extension of what you’re already doing.
