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“The current economic climate is resulting in a lot of smaller owner managed business failing,” says Seugnet van den Berg, MD at consulting firm Bizmod. “These could also benefit from good governance but implementing such a framework and in particular, the introduction of a board into an intimate environment can be daunting for business owners.
“The value of different expertise and diverse personalities in a small business environment is invaluable, despite the perceived effort and complication in introducing this element.
“The primary role of a board is to provide strategic direction and a bird’s eye view of the path the company is taking. The board is also there to look at the sustainability of the business and stay independent. It is especially important that any operational issues that the company might be experiencing do not impede board members. If nothing is changed, then the outcome will remain unchanged.”
“There are many advantages of putting a governance framework in place but the primary advantage is the growth and development it brings to the business. An owner managed business focusses on its areas of strength, whereas an operation with governance procedures focus on running the business holistically, producing significant long-term benefits,” concludes van den Berg.