FOOD FOR THOUGHT

A good governance board will hold you accountable to your business goals by prompting regular discussion and reflection. Here are four key business growth questions your board should be asking you on a regular basis. These questions are designed to challenge you so you can identify opportunities to take your business to the next level.

As the tax landscape continues to change with increased complexity of tax regulation both domestically and overseas, the management of tax is fast becoming a necessary part of today’s advisory board agendas. Graham Lawrence gives some important advice to business owners who want to get it right.

It’s one thing to have a governance board; it’s another to have a good governance board! What processes can you put in place to ensure your board performs to a high standard? Take note of these five characteristics of good business governance to make sure you’re on the right track.

As I sit on a plane heading to a day of meetings, I remind myself that I must complete my voting paper in the flag referendum tonight and get my opinion counted.  Whether you’re in favour of change or not, it doesn’t really matter. The point is that we have the opportunity to be involved, which of course presents a rather unique ability to contribute towards a once in a lifetime process of change.

Running a business always has some sort of financial risk attached. Those companies that do well are those that put in place proactive steps to monitor, evaluate, and manage their risk exposure. We explore three financial risk areas that require more attention at a governing board level.

Maintaining a financially healthy and profitable business is a challenge that rests on the shoulders of every board member. Left unchecked it is easy for profitability to be gradually eroded away.

Every governance model relies on its board members fulfilling certain skill sets or roles missing from a business. Such a diverse mix of people who can challenge each other is a powerful combination. However, many board members still don’t fully grasp the finance side of running a business which is leaving some companies wide open to unnecessary risks.

High performing boards often employ an independent adviser who can bring discipline, experience and objectivity. And certainly having the external accountant or company lawyer on the board is common; but it is important to remember that these professionals should act in an advisory role with a ‘big picture’ or business focus.

We all know that change is coming, it’s a certainty. And we probably all expect that change to be in the form of technology, but just how fast is it moving and what are some of the potential impacts of disruptive technologies?

IT is, without a doubt, the ultimate game changer. Businesses deploy new technology to reduce costs, increase efficiency, improve transactions, streamline information flows, and, at the end of the day, drive revenue.