SME and family business governance

Sound governance practices and a well chosen board can assist small to medium enterprises (SMEs) deal with two major business issues: growth and succession planning.

Directors Australia works with SMEs of all types including founder and family businesses to assist them with establishing:

• advisory boards to advise the company in areas such as strategy and business development
• governing boards with decision-making functions regarding strategy, company performance, risk and
• compliance formal governance policies, meeting structures and processes.

Transitioning to a more formal governing board structure can realise many benefits for SMEs including:

• objective and strategic advice
• new skill sets and experience not in the management team
• fresh insights and an opportunity to constructively challenge the “usual way of doing business”
• expanded networks especially if the company is moving into new areas or geographical markets
• enhanced company reputation and standing for clients, financiers and investors.

Through its extensive board consulting and director recruitment experience, Directors Australia is uniquely placed to work with SMEs to assist them with:

• developing a governance transition plan with clearly identified objectives, steps and timeframes
• drafting governance structures and documentation
•  identifying the skills and expertise required on an advisory or governing board
• recruiting board members who have the rights skills and experience and who are also a good cultural fit for the company.

To complement its service offering to SMEs, Directors Australia works in conjunction with a number of other advisors with expertise in finance, business structuring, strategy and planning, and organisational change.