Good Governance & Management Practices

For a business to maximise its profitability and capitalise on opportunities it needs to divide its key roles into strategy, governance and management, and implementation.

 

Strategic Direction & Governance

The strategy and governance focus of a business is all about vision, where the company needs to be, what its core business is, assessing risk, and its obligations under the Companies Act 1993.

PlanA Consulting assists companies to develop and enhance the governance of their business either at an advisory board or independent director level. Here the focus is on direction and accountability and should not involve the ‘doing’ or day-to-day operations or management of the company.

The governance and strategic direction of a business can benefit greatly from an independent advisory board, who are able to see things from a different perspective than those working day-to-day within an organisation.

For more information about advisory boards or if you're not familiar with the concept and how it may add value to your business, please click here.

The New Zealand Institute of Directors, Four Pillars of Governance Best Practice is the guiding framework for this area.

To determine if your company's governance is in order, ask if your board has:

  • A Board Charter
  • Clarity in its Direction
  • A Strong Governance Culture
  • Policy Statements
  • Risk Reporting
  • Processes to Manage Risk & Compliance
  • Accountability Measures
  • Board Review Processes

 

Management & Implementation

Management is all about implementing the strategy the board has put in place. This involves the key activity a company delivers, how well they implement it, how they manage what they do with respect to the ‘doing’ or day-to-day operations of the business.

PlanA Consulting assists businesses by helping owners decide what activity is central to their success. PlanA then help keep business owners accountable to having that activity implemented and completed. This may mean working with the business owner, or key people within the company.

Do you have key roles for strategy, governance and management, and implementation?