Starting your own business can be tiring, and a lot of work, but when you also have to consider incorporating rules and regulations such as corporate governance it can add another element to your workload.
But, what is Corporate Governance?
Corporate governance is the structure of rules, practices, and policies that underpin how you direct and manage your company. Corporate governance is a privilege for established firms - a luxury to tackle once your first funding rounds have been successful.
However, adhering to corporate governance at an early stage can help founders build their business plans more effectively by;
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Setting clear expectations for who does what and who owns what. This potentially minimizes disputes and maximizes your time for creating value.
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Articulating sustainability objectives with the same clarity and importance as your market offering. This may maximize financial and societal returns, while broadening your startup’s appeal to stakeholders.
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Challenging you to choose the most flexible legal structure and writing down why. This can give you a wider range of options to scale your business or sell it when the time is right.
GBEA’s partner UBS will be exploring why corporate governance can be a worthwhile early investment for founders, in a three-part series. Today’s report will look at how robust thinking, documenting, and execution of corporate governance can help founders start their business plans.
So, can corporate governance help you start your business plan?
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