Home Business Business Tip for SMEs #3: Put the right structures in place

Business Tip for SMEs #3: Put the right structures in place

If you are an SME and you scale up, the first thing is to do is to put up a governance structure (board), an external auditor, an internal accountant and auditor. If you want to build a world-class organisation, you have to align with world-class best practices. How has your competitor in the UK, US or South Africa built its organisation? What are the fundamentals? If you’re nowhere close in comparison, you can’t compete. These organisations put in structures which outlive them.

The business should not be built around you. The business should not come to a standstill because you’re out of the country on a vacation with your family. You can’t even take days off because when you do, something is bound to go wrong. Have a board to oversee your business and offer direction. It helps you comply with regulations as the board oversees how management is complying with regulations when it is taking sound decisions to protect shareholder interests.  The board can vary in expertise, experience and know-how.

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