In Summary
My approach as derived from governance best practices are :
Businesses need oversight by a multitalented advisory board . This could be eight exceptional individuals of outstanding character that are selfless and have the interests of the shareholders , staff and other trade partners to the business at heart .
Have a robust structure on how decisions are qualified and substantiated especially those that are expense driven , client related and product related .
Push for regulatory and legal compliance in countries of operation and beyond borders more so with self-checking mechanisms within the company . Good intentions are not enough ; action of laid out strategies and audit functions are the best approach .
Boards should have 360 dashboard view on all business KPIs including but not limited to product integrity , inflows , outflows , legal matters , compliance , audit , technology parameters including costs , projects ( the teams involved their roles and their status ) among others .
These local businesses could borrow as easy as a sneeze . No worthy investor or bank would refute or question any of their financial assistance request . It was considered a favor to trade with them and so they got whatever they wanted . Some even got government sanctioned grants and bailouts .
Automation of key process flows including qualifying decisions is required to reduce human interference and bring out the accountability required . This then effectively feeds the Boards dashboard view and can be set to notify them when key parameters are lagging behind . This will help in making timely decisions that nip bad fruits in the bud .
This should not necessarily be a rigid governance but that which supports growth , curbs waste and always self-checks all staff - more so top management . Governance that ensures a good profit book but also insists on the same translation to shareholders , staff , suppliers and trade partners .
We are all better off when we grow together . And once all entities that deal with the business know and believe that the relationship is mutual and promotes a winwin approach then success and greatness will automatically dwell there-in .
Joseph Lunani is the Chief Executive Officer Insynque Solutions Limited , a technology and digital solutions company . You can commune with him vide mail at : JLunani @ in-synque . com .
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