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Corporate governance is essential to ensuring that the company’s many stakeholders, such as investors, shareholders, employees, customers, partners and the community, all have their needs and interests met.
Apply the characteristics of good corporate governance to improve areas where your business is lacking.
Anam Ahmed is a Toronto-based writer and editor with over a decade of experience helping small businesses and entrepreneurs reach new heights.
In addition, businesses should establish their target audience and the problems they are trying to solve.
The business needs to identify a strategic plan that will enable it to meet the goals of the target audience with its products or services.
It’s vital to review products, processes and company policies to ensure that they remain effective and relevant.
Some of the ways businesses can improve is through sending out employee and customer surveys to learn about how others perceive them.
The company also needs to be committed and disciplined in order to follow its own processes.
Discipline needs to be part of the organizational culture so that employees at all levels feel a sense of duty to follow the processes that are put in place for each business activity. While following an effective business strategy and established operations procedures can help companies to mitigate risk, businesses still require a risk management plan.
Examples of good and innovative regulatory practices by regulators where provided.
The way a company directs itself is based on its corporate governance, which is composed of a set of rules, processes, practices and procedures.