The WhIP Journal
May 2005 Power Your Practice – THE WhIP JOURNAL [What Helps In Practice]
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New Phone, Fax and Address as of April 4th, 2005!!! (Same toll-free and email)
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In This Issue:
-GOOD CORPORATE GOVERNANCE [Even for SMEs]
-THAT IS SUCH A GOOD THOUGHT…
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GOOD CORPORATE GOVERNANCE [Even for SMEs]
How’s your corporate governance? Why would I ask that question of my eNews readers?
I’ve been working on a project with the Canadian Institute of Chartered Accountants related to Audit Committee performance in this new world of regulatory changes and legislation. It causes me to think about corporate governance more often than I used to and in ways that I never did before. I believe we often think about corporate governance as something only for large, public companies to worry about. The fact is, though, corporate governance is good business and suitable for all sizes of firms and companies.
High Level Control
John Corban of Inspired Business Solutions Ltd, says that corporate governance is a process more than a result. It’s the process of high level control of an organization. Isn’t that something we should each want in our own SME business?
Best Practices
Just as large, public companies should adopt best practices rather than merely being in compliance, so does your SME. Best practices can only be obtained and maintained with a strategic management plan.
Strategic Response
“Corporate governance is an organization’s strategic response to risk.” John Corban.
Yes, that’s it! Good corporate governance is an organization’s strategic response to risk, such as how to terminate risk, transfer risk, reduce risk, insure against risk, and mitigate against risk. All the while acting in good faith and in the best interests of the company.
What Can Help?
Easier said than done, you might say. Is it necessary and prudent for a small to medium size firm to worry about good corporate governance? My answer is yes. Not because it’s easy for me to say, sitting here, or because I coach around the issue, but because it’s right and good and there are tools to help. Space and time prevent me from sharing all the whys and how’s, however, I will mention one tool that should be considered to help in many important areas of practice:
Business First™ database from Envision Canada.
Business First™ is designed to help firms monitor their most important assets: their people, their computer technology, their clients and the quality of their practice. The software allows you the following controls in your firm:
- Production First allows a firm to monitor and manage all of its client work.
- People First is used to maintain personnel records, record employee training and skills inventories, history of pay increases, bonus and performance reviews.
- Computers First is used to report and resolve computer related problems encountered by employees.
- Quality First is designed to monitor and improve the quality of a firm.
This is a tool that will go a long way in helping you work towards good corporate governance at a very reasonable cost. If you are interested in more information about this database tool or other issues around governance and practice management, please don’t hesitate to contact me (call or reply email).
“THAT IS SUCH A GOOD THOUGHT”,
Thoughts worth reading, thinking, repeating and embracing.
“Corporate governance is an organization’s strategic response to risk.”
- John Corban
I hope you’ve found value in this month’s copy of THE WhIP JOURNAL. My best regards to you,
Debra Dowdell
For more information, or to share your firm’s story please contact:
This is an Opt-in No-Fee monthly ezine/newsletter from Debra Dowdell. You are receiving this because you have subscribed to it. You may unsubscribe or change your information at any time at Details@PowerYourPractice.com. Your information will never be given away, sold, or rented. Ever. Thank you.
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Power Your Practice does not warrant or guarantee the accuracy of any statement or other information and materials provided in this newsletter. All articles and other information and materials in this newsletter are provided for general information purposes only.