SME guide to governance
Governance is the backbone of any successful business, regardless of size. If you are a SME, establishing robust governance can help you scale, gain funding and ensure you grow the right way
Small and medium sized enterprises (SMEs) are a crucial cog in the British economy. They contribute significantly to the economy’s overall turnover, accounting for GBP 2.3 trillion (52%) as of 2023, driven largely by the high number of private sector businesses.
SMEs also play a vital role in employment, employing 16.3 million people across the UK, representing 60% of all private sector jobs. This high employment rate helps fuel our economy by helping the country maintain low unemployment rates, which in turn drive consumer spending and economic growth on a national and local level.
Governance is the backbone of any successful business, regardless of its size. In the case of SMEs (Small and Medium-sized Enterprises), establishing robust governance practices is paramount for sustainable growth and longevity.
Effective governance provides a framework for decision-making, risk management, and accountability within the organisation. It ensures that resources are utilised efficiently, risks are mitigated, and stakeholders’ interests are safeguarded. Moreover, strong governance instils trust among investors, customers, and employees, fostering a positive reputation and attracting opportunities for collaboration and growth. By prioritising governance, SMEs can navigate challenges more effectively, seize opportunities, and lay the groundwork for long-term success in an ever-evolving risk landscape.
Governance is the guardrail that allows you to be risk-enabled, and embrace positive risk.
Download our guide to governance for SMEs below:
