For most small and medium-sized enterprises (SMEs), governance is something far away. In other words, measures of good governance are not yet part of daily practice. Particularly explosive growth and/or external demands, for example from an external financier, have changed this to date. Especially to make the likelihood and impact of risks manageable. Oddly enough, because fundamentally every entrepreneur wants to be successful and certainly not fail. Thus, corporate governance aimed at SMEs is actually relevant for every entrepreneur: it is about having control over realizing entrepreneurial ambition. And there's quite a lot involved. Therefore, we will be paying ample attention to this unexplored area in the world of the entrepreneur in the coming period.
Today, Route ICR shares the second article from the series 'How to practically implement SME governance'.
Successful Entrepreneurship Can Be Learned
Amsterdam, July 28, 2021 – Entrepreneurship is simple. But the hardest thing is to keep entrepreneurship simple. But why is that? Let's discuss this in the coming period. We will also explore solutions to this challenge. Today, Route ICR shares the second article in the series 'How to practically implement SME governance'.
The first article discussed five misconceptions about successful entrepreneurship. Ideally, these shouldn’t exist. Unfortunately, the business services industry has been highly fragmented for years. The importance of an integrated approach is often overlooked and perhaps underestimated. It's a pity, as this is truly indispensable for successful entrepreneurship: you can indeed learn to be a successful entrepreneur.
Gaining Control Over Achieving Your Entrepreneurial Ambition
You are successful when you manage to translate your entrepreneurial ambition into results. Therefore, you must ensure you have control over achieving this ambition. This forms the ultimate foundation for shaping SME governance in practice. We will clarify this through the misconceptions mentioned in the first article.
Successful entrepreneurship is impossible without clear goals. Your entrepreneurial ambition should be the basis for focus across your entire organization. This means making choices. Setting them out in a clear strategy. And sticking to it in your operations. Managing expectations with your team of employees. Ensuring insight into performance through clear and reliable reports. So that you know if you are on track to achieve your goals. And adjusting if necessary.
Practical Tool for Improved Performance
Good governance, in essence, is not much more complicated than the above. However, the lack of a practical tool often leads to difficult implementation. A tool that can serve as a guideline to consistently apply this in your company. With the right knowledge & skills to support your operations. And the ability to concisely record your vision (“where do you want your business to go”) & approach (“which route will you follow”). And to adjust them when necessary. It's like a dynamic business plan.
Therefore, there has been a latent need for years that has never been properly addressed. The market does talk about SME governance. But this often remains in the exploratory phase. And entrepreneurs are still not helped by this.
Integrated Management Approach
Fortunately, based on knowledge and experience from existing management models for large corporations, you can get quite far. Through the internet, you can then ensure that a professional approach is accessible and also affordable for SMEs. A solution through a web application containing an integrated management approach as a guideline for your business. To become better as an entrepreneur, team, and organization. Thus, achieving your goals and ultimately realizing your entrepreneurial ambition. Learning by doing as a practical implementation of SME governance!
