According to the Family Business Association 34% of families in business (equating to around 500,000 private businesses), run some sort of formal board structure. Governance is typically not well understood in this space, often associated with compliance and unnecessary constraints. But the reality is, Good Corporate Governance is proven to drive better companies (this OECD report makes for interesting reading on the link between good corporate governance and performance).
GovernRight helps business owners, their investors and advisors focus on building a culture of accountability and outcomes, rather than activity - essential to driving performance.
GovernRight is perfect for businesses looking at succession, allowing core strategy, risk and potential change elements to be defined - taken out of the "head or gut" of key directors, for others to understand and offer improvements.
Professional Service Firms
GovernRight offers advisors the perfect platform for high-quality, embedded advisory services. Many of our partners start "by eating their own dog food" - implementing GovernRight to run a formal board or advisory board structure internally. Key directors often come away so impressed by what the GovernRight platform does for their firm, identifying and implementing the same structures for clients becomes an easy and obvious value-add.
Importantly, governance involves key decision makers (generally the CEO and the board), which provides professional services firms the opportunity to expand their relationship beyond the CFO and finance discussions, and embed themselves as a core service-provider across the business.
Most of our perceived competitors, simply digitise board papers and offer access to these via a browser or tablet device. GovernRight is different, because we are first and foremost a Good Governance framework. We don't just digitise the board pack, we provide a platform that helps directors focus on the import elements to oversee: Growth (Strategy), Change and Risk.
GovernRight offers a single system for cascading responsibilities and running Board Sub-Committee meetings as well as management/executive meetings - all aligned to the company's strategic pillars, identified risks and low-probability, high-impact change items. All within a single-source-of-truth, single-data-entry environment, with appropriate items being able to be pushed up to the board, directly from the sub-committee or executive meeting.
Importantly, the system manages Actions Arising, holding people to account for the items assigned to them.