Does your company have ‘good governance’? Recent changes to the Corporate Governance Code mean that it’s more important than ever before for all companies to be run efficiently and transparently from the top down. And if you don’t have the expertise in-house, the most practical and cost-effective solution is to outsource. Not convinced? Here are 5 reasons why outsourcing your corporate governance could be the best choice for your company.
1. You need to be trustworthy and transparent
The revised UK Corporate Governance Code came into force in January 2019. In the light of this, paired with the recent downfall of companies like BHS, governance is a hot business topic right now. To retain public trust it’s vital for companies to be seen to operate ethically, with trustworthy leaders and transparent policies. With Brexit around the corner, companies without stable and transparent governance may lose out in the global market. Professional company secretaries can come on board to ensure that companies are operating within the law, in accordance with guidelines and within a framework that’s fair to all stakeholders.
2. You need help to function more efficiently
Without expert input, it’s likely that there are a number of inefficiencies holding your company back from operating at its full potential. Whether you are planning a corporate restructure, preparing an Annual Report or you need in-depth guidance on a longer-term basis, hiring an external corporate governance team with the expertise you need can help you to get the best from your business. Outside help can sometimes be the best way to identify where your company could make changes, so it’s a good idea to outsource an impartial professional to conduct a Performance Management review and make recommendations for your company that are linked to your strategic objectives.
3. Employing in-house is too expensive
Sometimes it’s not financially viable to employ a full-time member of staff (or a team) to deal with your corporate governance. The workload may be seasonal, getting busy at certain times of year but staying relatively quiet at others – meaning that you can’t justify the expense or commitment of in-house personnel. In cases like this, the most cost-effective solution is for companies to outsource their corporate governance tasks as and when needed. This frees up money and resources to be spent on other areas of the business.
4. You don’t have the expertise in-house
The beauty of outsourcing is that you don’t have to be an expert in every field. For the professional skills that you lack, you can hire a specialist individual or agency to do the job for you. Corporate governance experts Bridgehouse Company Secretaries have the up-to-date legal and business knowledge that companies and charities of all sizes need, for efficient governance at every level.
5. Corporate governance issues can’t be ignored
Corporate governance is not something you can choose to ignore if you want your company to survive and thrive. Bridgehouse Company Secretaries can offer a variety of flexible services to support companies in all aspects of corporate governance, enabling them to function more efficiently. With the new Corporate Governance Code shining an even greater spotlight on this aspect of running a business, companies are more accountable than ever before. Which means that now is the perfect time to outsource your corporate governance and protect the future of your business.
Guest article authored by Ibi Eso, Director at Bridgehouse Company Secretaries