Greater control and efficiency through
BUSINESS GOVERNANCE
WHY IS BUSINESS GOVERNANCE SO IMPORTANT?
Having a Business Governance process in place that cascades strategy throughout organisation is critical to achieving your strategic goals. It enables all employees to understand the role they play in achieving the strategy and provides a review structure to check, and course correct. Together, the 4 P’s of business governance provide a comprehensive framework for building a responsible and sustainable business that not only pursues financial success but also considers its impact on people, society, and the environment.
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People
Having capable and ethical leaders who steer the company in the right direction, make responsible decisions, and set a positive example for others. Includes the workforce and stakeholders, emphasising the need for diversity, accountability, and transparency in decision-making.
PROCESS
The systems, structures, and procedures in place to manage the company effectively and responsibly. This includes the way decisions are made, risks are assessed and managed, and communication flows within the organisation. A robust governance framework and well-defined processes ensure accountability, minimise conflicts of interest, and promote responsible decision-making.
Purpose
The company’s mission, vision, and values. Purpose is defining a clear and meaningful reason for the company’s existence beyond just making profits. This guides the company’s actions, influences its strategy, and aligns its efforts with broader societal and ethical considerations.
Performance
The company’s results, both financially and in terms of its impact on various stakeholders. It involves measuring and evaluating the company’s success in achieving its goals, managing risks, and adhering to ethical standards. Transparent reporting and accountability for performance provide stakeholders with the necessary information to assess the company’s overall health and its alignment with its stated purpose.
OUR APPROACH TO business governance
Sharing in Growth’s approach to business governance involves arranging workshops to enhance skills, processes, and systems, providing coaching and support to assist in establishing and maintaining a strong governance process. Recognising the diversity of organisations, Sharing in Growth customise the MCRS methodology to suit each business, offering both constructive challenges and support throughout the journey. If certain parts of the process are already in place, these are integrated, and any gaps are filled.
Case studies
Improved performance and doubled turnover
Instro had aggressive growth plans and a relatively new leadership team. A vision and strategy existed but this had not been deployed or communicated to the whole business. Limited KPIs existed, there was no governance process in place, and there was no overall plan to deliver the strategy and achieve the business goals.
Sharing in Growth worked with the leadership team to redefine their strategy and create a policy deployment matrix with appropriate KPIs and a visual management centre to review progress on a monthly basis.
A management control and review system with a standard calendar was designed and implemented alongside development of KPIs at all levels, including SQDCP, which was embedded into tiered performance management on the shopfloor. The governance process also included reviews of their strategic improvement charters to ensure they were completed to plan.
Through their strategic initiatives, establishing an MCRS process and implementing performance management, Instro doubled their turnover from £5.2m to £17m. They achieved a record order intake of £30m and won the largest order in their history of £17m. Through engaging the organisation to understand how they could help the company to achieve the business goals and creating an employee focus group, they have also increased their employee engagement score by 15%.
In a neighbouring cell, another team put in ‘lights out’ automation, to achieve 95% unmanned operation and a subsequent 33% improvement in lead times. And when another centre of excellence cell managed to reduce costs by £2.4 million, Castle returned the saving to the customer, a strategic decision that cemented its position as a key competitive supplier.
“Sharing in Growth have challenged both our processes and people in all aspects of the business, and we would not have achieved the results in the timescales without their support.”
CARL MILLER
OPERATIONS DIRECTOR
STRATEGIC ALIGNMENT IMPROVES COMPANY EMPLOYEE ENGAGEMENT AND EFFICIENCY
Walker Precision had developed a policy deployment “X-Matrix” in order to consolidate their strategic direction, but had not communicated this outside of their leadership team, so their employees didn’t understand their role in the delivery of this strategy. The business was also holding some employee communication sessions; however, these were ad-hoc and the content was varied, not linking back to the strategy. Both of these things were contributing to low employee engagement survey scores.
It was agreed that with support from Sharing in Growth, they would create a simple visual communication structure to enable all employees to feel engaged and able to contribute to the vision of the company.
A structured process was defined for consistent content creation and delivery of information to cascade, delivered by local communication champions across the business. Strategy visual stations were created that linked current performance to the X-Matrix and company vision, mission and values. An annual communications plan was created which also included all employee briefings delivered by the SLT.
Providing this direct link to the company strategy and ensuring the employees felt engaged and communicated to on these topics generated multiple benefits for Walker, including an increase in their employee engagement survey response rate from 26% to 97%, a 50% increase in the employee engagement survey mode score, and a 30% increase in Value Add Per Person.
“The bi-monthly communication has helped to align the workforce in understanding the strategy and common goals of the business, eliminating misconceptions and helping to improve overall employee engagement.”
MARK WALKER
MANAGING DIRECTOR
Our Business Governance Team
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Our success record
Our team of 100 industry experts work with ambitious companies to deliver ‘Insight & Intervention’, working alongside them to create a compelling vision and emotional connection for the people. Business growth, capital investment and net worth from companies engaged with Sharing in Growth have shown strong positive trends beyond their peers in the wider supply chain. We have a proven track record with our clients, increasing their resilience, revenue and improving their profitability.
