Small businesses also need corporate governance
Corporate governance is something that you need to think about when you are starting a personal training business. The term ‘corporate governance’ might sound like daunting jargon, but it is actually very important for businesses of all sizes. What it boils down to, essentially, is effective decisions being made by the right person. It’s about giving your business a structure so that the start-up of your business happens as smoothly as possible, with clarity about every person’s responsibilities. There are a few key important factors that you need to think about when it comes to corporate governance and your personal training business…
It’s important to create and then delegate authority
Create clear lines of authority with other trainers and anyone else who is involved in your business. All employees need to have a clear understanding of which decisions they are, and are not, allowed to make.
Create clear policies and procedures
Formal policies and procedures create an important structure in your business. You and your employees can make better legitimate decisions with this structure in place. Behaviour will be regulated throughout your business and overall risk will be reduced.
Manage your employees and create accountability
Good governance structures will empower your employees to make better decisions and eventually assume more responsibility. This will in turn enable you as the business owner to focus more on the future success of your business.