The Importance of Governance in Preparing for the Unexpected

Preparing for the unexpected may seem like a waste of time. When you’re in good health, you don’t need to worry about getting sick or injured; when your business is booming, you can ignore preparing for slow periods; and when your children are still young, it seems impossible that they’ll ever be old enough to leave home. But at some point in your life, something bad will happen—that’s just the nature of life and business as we know it today.

What is governance?

Co-operative governance is the act of steering cooperatively owned enterprises toward economic, social, and cultural success. It consists of answering key questions, defining roles and responsibilities, and establishing processes for setting expectations and ensuring accountability.

Why is governance important?

Governance is important because it helps a co-operative with its goals by providing legal and financial support. It also assists organizations with HR policies, best practices, and strategic decisions. This can help to further their social purpose or mission as an organization.

What are some best practices for governance?

Co-operatives can't prepare for every single contingency, but it is important to establish governance and best practices. By aligning strategies with goals, being accountable, having a high level of integrity, defining roles and responsibilities, and managing risk effectively you can put your best foot forward.

How can you get started with governance?

If you're a co-operative organization, your governance is one of your most important decisions. It's the agreement for how your co-operative will be run, what its values are, and how it will make strategic decisions. To get started with governance, contact Access Shared Services for your legal referral today.

Are you interested in connecting with ACCESS about available services or providing direction about other services you may need? Please visit sharedservices.coop.