Following the launching of NZTE’s ‘Developing a Governance Approach’ Service, New Zealand Beachhead chair Wayne Norrie shares insights into how good governance can transform a business, and why a lack of good governance is the single biggest glass ceiling
Wayne Norrie explains how good governance can transform an export business
Exporter: Why is governance so important?
Wayne: A lack of governance is the single biggest glass ceiling to the growth of many of our export companies. If I could fix one of the six most common mistakes we see nearly all Beachhead companies make, it would be governance. Why is that? If you fix governance, that brings about self-awareness and the ability to see the other five mistakes, which you can then also correct.
The other five mistakes I'm referring to are: being product-led instead of market focused; being under- capitalised when going overseas; not committing (we dip a toe in the water only); an under-baked approach to human capital; and a go-to-market strategy that is more of a lantern than a laser. It's very difficult to see these things from inside a tent, but when you have some independent thinking on your board, it becomes very clear