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Good governance is the cornerstone of any company's ethical and responsible operations, from shareholders and customers to employees and the wider community. Strong governance not only upholds the company's reputation but also increases the likelihood of its long-term success, empowering it to make informed decisions, and manage risks effectively.
In the competitive world of business, a positive reputation is worth its weight in gold. Good governance plays a vital role in building and maintaining this reputation, not only within the industry but also among the wider public. By establishing a culture of transparency and accountability, companies can attract and retain customers, employees, and other stakeholders, while creating a distinctive brand identity that sets them apart from their rivals. The result? A powerful and competitive advantage, helping drive success and growth over the long term.
In today's conversation, we unpack the third strategy of our MBA Series and discuss how to leverage the power of governance. We discuss how meetings are a part of the decision-making process, the concept of authority, the different systems of governance, and why engaging more stakeholders is better. Learn about practicing good governance hygiene, tactics for forming strategic partnerships, the various facets of accountability, and more. To hear actionable steps and essential insights to ensure a culture of good governance for your company, tune in now.
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Key Points From This Episode:
Why meetings are important and the different types of decision-making processes. [0:02:36]
Kevin explains critical aspects and principles of the decision-making process. [0:05:35]
The costs that come with autonomy and freedom in decision-making. [0:09:26]
We discuss developing effective proposals and how to leverage them. [0:13:49]
Learn about strategic partnerships, why it is essential, and common hurdles. [0:21:30]
Overview of the important considerations concerning strategic partnerships. [0:24:57]
Closing comments and key takeaways for listeners. [0:31:05]
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Tweetables:
“It is really helpful to have a decision zone chart to really get a sense of what can be most effective for your kind of company.” — @HoneymanConsult [0:05:21]
“If you do not have a [decision-making process in place], the implicit power structures will tend to take over.” — @kevinbayuk [0:08:06]
“Being as clear as possible, as explicit as possible allows for more autonomy and freedom for delegation or decision-making at the edges.” — @kevinbayuk [0:09:07]
“The more important the decision, the more stakeholders you want to have involved.” — @kevinbayuk [0:09:51]
“Building a habit of extending the network of relationships continuously, proactively, and not in just a reactive mode [is essential].” — @kevinbayuk [0:29:04]
“Too many groups that [LIFT Economy] has connected with do not actively invest in partnership development because it takes time, effort, and attention.” — @kevinbayuk [0:30:50]
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Links Mentioned in Today’s Episode:
The Next Economy MBA Course: https://go.lifteconomy.com/nextmba
The Next Economy MBA: https://www.penguinrandomhouse.com/books/717861/
Kevin Bayuk on LinkedIn: https://www.linkedin.com/in/kevinbayuk/
Kevin Bayuk on Twitter: https://twitter.com/kevinbayuk
Ryan Honeyman on LinkedIn: https://www.linkedin.com/in/ryanhhoneyman/
Ryan Honeyman on Twitter: https://twitter.com/HoneymanConsult
Starthawk: https://www.starthawk.io/
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LIFT Economy Newsletter
Join 8,000+ subscribers and get our free 60-point business design checklist—plus monthly tips, advice, and resources to help you build the Next Economy: https://lifteconomy.com/newsletter
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Next Economy MBA
This episode is brought to you by the Next Economy MBA.
What would a business education look like if it was completely redesigned for the benefit of all life? This is why the team at LIFT Economy created the Next Economy MBA (https://lifteconomy.com/mba).
The Next Economy MBA is a nine month online course for folks who want to learn key business fundamentals (e.g., vision, culture, strategy, and operations) from an equitable, inclusive, and regenerative perspective.
Join the growing network of 350+ alumni who have been exposed to new solutions, learned essential business skills, and joined a lifelong peer group that is catalyzing a global shift towards an economy that works for all life.
Learn more at https://lifteconomy.com/mba.
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Show Notes + Other Links
For detailed show notes and interviews with past guests, please visit https://lifteconomy.com/podcast.
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Music by Chris Zabriskie:https://chriszabriskie.com