5 ways to improve the governance of your family business.

Anna Stubbs • October 29, 2024

Running any kind of business is tough work. But when you add in the additional challenges of running a family business, things can begin to get complicated – and personal!


In a family business, you’re not just dealing with professional relationships. You have close, personal relationships to factor in, alongside the nuanced dynamics of several family members all working in close proximity within a business environment.



But there are ways to ensure you run the governance and management of your family business in a smooth, sensible (and stress-free) way.

Families occasionally disagree and argue – that’s a fact we can’t change! But what you can do is put agreements, processes and good governance in place to make sure these disagreements are not detrimental to the future of your family business.

We’ve highlighted five simple steps you can take to improve your governance:


Family charter.

A family charter (or constitution) establishes shared values, principles and expectations for all family members involved in the business. This gives you a clear vision for the family business and fosters a sense of purpose within the company.


Family council.

Getting the whole family together in a room is invaluable. A family council provides a forum for open communication and decision-making, allowing everyone in the family to discuss business matters and address potential conflicts.


Clear shareholder agreement.

Well-defined shareholders’ agreement outlines the rights, responsibilities and expectations of each shareholder, so everyone understands where they stand. This is a huge help in preventing misunderstandings and conflicts.


Succession plan.

With a comprehensive succession plan you ensure a smooth transition of leadership and ownership when the head of the family business retires, sells up or exits. This maintains a sense of stability and continuity within the company.


Independent board.

Having an objective, external board is vital. An independent board of directors brings objectivity and expertise to the business. They can also deliver guidance and oversight to help you achieve truly ethical and responsible governance.


Talk to us about the future of your family business.


If you want the governance of your family business to run like clockwork, it’s important to have the right governance infrastructure and documentation in place from the beginning.


We’ve advised hundreds of family businesses over the years, and can help you set up the processes, agreements and strategic thinking that keeps the company on track.

Talk to our team and let’s see how we can take your family business to the next level.

Basic strategic advice: why your business needs an evolving strategy

By Anna Stubbs • June 2, 2026
“Q: Why do I need an evolving strategy for my small business?” You’re a business owner or CEO. And that means it’s your responsibility to take care of the business, invest in the right places and make the company a success story. However, to do this, you need an agreed business strategy that lays out your goals, your mission and your plan for taking the company to the next level. So, why does this need to be an evolving strategy? “A: Your business strategy is not a static document – it’s a plan and mission that should be fluid, agile and able to react to change.” We’re trading in uncertain times at present. Each day presents a new challenge for small businesses, and having a plan that can react to change is a major competitive advantage.

Cash flow and cost control

By Anna Stubbs • June 2, 2026
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your bottom line all deserve your attention. But keeping everything running is the baseline. Regular cashflow forecasts help you keep that in focus. Here’s why: Cost control - If you can't reach your targets for income, reining in your costs may give you a little extra head room to manage cashflow while you plan your next move. Visibility on outgoings - Cost control can be a challenge when it’s hard to pinpoint hidden costs or where established ways of doing things cost more money than they should. You may also have been coping with unexpected expenses, as you’ve adapted your business for unplanned circumstances or increased costs. Improving business practice - It's more than only keeping an eye on outgoings (though that's important). It's about looking at each aspect of your business and business systems (or the gaps where there should be business systems) to see if poor practice is driving costs up unnecessarily. It can be useful to break it down - You can look at cost centres such as office supplies or freight. Or you can look at what those costs do for your business. It can help to analyse costs in terms of cost of sale and overheads.

Basics strategic advice: how do accountants support your financial performance?

By Anna Stubbs • June 2, 2026
“Q: How does an accountant support my financial performance?” We’re all used to the idea of a business needing an accountant. But have you ever stopped to think what a good accountant and business adviser can actually bring to your company? Advances in technology, software and AI are changing our expectations of what a basic accountant/business owner relationship can offer. So, it’s important to reassess your expectations and to find out where we can add real, additional value. “A: Your accountant is now a full-fledged business adviser, ready to help you review, manage and transform your finances and strategy.”  In previous decades, your accountant dealt primarily with historical data – the transactions and cash inflows/outflows that had happened in the past. Today, with access to so much smart forecasting, data analysis and forward-looking scenario-planning, we can tell you far more about the future of your business.