Nishrat Nazeen, Founder, Aromas Fiji
As a small business owner, my entire business model is run on trust from suppliers, disteributors and retailers. Good governance has to be built into the DNA of a company and the individual associated with the company..
Trust can add value and increase visibility of the company through word of mouth, without spending serious marketing dollars. Using high quality materials in products, paying suppliers on time and being transparent and accountable to the distributors, retailers and the end users are basic elements of good governance.
Having a good reputation will lead to long-term continuity of the business and this is an ethos we have built into Aromas Fiji from the day of inception. Good corporate governance contributes positively towards the growth and development of the business and leads to more clients and end users.
Not paying attention to corporate governance can lead to profit loss, and a tarnished reputation, not only to the business, but it will affect the everyone involved, from suppliers, employees and the retailers. Good corporate governance limits the risk of a bad reputation at all levels.
Someone once said it is hard to build a strong reputation but easy to lose it quickly with one wrong move. To maintain personal as well as the company reputation, the oweners and the management need to get involved and do quality control in all areas of the organization regularly.
They also need to know about the marketplace, their reputation in the ecosystem and the competition to help them up their product and service quality as well as make informed and timely decisions. They need market intelligence to connect the dots in all areas of the business and make decisions that benefit everyone associated with the business.
As a small business entity, we have created an internal system where we offer a fair deal to the end users of our products, and everyone involved in the process of getting it to them. It is important to set up our own personal and corporate governance norms and principles to enjoy a better reputation and increase the brand value of our business.
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