Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Kiwi business owners embrace DIY Governance

October 1, 2014.

For immediate release

Kiwi business owners embrace DIY Governance

It’s not quite “number eight wire” but it’s a low cost way for New Zealand business owners to get experienced minds keeping a watch over their business fortunes.

New Zealand owners of small and medium businesses have taken enthusiastically to a new concept where they help each other as board members of their own companies.
Based on a US concept, over 50 business owners in Auckland have so far adopted “The Alternative Board” style of helping each other through challenges.

The concept is based on the simple idea that 70 percent of any challenges faced by business, are exactly the same - no matter what the business.

“This theory effectively makes the 70 percent of the problems of a commercial fisherman the same as a fashion retailer,” said Stephen James, who brought “The Alternative Board” to New Zealand in 2012.

The concept originated in the US in 1990 and is now in eleven countries and with almost 3000 business owners. They operate as Boards of directors for each other in groups of up to ten owners. They meet monthly and also spend individual time with an experienced business adviser.

US Head Office singled out the New Zealand network in August this year, because of the comparatively long length of time each owner remains in the network.

Stephen James, a graduate of the London School of Economics, brought the concept to New Zealand in 2012.

He was presented with the award at The Alternative Board’s annual conference in Denver last month . The New Zealand boards have shown a retention rate of over 90 percent of members in the past year, one of the highest retention rates in the world.

Allen Fishman, the founder of The Alternative Board, said the US office is delighted at how well it has caught on in New Zealand.

“It appears to have become entrenched in New Zealand very quickly,” he said.

“Not only was Stephen James able to quickly develop a critical mass of board members in New Zealand, his high rate of member retention underscores that our service is delivering real value to New Zealand business owners.

“I think there is also strong evidence that Stephen’s leadership is also special,” said Mr Fishman.

Stephen was a key executive alongside Graeme Hart of Rank Group from 1988 until 2003 and in that time was involved in all of the transactions which took Rank Group from a value of around $2 million to $2 billion.

He said he brought The Alternative Board concept to New Zealand because he enjoyed the role of being a sounding board.

“I enjoyed that role with Graeme and thought The Alternative Board was a perfect way to continue. It's very satisfying” said Stephen.

He wants to expand The Alternative Board through New Zealand in the form of regional franchises but acknowledges that finding the right people is a challenge.

“The skills needed for this type of business service are not so common, so it will be a patient expansion,” he said.

Since 2012 he has been joined by two regional franchisees in Central Auckland and southern Auckland. Gordon Stuart is a former senior bank executive and Richard Simmons has owned and grown several businesses of his own.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>


OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>