In the past, Corporate Governance has largely been seen as an expensive process which sits fairly in the domain of large and listed entities. There is growing noise in the market about applying these governance principles to the SME market, but most SME business owners are unsure about what governance is, let alone understand how to implement it effectively without breaking the bank.

The recession is here, and there is no sure end in sight. Some businesses are performing well despite the tough times, some are struggling and others – well they are about to disappear. Often the difference between those that do well in tough times and those that don’t is strong financial governance.

It is clear that in the current economic environment local businesses are feeling the pinch – we have seen a decline in domestic retail and housing activity, rising unemployment, slowing cashflow and pressure from banks to meet lending covenants. These are certainly difficult times, but how can businesses not only manage their profitability, but also seize new opportunities? Here are our top four tips to flourish in the recession.