Governance grows companies, because structure beats instinct
In Romania, the entrepreneurial spirit has exploded in the last two decades. Thousands of companies have been founded by courageous entrepreneurs who started with limited resources but a great desire to succeed.
In this context, many businesses have been managed in an informal way, often with a weak separation between ownership and management, intuitive decisions and limited internal control.
Nevertheless, what happens when these companies grow? How can they cope with operational complexity, attracting financing, partnerships or entering foreign markets? The answer is increasingly linked to one essential word: governance.
Corporate governance, between principle and necessity
Corporate governance means clear rules regarding the management and supervision of a company. It means a clear separation between the roles of administrators, executive directors and shareholders. It means transparency, internal control and accountability.
For large or listed companies, these principles are already mandatory. The Corporate Governance Code of the Bucharest Stock Exchange (BVB), updated in 2025, strengthens this framework, offering a modern vision aligned with European standards.
It promotes clear rules regarding the functioning of the board of directors, risk control, financial and non-financial reporting, sustainability, and investor relations. For entrepreneurial companies, however, governance is not a legal obligation. It is increasingly becoming a strategic choice.
Entrepreneurial companies, between control and the need for structure
Romanian entrepreneurs are used to deciding quickly. Most of the time, they are also the founders, administrators, and general managers of the company. In the early stages of the business, this approach works.
However, with the growth of the business, challenges arise: decisions become more complex and risky, the team grows and needs clear rules, partners and investors demand transparency, the company’s reputation becomes a strategic asset.
Without a minimum governance framework, the company risks blockages, internal conflicts or missed growth opportunities. So, an essential question for an entrepreneur is: are you ready to share decisions with an advisory council or board?
Three steps to governance in an entrepreneurial firm
Create an advisory board
A simple first step is to set up an advisory board. Made up of 2-3 people with different experience, this board does not have legal decision-making power, but it provides strategic support and a mirror for the entrepreneur’s decisions.
For example, an IT entrepreneur formed an advisory board made up of a financial expert, a senior entrepreneur and a former sales director. This was followed by rapid scaling of the business and attracting an investment fund in two years.
Clear separation of roles
Even if you are the founder, you do not have to be the CEO, CFO and HR director. As your business expands, the distribution of responsibilities becomes vital. Internal rules must specify who has the right to sign, who is responsible for the strategy, who is operationally leading.
Transparency and reporting
Adopt a set of rules regarding financial and non-financial reporting. Prepare an annual activity report, even if you are not listed. Publish the company’s values, internal policies, contact details and ethical principles. Do this exercise for your partners, for the team, for yourself.
A challenge and an opportunity
For many entrepreneurs, especially in the accelerated growth phase, the idea of formalizing the company’s management seems useless or even a brake. It seems to them that they are losing their agility, that everything is getting complicated. However, it is precisely at these moments that the need for clarity, transparent processes and assuming responsibilities arises.
Governance does not mean transforming the company into a bureaucratic labyrinth. It does not mean useless meetings or pointless papers. It means defining who makes the decisions, how they are made, and what values guide these choices. It means creating a framework in which power is balanced and in which everyone knows what role they have.
Where there are no clear rules, tensions, arbitrary decisions and high risks arise. Without governance, even the most promising companies can lose direction. In the eyes of investors, partners or employees, the lack of a formal framework can be interpreted as a lack of seriousness.
Seen correctly, governance is an investment in the future. It gives you control, stability and the necessary preparation for any stage of development, whether you want to attract funding, expand or make an exit.
The transition from people to systems
In many entrepreneurial companies, the founder is the center of all decisions. Nothing moves without him. This total involvement seems, at first, an asset. In the end, it becomes a vulnerability.
What happens when the founder is unavailable? Or when quick decisions need to be made in multiple directions? Without a system, the company is on hold. Employees wait, projects are delayed, and chaos grows.
Governance comes as a solution exactly at this point. It creates clear decision structures, operating rules, control mechanisms. The founder no longer needs to approve every detail. There are no more blockages generated by absences or overwork.
The transfer from people to systems does not mean losing control. On the contrary. It means building a framework in which decisions are coherent, assumed and aligned with the company’s strategy and in which leaders in the organization know what they can do, how they can act and to what extent they have autonomy.
A good corporate governance system protects the company from momentary impulses, costly mistakes or dependence on a single person. It makes the transition from a “one-man-led” company to a “future-ready” company.
In conclusion
Governance is not reserved only for large companies. It is relevant for any organization that pursues sustainable development. In the absence of a clear decision-making framework, operational and strategic risks increase.
Implementing rules, setting up an advisory board or defining a coherent strategy can bring major benefits: clarity, efficiency and resilience. Thus, the company becomes better prepared to face challenges and less dependent on a single person.
Effective governance contributes to the professionalization of management and strengthens the credibility of the organization. The future belongs to well-built structures, not to decisions taken instinctively or in isolation.
Florentina Șușnea este Managing Partner în cadrul companiei PKF Finconta. Experiența ei profesională de peste 26 de ani cuprinde domeniile de audit statutar și IFRS, consultanță fiscală, probleme de rezidență fiscală, restructurare financiară și fiscală, documentație și politici de Transfer Pricing, fuziuni și divizări, M&A, expertize judiciare, contabile și fiscale, due diligence de achiziții. Florentina este membru acreditat al următoarelor organizații profesionale: Camera Consultantilor Fiscali, Camera Auditorilor Financiari din România, Camera Expertilor și Contabililor Autorizați din România si Association of Certified Anti-Money Laundering Specialists. A absolvit Facultatea Finanțe-Contabilitate din cadrul Academiei de Studii Economice, București, Facultatea de Drept din cadrul Universității ”Titu Maiorescu”, programul MBA de la Tiffin University din SUA, este doctor în economie și a urmat numeroase cursuri naționale și internaționale în domeniul fiscal. florentina.susnea@pkffinconta.ro
