The term “quoracy” in general means the quality of being quorate, ie having a “quorum” in a meeting. If you have a “quorum” in your meeting, you are “quorate” and have “quoracy”.
Therefore to understand the idea of “quoracy” it is essential to know what a quorum is.
Now a quorum is the minimum number of people from an organisation who must attend a meeting in order for that meeting to be empowered to make binding decisions. Almost every organisation has either an explicit ruling in its deeds of founding saying how many people make up a quorum in the meetings, or else this number of people is specified by default in the law concerning whatever kind of organisation it is, it may be Company Law, law binding on charities, etc.
The purpose of quoracy is to ensure that some people cannot hijack an organisation by having meetings that not everyone has the chance to attend and unfairly change the course of business of the organisation without the proper buy-in of the people who were supposed to be involved in the strategic decisions of the organisation concerned.
In other words, quorum, or quoracy is a key control for the governance of any organisation.
But also, quoracy is there to ensure that decisions made are done so with a good enough mix of views of people. The saying “two heads are better than one” is ancient enough, but as early as 1546 there appeared in John Heywood‘s work on proverbs called “A dialogue conteinyng the nomber in effect of all the prouerbes in the Englishe tongue” the following quotation, (please excuse the spelling, it is Middle English):
Some heades haue taken two headis better then one:
But ten heads without wit, I wene as good none.
Which basically means that it’s all very well getting a larger number of people involved in decision making, but you have to make sure that the people involved know what they are talking about, or you’ll be in a bigger mess than you started with.
The idea of “Intellectual Quoracy” or “IQ for business” is that of enabling you to be sure that you have the right advisors for your strategic and governance decisions. Not every business has a large shareholders’ meeting or Board where different people can express their views, and bring to the table a mix of expertise and experience enabling the right answer to emerge from the discussion. Some of you are entrepreneurs left out on a limb – there’s no shortage of people who would like to advise you, but whom can you trust? “IQ for Business” means ensuring that the proper experts are there when you need them, that they give you a value for money service which addresses the situation you are in now from your perspective, but also from the perspective of practical professional people who have been on both sides of the desk. No theoretical advice without relation to practice, but solutions based on expert, up-to-date knowledge of both theory and practice.
Intellectual Quoracy means that when you have a meeting, you can get the right people to turn up and give you the right advice for your business. And then the decisions you make will be intellectually and practically the best possible ones you can make, giving you a competitive advantage over all those who try to muddle through areas of business administration they have every right not to understand fully.
This website, Quoracy.com, is about offering IQ in matters of both business governance and strategy, and refers to a whole range of tools that are needed for people in business in order to ensure proper governance and strategy.
This refers to everything from the setting of a mission statement and the statement of objectives of an enterprise, through to assessment of risks that impinge on these objectives, setting a strategy and gameplan for achieving the objectives given the risks, manging the risks and implementing business systems which include sufficient controls to counteract risks that can be managed in that way. It includes such things as ensuring that proper legal advice is taken, that auditors, both external and internal have been appointed and are doing an effective job. It also includes taxation and compliance with dozens of other Government requirements.
All in all, it is about helping your business achieve its maximisation of shareholder value by means of excellent strategy and then being able to retain that value and that position by means of good governance and proper controls over compliance.
You need both strategy and governance. Without strategy you’ll never get rich in the first place, without governance you’ll find that even if you get rich, certain people, often connected with governments but not only, will find ways of ensuring that you don’t get to keep that money for long. Keeping strategy and governance in balance is a key to long-term success. This is what we specialise in helping with.
The geographical focus here is East Europe, but through our networks we can help you to someone we know who can assist you in strategic and governance matters, lawyers, auditors, tax advisors and other specialists of tried and tested quality in all the major business centers of the world. We can manage the whole process of locating, appointing and getting value from your lawyers, accountants, tax advisors, auditors, actuaries, brokers and many more.
If you would like to raise a discussion or ask a question or request and article, please contact us, and we will do our best to oblidge.
- Quorum Introduces Forecasting Module for TIPS Gas Plant Accounting (eon.businesswire.com)
- Creating Strategic Business Plans – Acquisitions (strategic-business-planning.suite101.com)
- Leadership As a Critical Component of Implementation in Business Strategies (thinkup.waldenu.edu)
- Think Like a Bacterium: OSMOS, Naïve Quorum Sensing, & the iPad (ryandewey.wordpress.com)