The King IV Code of Good Governance applies to small businesses as well. King IV supports the principle of proportionality, which implies that the practices of King IV be applied in an affordable manner.
Even though, small businesses rarely have a board of directors, it makes sense to start to differentiate between owner power and management power as soon as possible. The sooner this distinction is made, the easier it will be for a small business to grow past the entrepreneurial stage to the managerial stage.