Engaging a Non-Executive Directors (NED) can benefit any sized company enormously by injecting strategic and commercial wisdom gained over many years of practical experience which will compliment and fill in the skills gap your company may have.
- Many entrepreneurs running a private company make the decision to engage a non-executive. They can act as valuable sounding boards when it comes to making critical strategic decisions. Only experience will help you make the right decision when you come across challenging situations
- The right advisor can add credibility ahead of any crucial meeting with external stakeholders or potential investors
- The non-executive will add perspective to plans and strategies. Challenging the ideas, strategy and direction of the business owners. A well thought out, through and considered business plan is, in many cases, the only document investors and banks will consider.
- Non-executives are seasoned highly experienced professionals. They can bring knowledge and skills you, as a business owner may not have. Non-execs have the ability to help you find your feet in challenging circumstances.
- Generally, non-executives will not be involved in the day to day operations of the business. They will be looking at the bigger picture; what is the company direction, what threats do the competition present etc. They can give unbiased decisions in the interest of the company
- Your non-executive will have connections through the network of valued business partners that can assist you with other business needs, overseas company establishment, detailed compliance requirement advice etc.
- They can round off your board of directors, not only with the breadth of experience and knowledge the other directors may not possess, but also offering a wider perspective and view of possibilities. They can act as a mediator voicing the pros and cons of a particular strategy. They can also diffuse boardroom tensions