Are you overlooking a really effective, yet comparatively inexpensive, way to help take your business to the next level?
There’s a commonly-held belief that Non-Executive Directors are only for large, listed companies, and for compliance.
This is simply untrue!
In fact, an independent NED can bring companies of any size significant value. Typically, NEDs are businesspeople with a wide range of experience and skills across many businesses who can bring new insights and input to yours for a very modest cost.
We all know that ‘life at the top is lonely’ and a NED can play a crucial role here, too.
So, consider appointing at least one NED to your board – and don’t make the common mistake of only looking for somebody that will come from the same industry and/or invest in your business. The best NEDs come from the outside, with a range of complementary skills and experience, are completely independent (with no shares in the business) and are not afraid to ask difficult questions or provide independent advice and even constructive criticism.
Where else can you have access to a senior business professional who takes a personal interest in your success at such a modest cost?