Being a small Business owner can be very lonely, who do you turn to to bounce ideas off? Who do you check out the best course of action when your plans do not quite work out?
NEDs are fundamentally ‘outsiders’ to a company, detached from day-to-day operations and valued for their objective insight. This creates a very different dynamic within their role to that of an executive director and means they can offer a unique perspective towards corporate governance, risk management and succession planning, amongst other areas. A company must ensure that its non-executive directors complement the balance of skills and experience of the board.
A company must ensure it recruits non-executive directors that complement the balance of skills and experience of the existing board. A non-executive director does not necessarily have to know the industry in which a company is operating, as this knowledge and experience should ideally be provided by the executive directors. Rather, the value of a non-executive director at every level of the corporate ladder lies in their ability to identify and advise upon new challenges, initiatives and market opportunities, and to develop and refocus strategic plans.
With Alan’s extensive business experience this is a role within small businesses that he can add value to many small businesses.