There will be many SME’s who don’t engage the services of a Non-executive Director, mostly because they are unfamiliar with the process, or that they feel they’re often too small for such a structure. But we’d argue that the advice and expertise an ‘NED’ can bring is far reaching, helping an executive board or owner develop a more robust business.
If you’ve not previously considered the benefits that NED’s can bring, we’d encourage you to look at what you have to gain. Unlike an executive director and full-time salaried member of the firm, a non-executive director will bring independent insight and constructive comments that encourage the achievement of greater commercial goals during their tenure. As an owner, NED’s have the same responsibilities and legal duties as the executive board, but they don’t form a part of the day-to-day decision-making process which helps to maintain their independence.
This is a role which can be integrated within specialist committees to help business owners and their boards deliver improvements in: remuneration, productivity, intellectual property, business policy and legal compliance, market growth and ethics to name a few.
Whilst some will work in a pro-bono capacity, others will charge either a small premium or agree other ways of remuneration, such as share allocation in exchange for a firm’s advancements, and working under a predetermined contract duration, you can continue to adjust the make-up of your board, identifying new areas for development as you progress.
If you’d like to see how a Non-Executive Directorship could help you plan further improvements with your growth, please get in touch.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.