Hiring a non-executive director for your business brings many benefits. It can be a crucial process that helps develop and launch the business into new opportunities and growth.
We’ve broken the benefits of hiring a non-exec director into 3 main areas.
1 – Fresh Perspective
Many of us working in the trenches develop a warped view on the business and how it functions. Bringing in an external candidate can provide a fresh outlook on opportunities and inefficiencies in the business. This helps ensure the business operates more successfully going forward.
Non-Execs are thinking about the benefits to the company/organisation rather than any self-interests. This means they can provide level-headed opinions that provide a clear and unbiased view on where the organisation should be going.
Non-Execs (NEDs) often understand decision making, policies and processes that can limit or progress a company. These top-level strategies are likely to have a big impact in how a business can scale and how it can build sustainable success.
2 – Experience
Non-Executive Directors bring with them years of experience. This experience ensures that decisions are backed up with a real-life understanding of reacting and solving problems within a business. Non-exec directors have also usually worked in various environments and can bring new ways of thinking to specific products and services.
It’s often this experience which is the difference between a company that can grow and be seen as an attractive investment, and a company that struggles to progress and shows signs of inefficiencies and problems.
3 – Network
Non-Exec Directors will have built up a vast network of influential and skilled people. Being able to tap into a network like that will open the door to new opportunities on a daily basis. Networking takes time and it’s something a CEO or executive of a small/medium sized company just doesn’t have enough time to do. Being able to bring in someone who can share resources and opportunities which would normally take decades to acquire provides an enormous competitive advantage.
This is why hiring a non-exec director is such a vital process to allow a company to grow quickly. Being able to shortcut opportunities and gain access to people and ideas that competitors don’t have is the most efficient way to become more successful than them.
Once you’ve come to appreciate the benefits a non-exec director can bring, it’s worth looking into the qualifications and skills of a non-executive director.
Contact us and go behind the scenes to see how hiring an NED helped us transform a business.