As an experienced Non-Executive Director (NED) I regularly get asked if a NED will help my business and, are we ready for the level of commitment required? The answer to the first part of this question is inevitable yes, the second is less straightforward.
As an experienced Non-Executive Director (NED) I regularly get asked if a NED will help my business and, are we ready for the level of commitment required?
The answer to the first part of this question is inevitable yes, the second is less straightforward.
Each year, if not each month, leaders of growing businesses face new challenges as the business grows and they enter new territory which requires new skillsets. This is of course unless you are a serial entrepreneur when it’s all old hat!
Let’s explore two proven ways that leaders of growing businesses can accelerate growth. They both include working with other experienced leaders of growing businesses. One option is to recruit a NED, the second option is to join a Peer Advisory Board.
I have met a number of leaders of growing businesses for whom a NED was an aspiration rather than a practical solution, as they simply were not yet ready for the level of commitment, both financial and emotional, and the fiduciary responsibilities of bringing in another Director.
A good NED will bring a very experienced personal perspective, membership of a Peer Advisory Board provides many perspectives from a number of experienced leaders of growing businesses, but with a much lower level of commitment, both financially and in time.
The two are not mutually exclusive. I have served as a NED on a number of boards where the timing and experience level was right to both be able to afford and benefit from the support of an experienced NED. Many members of Peer Advisory Boards also have one or more NED’s – there is no one size fits all when looking to use the experience and expertise of others to help you grow your business.
Joining a Peer Advisory Board is a great way to experience the benefits that working with fellow leaders of a growing business can bring. It is a much ‘lighter’ step than bringing in a NED – but it can also be the first step on the ladder towards recruiting a NED or indeed a complimentary support function for the CEO.
Richard Doyle is an exited entrepreneur, experienced NED and the founder and chair of Pabasso Peer Advisory Board Associates.
Peer Advisory Boards are not a widely known concept among UK Business Leaders so we thought it might be useful to share a recent chat we had with one of our members who has recently sold his business.
After selling a business, many entrepreneurs face the question: What’s next? This article shares the journey of an exited business leader.
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