The benefits of Non-Executive Directors are well understood by many successful business owners. They bring an independent view and additional experience that enable better decisions to be made by the management board. Our Home Counties and London Group Business Advisors have developed a Virtual Non-Executive Director (VNED) service that offers Managing Directors and business owners the same independent view and advice without the complexity of shareholdings, appointing legal directors and director’s service agreements.
Every company is different and yet there are many similar and transferable aspects from other industries and markets. Our experts are able to utilise their broad business experience and extensive network of contacts to support companies to achieve their strategic objectives. An independent view that challenges existing or new strategies can substantially enhance the robustness of a company’s direction. Sometimes difficult decisions are required to deal with business problems and the VNED can act as a sounding board to provide guidance and help the decision making process.
Our approach recognises that established and start up businesses have different needs at different times in their life cycle. New businesses often have a need to demonstrate credibility externally to customers and investors. Appointing a Virtual Non-Executive Director can enhance this.
How does it work?
The optimal Virtual Non-Executive Director approach varies with the needs of a business, the existing in-house skills and the “personality” of its MD and management team. Our experts are adept at engaging with companies to strike a balanced approach between coaching, practical advice, strategic input and holding the management to account where appropriate. Prior to engagement, we offer a confidential, no obligation, no holds barred discussion to establish what is actually needed and to establish priorities. A flexible approach is adopted to accommodate the practical time constraints of running a business, the need to react to short term opportunities or threats, planning for growth, the changing needs of the business and potentially planning for exit.
Businesses need to get things done but don’t always have access to the in house skills or expertise required for projects or specialist activity. If appropriate, our business experts can introduce trusted resources from their network that can jump start new requirements.
What does it cost?
The VNED service is charged on a monthly retainer basis with no long-term commitment and no surprises. The service is designed to deliver on-going value to the MD and the company. The monthly cost depends on the level of engagement agreed and will be tailored to your needs.
Contact Gordon Carmichael on 01276 818125 or gordon.carmichael@hcbusinessadvisors.co.uk to discuss how our Virtual Non-Executive Director service can benefit your business.
