Having been through our Strategic Review process, clients typically then look to us for support regarding implementation of the recommendations.
We have found the impact of the Strategic Review to be greater when the Board keeps us involved over a longer period of time. We can ensure the company adheres to the new processes and implements them fully to get maximum benefit.
The role of a Non-Executive Director
In general terms a Non-Executive Director (NED) sits on the Board but is not part of the day to day operations of the business. NEDs generally help the company fill a skillset they are otherwise lacking and/or have a depth of experience in the market which can be a useful source of knowledge for the Executive Directors.
NEDs act to hold the Executive Directors to account for the business decisions made; provide an impartial view of the financial performance; and help devise and refine overall business strategy.
How we operate
It is rare that a single advisory project or interaction will facilitate the changes necessary in a company. Creating a budget for example is a standalone project. It may support a fundraise and therefore be useful over the short term, however the real value of the budgeting process is assessing actual financial performance against the budget over the course of the financial year. That is why successful companies produce and report against a budget each month, whether they are raising money or not.
Typically, Directors need ongoing support to help them implement our recommendations. The last thing you want to happen is for the value enhancing changes recommended to go the same way as your New Year’s Resolution (and become a distant memory by mid-February). Maintaining the discipline around the structures and processes we put in place can be challenging at first and so having us involved policing and supporting this is beneficial.
Closer to your business
By attending a monthly Board meeting, we will be privy to both the strategic discussions as well as the day to day operational challenges. For Executive Directors, who work in the business every day, it can be refreshing to get a trusted “outsider” opinion of the scale and importance of a particular situation, not to mention received advice on potential solutions. We can bring a degree of perspective to a situation by not having our noses pressed to the grindstone each day.
Broaden the skills and experience
We also offer a set of skills that businesses need, but could not afford (or doesn’t require) full time. Have a look at our team page to see the kind of experience we have and see how much you could tap into if we were present at each monthly Board Meeting. From accounting and tax work to corporate finance, financial modelling, M&A and business management, we have a breadth of experience – working with hundreds of business over 25 years – that can support the needs of your business when you don’t know where to turn.
We offer a set of skills that businesses need, but cannot afford (or doesn’t have the need to employ) full time