In my last blog post, I wrote about the value of hiring a non executive director. In this post I want to outline 5 key benefits of having a non exec director in any creative/service based business.
1.They have experience and connections
A NED can fill a gap in a small business owner’s experience, or can add industry knowledge of a specific sector that the business is targeting. Most NEDs have usually helped a number of businesses find their feet or run their own agency so have ‘been there and done that’. And, if a NED is faced with a situation they’ve never dealt with before, they’ll probably know someone who has.
2. A fresh perspective
A NED doesn’t work with a business full time and won’t be concerned with day-to-day issues but will instead look at the bigger picture. They will have the ability to advise with confidence and make unbiased decisions in the interests of the business.
3. You can hire a NED for less than a junior/grad designer
Let’s get the cost in perspective. It will cost you more to hire a junior designer than it will to get the value and wisdom of an experienced (grey haired in my case!) businessperson on your management team!
4. Keeps the management team/owner in check
Many management teams become the victims of bad habits; lack of regular management meetings, lost focus, conversations being side tracked, and opinions being discounted.
The introduction of a NED will help to keep things on track, create accountability and help to alleviate any tensions.
5. An objective view
NEDs can supplement a management team or board by not only providing experience and knowledge that other directors may not have, but also by being able to take a more objective view of issues affecting the business and offering a wider sense of the possibilities for growth.
My next blog will look at the difference between a NED and a coach.