All too often management is faced with a very real problem which may require a set of skills that the management do not possess.
A suitable example may be a factory move; the financial directors can budget for the costs, the sales and production directors can reflect the benefits in their budgets etc, but does the managing director or any of his team have any experience in the logistics involved in a factory move? Does anyone understand the logistics and planning involved and the health and safety issues that need to be considered?
Similarly, mature businesses that face increasing financial pressure need Financial Directors that have been through such situations previously. The solution is to secure the services of a NED to bolster the existing board and assist in delivering a successful project and/or deliver a financially robust business on the other side. At SKSi we assist and advise management at a strategic level and particularly in distressed situations.
The skills required from a NED depend on each assignment but usually would encompass one or more of the following: -
- Key experience, possessing a “been there done that” track record
- An ability to work with the existing board
- Discrete skills required for the specific assignment; avoid duplication
- Flexible – short or medium term involvement, as required
- Specific operational management expertise where required
Clients often say that NEDs are too expensive and are a cost that the business is unable to sustain or that the business is too small. Clearly if it is a choice between the business going under or surviving it is a necessary cost! There has been increased competition in the NED sector over the last few years; good experienced candidates are now affordable and there are many NEDs who specialise in working with smaller SMEs. NEDs, if properly chosen, should add profitability by increasing effectiveness and choosing the right NED is key to this.
Our network of trusted experienced NEDs cover the management spectrum from interim financial directors to manufacturing and operational change managers. Please contact us if you a looking for a NED to assist with a particular assignment. We maintain our panel with no cost to yourself; any engagement would be direct with the successful candidate for the NED role.
If you are an experienced Company Director or Manager and would like to be considered as a member of our NED network, please send us an up to date CV.