Can SMEs afford to miss out?
Whether you’re an SME or a large international company, the one thing you have in common is
the desire to be successful. Success, obviously, is the core strategy of any business.
Large companies, however, have the luxuries of huge budgets and an enterprising board willing
to welcome highly experienced and strategically focused outsiders [Non-Executive Directors]
into its bosom, to provide advice based on experience, special knowledge and a list of contacts
that offer ever-expanding opportunities for development.
Small to Medium Enterprises tend to be a little more circumspect in their approach to inviting Non-Execs onto their board. The reasons involve cost, of course, but also a reluctance to open up what has hitherto worked as a small and tightly knit group of people.
The trouble with wearing something tightly knit, though, is that it has a tendency to constrict your breathing. You’ll need to expand the stitching a tad, let in some air! And that is precisely what a Non-Exec does, especially for SMEs, where sometimes the board consists of family members and perhaps the odd friend or two. Bringing in someone from the outside can create more than a breath of fresh air.
He or she can help you develop a new perspective, a more innovative way of thinking, a deeper knowledge of the market place and new opportunities for development and growth – key ingredients for greater success.
In truth, SMEs can’t afford to miss out on what a Non-Exec can bring to the table. And as long as he or she is welcomed and valued for their advice and contributions, your SME will grow from strength to strength. A word of caution, though! It’s advisable to give some thought to the qualities you’re looking for in your Non-Exec before you make your approach.