Peter Neal, founder of The Experience Bank Group, is central to the success of a number of perceptive and learned Non-Executive Directors (NEDs) available to SMEs and charities in the North East, thanks to his peer groups.
Here, he talks about why it is important to have a knowledgeable and qualified pool of experts for the region’s smaller companies from which to build high performing Boards.
“Before looking at why it’s important to look at the quality of NEDs for your board, it’s imperative to look at why SMEs may need a board. There are a number of reasons for an owner manager to decide that it is time.
“As a company grows it’s important that governance is water tight. A company needs fit for purpose articles, strong guidelines, along with focused strategic thinking. This only comes from experienced leaders, and to be truly strategic, diversity is important. People who think differently to the way business has been done so far.
“A business going for funding and investment will generally require a board. A business gearing up for sale or the exit of the founder will be taken more seriously, adding value to the company when the time comes. Big growth, diversity, acquisition or merging, or geographical expansion including exporting can all need that next step of becoming a more mature and reflective company with a board.
“Our region is currently a hot bed of entrepreneurs, launching companies with huge potential to go far. According to analysis by insolvency and restructuring trade body R3 using data provided by CreditSafe, 12,270 startups were established in the region by the end of September 2022. That’s a lot of companies needing quality, knowledgeable NED’s both now and in the future.
“NEDs and board advisors come in all shapes and sizes. From those with a very specific skillset, who can bring a voice of experience that will help focus the business, to someone whose skills and knowledge span all disciplines. A good NED has a broad experience in their own fields, such as technology, finance, marketing, law, business growth for example, but they also understand governance, investment, strategy. A great NED knows how to add value to an organisation by staying strategic and not being operational. An outstanding NED brings this and more…the ability to hold the board and the operational executive team accountable, encouraging, driving integrity, focussing on only what is good for the business.
“At The Experience Bank Group, we’ve recognised this growing need for outstanding NEDs and are assisting with ensuring the demand is met in a number of exciting ways.
“Our philanthropic activity, The Experience Bank, introduces start-ups and SMEs to our pool of 260 strong talented, experienced leaders, who offer their time as board advisors for free. Every entrepreneur knows the decision to take on a NED or board advisor – to let someone into their business – is huge. Finding the right person is not easy and that’s where The Experience Bank comes in…
“Within our commercial venture, we offer board evaluation and training – High Performing Boards – ideal for a new board or a board that needs a change in dynamic. Our board evaluation and effectiveness reviews result in improved leadership, greater clarity of responsibilities, improved teamwork, accountability, innovation and diversity of thinking, better decision-making, improved communication, and more efficient board operations.
“We are always keen to remind organisations that boards which truly add value are not just a group of high performing individuals. A great board is a balanced team with complementary skill sets and a culture that allows them to work together to make the most effective decisions for an organisation.
“One of the things we are most excited about is our continuous personal development peer group – designed for aspiring NEDs, Trustees and Board Advisors, the peer groups meet monthly to improve skills, exchange best practice and learn every aspect of good, board level, strategic performance. With two cohorts running already, a third is on the horizon.
“And of course, our strategic board level recruitment services. We focus exclusively on recruiting Board Directors and Senior Management roles. We identify existing and emerging talent, assess, track, and place the right candidates, at the right time, for our clients.
“So, if you are thinking of creating or improving a board, want to know your options, or want to pursue a career as a NED, do get in touch – you never know what could come of it!”
Experience Bank Group incorporates The Experience Bank philanthropic, social enterprise company along with a commercial venture providing three symbiotic services – EB Board Level Recruitment, EB High Performing Boards and EB Continuous Personal Development.
With this combination of specialist expertise, the Experience Bank Group is uniquely positioned to help organisations ensure they have not only the right skills in the leadership team and boardroom but also optimum board performance with higher value creation.
5% of all revenue from Experience Bank Group is gifted to The Experience Bank social enterprise to enable more start-ups, early-stage businesses, charities and social enterprises access to high quality, advisory and nonexecutive talent.