Appointing a Business Advisor or Non Exec – Every Early Stage Recruitment Businesses should have one!
Being an entrepreneur in an early stage recruitment business can sometimes be a lonely business and many are left to work through challenges on their own. By appointing a highly experienced, sector specific Business Advisor or Non Exec, you will be able to draw upon a wealth of entrepreneurial experience and sector expertise. This will ensure you have access to the best advice and support, as your business continues to grow.
So, what are the key benefits of appointing a highly experienced Business Advisor or Non Exec?
Personal Coaching and Mentoring
An experienced Advisor or Non Exec is in an ideal position to act as your personal coach and mentor. It is not uncommon for business entrepreneurs to neglect their own personal development and to become complacent with regards to their own skills and development. A good Non Exec should not only be able to help you with your own personal development but should also adopt the key role of ‘challenging your thinking and approach’ .This will ensure that your ideas are well thought through, that all the alternatives have been considered and most importantly that all implemented action plans are both value adding and pragmatic.
Monthly Board Meetings
The value of regular monthly board meetings should not be underestimated. It is a chance to stand back from the day to day running of the business and an opportunity to work ‘on’ the business rather than ‘in’ the business. A good Non Exec should chair these meetings and ensure that minutes are taken, action plans are detailed and documented and that all agreed plans are thoroughly followed up at the next meeting. Putting this discipline in place is good business practice and will help to ensure that all agreed action plans get implemented.
Day to Day Financial Management
The Financial information provided in Early Stage Recruitment Businesses can be limited and is often a key area of weakness. Recruitment owners are entrepreneurial by nature and possess strong sales and business development skills, financial skills are therefore often a weakness in their skill set. The importance of timely and accurate monthly accounts and a detailed daily cashflow, cannot be underestimated. A good Non Exec should therefore not only have sector experience and expertise but also have a wealth of financial management experience as well.
Effective Management & Leadership Teams
The need for exceptional leaders and talent has never been greater. Investment in Leadership and Talent development programs is therefore essential for any business, particularly in a period of continual growth. An experienced Advisor can help you identify and then create a plan to develop your leadership team to match the goals of the business. They should also have the experience to help determine leadership development programmes that have real impact, avoiding the trap of training for training’s sake. If you have plans to scale your business, there is no doubt that you will need to put an effective and successful management team in place.
Clear Strategic Direction
An experienced Business Advisor can help you establish a clear strategic direction for your recruitment business. A large number of owner/managers never find the time to develop clear written goals, possess the experience to evaluate a variety of strategic options, and take the time to develop a robust and comprehensive business plan. A good advisor will not only put a framework in place to facilitate this process but will also make sure that these plans are implemented and carried out.
Preparation for growth and value creation
An experienced Non Exec can assist you in determining the most likely and attractive paths to future business growth. If your goal is to create a business of significant future value, then value generating growth is absolutely essential. Value creation can be difficult to achieve, but a recruitment business that can generate robust and visible future revenue streams, build a strong contract book, establish a clear niche and develop a strong and stable management team, will without doubt be enhancing its overall valuation and worth.
TAG Capital Partners provides investment funding and business advisory services to early and mid stage Recruitment and HR Services businesses. We provide investment and deliver advisory services to individuals and teams with proven sector specialisms. With TAG’s funding and expert advice, both early and mid stage businesses can achieve successful and significant future growth.
To find out more about how we can help you grow your recruitment business, please get in touch. Email: email@example.com