Coach, Board Advisor, Fractional Executive, NED - Huh?
Neil Bussey
I help Tech/Engineering leaders sign clients through specification selling strategies / Civil Engineer / EMBA / Managing Director / Fractional Executive / Operational Expert
Understanding Your Business Support Options.
What sets the best and most successful companies apart??
If we pressed the reset button and everyone started from scratch, certain people (and businesses) would rise to the top again and again.?
But why?
The simple answer is, they are resourceful.?
In other words they make the absolute best use of everything at their disposal.?
Within a company, resources include:?
Tangible:
Intangible:
But…
Once the internal assets and resources or the company are fully understood and utilised, great companies look outside their businesses for more ways to create value and build success.?
Because, in an interconnected world, access to world class knowledge, skills, best practice, systems and technologies is all there for the taking and it doesn’t all reside within the business.???
Those who have an enterprising and resourceful mindset actively seek out and utilise external talent. Those who don’t, well, don’t.?
Which would you rather be??
And the truth is, there are so many options now. Whether you want someone in an operational role or simply working on, rather than in the business. They might also be working flexibly, on site, remotely, on an ongoing long term basis or brought in for a specific project.??
A good first step is to understand what is out there.
Let’s take a look…
Fractional Executive
A fractional executive, also known as a part-time executive or outsourced executive, is a highly skilled professional who provides executive-level leadership and expertise to a company on a part-time or temporary basis.?
Fractional executives typically work with multiple clients simultaneously, offering their specialised knowledge and experience to help businesses address specific challenges, achieve strategic objectives, or fill temporary leadership gaps without the need for a full-time commitment.?
They may serve in roles such as Chief Financial Officer (CFO), Chief Technology Officer (CTO), Chief Marketing Officer (CMO), or other executive positions, depending on the needs of the company.?
Fractional executives bring the benefits of their expertise and leadership without the full cost burden associated with hiring a full-time executive, making them a cost-effective solution for companies seeking high-level guidance and support on a flexible basis.
The limitations of this role are perhaps physical. A fractional executive should really be fronting up in person to some degree during their fractional work. And to that end the talent available may be restricted to how far they are regularly prepared to travel.?
Coach
A business coach is a professional who works with individuals or teams within an organisation to help them improve their performance, achieve their goals, and maximise their potential.?
Business coaches typically possess expertise in areas such as leadership, management, communication, strategic planning, and personal development. They use various coaching techniques, including providing feedback, offering guidance, and facilitating learning experiences, to help their clients identify strengths, overcome obstacles, and develop new skills.?
Business coaches may work with clients on specific challenges or objectives, such as improving team collaboration, enhancing productivity, developing leadership skills, or navigating organisational changes.?
They serve as objective allies and trusted advisors, supporting their clients in making informed decisions, taking purposeful actions, and ultimately achieving greater success in their professional endeavours.
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Coaching tends to focus on the individual more than the wider company. As such, coaches can act as powerful accountability partners to keep busy executives focused and on track, especially with longer term strategic goals.?
Business Advisor
A business advisor is a professional who provides expert advice, guidance, and support to individuals, entrepreneurs, or businesses to help them improve their performance, solve problems, and achieve their goals.?
Business advisors typically have extensive experience and expertise in various aspects of business management, such as strategy, finance, marketing, operations, and organisational development. They offer insights, analysis, and recommendations tailored to the specific needs and objectives of their clients, helping them make informed decisions and navigate complex challenges.?
Business advisors may provide services such as strategic planning, financial analysis, market research, process optimization, risk management, and business development. They often work closely with their clients to understand their unique circumstances, identify opportunities for improvement, and implement effective solutions to drive growth and success.?
Business advisors can play a valuable role in guiding individuals and organisations through periods of change, uncertainty, and growth, offering valuable expertise and perspective to help them achieve their desired outcomes.
NED (Non Executive Director)??
A non-executive director (NED) is a member of a company's board of directors who does not hold a full-time executive role within the company.?
Non-executive directors are independent of the day-to-day operations of the organisation and are typically selected for their expertise, experience, and ability to provide impartial advice and oversight to the executive management team.?
They contribute to the strategic direction and governance of the company, offer guidance on key decisions, and monitor the performance of the executive management team.?
Non-executive directors play a crucial role in ensuring transparency, accountability, and effective corporate governance within the company.
Board Advisor
A board advisor is an individual who provides specialised expertise, guidance, and strategic advice to a company's board of directors without being an official member of the board.?
Board advisors typically possess deep industry knowledge, experience, and insights relevant to the company's operations, goals, and challenges. They offer their perspectives on key issues, trends, and opportunities, helping the board make informed decisions and navigate complex strategic matters.?
While board advisors do not have voting rights or formal fiduciary responsibilities like board members, their input is valued for its contribution to the board's overall effectiveness and decision-making processes.?
Board advisors may serve in a more flexible capacity, offering advice on specific projects, initiatives, or areas of expertise, and their involvement can vary in terms of duration and level of engagement.
They are often brought in for short term assignments for example by Private Equity Firms during an acquisition to provide specific knowledge and help guide a particular change process.???
The Takeaway
Whether you are a one person start-up, or a substantial trading SME looking to flourish, thanks to technology and changes in working patterns and preferences, there are now substantial flexible and cost effective resources available to help you maximise your business for success.?
The big advantage of leveraging external input:?
???Knowledge has become ubiquitous and freely available, such that no one really pays for it any more.?
Businesses today pay instead for execution, rather than knowledge alone. It’s the “how” and also the act of delivering results which external talent can be called upon to help bring competitive advantage to your business.?
And the truth is, in this borderless race for talent, businesses will pay in some way whether they use these resources or not. ? ?
Whenever you're ready I can also help you in three other ways: