Brexit is set to affect every business in the UK. Here's why you should invest in the expertise of a Non-Executive Director to support you through the challenges to come.
By Matthew Roberts
Three failed attempts to bring Theresa May’s deal through parliament, one vote of no confidence survived and hours upon hours of negotiation in the House of Commons, yet conclusions around the future of Brexit still hang heavy in the air.
Whether the ongoing political chaos unseats Theresa May from her position and overthrows her deal remains to be seen. The current deal she has on the table offers up the first indication of how trade outside of the EU will work for British businesses.
While there are businesses that have already put plans in place for managing the challenges presented by Brexit. There are some left in a state of flux of what to do and require the expertise of an outside advisor who can help them to prepare. The impact of Brexit is going to affect every business in the UK and it is important that every business is aware of what to expect.
This need presents a big opportunity for those seeking non-executive roles and looking for an opportunity to provide insight during a time of great need.
The role of the non-executive director is defined as an experienced professional who can provide general counsel and a different perspective on matters of concern, which, in this case, aligns closely with Brexit.
Company boards typically understand how to map risks and have controls in place to manage them, as with any complex challenge or unlikely event, what’s to come with Brexit won’t necessarily be picked up as routine governance. A non-executive director has the advantage of bringing in their outside perspective and providing creative contributions and possible solutions.
The board of directors must determine the impact of Brexit and propose a strategy. Brexit poses a number of challenges, from a potential decline in exports and rising labour costs due to the loss of the EU Single Market, to slowdown in foreign direct investment, there is a broad range of issues that should be considered by the majority of businesses.
The board is responsible for formulating a strategic Brexit impact assessment and a non-executive director will help them to do so. In these times of uncertainty The majority of non-execs have financial expertise and will have encountered mergers & acquisitions and helped in changing markets to overcome challenges, so will have a clear perspective on ways to help.
Though every businesses Brexit plan will be different. If you’re a business and looking for a non-executive director to help you manage the challenges set to arise with Brexit - why not consider getting in touch with a member of our business services team who can help you to enlist the perfect candidate to join your board. Click here to learn more