May 26, 2023

Embracing Flexibility: The Advantages of Finativ Flex Over Traditional Non-Executive Directors

In today's rapidly changing business landscape, flexibility is key. This is particularly true in the financial services industry, where businesses must navigate complex regulations, shifting market conditions, and emerging technologies. To meet these challenges head-on, many companies turn to non-executive directors (NEDs) for strategic advice and guidance.

A non-executive director can provide valuable guidance, expertise, and independent oversight as companies grow and evolve. But, while this traditional approach certainly has its merits, a new and more flexible alternative is emerging. Enter Finativ Flex, a service that connects businesses with a range of financial services experts on a flexible basis.

Why Businesses Engage Non-Executive Directors

Strategic oversight: Non-executive directors help shape the company's strategy and offer guidance on critical decisions.

Corporate governance: Non-executive directors play a role in ensuring that the company maintains strong governance and ethical practices.

Independent perspective: They bring a fresh, unbiased viewpoint to the board, helping to challenge assumptions and facilitate balanced decision-making.

Networking and connections: Non-executive directors often have extensive professional networks, which can be valuable for business development and seeking strategic partnerships.

NEDs have long been a popular choice for businesses seeking strategic guidance and advice. These individuals typically have extensive business experience and are appointed to the board of directors to provide an independent perspective and challenge the status quo. However, there are limitations to working with NEDs, including the fact that they are typically appointed for a fixed term, may not be available on an as-required basis and, notably, knowledge and insight are restricted by the experience of a single individual.

The Finativ Flex Alternative

Finativ Flex offers a flexible and comprehensive solution, providing businesses with access to a team of experts on a flexible, as-required basis. This allows companies to scale their resources up or down as their business needs change, without incurring the fixed costs or lead time associated with hiring full-time staff or a traditional consulting project. It can fulfil all of the functional roles of a non-executive director, yet with broader scope and flexibility.

Finativ Flex is an on-demand service that provides companies with access to a team of senior executives across asset, auto, invoice, and trade finance. With Finativ Flex, businesses can access the full talents of the Finativ organisation, bringing extensive experience and expertise across a wide range of business activities, including driving corporate change, exploring new growth areas, considering M&A, fundraising or financial management, seeking operational improvements, digital transformation, or people-related challenges.

Finativ Flex offers several benefits that make it an attractive alternative to engaging a traditional non-executive director:

Access to a Range of Expertise

Finativ Flex connects businesses with a diverse pool of financial services experts, each with their unique skills and experiences.

This broad range of expertise allows businesses to tap into the right knowledge and skills to address specific challenges or opportunities.

Flexible, As-Required Support

Finativ Flex enables businesses to access expert support when needed, adjusting resources to match their changing requirements.

This level of flexibility is not typically found in the non-executive director role, which has a more fixed time commitment.

Cost-Effective Solution

Finativ Flex operates on a monthly retainer basis, allowing businesses to scale their expert support up or down as needed.

This cost-effective model can be more efficient than the fixed annual fees associated with non-executive directors.

Personalised Support and Dedicated Client Manager

Each Finativ Flex client is assigned a dedicated client manager who serves as the primary point of contact and provides ongoing advisory support.

This level of personalised support ensures that the client's needs are understood and met throughout the engagement.

Access to a Larger Network

With Finativ Flex, businesses can leverage a vast network of financial services experts for introductions, partnerships, and insight.

This expansive network can offer more opportunities than an individual non-executive director's more limited connections.

While NEDs bring valuable insights and perspectives to the boardroom, they are often limited in their ability to provide practical, day-to-day support. In contrast, Finativ Flex provides businesses with personalised support from a dedicated client manager who understands their business needs and goals. The client manager is responsible for managing the retained relationship and will be the primary point of contact throughout the engagement, providing ongoing advisory support and helping introduce specific Finativ experts as required.

This gives you access to senior executives across a range of business activities, bringing extensive experience and knowledge to the table. This means that you can access the right expertise when you need it, without having to rely on a single individual.

So, while NEDs have long been a popular choice for businesses seeking strategic guidance and advice, Finativ Flex offers a flexible and comprehensive alternative. With access to a team of senior executives across a range of business activities, Finativ Flex provides businesses with access to a wider range of expertise than a single NED could.

Discover how Finativ Flex can give you vital support to stay ahead of the competition in today's rapidly changing business landscape.

Subscribe to INSIGHT

Subscribe to our newsletter to receive each issue directly in your inbox. Unsubscribe at any time. View our privacy policy here.
Subscription Form

Related Posts