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SMEs must boost their board rooms if they wish to achieve business success in 2023, says Ed Reid, MD of The Alternative Board UK.
Ed Reid, Managing Director of The Alternative Board (TAB) UK, is encouraging business leaders to take this uninhibited approach to the next level by stepping outside their workplaces and utilising the diversity and expertise of peers on their doorsteps.
“SMEs will all have challenges to overcome in 2023 and it can be incredibly lonely facing those alone and having to justify big decisions to your stakeholders or employees,” he says. “What I have witnessed over the past year and, what is making incredible difference to our SME community, is sharing those commercial issues and working together on solutions. It is almost impossible to step back from your own business and identify where change needs to happen so taking advice from professional peers who have their own business expertise can be transformational.”
Over 2,000 UK companies have already signed up to the unrestrained approach organised by TAB. These allow business owners, in communities across the UK, to share commercial concerns and ambitions with local peers in a trusted space, working together to realise ambitions.
“By embracing our entrepreneurial spirit across the UK and working together to support one another, business owners can ensure they make the right decisions,” Reid continues. “Business advisory boards offer the perfect forum for this, enabling members to share commercial and even personal challenges with business owners from an array of industries. This enables them to set achievable goals for the year ahead and be accountable to their peers through regularly scheduled meetings.”
“It is going to be an interesting year for businesses across the country whether old or newly established. Some of our members have faced recessions before while others have never experienced the commercial pressures that economic changes such as rising interest rates can bring. My message to them all is ‘you are not in this alone’, come and meet your counterparts in a relaxed environment and let’s work together to keep your goals on track this year.”