Rachel Hannan is a business angel investor. She worked at PwC and built up an executive recruitment business GatenbySanderson from scratch into a £23m-turnover business in seven years.

Ms Hannan exited in 2010 and since then has become a prolific investor and mentor of businesses and entrepreneurs, including Sheffield’s dotforge accelerator. Outside of business she has become involved in charitable organisation Leeds Community Foundation.

What are the top three things you look for when you invest in a business?

1) Is there a strong demand for what they’re selling?

2) Can they clearly articulate what makes their product or service better than others on the market, and what differentiates it?

3) Do I believe in them, have they got the determination and passion, as well as the skills and knowledge to make a success of it?

What do you wish you had known when you started out?

Listen to advice and use experts in specialist areas, but ultimately trust your own instincts and judgement.

With EU funding for businesses now more uncertain, do you think the role of business angels will change?

The role is unlikely to change, business angels can offer valuable expertise, experience and contacts as well as funding and this won’t change. However, it may provide more opportunities as those looking for funding explore the angel investment option more fully if there is less funding available from other avenues and discover they can get ‘added value’ investment.

What is the most common piece of advice you give to mentees?

Make sure you know what you and your business is best at, then make sure you are better at that than anyone else.

What are the top three things SMEs in the UK need for growth?

1) Less uncertainty! – probably impossible at the moment, but more clarity from Government, sooner rather than later, about their approach to and timing of Brexit would help.

2) More business friendly Government policy to increase market confidence and stimulate demand and investment.

3) Investment in their people – strong, confident leadership to set a clear direction and increase employee engagement to boost motivation and productivity.

In your opinion, what are the best qualities a non-executive director can have?

Strategic thinking, strong relationship building skills, great networks and contacts and the ability to challenge and support the Board appropriately. Also the credibility of having ‘been there and done it’ themselves and the ability to share this experience effectively for the benefit of the company.

Article via thebusinessdesk.com