Secretly in the back of our minds, we all wish we could be the directors of a large multinational company. It’s a place of great respect but also a great responsibility. You have the power to change people’s lives for the better in a broader and perhaps more powerful way that most other jobs out there. Not only are you in charge of making sure shareholders are receiving their due profits but making sure the professionals you employ are getting fulfillment from their jobs. It’s never going to be easy when so many lives rest in the palm of your hands. It’s a stressful position overall, but it has to be. When you wield so much authority in many people’s lives, you’re bound to start second-guessing yourself. It’s only natural, and quite frankly it’s the human thing to do. Sitting in the hot seat for the first time is going to be your rite of passage. It’s a test that you will never forget and cherish whether you pass or fail. There are some principles that you can adhere to that are basically going to be foolproof.
Do think highly of yourself
Thinking highly of yourself can be taken in different ways. It doesn’t mean you need to be arrogant and throw your weight around the office and show lesser colleagues who are the boss. It’s okay to realize that you run the show. One of the worst things any leader can do whether it’s in sports, business or politics, is to not have self-belief. If you don’t believe in what you’re doing how or why do you expect others to follow you?
Don’t shy away from issues
This points ties into the previous; do not shudder from issues. Leaders are paid the big bucks and given the most praise because it’s your job to take on the tough parts of the company life. Wherever there is an issue be it corporate, among workers or some kind of legal dispute with the judiciary system, take problems head on as they come. Whether it’s a problem with a design team that could be infringing on copyright laws, or a dispute over who is in charge of a project, take control of the reins at all times.
Do engage properly in board meetings
As the director of a company, your sole responsibility is to the shareholders who essentially own the company. However, the apparatus in which you achieve success is through the board of executives and or heads of departments. Make sure that you’re always informed of what is going on. You should always engage in board meetings, show up on time and be one of the last to leave. Getting up to date with how progress is going on a project, product, service, marketing campaign, etc, will keep you abreast of any potential calamities ahead.
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Don’t forget to pay taxes
Just because you’re the director of a company doesn’t mean you don’t have to do the menial tasks. In fact, some menial tasks can turn into very bad news for yourself. If the company hasn’t officially filed its taxes after three month passing by of the annual tax year coming to an end, you may be liable for the amount owed and served a Director Penalty Notice. You could end up with a pay as you go (PAYG) or Superannuation Guarantee Charge (SGC) liability. This means you personally could be held accountable as the one who owes the outstanding tax sum if you do not reply to penalty notice 21 days after the date of its issue.
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Do sign off on quarterly reports
Financial quarters are the ideal time to see what state of business you’re in. The year is split into four so businesses can track their performance across three whole months of sales and trade. Every company should know exactly where it stands in relation to this. If you’re making a gain and don’t know it, you could change something and end up losing it. So after each quarter, you should sit down with the sales team and form the report for the previous quarter that’s just past. With all the graphs, charts and figures, it should be easily digestible to absorb the information for all those who consume it. Sign off on each report before it goes off to other senior staff and shareholders to show you’re aware of what’s inside it.
Don’t ignore generic paperwork
If you’re in any kind of office job, you’ll know you have to write and sign off on generic paperwork. From such small things as confirming the amount of holidays, you took for the year, to signing a contract that will further promote cooperation and increases sales between two respective partners. As the director, you will not be left out of the small things. Don’t let a pile of paperwork mound up on your desk or give it to your receptionist to do either. Put time and effort into the everyday running of the business, even if it isn’t all that exciting.
Do formulate a crisis plan
Every single leader throughout history who has been worth their weight in gold, will always have been planning for the event that causes the other shoe to drop. In business, the two killers of growth and stability will always be a global economic crisis and severe changes in the business law such as higher taxes. A crisis plan is for when this occurs, and you need to have a basic minimum operating level. Ultimately when these crises happen, as the director it’s your job to keep the lights on. Calculate how many employees you need just so you can keep your basic functions living. And also put into this equation how much money you need to keep servicing your sales in order to either break even or generate profits.
There’s a lot riding on your shoulders as a director. Not only you supposed to be in charge of senior-level employees, but every lower junior ranked staffer too. There’s no official director’s manual, but with these tried and tested dos and don’ts. Hopefully, the job just got a little easier for you.
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