A managing director is the chief executive of a business. The position is called managing director in the United Kingdom and in a few other English speaking countries. The title means several things. First of all, it reflects that the person is the senior manager. Also, it reflects that the person is a member of the board of directors. These two things put together create the role of managing director, and also create the job duties that come with this position.
There are other types of managing directors as well. In some investment banks, as well as in other types of financial institutions, a managing director is not the chief executive. It is the head of the major business unit.
When the managing director is actually the chief executive – sometimes called the CO or CEO in other countries, they are in charge of public limited companies, as well as charities, and executive agencies. Managing director is used more often at subsidiary companies.
Job Duties
There are several main job duties that the managing director will have. First of all, their main job duty is to work on the strategic plan for the company that he or she is managing director of. This requires three main steps. First of all, they must design strategic plans. This means that the managing director is part of the brainstorming process, as well a part of the design process. Secondly, they must be in charge of developing the strategies that have been designed. This might require working in order to create the strategies, and making sure that they work the right way for the company. Lastly, the managing director is in charge of implementing the strategies. This often requires the help of workers who have been working underneath the managing director.
When the managing director is designing, developing, and implementing these strategies, he or she must do so in the most cost effective way for the company. They must figure out how to best spend and save the company's money, and then be sure that each thing they do continues to allow for the company to save money.
Other Duties
In general, the managing director is also in charge of the day to day running of the company. This means that they oversee the managers and the workers, and make sure that each person is doing what they need to be doing to fulfill their own job duties. They managing director will mostly be in charge of the managers, who are then in charge of the various employees. Also, a managing director is responsible for developing a business plan for the organization or company, and for their long term future. This is a lengthy process and is one that is going to be constantly revised by the managing director.
Accountable To
The managing director has many responsibilities, but is also going to be accountable for his or her work. The managing director is accountable to the board, which means that they have to explain to other board members what they have been doing and why these are the best decisions for the company. They are also going to be responsible to the shareholders of the company. This means that they will need to explain what they have been doing to the people who hold stock in the company. The board is the group that gives the managing director the authority to actually be running the company.
Work Environment
The managing director is one of the highest ranking positions, but they are working closely with the board of directors. These are other directors, like the sales director, finance director, IT director, technical director, marketing director, and board chairman. In order to do their jobs successful and completely, a managing director has to work with all of the other directors on the board in order to insure that the company runs smoothly. All of the board members are accountable to each other, which also helps the company run correctly.
Qualities
There are several main qualities that you will need for a position as a managing director. First of all, you must be organized and responsible. This is a leadership role so you must be a good leader. Also, you need to be a motivator, because part of your job will require you to motivate the staff and the other people you are working with. You will also motivate as well as mentor members of the team in charge of management, and take care of the chair meetings.
In fact, your most important job as managing director is simply to manage everything. You will need to be in charge of the staff, the budget, and the customers, as well as the assets of the company and the other resources that the company might have. It is going to be the managing director's job to increase the profits of the company and make sure that everything is done in the most economical way possible. The role of a managing director is one that takes lots of work and lots of previous experience.
