Managing Directors are responsible for overseeing the activities of a specific department or even an entire organization. In some companies, the term Managing Director and CEO are interchangeable depending on the size of the business and its organizational structure.
Your primary objective as Managing Director is to ensure that all business goals are reached. Other responsibilities include guiding and monitoring the overall workflow of the organization from a high-level perspective. The Operations Management course explains how this applies to your role as a Managing Director.
Managing directors are extremely important to the overall health of a company. Although the work can be demanding, you can expect to be paid very well for the work that you do and there is typically no shortage of opportunities assuming you are qualified to become a Managing Director.
While your primary duties consist of high-level management such as monitoring the performance of other managers and department heads, you may be required to perform various other tasks as required. It’s not uncommon for a Managing Director to meet directly with clients (especially for large contracts) as this makes the client feel important and eases any concerns they have about the sales process.
Other duties you may be asked to perform as a Managing Director include:
Providing training and guidance to other managers and staff members as required. If you are asked to lead a training session yourself, it will most likely be for upper-level management. Training sessions for lower-level employees are typically conducted by an assistant manager or similar; however, you play an integral role in developing the training materials that are used in these training sessions.
Delegating duties including typing, copying and scanning. In most companies, you will be assigned at least one assistant who will handle most of this work for you. Your only responsibility in this area is to clearly communicate to your assistant(s) what needs to be done and on what timeline. This frees up your schedule to work on more pressing issues.
Creating, revising, and reviewing schedules for various departments. You need to make sure that each department has sufficient staff coverage on a daily basis. You should also be looking at the schedule to find weaknesses or inefficiencies and develop ways to increase productivity in these areas.
Working closely with the Assistant Director on many projects. Although you will not be required to lead projects very often, the Assistant Director makes a good candidate for large company initiatives. This individual reports directly to you and you are ultimately responsible for the success or failure of any projects undertaken by the company.
Representing the company to the public, key stakeholders, and business partners. As the face of the organization, it is your responsibility to “look the part” and ease any concerns that stakeholders may have about the business. This means staying calm, cool, and collected even during times of financial struggle or an uncertain future for the company.
Depending on the structure of the organization, you could be at the top of the executive order as a Managing Director. In other cases, there is a separate board that makes all final decisions. Either way, there is a great deal of responsibility inherent to this position and most (if not all) employees within the organization will look to you for guidance and instruction.
Skills & Tools
You are required to make significant financial decisions for the organization on a daily basis. Everything from approving purchase orders to vendor selection falls on the shoulders of the Managing Director. For this reason, a solid foundation in business economics is required for this position. Economics Without Boundaries teaches business economics for executives.
Much of your communication will be through email. Although internal emails can be less formal, when you email clients there is an expectation of professionalism in your correspondence. Writing Effective Business Emails demonstrates tactics you can use to communicate with anyone through email.
Likewise, verbal communications are just as important in this position. Not only will you be speaking directly with other members of management and lower-level employees, but you will frequently speak directly with clients. Speak More Smoothly, Fluently, Clearly & Confidently helps you develop strong verbal communication skills that apply in the business world and in your personal life.
You may be required to speak publicly when representing the company to stakeholders, the public, and business partners. Effective public speaking is an entirely different skill which you can learn more about in Public Speaking the Fearless Way.
Although you will not create annual reports personally, your position requires that you oversee the creation of these reports to ensure accuracy. These reports are typically created in Microsoft Word, which you can learn more about in Advanced Microsoft Word 2010.
PowerPoint is also used extensively to create slideshow presentations. These are used for training, internal reporting, and client facing presentations as well. You will be required to help develop these presentations; usually working in conjunction with other team members. Make sure you are maximizing the effectiveness of your PowerPoint presentations with PowerPoint 2013.
You can look at the daily operations of your organization as a project. Each day, the goal of the project is to maintain or increase profitability. Project management is a necessary skill that can be difficult to master. Project Management Training helps you develop tactics for successful project management at any scale.
Becoming a Managing Director is the goal of many business professionals. This makes it a very competitive marketplace as most businesses only have one Managing Director and several professionals competing for the position.
The best way to secure your role as the Managing Director is to focus on developing the skills described above. Business prowess is no longer enough as organizations expect you to take on more responsibilities and represent the company publicly at the same time. When you combine a sound understanding of business principles with effective communication and management skills, you should have no problem landing your next role as a Managing Director.