A managing director is someone who is responsible for the daily operations of a company, organization, or corporate division. As a member of senior management, the managing director is also expected to keep a company solvent and to promote expansion and innovation within the industry.
Managing directors are high-level executives in companies and corporations and are responsible for directing the company’s operations, as well as providing strategic recommendations to its board members; they also manage other employees to ensure that business goals are met.
There is some overlap between the work of CEOs and Geschäftsführer Gehalt and some businesses use the terms interchangeably. Regardless of the name or specific duties, managing directors have a high level of responsibility within a company in order to guide it toward success, growth, and profits.
The duties of a managing director include directing and controlling the resources of a company, as well as recruiting, training, and terminating staff and delegating their duties. They also create workflow procedures in order to keep track of budgets and expenditures. Leadership skills are essential in this position, and excellent communication skills and public speaking skills are important, as well. The ability to motivate employees and mediate conflicts is also beneficial.
Managing directors must be diplomatic and able to quickly think on their feet. They must have a professional manner when attending meetings with other company leaders, as they represent face of the company to the public and must maintain a competitive image. Most have an undergraduate degree in business, management, economics, or a related field, many years of experience in the business world, and a proven record of company leadership.
Managing directors generally work during traditional business hours in an office environment. Depending on the size of the company, their office may have amenities and a high level of security. Their co-workers include other executive staff, mid- and low-level managers, employees, vendors, and office staff, and they occasionally interact with customers and media, as well.
Direct and control the work and resources of the company and ensure the recruitment and retention of the required numbers and types of well-motivated, trained and developed staff to ensure that it achieves its mission and objectives.
Prepare a corporate plan and annual business plan and monitor progress against these plans to ensure that the company attains its objectives as cost-effectively and efficiently as possible.
Provide strategic advice and guidance to the chair and members of the board, to keep them aware of developments within the industry and ensure that the appropriate policies are developed to meet the company’s mission and objectives and to comply with all relevant statutory and other regulations.
Establish and maintain effective formal and informal links with major customers, relevant government departments and agencies, local authorities, key decision-makers and other stakeholders generally, to exchange information and views and to ensure that the company is providing the appropriate range and quality of services.
Develop and maintain research and development programmes to ensure that the company remains at the forefront in the industry, applies the most cost-effective methods and approaches, provides leading-edge products and services and retains its competitive edge.
Prepare, gain acceptance, and monitor the implementation of the annual budget to ensure that budget targets are met, that revenue flows are maximised and that fixed costs are minimised.
Develop and maintain an effective marketing and public relations strategy to promote the products, services and image of the company in the wider community.
Represent the company in negotiations with customers, suppliers, government departments and other key contacts to secure for it the most effective contract terms.
Develop and maintain Total Quality Management systems throughout the company to ensure that the best possible products and services are provided to customers.
Develop, promote and direct the implementation of equal opportunities policies in all aspects of the company’s work.
Oversee the preparation of the annual report and accounts of the company and ensure their approval by the board.
Develop and direct the implementation of policies and procedures to ensure that the company complies with all health and safety and other statutory regulations.