What role does your board Play.
What role does your board play? Understanding leadership.
Once your business is incorporated and becomes a limited company, you will need to have a 'board of directors' in place to provide your core leadership and run the business.
But why do you need a company board? And what are the different roles and functions that each member of the board supplies?
Leading the business from the top
Your board of directors exists to manage the future success of the business. Whether it's hiring talent for your senior management team, defining your key business strategy or making decisions on acquisitions, your board must have the best interests of the company at heart.
The board key aims will be to:
- Maintain a stable financial position
- Deliver a steady pipeline of customers and revenue
- Provide a return for your shareholders
- Define a strategic direction that drives your future success.
Your board will meet regularly to review performance, discuss new opportunities (and threats) and make key decisions about your future path.
Key positions on the board:
Chief Executive Officer (CEO) - the CEO is the highest ranking executive in the company and will generally be the public face of the business. They manage all the key elements of the business and drive the important executive and strategic decisions.
Chair of the Board (COB) - The Chair runs board meetings, ensures the board is meeting its duties and provides leadership to the other directors
