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Executive directors, also known as the company’s chief executive officer, report to the board of trustees directly. They serve as the company’s central manager developing sound business strategies and delivering strong leadership. They oversee the company's day-to-day operation and implement procedures and policies that have been approved by the board of trustees. By translating business goals into action and nurturing human talent, they are highly instrumental in the company's success.
Vision and Mission
Organizations are often ineffective if they don’t take time to develop vision and missions. While vision speaks about the future of the organization, mission explains the overall purpose of an organization. To articulate the company’s direction, an executive director must lay out a vision and mission statement. An executive director can address her intentions and encourage the organization to realize a common image of the future. Furthermore, the executive director must set proactive business goals and objectives that speak about general programs or desired project outcomes.
Executive directors must see to it that all communication systems operate efficiently. By improving communication processes, they advance workflow and overall productivity in organizations. Effective communication is essential in building trust among levels of employees in social and professional environments. It also allows employees to collaborate effectively, bringing more productive results. Executive directors must ensure smooth formal and informal communications, such as internal employee updates and annual reports to the board of trustees, investors and media.
Executive directors are expected to conduct corporate governance. Basically, corporate governance is the way an organization is governed. It is the interaction among participants such as stakeholders, board of directors and the company’s management, and it directs the organization’s performance. If an organization has proper corporate governance in place, interested parties might feel less apprehensive when considering investments in the company. Consequently, the organization can raise capital efficiently. Corporate governance also helps to minimize corruption, waste, risks and mismanagement. Essentially, good corporate governance helps organizations ensure their economic growth and success.
How a company's management team handles changes in information flow, technology, political accountability and global competition is key to the company's success. Effective executive directors must understand these dynamics and work to control change within the organization. This requires continuous strategic planning, including creating goals, alternatives and milestones. An executive director must review and develop short- and long-term business goals to achieve sustainable competitive advantage. For example, executive directors must formulate marketing strategies to differentiate the company’s products or services from the competition’s.
- Mind Tools: Mission Statements and Vision Statements
- Community Tool Box: Proclaiming Your Dream: Developing Vision and Mission Statements
- Management Study Guide: Importance of Communication in an Organization
- Management Study Guide: Corporate Governance
- Compass Point: Job Description for Executive Director
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