MD Managing directors
Managing director role
John is a managing director MD of a business consultancy and accountancy firm situated in the heart of the financial community in Manchester. His company employs 25 people and specialises in helping businesses in the local African-Caribbean community.
Duties and responsibilities of a managing director
As the boss, the buck stops at my desk! I set the business targets that the company wants to achieve and ensure that they are monitored correctly. My job is to see that the firm operates successfully and that we maintain good relationships with clients and business partners. I also have to make sure the workforce remains motivated.
What are MD business targets?
These are estimates of what we should be able to achieve in terms of income, expenditure, new clients and of course the most important one – profit. These need to be set at realistic levels and are the results of much discussion between myself, colleagues and staff. Finally, they need to be approved by the board of directors.
What does a managing director do during a working week?
Much of the time is spent meeting clients to discuss work that we are doing for them. Quite often, this involves presentations and I need to spend some time preparing the information. I don't often get involved with daily routine work as this is undertaken by the workforce, however, I need to know what is going on and supervise the work. I usually work about 40 hours a week.
How do managing directors check progress?
Management reports enable me to check at a glance the ongoing situation of the company. Also, I get daily, weekly and monthly progress reports from my staff about all of the work they are doing. I also use regular management meetings, occasional staff meetings and my own daily observations from talking to clients to help monitor the state of play.
How did you become a managing director?
As a child I was encouraged by my grandmother to become an accountant. I worked towards that goal and decided to start my own business after I had been made redundant from a previous job. It has been hard work – but well worth the effort.
What MD training have you undertaken?
Apart from my professional accountancy examinations and on-going training, I have attended various management skills courses involving business presentation and how to run your own company.
Whats best about being a managing director in your job?
I like the freedom of choice to manage my time within the business. I work hard but on my own terms.
What skills and qualities are needed for managing directors jobs?
You need the vision to determine what you want to achieve and be able to communicate it to others, either verbally or in writing. As managing director you must grasp the overall picture of your business and not get too distracted by minor problems. This means that you must always be in control and not constantly reacting to events and situations.
What are the long-term career goals of a manging director?
Eventually, I want to make my business run by itself without needing my attention all the time. Successful management involves delegating responsibility to staff. This will allow me to concentrate on other interests I have such as education, writing and voluntary work in the community.
How do you become a Managing director tips
- Work out what you are good at.
- Focus on your training and career targets.
How to become a Managing director
- A Levels.
- Chartered certified accountant, (ACA) qualifications.
- CPD (Continuing Professional Development) training in accountancy.
- Started own business after period of working in an accountancy practice.
Managing director salary
- MD salaries depend entirely upon the responsibility of the job and the size and success of the company, and can vary from £15,000 up to more than £150,000 in larger businesses.
- A managing director in some companies may also be the owner of the business.
- In larger companies, the md salary package may also include bonus payments for reaching financial targets and/or shares in the company.
Managing director related jobs
- Company secretary
- Financial consultant/adviser
What do you need to be a Managing director?
- Managing directors in small companies usually have some formal qualifications in the field of the business. For instance, engineers, lawyers and accountants often set up their own businesses and become managing directors.
- The Institute of Directors offers chartered status to directors seeking an on-going professional qualification. This involves a structured training programme and examination.
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