The Board Chair from the book ‘So You Want to Be a Director?’
It is interesting that the Corporations Act simply states that the Chair is the person who chairs the meeting. They do not have any formal authority beyond that of the other directors, although recent legal cases seem to imply there may be a higher degree of liability in that role if it is tested in court.
Article from the Book Board Basics
by Warren Tapp.
If you are on the Board of a not-for-profit entity (NFP), it will be either an Incorporated Association, regulated at state level, or a company limited by guarantee, regulated at the Federal level (ASIC).
Authored by Warren Tapp, So You Want to be a Company Director demystifies the director’s role and equips you with the knowledge and skills necessary for success. With clear and concise explanations, this 235-page reference guide is accessible to readers of all backgrounds. This book concisely addresses all the burning questions you may have about being a director.
Board Basics written by Warren Tapp offers a simple, non-technical approach that is perfectly tailored for university business or finance students seeking to understand the intricacies of boards, as well as business executives and new directors looking to elevate their expertise.
Given that 85% of new businesses do not last 5 years it is easy to see why some of them do not survive.
If you want to know what to do to NOT be one of the 85% then read this FREE eBook on TappAdvisory.com.au and you will learn.
It is very tongue in cheek in that it lists all the things you can do wrong to really stuff up your business. It includes pages on:
Starting Out
Personalities
Risk Management
Planning
Marketing
Employees
Finances
Legal matters
Exit strategies
Are you a Director of Your Own Business?
A lot of business owners operate through a Proprietary Limited Company, and therefore, are Directors.
The trouble is a lot of business owners do not know the legal responsibilities as a Director of their company. They tend to rely on their accountant to do it all here are some suggestions for you.
Here are a few things to help you as a Director
We must remember there will probably be a recession in Australia. Now is the time to think strategically and prepare your business for the tough times ahead.
There have been 4 recessions since 1980 lasting from 8 to 18 months and the effect on businesses lasted for years.
Here are 10 tips to deal with a recession.
– Cut costs now but only if it will not harm you later
– Think about turning employees in to sub contractors
– Get out here and shine and do it now
– Take the long view. Marketing is a marathon and not a sprint
– Choose your marketing techniques and channels wisely
– Renovate your marketing tools now you have the time to do it
I wonder how many businesses lose sales because their staff cannot handle an enquiry to buy something when you ring them or walk in to their store.
Marketing costs make it expensive getting prospective customers to ring you or walk in so why waste that money by missing sales when you often only get one chance to make a sale, at the initial point of enquiry from that potential customer. You no doubt have plenty of competitors the customer can go to if they do not get a good response on the first try.
Why? It is because good WH&S practices will have the effect of reducing your insurance and workers compensation premiums and improve employee retention, morale and productivity. It will also reduce days off for sickness or injury and the cost of training replacement staff. You should be doing the following as a minimum…
The bottom line is the most important number in your business otherwise you just have a paid job. So the other bottom line is that small changes to you various levers can make a big difference to your profitability. Of course you need to track all these figures in your business to be able to start.
I have helped dozens of small businesses focus on these levers and I can help you too if you decide you want help putting all of this in to place.
