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Inventing something or having a great business idea is easy, but becoming the director of your own company is more complex than getting an office and hiring staff. Any business comes with a lot of responsibility, and many entrepreneurs underestimate just what they are taking on when they expand.
Here are just a few of the main responsibilities you will take on and what you need to consider before you do.
You are Responsible for Following the Rules
There are many companies that seem to be run by directors willing to take every shortcut possible. While they might seem to get away with it, you should resist the temptation to follow their lead, and do a little ‘creative accountancy’ yourself. Something like a Director Penalty Notice means that you could be made liable if your company doesn’t pay taxes, so even if you did get away with it for a while, you could end up paying the bill – not your company.
You should also realize that you are responsible for ensuring that your staff follow the rules, too. Training them to work efficiently and effectively is how so you can prevent problems later on. Research is fundamental to ensuring that your business is run smoothly and can be held fully accountable.
You are Responsible for the Company’s Success
As well as being responsible for the conduct of your company, you also have the privilege of being responsible for the success you achieve as a team. Many companies seem to be run by the staff with the elusive director stepping in at the last moment to take credit. When you have your own company, you have an opportunity to do things better.
Being the director should mean leading by example and encouraging your staff to succeed and develop within their careers. Rather than swooping in, you should be there to offer advice and bring new ideas to the table, so that when the time comes, you can celebrate with the team.
You are Responsible for Your Employee’s Wellbeing
When you work on your own for a long time building an idea, it is easy to forget that when you eventually get employees, you will be responsible for their well-being. While you might be fine burning the midnight oil, you should consider the standards you want to set for your staff. Be realistic about what you should expect from them.
Happy employees tend to be the most productive and creative employees, so be try to provide them with everything they need to feel comfortable at work and do their job well. If you aren’t sure what you should be doing for your staff, ask them. Something as simple as a suggestions box can give your staff a voice and help you to find the balance between work, play, rest, and activity.
Responsibility is a big word, but when you are ready to accept it, you are also ready to start building your company and achieve your dreams.