WITH some of the financial challenges facing it, the Isle of Man needs to generate increased levels of inward investment, says the Institute of Directors
This can be achieved, not just by introducing new businesses to the island, but also by strengthening the many businesses already operating here.
The Isle of Man has a large number of small businesses owned by individuals or groups of people, many of them families.
When running your own small business it is hard to balance your time between day to day activities and growing the business to secure its long term success in a fast changing environment.
A highly effective board should be able to plan and manage the growth, rather than being reactive to situations. This should lead to a highly effective company able to cope with new challenges.
Are you involved with the running of a business with less than 50 employees? In the early days of the business you were probably the owner, director and manager and therefore close to all the detail and full of ideas. However, as the business has grown and more staff have been taken on, you may not necessarily now know everything that is happening.
You may hold board meetings with co-directors but do you find yourselves discussing management topics in detail rather than considering the higher level aspects that should be the focus of directors?
Do you know the answers to all the following questions?
l How should you as MD/owner/founder spend your time?
l Do you know what lies behind your success?
l What is your source of competitive advantage and how can you sense opportunities in difficult economic times?
l How do you assess customer and supplier solvency?
l Are you able to modify your strategy in the light of rapidly changing circumstances?
l When can non-executive directors be useful?
l How do you identify, recruit and manage professional advisors?
l How do you manage the issues when the directors are also majority shareholders?
l How do you handle the issues of succession?
These issues, and others, will be covered on a course called Directing a Growing Business which is due to be run by the Institute of Directors in the Isle of Man.
The three day programme covers three key fundamental areas:
STRATEGY (September 28):
l Developing your strategic thinking
l Managing risk
l Market analysis
Finance (October 13):
l Decode the terminology and understand your accounts
l Your financial role
l Tools to monitor the health of your business including liquidity and profitability
l Sources of viable finance
Business Structure and the Law
l Understanding your duties and responsibilities
l The legal status of your business
l The purpose of the board
Each delegate has the option of whether to attend one, two or all three days.
The local branch of the Institute of Directors is keen to help businesses become even stronger and has worked hard to be able to bring IoD courses and other events to the Isle of Man for the benefit of both members and non-members.
For full details of the Directing a Growing Business course, and other events arranged by the IoD IOM branch, contact Ann Clayton, committee member responsible for education, on firstname.lastname@example.org or 470162.