My Business Bonanza

Many envy those who have executive jobs because of the different advantages that go with the position. Many associate the position with power and prestige. Another reason why many vie for the post is the high pay and even higher incentives. Few realize that those who hold these key positions experience tremendous amount of stress and high levels of pressure.


Executives are the people that the organization trusts to make sound decisions that will be beneficial for the rest of the organization. They are like celebrities under the scrutiny of the public eye. Only in this case, one wrong move, and it could cost them their job.


Many are wondering what are the exact duties and responsibilities of the executives. The executives are responsible for leading and managing the organization. Part of their tasks is to formulate strategies that the organization will use to achieve their goals. They are also responsible for devising policies that will ensure cooperation from all employees.


They also discuss issue concerning the organization. They talk about employee performances, problems in production, conflict with the labor union, misunderstanding with clients, public relations, and other concerns that have a huge impact on the organizations.


Company policy is one of the most important factors in governing any type of organization. The policy serves as the focal point of any organization. It is one of the duties of the executive level jobs to come up with effective company policies. In order to come up with good company policies, the executives have to be systematic about it. Here are some of the steps they take in order to come up with effective policies:


1.    Researching is one of the best ways to come up with a good policy. One can never rely on his own understanding of the goals and existing situations in the organizations. Even experienced executives conduct research to ensure that they are doing the right thing.


2.    Consultation with the employees is also important in coming up with a good policy. Before coming up with a policy, the executives should hear what their regular employees have to say. Are they comfortable with the arrangement? Will they be productive with new system? Can they manage to finish their task with the limited hours on the machine? This will also help set the expectations of the employees.


3.    The consultation is important because the executive can use it to deliberate with other executives. They will consider the opinions of the employees to come up with better policies. They will weigh the pros and cons of each policy and decide which one to implement. Deliberation is good because other executives can check the drafted policy and air out some of the consequences that the author might have missed.


4.    Benchmarking is one of the best ways to verify if the policy formulated by the organization adheres to the standard of the industry. Through this, the organization can compare their practices with the practices of other organizations. Those who hold executive positions from other companies may have better ideas about related policies.


5.    The finalization of the policy should take place after considering all the factors. After hearing what the employees have to say, he has to deliberate it with his fellow executives.  In addition, it would be better to compare their output with the existing policies in the industry and apply what they can adopt from other organizations.


6.    Before they can implement the new policy, they have to explain it to their employees fully. They have to explain why certain changes are necessary. Conflicts arise because there was no proper communication. The executives must find time to talk to the employees to ensure that everyone understands the need for the new policy.


7.    It is also important to have the policy in writing duly signed by the authorized personnel. Without the document stating the new policy, the employees will assume that it is not yet final.


It is important to study the policies carefully to ensure that everyone will benefit from it. It also has to abide to the existing laws of the country. Aside from creating policies for the organization, executives are also responsible for important decisions in the organization.


Making decisions may sound easy but there are no multiple choices. They pick a decision base on facts and not on opinions. The process they will follow depends on the issue they want to resolve. Here are some of the steps they take to arrive at the right decision.


    If he has to make a decision about an incident in the organization, he should organize an investigating body to clarify what really happened. The executive in charge of the situation should not give sanction base on hearsays. The investigating body should generate credible witnesses and evidences to serve as the basis for the decision.


    However, if the decision is about new strategies and plans for the organization, the executive should conduct his own research. He should base it on the current trends. He also has to know the status of the market to be able to develop the best strategy.


    There are also executives who have to make decisions about investments and investors. Before signing any contract, he has to conduct credit investigations. He also has to compare the offers of various investors. He should be able to provide the board of directors and other executives with a comparative analysis of possible investors under the same category.


    Projection is another tool that executives use to assess future expenses, income, losses, and other financial aspects of the organization. Projection will allow them to come up with strategies that will change negative trends and enhance positive ones.


Those who hold CEO jobs do not know everything. They need the expertise of other people. If they are facing legal matters, they have to consult their corporate lawyer. If they are unsure of the financial aspects of the organization, they have to seek the help of financial experts.

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