How Chartered Directorship can benefit your business
Guy Tullberg has launched his Wiltshire-based condiments business Tracklements in the US since Covid struck last March – and he puts much of the venture’s success in the face of three lockdowns down to his professional development training with the Institute of Directors.
The IoD’s Chartered Director qualification covers a range of best practices they believe every director should have to be effective: from finance for non-finance directors and the role of the director in the board to exercising effective and accountable leadership. The IoD believes committing to achieving Chartered Director status is a clear message to colleagues, customers, and network that you are serious about your role and the contributions you make to your organisation.
Guy qualified as a Chartered Director in 2017 and says the skills he has learned have given him the confidence and clarity of decision making to take the business on its next journey. He says: “When the pandemic hit, we had to move fast. The bottom fell out of the hospitality and travel sectors, but we saw a big uptake in retail, direct to consumer & the home delivery meal kit co’s. We also knew everyone would still need tomato ketchup, mustard and mayonnaise, especially because so many people were now cooking at home or ordering take away food. We needed a more robust online offering and we also didn’t want to lose the work we had done on establishing Tracklements Inc in the US. Fast decision making was key.
For me, professional development has enabled me to be very focused on how I made those decisions, and on taking key stakeholders along with me in the process. It gives you an understanding and sense of following a rigid structure and process. It doesn’t guarantee success for your business but gives you the tools to plan ahead and horizon scan, to have a proper context for decision making rather than gut feel alone. It doesn’t matter what sort of business planning matrix you utilise, but the course taught me to always have a plan and model to refer to, and that it is regularly reviewed. Then if something comes in leftfield, you can go back to that plan and see if it fits or not – and if not, why not. Through the last 12 months we have communicated every week about what we are going to do as a business, and we have made sure all our stakeholders know and there are no surprises – that’s part of good governance.
I also firmly believe that you need a rounded knowledge of all aspects of how an organisation operates. You would be aghast if your accountant said they didn’t have any formal qualification, so why should it be any different for a director? I don’t need to be the expert but if I am signing off accounts at board level, I need to know what they mean and understand the relevance of the numbers. I need to know why we are adopting a certain kind of marketing strategy and if it aligns with the direction of the business. To set up the business in the US, I have to understand service agreements, foreign governance and board structures if it’s going to be a success. Director training gives you the knowledge and skills to ask the right questions and really hear the answers – which ultimately can only make a better business.
Click here for more information about the IoD’s Chartered Director qualification.