A guide to third sector trading - WCVA
A guide to third sector trading - WCVA
A guide to third sector trading - WCVA
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It’s an idea, but is it business? A <strong>guide</strong> <strong>to</strong> <strong>third</strong> sec<strong>to</strong>r <strong>trading</strong><br />
1: Getting<br />
started<br />
2: First steps 3: Business<br />
planning<br />
4: Legal and<br />
governance<br />
5: Funding<br />
and<br />
resourcing<br />
6: Financial<br />
controls<br />
7: Managing<br />
growth<br />
8: Management<br />
and<br />
governance<br />
9: Social<br />
enterprise<br />
10: Sources<br />
of support<br />
Board officers<br />
The Chair: The Chair is a leader as well as a figurehead.<br />
• S/he will have an important role in setting the pace – ie<br />
ensuring that key business decisions are taken efficiently, with<br />
the right information, and sometimes quickly and at short notice<br />
(eg <strong>to</strong> respond <strong>to</strong> contract opportunities, or <strong>to</strong> solve <strong>trading</strong><br />
problems).<br />
• In <strong>trading</strong> enterprises it is even more important than in non<br />
<strong>trading</strong> charities and community groups for the Chair <strong>to</strong><br />
minimise distracting irrelevances and internal dissension.<br />
Distractions include politics, unnecessary conflicts with outside<br />
bodies, and petty gossip. The direc<strong>to</strong>rs need <strong>to</strong> work <strong>to</strong>gether as<br />
a team as much as possible.<br />
• The Chair and other officers should have written job<br />
descriptions. Training should be offered <strong>to</strong> officers, including<br />
the chair, as a matter of course. (This avoids the embarrassing<br />
implication that they cannot do their job properly, and provides<br />
the opportunity <strong>to</strong> address problems if they can’t.)<br />
The Vice Chair: This is often a neglected function.<br />
• The Vice Chair should receive the same training as the Chair.<br />
• They should be prepared and equipped <strong>to</strong> deputise for the<br />
Chair when necessary, and be regarded as a natural (not<br />
au<strong>to</strong>matic) successor when the Chair retires. They should be<br />
trained and supported accordingly.<br />
• Boards which find themselves with the ‘wrong’ Vice Chair can<br />
consider appointing a second or joint Vice Chair with different<br />
roles. (It often happens that someone takes the role <strong>to</strong> fill a<br />
vacancy and someone else comes in later who would make a<br />
better successor.)<br />
The Treasurer has a critical role in helping <strong>to</strong> oversee (usually not<br />
<strong>to</strong> manage) the financial affairs of the business. The temptation <strong>to</strong><br />
fill a vacancy with anyone who volunteers should be avoided. At<br />
least if the position is left empty everyone knows that this remains<br />
a recruitment priority.<br />
Company Secretary: Limited companies need a Company<br />
Secretary. The role is usually taken by a paid member of staff<br />
because the work is only occasional and continuity and familiarity<br />
are important.<br />
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