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Are You A Leader? Know Your FIDUCIARY Responsibilities

Are You A Leader? Know Your FIDUCIARY Responsibilities

Are You A Leader? Know Your FIDUCIARY Responsibilities, Congratulations! You’re one of a rare breed, who is willing to take on the responsibilities of being a leader. You possess a true, can – do, positive attitude, have developed a first – rate, skill – set, have trained, learned, developed, gained valuable experience and expertise, attained reliable judgment, and are ready, able, and willing, to proceed with a high degree of developed wisdom! While these things certainly put you on the track to greatness, and differentiate you from the 99% or more, of others, who never get that far, you must also understand, that with leadership, comes responsibilities! One of these is responsible handling of finances, making wise, timely decisions, utilizing the right priorities, and evolving your group, efficiently and effectively, in the direction, it needs to go. Therefore, let’s attempt to review a leader’s FIDUCIARY responsibilities.

1. Financial; fiscal; figure: A true leader must be able to figure out and distinguish that often – fine line, between spending too much, spending too little, and effectively, wisely spending! Financial matters might not be the exciting, sexy part of being a leader, but without careful attention, an organization might be destroyed! How can one decide when there is waste? What is the difference between balancing a budget, and doing so wisely? Simply cutting expenses is not wise financial behavior. Rather, this must be done based on priorities, effectiveness, alternatives, etc.

2. Investigate issues: Avoid the tendency to over – react or panic. Similarly, avoid the band – aid approach, looking solely on present issues, rather than doing so, with perspective and foresight! It is incumbent upon a leader to fully investigate and understand issues, alternatives, goals, priorities, and options!

3. Data; dollars: Beware of anyone who insists on merely looking at metrics, because they may often be either incomplete or misleading. Learn how to interpret data, looking at raw data, rather than someone else’s interpretations. Can you save dollars, without sacrificing priorities, by doing things differently, and/ or more effectively?

4. Usual; unusual: A leader must know and be attuned to the usual methods and techniques, and take advantage of these, for the best interests of his organization. However, he must also be ready, willing and able, to proceed, with an open mind, and consider the unusual methods, too!

5. Clarity; creative; careful: Seek clarity, so you are certain you understand what you are looking for, and what the actual conditions may be! Don’t merely do the same – old, same – old, but be willing to be creative, and consider alternatives, as well. As you proceed, check every step along the way, and do so carefully and prudently!

6. Intentions; ideas: Delve deeply into what you seek to achieve. Are your intentions, both, honorable, as well as sensible? Are you an ideas – oriented leader?

7. Assets: True leaders understand, the organization’s assets are not their personal property, and thus must use the Prudent Man Rule, or handle financial assets, as a prudent man, would!

8. Reasonable; rational; relevant; rationale; responsible: Maintain your objectivity, and be certain you are behaving, in a reasonable, rational, and responsible manner! As you proceed, prioritize being relevant, and be willing to clearly articulate your reasons, and methods.

9. Yearly: Most organizations have a budget process. It is a yearly snapshot, which when used wisely, considers financial effectiveness. Review your approach, and the group’s financial health, on a regular basis!

These are just a few of a leader’s FIDUCIARY responsibilities. Begin with the one’s above, and seek to effectively, wisely, and relevantly, use the group’s funds, for its best interests, etc!
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