In America, where only about 20% of major public companies split roles despite that 86% of executives polled by Christian & Timbers believed that roles should be split, returns were 4% lower in companies with a separate chairman and CEO.

One of reasons they gave for higher returns in companies with same CEO and chairman was once board commits to arranging itself that way, they focus less on constant watchdog evaluation of that individual than making him or her successful.

They also pointed out that CEO-chairman might be able to withstand pressure better, especially when short-term changes don’t pay off, than non-CEO chairman.

Thirdly, they attribute surprising results to lack of authority on CEO’s behalf. “Clearly, a CEO who is not a chairman is board’s hired hand; a chief who is also chairman has far more influence over other directors,” they noted.

According to an article in business journal McKinsey Quarterly, Americans tends to view role of chairman with less respect than that of CEO, especially in companies where roles are split.

Therefore, they should consider remarketing job of chairman as a more respected career path, as it is in British companies, where 95% of companies have separate people occupying roles of CEO and chairman. The remarketing could then function as a way of restoring trust and confidence in increasingly corrupted corporate American landscape.

Regardless of whether CEO is chairman of board or not, there is no way company can be successful unless directors dedicate themselves to helping CEO and other upper-management sustain a superior level of performance.

Jessica Klein is a member of the 'Mount Real Research Team', whose aim is to seek out and distribute business information to the virtual public. She is a freelance writer based in Montreal, Canada who loves writing about anything from accounting to zebras.

Marketing

As a home business entrepreneur, you must understand what your customers want and give it to them. You must strive to have a service or product that meets and excels your customers needs and expectations. This is what makes them come back to buy from you, and this is how you grow your profit. Try and think like your customers and you will find they want:

§Satisfaction §Value for money §Performance §Reliability §Presentation

Don’t confuse marketing with selling. In a home based business, marketing is much much more and involves all aspects of business- pricing, advertising, customer service to sales.

Marketing Mix

Communication with your customers is essential and develops framework for your marketing strategy. You must tell your customers these important bits of information

§Product- describe it in full detail, its special features and of course how it will benefit customer

§Price – explain your pricing strategy, don’t forget to consider your costs, discounts you will offer, payment policies

§Promotion – choose most effective for your type of business. If you don’t know, think about what you would prefer if you were customer. Eg: telemarketing, flyers, e-mail campaigns

§Place – what place will your product be so customers can find it and contact you. How will you deliver product to your customers? You may need to consider getting a website.

Your Business Image

Even though you are running a home based business, make sure your office is comfortable and professional in appearance. Your website also needs to project same kind of professionalism

Location

Your home based business needs its own dedicated area. Very often living and working areas muddle into one, not allowing you to distinguish which is for work and for play. Keeping these separate is essential for running a home business. You must ensure that all family members understand this too. A telephone is essential in your home office as it will be first point of contact with your clients. Installing a second phone line separate from personal line is essential along with a cell phone, answering machine and a pager. Talk to your telecommunications company, very often they have some great packages suited to small businesses.

Furniture And Equipment

Choose furniture that is comfortable and professional. This helps distinguish this area from rest of household.

Your office needs equipment and here are a few to get you kick started §Computer §Chair(S) §Desk §Fax machine §Filing cabinet §Mobile phone §Telephone §Heating/cooling §Lighting

I hope this article has set you on path to create your own home based business and empower you to reach your financial destiny. In next article, I will cover some of ins and outs of operating a small business from home.

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