Forming a management team

Needs for a successful management team

An effective management team is an imperative aspect for any given organization to operate on a competitive edge and achieve its objectives. A successful management team needs

  • strategic goals

The team must have clarity and understanding of the purpose as well as the goals they have to achieve in order to have focus on the strategic priorities that are critical to the organization.

  • Effective flow of information

A successful management team must have the capacity to process appropriate information in a way that is effective to enable the team make appropriate decisions based on an informed ground.

  • Collaborative relationships

In order for the team to function effectively, there must be relationships that are supportive and positive among the members.

  • Focused action

The team must have a decisive and proper implementation of various ideas towards the set goals.

  • Appropriate networks

The team must extensively utilize both internal and external networks for better decision making.

Tax implications for the legal form business chosen

The form of business or its legal structure determines the type of tax return to be filed.  These may be income tax, excise tax, or taxes for employers. For instance, as a legal entity, the business is required by law to pay corporate income tax. If the business is in form of a corporation, there will be double taxation because of the income tax from the profits as well as the requirements on the shareholders to report their dividends on personal income tax returns.

Forming a management team

Needs for a successful management team

An effective management team is an imperative aspect for any given organization to operate on a competitive edge and achieve its objectives. A successful management team needs

  • strategic goals

The team must have clarity and understanding of the purpose as well as the goals they have to achieve in order to have focus on the strategic priorities that are critical to the organization.

  • Effective flow of information

A successful management team must have the capacity to process appropriate information in a way that is effective to enable the team make appropriate decisions based on an informed ground.

  • Collaborative relationships