A chief business officer is in charge of many different aspects of a school or research facility. Depending on the organization, these administrators are also known as administrative directors or academic officers. They usually report directly to the president of the university or research facility, where they oversee a number of departments and supervise a large staff directly or indirectly. A chief business officer’s responsibilities include managing financial resources, personnel, and facilities.
The management of a university’s or research facility’s finances is one of a chief business officer’s primary responsibilities. These administrators are in charge of the budget, allocating available funds and making necessary cuts. They may also be in charge of ensuring that the facility has enough funding and finding new ways to generate revenue, such as through grants, tuition, or other fees. Having a working knowledge of accounting and finance can help the administrator manage the facility’s financial resources more effectively, even if the chief business officer employs an accountant and a number of financial advisors to help with this part of the business.
The management of the facilities themselves is another function of a university’s or research facility’s chief business officer. Building inspections and construction projects are frequently overseen by these administrators. In some cases, this may imply ensuring that projects are built to code and that environmental safety and protection laws are adhered to. The chief business officer may also ensure that existing buildings are properly retrofitted if they are not up to code. This administrator approves all work orders, whether they are for repairs or new projects.
The chief business officer is also in charge of the facility’s personnel. Though departments are usually in charge of hiring and managing their own employees, the business officer may approve new hires and allocate funds to departments, limiting the number of positions they can fill. The business officer, as the person in charge of all employees, will frequently collaborate with the heads of various departments to ensure that the facility runs smoothly. Chief business officers are also in charge of payroll.
In some companies, the chief business officer collaborates closely with other employees to set long-term objectives. This administrator will bring a strong understanding of the institution’s current and future financial state, as well as the ability to help determine which goals are realistic. This administrator will also ensure that the goals are in accordance with current educational policies as well as local and federal laws.