What does a vice president of a company do?

A vice president of a company has many different responsibilities and tasks depending on the organization they work for. Companies that have a president, and a CEO, usually have a vice president as their third-in-command senior professional. Some companies have a president that holds the CEO title as well, making the vice president second-in-command.

A vice president's specific duties are dictated by the type of organization they work for, its industry, and its size. Here is a look at different types of organizations a vice president can work for and their responsibilities in each one:

• Small businesses

Some small businesses can have a vice president position. In this structure, a VP works under the president or CEO of the company. They normally take care of any executive level tasks that can not be completed by the president or CEO of the company. They also often collaborate with the CEO or president to make important decisions.

• Large corporations

The majority of large corporations have a VP role. Large corporations often utilize the vice president in the form of legally representing the corporation and/or having them attend critical board meetings. In some cases, however, they can work directly with employees of the company to encourage better engagement and company culture.

• Departmental VPs

There are some companies that have many vice presidents because the organization has many different locations or departments. In this case, there might be a vice president for each location or department. In this scenario, the VP works directly with each location or department to ensure its effectiveness and efficiency in achieving certain company goals.

And here are some common responsibilities of VPs that are common in all types of companies and industries:

• Participating in important company decision-making processes

VPs often have to make or collaborate in the decision-making process concerning significant issues that affect the company they work for. In certain cases, they might also sign partnerships or agreements with other businesses or companies, if the CEO or president of their organization grants them the authority to do so.

• Helping to form strategic goals for their company

Along with other executive-level staff, the vice president of a company might define and set specific strategic goals for their organization. This might also occur on a departmental level, with specific goals and objectives concerning a particular department of the company. Once objectives are in place, the VP works with those in authority to appropriately implement them.

• Measuring company success and making improvements

VPs stay current with regard to industry trends and their competition's performances. They might look at the successes of another competitor to determine the level of success of their own company, and make adjustments in order to improve their own company's performance.

Vice presidents often help craft a company's budget. They also might receive requests from department heads for funding pertaining to that department's needs. In this event, VPs can sometimes sign off on the funding of departmental needs.