Making important company decisions or commitments: A VP is often tasked with making important decisions that directly impact the company. They may also sign agreements or partnerships with other companies if the president or CEO allows them that power.
Assisting in strategic goal setting: The president, vice president and other leaders may gather and set strategic goals for the company or certain departments. Once these goals are set, the vice president may work with the respective departments to ensure they properly implement them.
Determining company success and deciding on improvements: Vice presidents stay updated on industry trends and changes as well as competitor performances. They compare these results to the success of the company and develop strategies to improve so it can stay ahead of the changes.
Deciding on the budget for the department or company: Certain departments within a company require software or equipment to remain efficient. For example, the information technology department may need specialized software to improve its cybersecurity efforts and better protect company data. A vice president can decide which equipment to spend money on and how much to spend.