Ever wonder what the secret ingredient is to well-run successful companies?
- The engine room of the company, ensuring everything runs smoothly so the CEO can focus on the bigger picture.
- The unsung hero that makes the magic happen behind the scenes.
- The master orchestrator, ensuring everything from supply chain to team performance is on point.
- The one who optimizes processes, cuts waste and makes sure the team is working like a well-oiled machine.
- The one who saves the company time, money, and headaches.
- The CEO’s right hand, whose superpower is efficiency.
That’s right! It is the Chief Operations Officer.
The CEO charts the course, but the COO navigates the ship. A valuable COO is the gatekeeper to the CEO so their time can be freed up focusing on the vision and direction of the company.
The COO is crucial for executing and turning the CEO’s vision into actionable plans. Their day-to-day operations guidance ensures streamlined processes and optimizes workflows for maximum productivity. Their ability to lead departments and teams to break down silos and create a collaborative and positive work environment is another critical role they play in the organization.
So, why don’t small businesses have a Chief Operations Officer? One of the challenges business owners face is the cost of hiring a full-time COO with a competitive benefits package. Few owners or CEOs will argue that a COO is not necessary or needed to offload some of the responsibilities. However, justifying a six-figure executive salary is typically not in the budget for the first year of business.
An effective solution is to hire an interim or contracted COO until the organization scales. This concept is quite successful and has become an excellent model for small to medium size businesses or those undergoing transformation. The benefit of hiring an interim COO is low risk and more affordable, as the business pays only for the services needed. The contracted COOs’ availability is somewhat flexible, allowing them to contract with other businesses. They are also extremely experienced and able to deliver results with a quick turnaround time.
Interim COOs are also great mentors. When an organization is ready to scale and hire a full-time COO, the interim COO can provide mentoring for a successful handoff and transition.
A great COO isn’t a cost, they’re an investment! No COO? Prepare for chaos!