CEOs enjoy support from many angles. One key area of support for the CEO is the COO, who acts as the second-in-command. The way that the COO role looks depends on the CEO’s needs and the company stage, but the basic principle of the role remains the same: help the CEO.
Effective COOs share three consistent traits. The first of these traits is acuity, which is the ability to grasp concepts quickly and multitask efficiently. Organization is the second trait. Organized COOs define priorities and allocate the correct amount of time, energy, and resources to achieve goals. Finally, an emphasis on process and structure is important. This involves reducing complexity, creating clarity and accountability, and translating the big picture into achievable components.
Unfortunately, it is rare to find true COOs. Many COOs struggle with inadequate support and training, while also facing enormous pressure and numerous challenges. This can lead to inefficiency and revenue losses. In fact, companies lose 20% to 30% of their revenue every year to inefficiencies.
More specifically, COOs face challenges such as employee turnover, information silos, carbon footprints, and supply chain disruptions. Tools of the past are not effective in addressing these problems, leaving COOs in need of modern solutions.
Companies should invest in modern tools, such as COO coaching, to empower COOs, increase efficiency, and reach goals. Coaching can accelerate results and increase performance across the board, whether it be individual, team, or organizational performance. In fact, coaching can earn a return on investment of up to 788%.
COOs are important, but often struggle to be fully effective. Investing in your COO can have a huge impact on overall success, and should be a top priority.
Source: Diane Integrates