While the actual duties of a COO can vary greatly company to company, the classic description includes responsibility for managing the activities of the company, including daily operations. As one of the highest-ranking executives, the COO ( Chief Operating Officer) reports to the CEO and the company’s board of directors.
Hiring a COO can free up a CEO to focus on major external initiatives and foster new opportunities rather than being occupied with keeping multiple departments productive. Also, an experienced COO can bring new leadership tools to an office – which is especially true for start-ups whose CEO has been the single executive running the show from day one.
“In the CEO-COO model, the CEO is trying to figure out the strategic aspects and the COO owns the execution model. The COO figures out how to keep things running efficiently, and on time,”
How much should you pay?
In order to attract top candidates, you’ll need to offer a competitive salary. Searching competitors’ job listings can be a useful means of finding that industry information if you aren’t in the position to purchase salary study information or work with a firm that conducts compensation research. Other simple sources of information can be PayScale.com and Salary.com – and they adjust for geographical inequalities in pay.
How do you get the most out of your COO?
To get the most out of your COO, communication is the key. If you are the CEO, you need to communicate and forecast your vision to them clearly. Once this is done, ask them to repeat it back, then give them a deadline to create an attach plan to execute your vision. Use simple tools to measure milestones and progress, I highly recommend Basecamp, a tool that is easy and powerful with little to no learning curve.
Has your COO lost their “Groove” ?
At times the CEO, COO, and the staff can fall into a rut. This rut does not mean you need to replace them rather than start over , let’s try to get our groove back! I can help, I specialize in Re-Syncing and re aligning your internal team. Sometimes a fresh set of eyes, and ears is all you need, other times you may simply need a new COO, but until I lock myself in the room with you and your staff I can not determine what is best for your unique situation.
Change is hard, but necessary for growth, and during growth a harmonious team is critical. If any of the above resonates with you let’s chat.