Running a small business is becoming increasingly more complex. Company owners must tackle challenges ranging from managing a hybrid workforce to building a strong brand in an overcrowded marketplace.
If your business is growing and you are acting as both the CEO (Chief Executive Officer) and COO (Chief Operating Officer), you will likely find yourself struggling to balance the roles of big-picture visionary and day-to-day operations manager. And chances are, you’ll be neglecting one or both areas of responsibility.
If you and/or your team are doing too many jobs and short-changing the success of your business, it’s time to consider bringing a skilled professional on board to share the responsibilities.
For many small business owners, the logical next step is to hire a COO – a second-in-command who will focus on running the day-to-day so they can concentrate their attention and energy on the strategic side of the business. A COO is typically responsible for implementing the business plan, developing processes and policies to ensure that the company’s operations support the owner’s big-picture strategic vision.
That said, the specifics of the role can be defined according to the needs of both the owner and the organization.
Should I Hire an In-House or a Virtual COO?
Whether you decide to hire a COO or outsource the role to an experienced virtual COO, it is important to take the time to consider your role in the business, evaluate your strengths and weaknesses, and bring in a professional whose skill set complements yours. For example, entrepreneurs who do not have strong management or human resources experience need a trusted partner to work “in” the business – and free them up to work “on” the business.
Business owners rely on their COOs to not only keep an keep an eye on daily operations, but to provide insights and recommendations for changes and improvements. While the COO collaborates with departments throughout the organization to ensure maximum performance and implements policies, they are also charged with developing strategies for increasing efficiency and productivity and generating additional profits.
An effective COO can have a positive impact on company performance. Look for someone with strong leadership, operations, and communications experience, rather than an expert in a particular field. The strength of an experienced COO lies in their decades of success in executing the unique vision of a company and making it understandable and attainable to the staff.
