What is a COO?
- leading the company alongside the chief executive officer
- acting as a bridge between the executive team and other employees
- building the company operational strategy and implementing it
- training to become the next CEO
What are the duties of a COO?
1. Daily operations
- Setting up the company's recruitment standards
- Reviewing the marketing efforts and outputs
- Optimising business workflows for greater productivity
- Performance & KPI management
2. Budgeting and financial planning
3. Administrative decision-making
4. Business-critical travel
What is the ideal skillset of a COO?
1. Leadership skills
2. Management skills
3. Decision-making abilities
4. Communication and coordination
5. Business acumen
What are the different roles of a COO?
- The Executor: the COO focuses on the company’s internal affairs and participates in activities that create enterprise value. They also work with a high level of prioritisation to supervise all departments and execute bigger plans—like taking the company public or preparing for an investors’ meet.
- The Mentor: when the CEO is inexperienced or undergoing training, the COO acts as a mentor. They help the CEO transition into their role effectively. As a part of the management team, they also guide other employees.
- The Partner: many companies use a co-CEO model where the COO shares the responsibilities of a CEO. It's more focused on an egalitarian model of work.
- The MVP: this is a situation when the senior management team promotes an employee to the COO position. The promotion comes after the senior executive team has properly gauged the respective employee’s leadership potential and dedication to seeing the company succeed.
- The Heir Apparent: bigger enterprises train the COO as the heir apparent to the CEO with the goal of a seamless succession when the time comes
- The Change Agent: the COO becomes a change agent when they are hired to achieve or implement a very specific organisational change. They secure the role based on their ability to spearhead the new initiatives.