COO Alliance’s Post

Hiring a COO means stepping back, not stepping in. CEOs often feel the urge to intervene, thinking they’re adding value. But hiring a COO requires you to step back. --- Order your copy of The Second In Command here: https://lnkd.in/epURxuNh

How do you know you even need a Chief Operations Officer? One good way to save $300K – don’t hire a COO if you don’t need one... The right operations leaders can be transformative. But their value is proportional to the degree of high-level responsibilities that you need to offload. First determine if you need: -An executive assistant -A functional leader instead (i.e. Head of Sales, Head of Finance etc.) -Reprioritization of projects If you’re just trying to get lower to mid-level tasks done, hire an EA. If you’re really needing a specific functional expertise, hire for that function. If you’re just overloaded, evaluate if you have too many core projects. Would it be better to focus on CRITICAL few vs. the important many? Heads of Operations' strengths are usually execution of the CEOs vision from a people and process perspective across many parts of the business, not just one functional area. They are often hired to disrupt the business and set it on an aggressive path for growth. When has hiring a COO worked -or not worked for you? Comment below!

“What does a COO do??” I get this question a lot, actually. The immediate answer? It depends. And that’s true - corporate COO’s have different roles than in small to mid-sized companies. I’ll tell you some areas that COO’s lead, but first let me tell you their goals: ▪️To participate in creating and KNOWING the vision of the company - they champion this! ▪️Leading the team toward that vision ▪️Creating strategic plans and setting KPIs that point toward the vision ▪️Owning areas of the business that are at the intersection of a key win/win - the space they excel at that their CEO needs out of to be successful Ok, those are the goals. But practically, what does that look like? Well, that does depend on where the business is at. But here are just a few things a COO may own for your company: 🔹Strategic planning (yearly, quarterly, weekly) 🔹Leading key teams/initatives 🔹Staring key projects and getting them to the point that they are ready to hand off 🔹Creating/owning processes and systems 🔹Leading areas like HR, marketing, finance, events, project management, client experience, etc. And so much more. Often a COO’s role will also pull in aspects from their specific career expertise. Which is why I end up working on events with my clients! Ultimately your COO should care about moving the business toward the vision. What other questions do you have about the COO role? —————- P.s. this is what I do at Virtual COO! Not only do I have one client spot opening up this summer, but I have a network of amazing operations professionals who do all this as well!

Don’t hire a COO. Yet. If you are like most $3M business owners (and I see this all the time), You need to transition from doing it all yourself to having a COO. Because jumping straight into having a COO is too much of a shock. It slows things down instead of speeding them up. When business owners aren’t ready to let go, this is what usually happens: - Handing things off and then taking them back before work is finished, causing confusion, rework, and missed deadlines. - Giving the new COO tasks a lower-lever staff person could handle, which wastes resources, causes frustration, and significantly increases costs. - Overriding or arguing with the new COO in meetings, which confuses the staff, creates a negative culture, and leads to productivity and quality issues. All of these wind up wasting thousands of hours & hundreds of thousands of dollars. That’s why taking a phased approach to bringing in a COO is so valuable. - You’re clear on your role and theirs. - You’re prepared for a smooth, low-stress transition. - You’ve got a firm foundation that can support growth. And best of all, Because your new COO is set up to succeed, Your investment will pay off.

Everyone thinks the CEO is the boss. But, in reality the CEO just works for every stakeholder. Customers, employees, investors - they all have expectations. And you’re the one juggling them all. → Customers want a product that solves their problems. They don’t care about the blood, sweat, and late nights your team puts in. They want results. → Employees want clarity, direction, and purpose. They want appreciation for their efforts. If a customer doesn’t show appreciation, they wonder:: “Do we have the right strategy?” “Why are we working on this?” → Investors? They’re watching the numbers. They want to see progress, momentum, and a solid story. I’ve realized that balancing this is the CEO’s job. It’s not always easy, since what one group wants may not align with what another wants. It’s a challenge, but it’s part of the journey.

So, you’re ready to bring people on to help your business. First, ask yourself: who are the right team members to make it all GO? There are key areas of the business that will need full-time attention from a qualified professional as the company grows. These include operations, finance, marketing, and human resources. Often in the early stages of growth, these areas are held as part-time roles, by outside third parties, or lower-level employees being supported by a senior leader. Filling the gaps in your organization is the most important part of building out your team. A few positions to consider as growth accelerates include... 📋 Chief Operating Officer (COO): Oversees day-to-day operations, ensures smooth business functions, and manages internal processes. 💰 Chief Financial Officer (CFO): Manages the company’s financials, including budgeting, forecasting, investments, and financial risk management. 📢 Chief Marketing Officer (CMO): Leads marketing strategy, branding, and customer engagement while overseeing campaign execution. 👩💼 Chief Human Resources Officer (CHRO): Guides efforts to attract, hire, develop, and retain key talent with a more strategic focus on the growth and retention of both new and existing employees. Building a strong team may allow someone to take on the role of Chief Executive Officer (CEO) or President, if you’re ready to pass along most of your company’s responsibilities and become an owner of the business rather than an operator of the business. #Hiring #Teams #Leadership #BusinessOwner #Entrepreneurship https://hubs.la/Q02WZYxn0

One of my top recommendations for growing your business: Align yourself with other professionals who can help you grow your business. Get advice from people who can help you grow – Whether that’s in sales, operations, management, etc. Even if they’re not involved in your business full time, They’re valuable resources that can take the place of an in-house team. When you’re starting out as a small business owner, You’re likely going to have a small team. But that doesn’t mean your operations have to be small – You can achieve the impact of a large 'team' by hiring a fractional CEO, CFO, CMO and COO, etc. Tap into the expertise of all those titles and take advantage as a new business owner, And you’ll be on your way to hiring those positions in house! Have you ever worked with fractional executives? #multifamily #appliancesets #propertymanagement #realestatedevelopment #realestateinvestment

Is your company ready to scale but hesitant to commit to a full-time COO? A fractional COO might be the strategic move your business needs. Here are a few points I've found from various articles that explain why: - Growth-enabling: A fractional COO allows your leaders and CEO to concentrate on the company's long-term vision and strategy, ensuring that high-level goals are not just set but achieved. - Clear direction: Your project management and operations teams can dedicate more time to what they do best—execution—while your fractional COO handles the strategic oversight. - Flexibility: Businesses grow at different paces. A fractional COO offers the flexibility to adjust their involvement based on your current needs, providing precisely the right level of support without overcommitting resources. - Reduced risk: Opting for a fractional COO minimizes risk. You benefit from the expertise of someone with a proven track record in guiding a business like yours without the gamble of a permanent hire. I'd love to hear your thoughts or experiences with this. How has a fractional COO impacted your company? #FractionalCOO #BusinessGrowth #LeadershipStrategy

Did you know that hiring a fractional COO can provide cost savings compared to a full-time executive? Get the expertise you need without the hefty price tag. Contact us today to learn more! #FractionalCOO #CostSavings #ExecutiveExpertise