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WHEN SHOULD I HIRE A COO?

A Chief Operations Officer, or COO, can be a vital part of any business. This executive oversees the daily operations of the organization and is the second-in-command to the CEO.
 
While the exact role of a COO can vary from company to company, one thing is clear: hiring a COO can greatly improve how your business operates.
 
What exactly does a COO do, and when is the best time to hire one?
 
THE ROLE OF A COO
 
The Chief Operations Officer (COO) holds a pivotal role in a business. They bring efficiency and effectiveness to a company by organizing and refining the processes in place.
 
The COO typically works alongside the owner of the company and the CFO. The COO ensures the business is creating operating profits and free cash flow by executing the operations of the business consistent with the strategic plan.
 
The COO understands the company's vision and how to best execute it.
 
THE VALUE OF A COO
 
In addition to freeing up the business owner to focus "on" the business, a COO can also greatly improve communications within the company.
 
While many growing teams experience issues with communication, a COO can help make sure everyone is on the same page. They will also improve the way overall operations are manager, by increasing efficiency, and figure out how to grow operationally.
 
One of the most crucial roles played by a COO is the oversight of the critical projects. A COO also serves as a clear successor to the business owner and can help ease the transition from one person to the next.
 
WHEN IS IT TIME TO HIRE A COO?
 
There is no perfect time to hire a COO, but asking mentors, advisory boards, and business coaches for advice and guidance can be a huge help.
 
Also, asking yourself the following questions may reveal if bringing on a COO is necessary:
 
  • What does the business need?
  • Who is available in the talent pool?
 
Hiring a COO is not one-size-fits-all. Some companies might need a general manager, director of operations or office manager instead. Deciding which best fits your business depends on the size of the company. Each position has varying responsibilities:
 
  • A general manager is responsible for overseeing the company's daily operations and finances. They supervise employees, handle scheduling, and enforce company policies
  • A director of operations supervises general managers, make long term decisions for the company, and ensures it remains profitable
  • An office manager oversees administrative support staff, manages the bookkeeping activities, maintains positive work environment, and keeps the office running efficiently and productively

Once you determine what you need, you can pull in an experienced operations person to start filling the role. It's best to make sure you have the systems and processes in place before someone to steps into the position.
 
Whatever stage your business is in, a COO can play an integral role in meeting your goals and scaling your business.


INDEX
  • WHEN SHOULD I HIRE A PRESIDENT?
  • WHEN SHOULD I HIRE A CHIEF PEOPLE OFFICER?
  • WHEN SHOULD I HIRE A CHIEF MARKETING OFFICER?
  • WHEN SHOULD I HIRE A COO?
  • HOW TO EXIT YOUR BUSINESS WHEN YOU DON'T HAVE A BUYER
  • WHEN SHOULD I HIRE A CHIEF FINANCIAL OFFICER?
  • IT'S NOT THE GREAT RESIGNATION; IT'S THE GREAT REALIGNMENT
  • WHEN SHOULD I HIRE AN HR MANAGER?
  • WHY YOUR BUSINESS NEEDS A PRICING STRATEGY
  • THE 4 Cs OF EVERY SUCCESSFUL BUSINESS
  • WHAT IS A CEPA ADVISOR AND HOW CAN ONE BENEFIT YOUR BUSINESS?
  • THE FALLOUT ON CULTURE WHEN YOU DON'T HIRE A PLAYERS
  • THE ROLES OF SALES IN YOUR SMALL BUSINESS
  • FINDING THE PERFECT GIFT FOR THE ENTREPRENEUR IN YOUR LIFE
  • THE BENEFITS OF OWNING A SMALL BUSINESS
  • WORKFORCE IN MOTION
  • GOAL SETTING FOR 2022: WHAT TO DO NOW TO BE SUCCESSFUL NEXT YEAR
  • LESSONS LEARNED AFTER PUBLISHING MY FIRST BOOK
  • WHY YOUR BUSINESS NEEDS INNOVATION
  • THE COVID-INSPIRED SPIKE IN ENTREPRENEURIALISM
  • THE PROS AND CONS OF OUTSOURCING YOUR FINANCE AND ACCOUNTING SERVICE
  • HOW TO SET GOALS IN 2021
  • THE LEADERSHIP EVOLUTION OF YOUR BUSINESS
  • HOW TO GET THE MOST OUT OF YOUR ADVISORY BOARD
  • THE PANDEMIC-INDUCED INNOVATION OF MEETINGS
  • HOW TO USE THE 8 P'S OF MARKETING TO GROW YOUR BUSINESS
  • BEST PRACTICES FOR COLLEGE FINANCING
  • SCALING A BUSINESS - ARE YOU READY?
  • THE HALFWAY POINT: IT'S TIME TO REVISIT THOSE BUSINESS GOALS
  • GROWTH WITH PURPOSE: SUCCESSION PLANNING
  • GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE
  • GROWTH WITH PURPOSE: FINANCIAL RISK
  • GROWTH WITH PURPOSE: INTEGRATION
  • GROWTH WITH PURPOSE: WHY ARE YOU GROWING YOUR COMPANY?
  • GOAL SETTING 2020: HOW TO KEEP YOUR GOALS FRONT AND CENTER ALL YEAR LONG
  • ASK GERBER: HOW TO STAY LASER FOCUSED DURING THE HOLIDAYS
  • Ask Gerber: How to Identify Your Business's Culture When You Don't Think You Have One
  • Ask Gerber: When Should I Hire a Professional Manager?
  • Ask Gerber: Should You Mix Business with Friendship?
  • ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?
  • ASK GERBER: HOW CAN ENTREPRENEURS CREATE SHARED EXPERIENCES WITH THEIR CHILDREN?
  • Ask Gerber: How Can I Recognize Permanent Failure as an Entrepreneur?
  • Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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