Supporting COOs in Finding Corporate Success

Everyone knows about CEOs, but what does it mean to be a COO?  COOs act as the second-in-command to the CEO.  They provide support when the CEO needs extra hands and can be a major asset to a company.  However, COOs face many obstacles today, preventing them from reaching full success. 

To start, COOs often lack a standard job description and title.  This can lead to a lack of clarity.  COOs also struggle with worker shortages, digital transformation initiatives, and compliance functions.  Changes to the company priorities often throw COOs for a loop, as do chaotic work environments and unengaged teams.  All of these are modern problems for COOs.

These challenges hinder the COO’s success, which in turn hurts the company.  Ineffective COOs result in inefficient companies.  This is a huge problem in terms of revenue; for instance, companies lose 20% to 30% of their revenue to inefficiencies every year. 

To avoid these inefficiencies, companies should support COOs.  Coaching is a useful tool in helping COOs find success.  In fact, COO coaching can increase individual performance by 70%.  More specifically, tools like Catipult Business Operating Systems can also benefit COOs.  This tool increases valuation with Key Performance Indicators, reduces meeting times and shortens reports, and can achieve business goals quicker. 

COO peer groups are another option.  These groups can raise the chance of goal attainment by  95% through accountability and recurring meetings.  They can spark new ideas, provide continuous learning opportunities, and provide COOs with diverse networks. 

COOs are critical to a smoothly-functioning company, yet face numerous challenges.  Reducing these challenges and equipping COOs with the necessary skills can make a sizable impact on company efficiency.

Source: Diane Integrates