A COO is employed by more than 40% of the top businesses in the world; however, numerous Second-in-Commands perform similar duties without having the title. The second-in-command, or COO, who supports the Entrepreneur, is the CEO’s secret weapon. The needs of the CEO, the stage of the business, and the strengths of the leadership team all influence the COO’s role. Executor, Change Agent, Mentor, Other Half, Partner, Heir Apparent, and MVP are the seven distinct sorts of 2ICs.
Characteristics of What Makes a Great COO
Three characteristics are common to all successful COOs and second-in-commands: organization, process, and structure. Their acuity makes it possible for them to multitask and swiftly understand difficult subjects. They can more successfully set priorities and manage their time, energy, and resources when they are organized. Process and structure break down complexity, establish accountability and clarity, and break down large-scale objectives into manageable parts.
Real COOs and second-in-commands are uncommon. Seventy-five percent of entrepreneurs lack a true second-in-command, with only one COO or second-in-command for every four CEOs. Between 2018 and 2022, there was a 16% increase in the COO revival.
When an entrepreneur or CEO feels overburdened, supervises staff rather than developing them, focuses on taxing assignments, or lacks personal time, the company needs a second-in-command, or COO. Regrettably, a lot of second-in-commands don’t get enough help or direction, which disadvantages businesses.
The penalty of not investing in a second-in-command is high; inefficiencies cause businesses to lose 20% to 30% of their income yearly. Under pressure and with little training, many second-in-commands devote too much time to operational priorities and just 1.3 hours to long-term strategic planning.
The external difficulties that face COOs and second-in-commands today include personnel shortages, digital transformation, disruptions in the supply chain, compliance, new acquisitions, and carbon footprints. Internal issues include isolation, information silos, disorganized workplaces, disengaged teams, shifting priorities, and role clarity.
Conclusion
For COOs and second-in-commands to acquire new skills, they must upskill. Giving them more authority results in increased understanding, enhanced dialogue, and long-term prosperity. COO Coaching and upskilling can greatly improve team, organizational, and individual performance and provide a considerable return on investment. Participating in peer groups and using technologies such as the Catipult Business Operating System improve decision-making, goal-accomplishment, creativity, and ongoing learning, which propels business expansion.
Source: Diane Integrates
