In 40% of all companies, The Chief Operating Officer (COO) holds an essential role as the right-hand man to the CEO, often being referred to as the CEO’s secret weapon. As second in command, the COO acts as the CEO’s partner or other half. The partnership is meant to be the perfect pairing in which the COO works to improve the CEOs effectiveness and skills by complimenting them with unique talents of their own. The COO’s job is crucial as they are there to step in when the CEO cannot manage the workload single-handedly. As second in command, the COO takes on a lot of responsibility, however, in many cases they are ill-equipped with the training needed to take on their responsibilities.
High-pressure situations and inadequate training to handle them may put organizations at a significant disadvantage to their competitors. Internal challenges such as chaotic work environments and unengaged teams may result in a company losing its top performers. In turn, external challenges such as worker shortages and compliance issues arise.
When a COO lacks proper training, it can lead to revenue losses ranging from 20% – 30%. The good news is these problems are preventable. Taking the time to properly train a COO for their demanding role is essential to maintaining a productive workflow in the company. Investing in this type of training has been proven to show significant improvement in organizational, team, and individual performance, at 48%, 50%, and 70%, respectively.
When implemented properly, empowering the second in command with the right tools for success can lead to overall business success and growth. Tools such as the Business Operating System provided by Catapult Ai, are effective resources a company might consider when training a COO. This particular system has the ability to increase a company’s valuation, achieve faster business goals, and raise growth projections by 20%.
There are three defining attributes of highly effective leaders: acuity, organization, and a well-rounded business structure. They demonstrate the ability to quickly understand complex topics, accurately prioritize tasks, and create achievable timelines for the company. Companies that recognize the value of a properly trained COO benefit immensely from the results.
Not only does COO coaching benefit that individual, but it also opens new doorways of success for the company. Fostering continuous growth and personal development creates a culture built on support, which in turn, effectively steers a company towards new heights. Ultimately, the investment in a COO’s training is also an investment in the foundation of a company and the backbone for long-term success.
Source: Diane Integrates