YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. The role of the chief operating officer is often one that is high-stress and high-demand because they are responsible for all areas of an organization, as well as making critical business decisions. You are hiring someone to fill the business needs created by the inescapable fact that you are an imperfect person and the business requires more than you can give. The scope of the COO is really the scope of any operating business. Opinions expressed are those of the author. Determining Compensation: Chief Operating Officer 2 Now that you have a good sense of what compensation looks like for a chief operating officer, your next steps are to consider the total cost of adding this position and determine if you will pay in the lower, median or upper quartile of the compensation range. 3. Communication is paramount, and being a cheerleader is preferred. Hiring a chief operating officer (COO) can be a daunting task for any business. Read More Answers. Led and directed all Operations, Strategic Planning, Business Development and Conflict Management with 100+ employees and a network of 50+ providers. In this post I explore the ambiguity of the role of a COO (Chief Operating Officer) in a startup, and my journey to becoming one at Mattermark. Chief operating officers, or COOs, are senior executives at their companies’ highest level of leadership. They should have had previous experiences where they took an organization from its infancy to higher growth, and from medium success to over the top success. We know you have impressive, measurable achievements, but don't let the operational metrics overshadow your human capital accomplishments. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. Copyright © 2021 Entrepreneur Media, Inc. All rights reserved. From the beginning, Sam Walton surrounded himself with the kind of people who had big ideas and weren't afraid to take risk and bring those ideas to life. I have found that great COOs have four attributes, which are good examples to follow for anyone in business: 1. Question # 11 ... Chief Operating Officer Interview Questions And Answers. I've found that a COO with considerable experience helped to direct where I was headed with my startup and offered new insights. They have no ego: The best COOs put the organization first. Overseeing operations of the company and the work of executives Do not leave the COO to fend for themselves in his or her early days. Chief Operating Officer (coo) Recruited by CEO/Founder and charged with building infrastructure to help this $10MM annual revenue non-public school reposition itself in a competitive market. Example: "A successful COO uses data and metrics to understand what's happening in their company. Get heaping discounts to books you love delivered straight to your inbox. - Matthew Capala, Search Decoder, I need a COO with close attention to detail. Qualifications for a Chief Operating Officer (COO) A COO typically has extensive experience within the field in which a given company operates. © 2021 Forbes Media LLC. Everyone wants solutions that make a system run smoother with less effort. Perhaps more than any other role, the COO position is tailored—and in some cases created or eliminated—to fit the needs of an organization at a particular point in its development. The knowledge, skills, and job duties that these executives have differ, depending on which department they oversee. Related: How Much Money Is a Good Leader Really Worth? These COOs find ways time and again to highlight others. When these archetypes work together, they have effective synergy. Other titles to describe this role include President, General Manager, Managing Director, among others. Related: 4 Critical Traits of Great Leaders. Learn more at yec.co. Estimating Total Position Cost A COO needs a unique set of skills that bridge the space between the visionary leader at the top and the execution of strategy and ongoing operation of a business. Understands each functional area. With many different interpretations of what the role entails, which can encompass everything from strategic vision to hands-on management, it can be a tricky task for COOs to find a successful balance, both on an individual and organisational level. As they maintain the operations, they keep an eye out for ways to improve the company by deepening the pipeline of talent, constantly raising the level of talent through strong hires, and providing opportunities to develop existing team member skills. It's helpful to have a COO who tells it exactly like it is. - Kevin Conner, BroadbandSearch, 11. Show the ropes to an inexperienced CEO. But the chief operating officer role is less clearly defined. How Many Do You Have? Expertise from Forbes Councils members, operated under license. About six in 10 COOs say the complexity and diversity of the position is fundamentally what makes it worthwhile, according to Ernst & Young’s survey of hundreds of COOs. Before you can define the best character traits and skills that make up a good Chief Operating Officer, it’s first necessary to define the job description. There may be other types of chief executives—such as chief operating officers (COOs), chief financial officers (CFOs), or chief human resources officers—who manage a specific part of the organization. Accenture called the COO, “perhaps one of the least understood roles in business today.”. A good COO is a people person. Rather than allow the business to be guided by instincts, internal politics, hunches, or executives’ gut feelings, the best COOs will insist the business be driven by data. 2. Early days set the tone … A Keen Understanding Of Your Own Limitations, A COO is an extension of your hands and the person who accomplishes what you cannot. They formulate business strategies and lead junior level executives and … There is a total lack of ego. Effective COOs often have a broad range of skills that enable them to support the diverse set of functional leaders reporting to them. A chief operating officer is an executive at a corporation who makes important decisions regarding production and worker policies. When you get a concrete example of what the candidate does, you understand how they think and … The Visionary And Integrator Archetypes, In Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman and Mark C. Winters, the case is made that a great business team requires a "visionary" and an "integrator." Related: 5 Attributes to Look for in High-Performing Employees. Your Chief Operating Officer executive resume will be read by financial, operational, marketing and human resources managers and you must appeal to all of these audiences. According to a study from Accenture, the role of the Chief Operating Officer (COO) is one of the most misunderstood in business today. Actionable metrics are more work, but are the only way to effectively evaluate and set goals. They are data driven: Sometimes it is tempting to rely on your gut for decisions in business. The writing style is approachable with a “business casual” tone that incorporates useful case stories (via 1 paragraph asides) and links to recommended articles, books, and applicable regulations. - Matthew Nederlanden, Security Camera Warehouse, Young Entrepreneur Council (YEC) is an invitation-only, fee-based organization comprised of the world's most successful entrepreneurs 45 and younger. Support Your Employees The phrase, “The ability to get … It can be overwhelming to choose. A COO should balance out that visionary tendency with practical follow-through. They can find the people to achieve that strategy and oversee their execution. Whether you are scanning the global market or looking locally for a COO, there are some innate traits that go into ensuring you hire the best. A Strategic Vision. Email feedback@yec.co. Although the costs of a bad hire are sometimes difficult to quantify, they are definitely hard to ignore in terms of staff morale, productivity, and ultimately, financial losses. COO (Chief Operating Officer) is a title used to describe a high-ranking operations executive manager in a private or publicly traded organization. They are strategic with a focus on details. They understand the business depends on talented individuals working as a team. One of the best degree options is a Bachelor of Business Administration (BBA). Now, name three extraordinary chief operating officers? Smath. Finding a COO who complements the founder means that the management team has a fuller, more diverse set of skills. As enforcers and systems developers, they implement and create ways to operate more efficiently. Keith Rabois, former COO of Square, describes the COO at a startup as a doctor in an emergency room, constantly fixing things, triaging and diagnosing issues to determine if they are minor or potentially fatal. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Can We Save Social Media? Being Able To Cross The T's And Dot The I's, In general, founders are excited by big ideas. - Andrew Schrage, Money Crashers Personal Finance, COOs are useless if they cannot connect with people. Handling those details can be no small matter. 3. But when a CEO or a business-line head, or director of procurement says, “I just know this initiative will be a home run,” the effective COO is the one who will stop them or slow them down and ask for data to guide decisions. - Rachel Beider, Massage Greenpoint, 2. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! 4. Businesses should not underestimate the value of a strong COO. I interviewed a few candidates for my COO position and ended up hiring someone who is extremely dependable, fair, honest, and interested in the success of my company. Because there is so much variation in job duties from one organization to another, there is also a large variation in the characteristics that make up the “perfect COO”. They fill in your deficiencies, whatever they may be (sales, managerial, technical). Crist Kolder Assoicates 2013 Volatility Report, 5 Attributes to Look for in High-Performing Employees, Humble Leadership: 5 Dimensions for a New Style of People Management, 10 Inspiring MLK Quotes on Leadership and Purpose. You may opt-out by. - Peggy Shell, Creative Alignments, As a venture studio partner, I see many startups focusing on skill set when hiring an appropriate operator, which often leads to major issues down the road, like conflict between mindsets. 3. Explaining your analysis process helps a hiring manager see how you reach conclusions that can better a company. 8 Characteristics of Great Leadership. It embraces a range of disciplines, from Technology to Human Resources, from Legal to Risk. This trend has led to a renewed focus on the chief operating officer. Chief Operating Officer is one of the most complex senior management roles in organisations today. The one thing you must know when trying to hire a COO is yourself. 4 Reasons a Retreat Into Nature Will Increase Productivity, 5 Reasons Why Good Leaders Must Be Great Followers. The chairman leads and influences the board of the directors and chief officers to manage the financial, human, technical and environmental working of a corporation. With CEOs we talk about strategic vision, leadership, determination, an ability to motivate and inspire -- those traits that create iconic corporations. Much of the operations lean on their shoulders, and you need to have consummate trust in their abilities. This degree should be in business or a related field. Forty-four percent of Fortune 500 and S&P 500 CEOs had been COOs, according to the Crist Kolder Assoicates 2013 Volatility Report. Elon Reeve Musk FRS (/ ˈ iː l ɒ n / EE-lon; born June 28, 1971) is a business magnate, industrial designer and engineer. Believe it or not, a great portion of CEO, CFO, and COO training seminars are about how individuals in those roles go about training the employees that report to them. They will decline speaking engagements and instead give those opportunities to a business-line head or head of marketing. If they're handling the gritty details of what's going on in my organization, I want them to come to me with total honesty. - Darrah Brustein, Network Under 40, 4. All Rights Reserved, This is a BETA experience. But the chief operating officer role is less clearly defined. Ways Entrepreneurs Can Stretch Their Capital, 2 Million Professionals Polled On How To Make Virtual Conferences Better— Here Are Their Top 10 Hacks, Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business. 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