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Articles – A repository of knowledge, thoughts and ideas https://chronicle.website A repository of knowledge, thoughts and ideas Sat, 02 Jul 2022 15:04:37 +0000 en-US hourly 1 Fractional Leadership – Common Misconceptions About Fractional Leadership https://chronicle.website/fractional-leadership-common-misconceptions-about-fractional-leadership/ Sat, 02 Jul 2022 14:59:10 +0000 https://chronicle.website/?p=1654 If you’re considering fractional leadership for your business, read on to learn about some common misconceptions and the benefits of working with a fractional executive. These misunderstandings can be costly and impact the effectiveness of your organization. Fortunately, fractional leadership is an effective way to increase efficiency while reducing the risks and stress associated with running your business. To get started, read on to learn more about fractional leadership and how it can benefit your company.

Common misunderstandings about fractional leadership

There are several misunderstandings about fractional leadership. First, fractional leaders don’t have deep knowledge of business operations. Instead, they bring expertise in different areas. For example, a company will typically have in-house experts for its products but lack the expertise to turn those assets into bigger enterprises. But the truth is that fractional leaders are more valuable and more effective because they’ve had a variety of experiences that allow them to better understand the startup environment.

While fractional leadership isn’t a new concept in corporate America, it is still relatively new in the American church. If you’re thinking about hiring new executives for your organization, fractional leadership is a smart way to do it without incurring the expense of an entire hiring process. Ultimately, it adds experienced and efficient capacity to your company at a fraction of the cost of hiring a full-time employee.

Second, some people are under the impression that fractional leaders are ineffective at changing existing systems. In fact, a fractional leader’s job is to create a culture of success and empower full-time employees to be their best. The main difference between a consultant and a fractional leader is that the former lacks authority to drive operational change, while the latter has the autonomy to bring change. However, a fractional leader’s role requires a CEO’s buy-in.

A fractional CMO can also be a great resource. A fractional CMO can bring a wealth of marketing expertise to a company. In addition, fractional CMOs can be engaged for as little as six months or as long as a few years. However, they do need to be careful about the terms they use when describing their services. For example, the CMO can work on several fractional businesses at once.

Benefits of working with a fractional executive

Working with a fractional executive has many benefits for a business. For starters, a fractional executive works until your business needs them no longer. However, you can retain them for accountability checks, data reviews, or problem-solving situations. Fractional executives can help companies that are not ready for permanent C-suite executives, but who need a comprehensive business plan or better processes. Listed below are some of the reasons why a business should consider hiring a fractional executive.

Having the right person on your team can make a world of difference in your business. Hiring a fractional executive gives you access to a highly experienced individual who can share their experience and expertise with your full-time team. Not only will the executive have the skills and experience to get your business off the ground, but the person can also help you define roles and give you a direction that you might not be able to give yourself.

Having an experienced executive with decades of experience is invaluable. A fractional executive will bring valuable contacts and practical knowledge about vast industries. Additionally, because fractional executives are independent, you won’t have to worry about office politics. Your fractional executive will be focused on getting the job done. The fractional executive can benefit your business in many ways, including increased revenues and a bigger client base. There are many other benefits of working with a fractional executive.

Hiring a fractional leader takes a lot less time than hiring a full-time executive. Fractional leaders also have a lot more experience, so they’re less likely to fail. As a result, fractional leaders can benefit a business more than it can afford to hire a full-time employee. They can also help smaller companies compete with big corporations. And this isn’t an insignificant impact.

Because a fractional executive works with your business, it is possible to grow with it. It frees up your time to focus on the customers. Fractional executives work beyond recommendations to make sure they are implemented. They also ensure that KPIs are tracked. They provide leadership that ensures continuity in operations while allowing the company’s staff to focus on their individual responsibilities. For example, Paul Bredemeier, vice president of consulting services at Trabon Solutions, has over a decade of experience as a successful business executive. His experience includes the transformation of companies. Through technology solutions, he is able to help companies gain a competitive advantage.

Costs of hiring a fractional executive

Hiring a fractional executive has a number of advantages. This type of executive brings the knowledge, skills, and resources of a C-suite executive for a fraction of the price. As a result, companies save money on salary and other expenses associated with hiring a full-time executive. These executives can drive metrics for small and mid-sized companies. They may also be able to help you avoid a revolving door of management that would otherwise require an extensive budget.

Another benefit of hiring a fractional executive is that you can retain the services of the individual until you’re ready to part with them. This way, you can retain them for accountability checks, data reviews, and problem-solving situations. Sometimes, a company doesn’t need the services of a full-time C-suite executive, and instead needs a comprehensive plan, improved processes, and more streamlined business systems.

The cost of hiring a fractional executive can range anywhere from $2,000 to $5,000 per month, depending on the type of services you’ve selected. While the total cost of hiring a fractional executive can depend on the size of the company and the specific position, it’s usually a few thousand dollars per month. The average fee for a fractional executive is $2,000 per month in the U.S.

When hiring a fractional CMO, it’s important to look for a person with a proven track record. They’ll have the expertise you need to make decisions about your marketing strategy. In addition to being cheaper than hiring a full-time CMO, a fractional CMO can help you focus on your short-term goals without sunk costs. This type of service can be an excellent choice for companies with limited marketing budgets.

Common misunderstandings about working with a fractional executive

If you’re looking for an experienced C-suite executive to lead your business transition, you should consider working with a fractional executive. These professionals typically have extensive experience in the C-suite and can help your business grow at a rapid pace. But what should you look for before hiring a fractional executive? Let’s explore common misunderstandings about working with a fractional executive.

Most business owners hit a wall during the process of solving problems. They may only have so many ideas and solutions to offer. By hiring a fractional executive, you get a fresh perspective and an objective opinion from someone who’s already been in your shoes. They also have a wide range of experience in different industries, which gives them valuable insight. They’ve helped other companies successfully navigate challenges and grow their businesses, which gives them the confidence to apply those same strategies and techniques to their own business.

Working with a fractional executive can be a challenge. Finding the right professional is not easy. Getting referrals is the best way to find a good fit. LinkedIn is a great place to find a fractional executive. Just be aware that they’re not necessarily the best fit for your needs. Fortunately, there are many benefits to working with a fractional executive. You’ll be surprised by the high quality of service they provide, and their reasonable rates.

While it’s possible to find a C-suite executive to work with, you might not be able to afford this level of expertise. For smaller businesses and mid-size businesses, it’s just not feasible. Working with a fractional executive can provide valuable guidance to junior members and broaden the scope of their expertise. In addition, working with a fractional executive can be advantageous for large companies going through restructuring. You’ll benefit from their fresh perspective and objective perspective. Plus, you won’t have to worry about their political baggage.

You’ll need a high-quality part-time chief operating officer. However, this executive must be people-oriented and able to form relationships with the various stakeholders in your company. Because the CEO’s time is important, the new C-SEO will need to be able to collaborate with him/her. If the relationship is too one-sided, it won’t be appropriate for running a business.

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Fractional Leadership: Landing Executive Talent You Thought Was Out of Reach nonadult
The Differences Between a COO and a CEO https://chronicle.website/the-differences-between-a-coo-and-a-ceo/ Sat, 02 Jul 2022 14:47:43 +0000 https://chronicle.website/?p=1652 The differences between a COO and a CEO are vast and difficult to compare. In this article, we will explore their experiences, responsibilities, and compensation. We’ll also look at their differences in background and education. Ultimately, we’ll see what’s best for your business. If you’re looking to become the COO of a large corporation, read on to discover more. There are some advantages to both roles.

Relationship

The CEO and COO are both important members of the executive team. Their job is to lead the company and to manage the day-to-day operations of a department. They must respect each other and work well together. During their careers, the COO has been the right-hand man of the CEO. In fact, in a 1996 interview, Michael Dell said that he admired the COO and wished to learn more about him.

The CEO and COO are often closely related in nature. In a recent Accenture study, one in nine COOs rose to the role of CEO within a year. Indeed, half of COOs considered themselves the CEO’s heir apparent. The relationship between the COO and CEO is an intensive one, requiring positive communication. Sympathy also plays a crucial role. Hence, the CEO and COO relationship should be carefully curated when choosing a COO.

The COO and CEO should respect each other’s independence and responsibilities. The CEO must be comfortable communicating the strategy to the COO and vice versa. If communication is strained, there is a potential for mistrust and misunderstanding. To avoid mistrust, make sure the CEO and COO have clear roles and decision rights. A good fit between the two is crucial to the company’s growth. But how to build that relationship?

The relationship between the COO and the CEO should be transparent, based on the job description of both roles. It is crucial for both parties to have open and honest communication about succession expectations, as both roles are equally important to a company’s success. For example, if a COO isn’t comfortable with taking the reins, there’s a chance that the CEO will have trouble getting rid of her.

The COO is the steward of reality. While the CEO tends to dream about a perfect future and unlimited attention, the COO deals with reality. He has to deal with legacy debt, imperfect teams, and unrealistic timelines. Fortunately, he’s generally kept out of the media. That way, he can keep his vision focused and the company’s employees on the right track. So the relationship between the COO and the CEO is as critical as the CEO-CEO relationship.

Responsibilities

The relationship between the COO and organizational culture is interesting. When a company is required to have a specific culture, a COO is expected to enforce it. This is often difficult to do, however. In such situations, the role of the COO can be invaluable. Ideally, the COO will report to the CEO. While the CEO will make the final decisions, the COO should be involved in the decision-making process to ensure a smooth transition.

A COO who wants to become the CEO must learn to manage a board of directors. While this may be a difficult position to handle, it’s important to note that it’s highly likely that he’ll become the CEO eventually. As a COO, you’ll learn how to manage your board and the additional obligations that come with it. However, you’ll still be responsible for the business’s overall performance, which is another reason why a CEO should be involved in the decision-making process.

In terms of the CEO’s role, the chief operating officer (COO) is lower in the management hierarchy. As the head of the company, the CEO makes decisions related to business and public relations. COOs, on the other hand, can only provide advice based on the current state of the organization. The CEO’s job is much more strategic and involves long-term thinking, while the COO is more concerned with day-to-day operations.

There are many reasons why a company needs a COO. Besides being the right person to handle the day-to-day operations, a COO brings strong analytical, organizational, and communication skills. If the COO is not offered a top job, he or she may leave the firm or the company. Moreover, not all companies need a COO.

Experience

When choosing between the roles of CEO and COO, it’s important to consider which one best suits your skills and personality. While the CEO role requires you to think strategically and delegate tasks, the COO role is more tactical and depends on you working with internal teams. A COO is a hands-on position, whereas a CEO works with the board to decide how to spend the company’s money. Both roles are highly sought-after, so you may wish to make a list of qualities that each requires.

The CEO and COO both have the power to manage the company’s business, but they should work together to make the company successful. Conflicts between them should be managed diplomatically. As a leader, it is crucial to be able to communicate effectively with a wide audience. The CEO is the face of a company, and as such, should be able to connect with the public. They should also possess the emotional and intellectual qualities that a CEO needs to successfully lead a company.

As the company’s top management gets more complex, the role of the COO may seem less prominent. Yet, CEOs tend to be more involved in the business, so a COO’s ability to run a company effectively is equally important. COOs are typically less likely to be major shareholders. However, many CEOs are also co-founders, so they may be a better fit for the company. The decision between COOs and CEOs is based on your management background and skill sets.

COOs tend to have a wide variety of skills. They should have experience in both the public and private sectors. You should consider the management hierarchy since COOs are usually second-in-command to the CEO. Although a CEO may have excellent ideas, he may not have the necessary know-how to run a company. In addition, a COO can help human resources build the core team and communicate policies to the workforce.

A CEO is the top executive of a company and is responsible for the long-term health of the company. The COO manages the day-to-day operations of the business. The CEO delegates day-to-day tasks to the COO, making it easier for him to focus on big decisions and long-term corporate strategy. A COO can also help a less experienced CEO make important decisions.

Compensation

In a company, a COO is a person who handles daily administrative tasks and fills in the gaps left by other departments. While the CEO is the chief executive, the COO is responsible for overseeing the company’s operations. The two roles work together to manage the overall health of the company and maximize profit. The roles of the COO and CEO are similar but differ in some important areas. A COO oversees day-to-day tasks and reports to the CEO.

While both positions are equally important, the CEO earns more than COOs. CEOs average between $14 million and $17.2 million per year, and a significant portion of their compensation is made up of stock options. The average salary for CEOs has risen nearly nine hundred percent since 1978. Among the top 350 U.S. companies, CEOs receive an average salary of $17.2 million annually, and their compensation has risen by more than nine hundred percent.

In addition to cash compensation, CEOs can receive stock awards and stock incentives. The latter type of compensation is especially attractive for early-stage companies, where cash is scarce. CEO compensation is usually higher than COO compensation, but equity grants are a good way to reward employees without using up the company’s cash reserves. While equity grants can provide a large payout, they are still considered a small investment. A co-op may make an excellent choice if the company has high growth prospects.

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CEO vs COO vs CFO - Roles, Responsibilities and Salary nonadult
What Makes a Good Chief Operating Officer? https://chronicle.website/what-makes-a-good-chief-operating-officer/ Sat, 02 Jul 2022 13:35:00 +0000 https://chronicle.website/?p=1651 What makes a good COO? A good COO is a balanced combination of experience, knowledge, and strategic management. He/she keeps a company’s high-level strategy at the forefront while understanding the day-to-day details that go into executing the strategy. Managing details isn’t easy, and six out of 10 COOs report that diversity is a big part of why the position is worth pursuing.

Strong leader

What makes a good COO? The key to a successful COO’s success is strategic planning. COOs that have demonstrated strong strategic planning skills are effective at balancing short-term and long-term goals. Developing strategic planning skills may be accomplished through education and additional courses. Practicing strategic planning can also help develop a strong vision for the company’s future. Strategic planning includes long-term strategies and focusing on the future.

A strong COO understands that the success of the business relies on talented, collaborative employees. A good COO maintains a constant eye on ways to improve operations and continually raises the talent level of the existing team. He or she provides opportunities for each team member to develop their own skills, which ultimately leads to better overall company performance. The COO must be emotionally stable. Understanding the role of the CEO is also important.

It is not easy to conduct scientific studies of COOs, so it is difficult to apply what one learns to another. However, two recent studies at Texas A&M and Penn State indicate that a strong leader makes a good chief operating officer. One study, published in the Strategic Management Journal, analyzed 400 companies and found that companies that employed a COO/CEO relationship underperformed their industry peers. However, the implications of this finding remain ambiguous.

Data-driven mindset

If you want to be a great COO, you should embrace a data-driven mindset. Insisting on data-driven decision-making is vital to a successful company. Data-driven leaders make sure their strategic vision is translated into profitable operations. They also make sure their company has the resources and tools necessary to embrace and apply data-driven principles. Whether you are the CEO of a small business or a multinational corporation, there are key characteristics of a successful COO.

Strong communication skills are key to being a great COO. A great COO is able to work with many professionals throughout the organization and collaborate with them to make smart decisions. As a result, it’s important to develop verbal, non-verbal, and written communication skills. To improve verbal communication skills, you can sign up for public speaking classes or practice speaking in front of others. Likewise, writing skills can be improved through practice.

Those with this data-driven mindset are able to transform information into actionable intelligence. They use data to uncover new opportunities and strengthen the ties between the company and its customers. As the digital economy grows, COOs must develop new business models and fill gaps within the on-demand economy. In addition, the COO must be able to translate data into actionable insights and operationalize them. A COO with this mindset can help an organization become more profitable, flexible, and innovative than its peers.

A good COO must be a people person. The COO must understand that a business relies on talented individuals working together. He or she should be able to maintain this team dynamic while still keeping a keen eye on operations. In addition to developing the team members’ skills, a good COO will also continually raise the level of talent. Recruiting strong team members and providing opportunities for the development of existing team members will make a company more profitable and sustainable.

A good COO must have strong goal-setting skills. In addition to setting goals for the company, they should be able to set specific objectives with a deadline to track progress. These goals will help the company grow by identifying areas where improvement is needed. A good COO will accept these changes in the business landscape and embrace the new challenges as opportunities for growth. He or she will take on new challenges as a learning experience, while always looking ahead to the future.

Experience

A COO typically has a significant amount of experience in their field or industry. This experience should be at least fifteen years, and five of those years should be spent in senior management. To succeed in a COO role, a candidate must possess a unique blend of skills. The following are some traits that make an ideal COO. Experience in the field is an asset, but not sufficient on its own. Experience in the field is also important to ensure success in this position.

An experienced COO is a key to a company’s success. They have the authority to make strategic decisions and streamline work. Their expertise usually comes from prior business experience, and they may have achieved success with other companies. Many entrepreneurs have had success in this industry, and they leaped into the corporation to help. These leaders are extremely goal-oriented and always listen to the next growth opportunities and acquisitions. The ability to adapt and learn is a critical characteristic of a good COO.

The role of a COO is less clearly defined than that of a CEO. However, it involves a great deal of triaging and diagnosing issues. The role of a COO is often considered to be the bridge between a visionary CEO and the business. While the CEO is more externally facing, a COO’s main role is internal. They are ultimately responsible for the success of the company.

The compensation for a chief operating officer is generally high. A high-level position can bring in an average salary of $195,150 per year. The salary range depends on the company size, industry, and geographic market. The role usually requires you to work in an office environment and report to the CEO and other key members of staff. As a high-level executive, your success is directly related to your ability to manage the business.

Passion for industry

A passionate interest in the industry is necessary for a good COO. An ideal candidate will have at least 10 to 15 years of experience in a given industry. In addition to having the technical skills needed to effectively lead a company, a COO must also have a love for the industry in question. Sheryl Sandberg, for example, had a passion for the tech industry. Passionate COOs should also have a strong work ethic and enjoy learning.

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How to Become a Chief Operating Officer https://chronicle.website/how-to-become-a-chief-operating-officer/ Sat, 02 Jul 2022 13:21:55 +0000 https://chronicle.website/?p=1650 If you’ve ever wondered how to become a COO, you’ve come to the right place. With a little research and planning, you can become this role’s next chief executive! With a high level of competition and a demanding job description, this job requires the right combination of education and experience to be successful. Chief executives manage and direct the daily operations of a business, while balancing the company’s vision and mission.

Qualifications

If you’re interested in a career in management, you may be wondering what the qualifications are to become a chief operating officer (COO). A COO is essentially like the orchestra conductor, so they must know the different areas of an organization well. They need to know what the benchmarks are, how work gets done, and which employees are responsible for different aspects of the operation. It’s also vital to be a good communicator.

A COO is an important role in any business, as they oversee various departments and lead cross-departmental teams. As such, they need to develop fundamental leadership skills, which include understanding organizational behavior and encouraging others to be their best. Other key qualifications include project management skills and business strategy. An MBA in business or operations or product management is an excellent way to enhance your resume and establish your business acumen. Qualifications for becoming a chief operating officer may include a business master’s degree, which can also help you become a more versatile executive.

Experience is another key factor. Those who wish to become a COO must have at least 15 years of experience in an industry or a field similar to their desired position. At a minimum, they must have spent five years in a senior management role. This is usually equivalent to a bachelor’s degree in business. Those who do not have this experience should look for other opportunities to gain relevant experience.

While many skills are transferable between sectors, others will need specific skills in order to be successful in the role. If you’ve already been managing a team within the for-profit industry, you’ll have a good chance of succeeding as a COO. For those with experience in the public or private sectors, however, the COO role tends to be best suited to people who have already managed a similar environment.

A COO’s role is to oversee all aspects of a company’s operations and work with the CEO to ensure everything is running smoothly. The position is often responsible for eliminating inefficiencies, and ensuring production and marketing are working efficiently. They also work closely with the directors, vice presidents, and CEO to make recommendations in the various areas of business operations. These positions require a unique set of skills and experience.

Salary

Become a Chief Operating Officer in a company and you can enjoy great compensation. The average salary for a COO is $144,404 per year. Additional compensation may include profit sharing, bonuses, and commissions. Many companies also award gifts from clients or business partners. Find out how to become a COO. Start your search today. Get started earning the highest salary in the industry today! To get started on your path to becoming a COO, follow the steps below.

First, obtain a relevant degree. For a Chief Operating Officer position, a degree in management is essential. A Bachelor’s degree in business administration is sufficient, although an MBA or PGDM is also useful. Be sure to choose a degree program focusing on business strategy, as a COO must manage several departments. The MBA will also enhance your resume. If you’re a fresher looking for a CEO role, consider pursuing a postgraduate degree in business or operations.

Once you’ve mastered the technicalities, you can start looking at salaries. The role of a Chief Operating Officer is similar to that of a CEO, except that it is more senior. It oversees all aspects of a company’s operations. It is a strategic position that oversees the organization’s employees and contributes significantly to clinical outcomes. A COO’s salary varies depending on their level of expertise, education, and certifications.

A chief operating officer’s salary depends on how many years of experience they have. Obviously, the more years of experience you have, the higher the salary you can earn. Additionally, the location of the job can also make a difference. In large metropolitan areas, the salary is higher, but it comes with a higher cost of living. If you’re considering a career in this field, you should be aware of the challenges and rewards of the job.

If you’re interested in becoming a COO, be sure to complete your master’s degree in operations management. The best programs include healthcare management, public health, and business. Make sure to look for accredited programs, which represent the best schools. A doctorate degree can also prove very useful for a COO’s career. A doctorate degree, on the other hand, can help you become the CEO of a company.

Career path

A COO reports to the CEO and works side-by-side with the other executives in the company. He or she is responsible for making sure that company operations follow a plan. While there is no set career path for becoming a COO, there are certainly educational and training requirements to achieve this role. If you are interested in this career, keep reading to learn about the job description and what you can expect. Listed below are some common responsibilities and educational requirements for COOs.

A COO is responsible for leading many departments within a company. A bachelor’s degree in business administration is a good start, though you can work your way up if you have experience. Business management programs teach students about marketing, strategy, and finance. These programs also give COO hopefuls the necessary skills to be an effective leaders. To land a COO job, you need to be able to inspire your team to be their best.

The salary for COOs is not low, but it is more than adequate for a senior-level position. While COOs earn an average of $144,404 per year, they often earn additional compensation in the form of bonuses, profit sharing, commissions, gifts from clients, and business partners. This position requires a lot of experience and exposure to a variety of operations. It may also require some lateral movement to get the experience needed to get there.

The education requirements for becoming a Chief Operating Officer are high and varied. The requirements vary depending on the industry and the organization. To become a COO, you must have extensive experience in managing operations within a business. In most cases, you will have to work your way up from lower management positions, but it is possible to find opportunities in several different industries. Some companies require specific licensures and certifications. Other employers prefer to hire experienced executives who have extensive knowledge of the industry.

A COO’s job is not visible to the general public. He or she works behind the scenes and rarely gets the spotlight. However, this position also requires the individual to accept the fact that he or she will be the one accountable for the company’s operations and mistakes. As a result, the COO role can be a challenging one. In addition, a COO will often work long hours and be responsible for hiring the best candidates.

Education

One of the best ways to become a COO is to complete a business master’s degree. While some MBA programs accept applications straight out of college, most programs will look for two or five years of work experience in a relevant field. MBAs are preferred, though some top-tier programs require five or more years of experience. If you have a technical degree, consider taking a business-related course to supplement your education. An MBA can improve your resume and give you an edge over the competition.

The job of a COO requires a high level of communication skills. While managing employees, the role of a COO also includes creating policies and incentives that encourage an appropriate company culture. Most chief executives spend long hours in their position, and nearly half report working more than 40 hours a week. This position requires years of experience and exposure to many different operations to be successful. If you’re interested in becoming a COO, there are many advantages to be had.

While most COOs have experience in their field, most employers prefer applicants with several years of experience within the same organization. This exposure allows candidates to gain insight into the business from all angles and develop a thorough understanding of the organization. A COO must be able to adapt to the needs of his or her team and must have an excellent understanding of organizational behavior. It is also critical to have an understanding of business strategy, which can be acquired through Blue Ocean Strategy.

The ideal candidate for this position will have extensive education in management. An MBA or PGDM will provide solid background knowledge in business administration. Whether you’re planning to pursue a career as a COO or a general manager, it is imperative that you have a broad knowledge of the business environment. A master’s degree in management is ideal for aspiring COOs, but it may not be necessary to obtain certifications in the field to qualify.

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What is the Chief Operating Officer Job Description for XYZ Nonprofit? https://chronicle.website/what-is-the-chief-operating-officer-job-description-for-xyz-nonprofit/ Sat, 02 Jul 2022 13:18:00 +0000 https://chronicle.website/?p=1649 What is the COO job description for XYZ Nonprofit? What is a COO’s job description, and where do you find one? I hope this article will give you a better understanding of what the job entails. If not, then consider reading the following. In this article, you will be provided with an overview of the duties and responsibilities of the COO, so you can decide if the job is right for you.

XYZ Nonprofit’s chief operating officer job description

The Chief Operating Officer of a nonprofit organization reports directly to the executive director and oversees all aspects of operations. He or she is responsible for establishing the overall strategic direction for the organization, managing a group of program directors, and providing leadership in strategic planning and implementation of new programmatic, strategic initiatives. He or she will also coordinate the senior management team and serve as the liaison between the nonprofit and its partners, including the Board of Directors.

The duties of a chief operating officer include overseeing internal operations, including the maintenance of office facilities and equipment. The COO also has responsibilities in budgeting and financial auditing, overseeing staffing and employee benefits, and monitoring internal processes to determine the most efficient way to run the organization. This position may also include managing relationships with funders and external constituencies. The COO may be a generalist or a specialist, depending on the needs of the organization.

The Chief Operating Officer is responsible for executing the mission of an organization and setting KPIs to achieve organizational goals. In addition, he or she manages a team of program directors and works with the board of directors to stay up to date with programmatic changes. While he or she manages the entire organization, the COO has responsibilities related to budgeting, performance, and growth.

XYZ’s chief operating officer job description

The Chief Operating Officer (COO) role is responsible for the overall management of a business. As the COO, your role will be to help the company achieve its vision, growth strategy, and operational efficiency. You will work with the other executives to implement these goals, while also managing PnL, or profit and loss. The job description for this position will vary from company to company but will often have similar elements.

The role reports to the executive director and has overall strategic responsibility for all programs at XYZ Nonprofit. This position manages a group of program directors, provides leadership to the organization’s strategic planning process, and implements new programmatic strategic initiatives. The COO also works with the board of directors to set and track programmatic goals. Here are some typical job descriptions for the position. This job description can be modified to fit your organization’s mission.

XYZ’s COO’s job description

The chief operating officer (COO) is a key role at nonprofit organizations. In this position, he or she manages all internal functions, freeing up the executive director to focus on external matters. Some of the tasks that the COO is responsible for including fundraising, public relations, partnerships, and strategic analysis. While the job description may sound general, a COO will often be involved in several key areas, such as program budgeting and strategic planning.

When creating a COO job description, remember to focus on how he or she will bring new systems and efficiencies to the organization. For example, if a company’s market share is suffering, the COO might call upon the human resources department to hire more quality control personnel. He or she might also be in charge of marketing, production, and research and development. He or she may also be responsible for internal affairs. The role of the COO is broad and includes everything from sales and marketing to internal affairs.

The role of the COO is broad and complex. The COO reports directly to the CEO and manages the company’s day-to-day operations. The COO also has a direct impact on the company’s financial growth and marketing and oversees sales, finance, and human resources. They also ensure that operations are smooth and compliant with the company’s policies and procedures. A CEO’s job description is often more complex than that.

Chief operating officer job descriptions should begin with an introductory paragraph. Include details about the company and the working environment. Include two to three sentences that attract the ideal candidate. The COO is part of the leadership team and works as a strategic partner. They coach the leadership team to deliver on key business metrics while looking for ways to improve quality and cut costs. Whether the COO is a manager, a COO is a strategic partner with the CEO.

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Small Business Management 101 https://chronicle.website/small-business-management-101/ Fri, 13 May 2022 16:36:50 +0000 https://chronicle.website/?p=1224 Introduction

Becoming an entrepreneur is a lifelong commitment to oneself. To become an entrepreneur, one must face challenges, struggles, and sacrifices. Selling products is only one part of owning a business; managing people is another. The initial stage of business requires managing activities like accounts and marketing. 

Small business management is one of the most challenging tasks for every entrepreneur. Business management also involves taking care of your employees, inventory/products, and customers. Besides, you have a solid plan for business expansion in the next 5 years. 

You have a vision of where your company goes in the upcoming years.

In this article, we will cover all the aspects of managing a small business. It will also discuss the required skills and tools for small business management. Let’s get started!

What  Small Business Management 101 Means?

A type of business in which the number of employees is not more than 500 is a small business. Small business management includes supply, finance, managing employees, etc.

Unlike large businesses, small businesses do not have dedicated departments for management. In small businesses, the business manager makes decisions such as hiring people. 

Examples of small businesses:

  • Offline or online retail stores
  • Street food businesses
  • Printing businesses
  • Baking businesses
  • Photography businesses  

Why Is Small Business Management 101 So Important?

Management is very crucial for running a small business. So, l write some important reasons why management is important for small businesses. Let’s start!

For Improvement of Employee Productivity and Performance

In a large business, a manager sets a specific goal or task for an employee. Hence, he need not approach the manager again and again for work. But, in a small business, the owner or manager interacts with his employees to find out how things are going.

Everything a small business owner says impacts employee productivity or performance.

An employee is the Foundation of Company’s Growth

It is important to keep your good employees for a long time if you want your company’s foundation to be strong. In many businesses, a good employee of a company makes up the first manager of that company.

Employees are important for a company’s growth. They also handle tasks like product development and taking forward the company’s vision. 

Positive Cash Flow

As per recent small business statistics, choosing the right employees is challenging. And if you want to maintain a positive cash flow then you need to solve both problems. 

What Are The Most Essential Skills for Running a Small Business 101?

Business owners must have these essential skills to grow a small business. So let’s look at them!

Good Communication Skills

Good communication skills are important for running a successful business. They help build good relationships between manager employees, and customers.

You must have transparency and make yourself available to the employees. And help them to solve the problem.

Strategic Management

As per the article Strategies and Strategic Management in Small Business:

  • It is important to have a strategy or course of action to carry out a small business.
  •  It helps in responding to “complex and dynamic environmental forces.”

Data Analysis for taking Decision

Research and manage all the information and data you need for data analysis. 

Take the decision of these questions on the basis of research and data. Such as

What will be next month’s strategy? What position should hire the next employee? Why were your profits down? How to grab new customers? 

Time Management Skills

Completing your task on time also improves the chances of getting results on time. You need to set a clear-cut goal for your company. Also, set daily, weekly and monthly tasks for employees or you. Focus and delegate tasks between your team.

Leadership Skills

A leader helps to lead, organize and motivate their team members. A good leader also works hard with their team members. So, managers must have leadership skills for getting the best result.

Tips For Managing a Small Business 101

Now I would like to give some tips and tricks for managing a small business. The below tips can help to boost your business career.

Develop Better Relationships and Trust with your Employees

According to statistics, 70% of managers are not able to communicate with their team. 

A manager must have great communication skills to build relationships and trust. He should be able to give necessary feedback to his employees to improve the quality of work.

Creating an honest and open culture in the office helps to empower or inspire your employees. They can share their ideas to grow your business. Building relationships and trust are very important for retaining your employees. Make yourself available to your employees as much as possible. Connect yourself and your team members through instant-messaging tools.

Build a Strong Hiring Plan

You need to hire the right employee to grow the business. You need to build a robust hiring process to get the right employees.

The employee should have adequate knowledge of your industry. He also knows other things like related equipment communication skills time-management skills

Moreover, the employee should be honest, hardworking, and a learner.

Use Tools to Save Time

Starting a new business means spending on various things like 

OfficeFurniture, Employees, Products, Packaging, Manufacturing, Logistics

But don’t forget to buy useful tools that help you save time and money. These tools are also helpful in growing your business online. There are a lot of tools available in the market which provide similar services. Do proper research (avoid high-budget equipment) before buying equipment.

Focus on your Daily Work

When we rank our daily, weekly, or monthly projects, it will help in achieving better results. Some business owners or managers use the Eisenhower matrix to focus their tasks. With this matrix, you can figure out which tasks are most important and which are not.

Small businesses must first complete urgent projects to grow.

Identify Your Customer Base

You must mention your potential customer base in your business plan. Knowing your buyer increases your sales and reduces the marketing expenses. 

Don’t Forget about Compliance and Security

Security is a very important concern for every small and large business. you need to manage all the important things. Avoid free stuff or tools. You need to store different information like customer data,  phone records, etc.

Learn Small Business Management 101 from Courses or Books

Consistent learning can help to achieve success or in other words “learning is the key to success”. There are various courses and books where you can learn small business management. Companies train their managers to enhance their managerial skills. Yet, there are plenty of books out there for learning how to manage a small business. So, I would like to give both the syllabus and books in the below points.

We will discuss some books. Management skills are one of the most important skills for running any business. You can learn some management skills from reading some books. It is important to develop your management skills by reading management books. Some books are:

  • Traction – Get Grip On Your Business
  • The Lean Startup
  • An E-Myth Revisited
  • Blitzscaling
  • A Hard Thing About Hard Thing

Many companies offer dedicated courses for small business owners to manage their businesses. Through these courses, you will get many management skills at a very affordable cost. You can get these courses for free or sometimes pay on google. These are some courses :

  • Fundamentals of Project Planning and Management
  • Foundation of Project Management
  • Foundation of User Experience Design
  • Introduction To Finance and Accounting
  • Small Business Marketing Using YouTube

Most Essential Tools For Managing a Small Business

Now it is a fact that without using technology you cannot grow your business globally. Being a technology-driven company is essential for every business. Choosing the best tool for managing your business is very important. Give thought to Investing in tools and technology if you haven’t. You will get enough ROI by using the tool. Technology helps your business become more reliable by optimizing your workforce.

There are a lot of benefits to using technology. Below are some of them:

  • You can Incentivize meaningful conversations.
  • Create a network to exchange your ideas.
  • Managing workflow to increase productivity.
  • Automate marketing.
  • Easier accounting.Better operation management.

Thus, we will discuss the most essential tools for managing a small business.

For Team Communication

Communicating with them is very helpful to achieve all targets. But personal communication is not possible every time. So Tools like Flocks, Slack. Rock, Gmail, Zoom, Titan can help to communicate and help to stay connected always with your team.

For Project Management

Project management is another very important activity in small businesses. You can use some tools like Asana, Trello, Google Drive, or Dropbox to manage your files and documents. 

For Increasing Team Productivity

Productivity is a must to get satisfactory output from your team. There are tools for increasing productivity in a workspace like:

  • TimeDoctor and RescueTime: For time management.
  • Zapier and Automate.io: To automate your process. 
  • Doodle: For scheduling.

For Marketing Automation

Designing and Marketing are important aspects of a business. There are a variety of CRM apps like ZOHO, HubSpot. Tools for email and social media marketing are Buffer, Hootsuite, MailChimp, or CovertKit. 

For Accounting

Accounting is very critical and it’s very hard to manage without tools. You can use the following tools for storing data, making payments, invoicing, etc.  

  • QuickBooks
  • FreshBooks 
  • PayPal
  • Stripe
  • Xero
  • Wave
  • Turbo
  • TaxH&R Block

For Operation Management

These tools can help a lot in operations for small business management 101. Operational tasks like Consumer services, Contract Management, Performance Management, Recruitment, Learning, and Development. You can achieve all your targets by implementing tools such as:

  • ZendeskHelp
  • ScoutDocuSign
  • HelloSign
  • BambooHR15Five
  • LinkedIn
  • RecruiterAngelList
  • LinkedIn LearningGeneral Assembly 

Hence, these are some lists of tools for small business management 101.

These tools can help to:

  • Increase your productivity
  • Reduce your expenses
  • Multiply your profits

Conclusion

You can’t run any business without management. Management is the backbone of every business.  Small business management101 is not easy but also not impossible. In this article, you learned a lot about some hacks of management. You can use different books and courses to improve your business management skills. Some useful courses are also available on educational websites like Coursera and Udemy. Figure out the best course at an affordable price.

You can use the tools in this guide to manage your business processes. So, I would like to conclude this article with the hope that you have learned something from this article. 

Citations

Strategies and Strategic Management in Small Business by Gabriela Lobontiu

https://www.diva-portal.org/smash/get/diva2:3575/FULLTEXT01.pdf

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Advertising Management 101 https://chronicle.website/advertising-management-101/ Fri, 13 May 2022 16:23:04 +0000 https://chronicle.website/?p=1223 Introduction

Do you know how advertising plays an important role for any business? You cannot sell your product without advertising. Advertising is the communication between the business and the customer. The display or marketing of products and services to the customers is advertising. But managing this advertising campaign is not easy. This is one of the most challenging tasks for any ad manager. Businesses spend millions on advertising. Thus, the marketing manager handles getting the best ROI on the advertising campaign.

Advertising of businesses contributes to the economy of the country in a big way. The organization spends a lot on showcasing its products which impact the GDP of the country. Thus, advertising is very useful for the business and also for the country.

Hence, in this article, we will go into depth about advertising and its management. We will also discuss objectives and the importance of advertising management. You will also find the most useful tools and software that help with ad management. So let’s get started!

What is Advertising Management?

Advertising Management is the process of managing the advertising campaigns of a company. It is a very critical department for any company to increase its sales and revenue.

The team of advertising management plans strategies for better promotion of the products. They make a creative campaign to boost the company’s sales.

Advertising management refers to various processes. It involves processes like planning, creating, executing, and evaluating advertising programs.

In an organization, the responsibility for advertising can spread across several departments. It includes marketing, public relations, and sales teams. The first step in advertising management involves identifying the target audience. The targeted audiences are those who wish to reach your ads. And determining your budget based on these goals. Once you have established these factors, you can begin with various tasks. Tasks like brainstorming creative ways to deliver your message to your target audience. And Be Sure To Stay Within Your Budget. This strategy may include social media posts or television advertisements.

Market research is a leading activity in advertising management 101. Market research helps an advertising team discover current trends in the market. It also helps generate more innovative ideas to advertise their products and services.

History of Advertising

Earlier businesses used advertisements to counter competition. It is one of the most important and oldest segments of any business. Advertising plays a major role in making the product known.

The oldest print ad of 3000 BC in Egypt depicts the return of a runaway slave. There was also a mention of a slave owner’s shop in this advertisement.

The slave was never caught, but the business owner found a new way of selling or branding the product.

Now, let’s take a look at the last five centuries of advertising.

  • 1472 in London: When the first poster advertising was set up on the door of the church.
  • The first newspaper advertisement came into print in 1650.
  • In 1704, the Boston newspaper promoted its readers to place their advertisements.
  • In the 1880s, postcard advertising came into play. It became one of the most popular ways to reach customers.
  • In 1902, the Unilever Company came into existence. It hired  J Walter Thompson Company to promote Lifebuoy soaps.
  • In 1902, Mellins Food also placed its advertisements on 25 airship flights. It was to promote its product.
  • 1922: Radio ads became popular among business owners.
  • 1925: Advertisers focused on customer interest, feelings to promote their products. The Ford Company gave the best example of this.
  • Computers became more popular in 1975 and computer advertising came along.
  • Youtube and Facebook introduced digital advertising in 2005.
  • From 2005-till now: The digital advertisements have been becoming popular day by day. Ad managers are inventing lots of different types of digital ads. Here, customer data plays a major role to promote a product. These ads are more specific, less expensive, and reach more customers.

So, the first rule of advertising is to try a new method of marketing. According to history, the methods of advertising change after a few years. There was a time when postcard ads were most popular but they no longer exist today.

Types of Advertising

There are many ways you can advertise your business, even if it’s a small start-up. You can have an electronic or physical signature; banners and posters for buildings,

online ads such as Google AdSense;

postcards in mailboxes;

radio commercials on AM/FM stations, etc.

The point of advertising management is for education. Companies educate their potential customers about what they offer through using different mediums. Customers may not even realize there’s a need for your product or service until they see an ad for it in one way or another. Internet marketing techniques include Facebook, Twitter, and Instagram marketing. Companies will pay Facebook to put their advertisement up on users’ news feeds. It results in the engagement of a huge audience.

Now, we will discuss different types of advertising management. There are a lot of ways to advertise products and services to boost your company’s revenue. Advertising management has certain rules and regulations. For example, advertising managers can’t create ads to misguide their customers. They have to take care of the customers’ loyalty towards their brand.

Print Advertising

Print advertising includes a wide range of marketing efforts. Businesses can place ads in magazines, newspapers, and other periodicals. As well as handouts, flyers, and brochures. Print advertising is available and accessible. It’s an easy way to reach potential customers while they’re out in public. And unlike other forms of advertising, print advertising is inexpensive. But you don’t get much customization with print advertising. This is because it is not targeted at specific individuals or geographic areas. But its effectiveness depends on how many people see your ad. Follow some tried-and-tested principles for running successful print campaigns. It will ensure better delivery of your message.

Broadcast Advertising

If you’re wondering what broadcast advertising is, we have got you covered.

Broadcast advertising refers to media used by advertisers to reach their intended audiences. Commercial radio and television fall under broadcast advertising. But, print media is also a form of broadcast advertising. Print media ranges from general periodicals,

top magazines, newspapers to more specialized publications for professionals in specific industries.

Outdoor Advertising

As the name suggests, outdoor advertisements are for outside display. We can see these advertisements in various formats. Such as kiosks, trade shows, events, posters, and billboards on the streets. With this type of advertisement, you can attract the attention of traveling people.

The content displayed in outdoor advertisements should be attractive, clear, and worded

Public Service Advertising

Businesses use Public Service Advertising to encourage people

and make them aware of different types of public causes or issues. These types of advertisements cover various public issues. Such as Population,

Inflation,

Conservation,

AIDS,

Cancer,

Poverty,

Environment,

Nature,

Illiteracy, and many more.

Awareness campaigns are very important to improve public health.

Celebrity Advertising

Business owners use celebrities to advertise their products or services. These types of advertisements increase the trust among people for a certain brand. Celebrity ads use a variety of advertising mediums. Such as

social media,

radio,

television ads,

search results,

newspapers, or print ads to promote their product.

Business owners can reach and attract a large audience by this method.

Surrogate Advertising

These types of advertisements make people aware of the ill effects of a product or service. In other words, they include advertisements

of a product or service that the government has banned. It is harmful to the health of consumers.

In this advertising, an advertiser advertises the product by the same name. It helps to remind their consumer of the same brand of alcohol and cigarettes. For example, Kingfisher uses this strategy to advertise their product.

Interactive Advertisement

This type of advertising used a digital medium to reach out to the customer. In his advertising, You can promote through interactive mediums. Such as Google, youtube, mobile, TV channels, SMS, social media, etc.

Nowadays this type of advertising is effective or personal. Because it helps to interact with the customers. With this type of ad, we can influence the customer to buy in a personal way.

Importance Of Advertising Management

Management of any activity in an organization is very crucial. It helps to get effective results and achieve your company’s goals. It is a continuous process to manage the advertising team to make the most effective ad campaign. It includes many processes like planning, evaluating, designing, budgeting, and delivering.

Now, we will explore some advantages. Figure out how advertising management gives a lot of advantages to the organization.

Make Effective Advertising Campaigning

The responsibility of the advertising management team is to create effective advertising campaigns. To increase awareness of the company’s products and services, they create eye-catching advertising.

Cost Saving

Advertising management always takes care of the company’s resources and finances. They do budgeting before the campaign. So, they have given the company the greatest return on investment. So, they have given the company the greatest return on investment.

Boost Revenue

Advertisement is playing a lead role in increasing the sales of the company. As we discussed earlier, It is impossible to get sales without advertisement. Thus, advertising management is crucial to the growth of the company.

Analyze and Track Advertisement Activities

Analyzing and monitoring data is important.  It helps to understand how your advertising campaign is performing is essential. The advertising management team always takes any decision after analyzing the metrics. This means getting better results from the campaign.

Improve Brand Value

Effective advertisement helps to generate recall value to customers. The aim of the advertising team is to generate recall value for their customers. Moreover, it helps to increase the value of the brand.

Tips For becoming an effective Advertising Manager

Nowadays we have a variety of options and platforms for advertising. Having enough knowledge about your targeted audience and competition is very important. Both play a major role in creating an effective advertisement.

Here I am writing some tips to become a successful marketing manager.

Knowledge of Customers

Having knowledge of your targeted customer is very important for becoming a manager. As the technology is more advanced, it offers a lot of options for wide targeting.

Having Knowledge of buyers helps in various things like

  • saving money
  • generating more leads
  • creating a better ad campaign
  • boost your revenue
  • increasing sales, etc

Data Analysis

Analysis of data is very important for running a successful advertising campaign. Because data helps to give a better understanding of your customers, competition, & trends. Also, the security of data is very important for a company. So, the advertising manager must be able to analyze customers’ data.

Must-Have Soft Skills

Soft skills are essential for every small or large business owner to run a company.

The benefits of soft skills include:

Developing better relationships between employees or bosses,

The ability to discuss problems

covert customers, grow together and make decisions.

There are some examples of soft skills such as

  • Leadership skills,
  • Time-management skills,
  • Creativity,
  • Communication skills,
  • Teamwork,
  • Adaptability,
  • Work ethics,
  • Problem-solving skills,
  • Decision-making skills, and
  • Personality Development skills.

Conclusion

After reading this article, you will get to learn a lot of things. It will help you understand how advertisement management is crucial for advertising campaigns. You will further learn the advantages of ad management. These include

saving money, more leads, improved brand value, effective ad campaigns, etc. 

There are various types of advertising methods available to promote your product. A few to name are print, broadcasting, digital, interactive, surrogate, and many more. Currently, digital advertising is the best way to advertise your products or services.

Advertising is an ever-evolving concept that changes after a few years. In today’s time, you can reach more customers globally through digital ads.

Citations

https://josephscollege.ac.in/lms/Uploads/pdf/material/Advertising_&_Brand_Management_Notes.pdf

https://www.scribd.com/doc/211593351/Advertising-Management

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Sales Management 101 https://chronicle.website/sales-management-101/ Fri, 13 May 2022 15:46:02 +0000 https://chronicle.website/?p=1222

Introduction

Everyone knows that sales are the backbone of every organization. Businesses cannot run without sales. It is important to have an efficient sales management team for successful sales. Sales Management 101 Team plays a very important role in the organization. It helps to achieve all company’s goals and targets. After learning Sales management you will understand how to increase business profits. How do you manage sales as a business owner to bring more revenue and scale your business to the next level?

In this ultimate guide to sales management 101, you will learn a lot about sales management. And the characteristics of sales management. Also learning about the roles and responsibilities of sales managers from this article.  We will discuss how tools and technologies play a critical role in sales management.

We will also discuss some strategies for sales management. So read this full article and enhance your knowledge in sales management. Let’s get started!

What Does Sales Management Mean?

We can understand Sales management by its name. That it is a process of creating planning for sales operations. Moreover, it helps to put in place sales techniques. This kind of management helps to generate sales and surpass sales targets. 

If your product is ready for sale, then you must create a sales management strategy. The industry doesn’t matter at all in sales management. To manage sales performance, you need a sales management process for your company.

Every organization needs a skilled sales manager. They know all about sales and how to manage and lead the sales department.

Management of sales helps your company to reach sales goals and stay in tune with your industry. Also, it helps to compete with your competitive marketplace.

No matter if you are an experienced or new sales manager. You need to know how to gain and test visibility into your sales.

It is easier to solve every pinpoint issue of your organization by the sales manager. But sales managers must have a clear picture of your business process. Also, you will have a better overview of future tasks that help to increase sales of the company.

Required Skills For Becoming Successful Sales Manager

If you want to become a sales manager then read the following required skills

Analyzing Skill

Now in the age of modern technology, data is very crucial for every business. Data helps to identify the problems and interests of the customer. So, a business can create a better product as per customer interest.

A sales manager must be able to analyze data. See what’s relevant, find actionable takeaways and create a meaningful conclusion.

Strategic Planning Abilities

The next step after analyzing data is planning. The sales manager should be able to create strategic planning for their company.

Strategic planning is very necessary for the organization. This shows various benefits to their company. Like cut losses, generate more quality leads, increase revenue. Moreover, it also helps in sustainable growth for a business.

Strong Communication Skills

Communication skill is a most essential skill for everyone or a business. To become a good sales manager you must be able to convert customers into sales. So, make sure the manager needs to deliver information to people.

Motivation and Delegating Skills

To become a good sales manager you must support your team and motivate them. You can set a reward system for getting better results. Also, rather than trying to do everything ourselves. You must be able to delegate your work to a person who is an expert on that work.

Role of Sales Manager in Organization

Now let’s discuss some key roles and responsibilities of sales managers. What does a sales manager do? We already discussed the sales management team in any organization. It plays a vital role in a company’s success. They decide the future of any organization. But there is not enough to have a sales management team. You must hire skilled or trained employees who are capable of driving more sales for a company. They have to convince clients and bring more business to the company. Moreover, You have to hire the perfect sales manager as well. A sales manager is the only person who manages the entire sales team. Thus, we will discuss some important roles of any sales manager.

Before we learn roles, let’s understand who are sales managers? One of the responsibilities of a sales manager is to lead and coach a team of salespeople. Sales managers have a dedicated team for achieving sales targets of an organization. As a sales manager, you act like a mentor for your team and solve each problem along with their team. All future planning and decisions completely depend on the sales. If the sales manager meets all targets, then a company decides to expand more. The sales department has connections with major departments like marketing, finance, and operation.

  • Apart from this, the Sales Manager have some points of a key role in the organization
  • Assigning sales territories to sales teams by a sales manager. It means you have to assign specific geographic locations to their team member.
  • The sales manager also set quotas. Quotas mean to set targets and give deadlines to their team in a specific period of time.
  • Mentoring and motivating their sales team is among the main duties of a sales manager.
  • It is the duty of every sales manager to provide training and to enhance the learning of their team.
  • Building a sales plan is very important in the sales industry. Sales managers make proper sales plans for their organization.
  • Another significant task for sales managers is hiring and terminating their sales executives.

Sales Management Strategies for Businesses

If you have a great sales team, great product, and clear-cut goals, you might be wondering. What strategies can we follow for sales management?

Thus, let’s go through the following sales management strategies. And reaching your sales goals or generating more deals for your business.

Define a Clear Cut Goal

Define a particular goal for your entire team. Make sure every individual will work together to reach the company’s goal.

You can set up different goals for different activities. Activities like job functions, sales, training, marketing, and more. And set a particular team to achieve a particular goal. But ensure the company’s targets are realistic and achievable for everyone. Also, fix a timeline to achieve the targets.

Hire the Right Employees

As we know that sales help in running the business. And sales professionals play a big role in the success of the company.

These must be some qualities in a sales professional. Qualities like creative mindset, out-of-the-box thinker, honesty, and hard work.

Make sure the sales manager is able to develop an attractive incentive plan. Also, managers are responsible for their roles. You may or may not be giving training to new hires. Training helps to learn about your business.

Motivate your employees

As a sales manager, you are able to solve the problems of your employees and motivate them. Whether you are able to generate more sales in the first month or not. You can provide work to your employees as per their interests. You can give rewards to the best employees. Make sure every team member feels supported and motivated in your company.

Identify your Target Market

You must have a clear understanding of the market and target audience. Selling techniques and strategies can be different for different businesses. This strategy helps to find people’s needs, interests, problems, and requirements.  Also, identify your competitor to know the strengths, threats, weaknesses, and opportunities. So, you can present a better product than competitors.

Create Sales and Revenue Reports

Managing your company’s reports and data is very important to your business. Analyzing your business’s past data and reports helps you detect the following problems. And solving these problems helps your organization succeed.

Do you maintain a balance between expenses and sales?

Which product sells the most or which does not?

Why is your product not sold in the market?

How successful was this campaign?

So, read your data and secure it from competitors.

Evaluating the sales process

A sales process is a predetermined method that helps generate potential leads. As a sales manager, you must have a clear plan or process or framework to generate future sales. Make sure your sales process or structure will need an update as per the market situation.

You are able to create a different sales process as per the personality of your customer.

Invest in Training and Development

Customer mindset and sales techniques change over time. So, it is quite important that your sales team is open-minded and updated with the current market. You need to invest in the training and development of your team to get the best results.

According to a LinkedIn report,

95% of employees stay in a company longer if they learn something new from the company

Your company’s learning environment helps your company to grow and generate more sales. Your employees will find new ways to sell. 

Highlight Some Best Tools For Sales Management

There is a lot of activity in the sales department. Some activities like lead generation, marketing automation, customer relationship management, etc.

All these tasks are very important to achieve targets of sales. In sales management, it is not possible to do every task by our man force. It is not an effective way to increases sales. So, some tools are available in the market to make this task easy. We will discuss some major tools below:

For Lead Generation

Do you know most of the leads are useless and can’t nurture and convert into sales without using tools? Leads for any business are like oxygen for the business. Quality leads help to generate more sales. But where you get quality leads for your business. There are a lot of tools to generate quality leads for your business. Tools like

Qualaroo, Picreel, ProProfs Survey Maker, Proof, HotJar, Sumo, WPForms, Typeform, Survey Anyplace, Hellobar. All these tools can help to generate quality leads for your business.

For Marketing Automation

Most of the marketing departments buy marketing automation tools. The use case of this is for automating the marketing of the company. Have you wondered what is the importance of marketing automation tools? So marketing automation tools enable you to generate more sales for your company. Most of the tools are available at a very affordable rate. Tools like :

Omnisend,

Marketo,

Eloqua,

HubSpot,

Pardot,

ActiveCampaign,

Mailchimp,

Automizy,

Constant Contact,

Customer.io, etc.

You can automate your marketing strategy by using these tools. And generating more sales.

For Customer Relationship Management (CRM)

Today, customer relationship management tools have become very important. Especially in sales management for streamlining sales processes. Some tools for CRM can help to develop your business.

HubSpot CRM,

Zoho CRM,

FreshSales,

Salesforces SaleCloud,

MailChimp is some tools to reduce the energy of your sales management team.

For Team Communication

Reporting and communicating with the team is part of sales management 101. It is not possible to communicate with team members without using tools. These communication tools help to share important documents with your team. There are a lot of free tools available. Like Rock, Slack, Chanty, Microsoft Teams, Zoom, Google Meet, HipChat, Troop Messenger, etc.

For Task Management

Task management is very critical for sales managers. A sales manager must assign tasks to their team. They also ensure that all tasks are achievable or not. To make this task easy, many tools and software are available. These tools enable sales managers to design tasks for their team members. I would like to give you some major tools. Tools like TeamWork,  nTask,  Basecamp, ProProfs Project, Bit.ai, Trello, Airtable.

Conclusion

Managing a sales team is not easy. Sales Management 101 is the most challenging department in every organization. The sales manager is the person who leads the sales management team in the organization. A sales manager needs to have a relevant skill set to manage or lead a sales team. We discussed a lot of skills required of a sales manager. And also learned how to be a successful sales manager. We discussed a lot of things that are essential to understanding sales management.

Hope you get to learn a lot from this guide and get to know about Sales Management. You will get high-paying jobs as a sales manager. But you should pursue a dedicated course in sales management for deep learning on sales. Find the best courses for sales managers from across the web. And achieving great success in the sales department in your life.

Citations

https://www.ddegjust.ac.in/studymaterial/mba/mm-308.pdf

https://www.cornubused.com/PDF/Sales%20and%20Marketing.pdf

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Operation Management 101 https://chronicle.website/operation-management-101/ Fri, 13 May 2022 13:56:02 +0000 https://chronicle.website/?p=1221 Introduction

We as human beings consume many different products and services in our daily lives. But where do these products come from? Operation managers produce the services that we avail and the products we use. Operation Management is the creation of products and services using the company’s resources. It is an area of management that helps an organization to be efficient and organized. Product development is a complex process. Your company can achieve it with proper operation management.

Operations Management is the paramount department of any organization. It involves the production of products, managing machinery, and automation using technology. It also ensures high efficiency in every company’s resources. The roles and responsibilities of every operation manager were so crucial. As they manage all core functions of any company that impacts the company’s growth. They have to use all the resources to produce any products and services. They always think about the future development and innovation of the company.

In this comprehensive guide, you will learn a lot about Operations Management 101. I also give some highlights on historical data. And why operations management is so important in a company. Will discuss some of the principles, tips, and techniques used in operations management. So let’s get started!

Definition of Operation Management 101

Products and services like cell phones, laptops, or booking a cab or any flight ticket help in our daily work. But have you thought about how manufacturers produce mobiles and laptops? Or how are you able to book a cab in 5 minutes? So, all these activities come under the operation of any organization. Besides, managing human labor, technology, and company resources comes under operation management.

It is the process of human activities to produce goods and services.

The management of different processes is nothing but Operation Management 101. It includes many factors such as where to get the raw material for the final product. And how to produce products, and where or when to produce a product. It also consists of when, where, or how to deliver a product to the company’s potential customer.

Operations Management 101 is managing the development of any organization’s products and services. This process offers the greatest profits to the organization’s goods and services. Moreover, the operation management team also manages the company expenses. It also generates the largest profits for the organization. It also ensures products’ quality and prevents the wastage of company resources.  Now let’s delve deeper into some overview of the history of Operations Management. Like where or when it originated.

The Historical Overview of Operation Management 101

Back in 5000 B.C., we can see the origin of operation management. First-time Sumerians tracked transactions, inventories, and taxes.  After it, Romans built pyramids with the help of operation management. Read More Historical highlights: –

  • During the Industrial Revolution, division of labour laid the foundation for efficient production. Eli Whitney invented the cotton gin and manufactured 10000 muskets.
  • In 1883, Frederick Winslow Taylor used a stopwatch for analyzing productivity and efficiency.
  • In 1992, Frank and Laid invented PMTS that help to predict the times for a task.
  • In 1913, Henry Ford invented a moving assembly line that helped to save the manufacture time of the car.
  • After World War 2nd  in Japan, Toyota developed a just-in-time production system. It helps to drop waste cars and increase productivity.
  • In 1971, FedEx started a one-day delivery system for improving sales. Nowadays, amazon also started a one-day delivery system.

Why is Operation Management so Important?

Operation management is important for both small businesses and large corporations. It helps to manage, supervise goods, control, plan and drive manufacturing or services. To survive in an ever-changing market, a business needs to maximize productivity, efficiency. Moreover, it also increases the effectiveness and profits of the company. Many large businesses have a big team and a large budget. So, they can change according to the market.

As per Forbes 2021 magazine, 1/3rd of CEOs come from an operational management background.

To grow a company operations management helps in various aspects like

  • Market competition
  • Profitability
  • Customer service
  • Quality of product
  • Management of Current-functioning process
  • Understanding of Technology advancement

Principles of Operation Management

In the growing age of the business world, operation management is one of the top necessities. We already learned a lot about operation management. It holds the company’s development.

Now highlight some major principles of operation management 101. And you will also be able to understand or use the ability of operation management. Let’s start with the learning of core principles of operation management.

Better Understanding of Customer

The operation management team must keep an eye on their competitors. They always track the competitors and always know what they are doing. Also, make a list of competitors’ strengths and weaknesses. This principle helps you to get more ideas to make the best products and services for your customers.

Organization Resources

One of the crucial roles of the operation team is to manage or organize the company’s resources. They need to use resources to meet all the requirements of the industry. The companies make sure that they have all the assets used in production. Primary organizational resources such as people, money, raw materials, and capital.

Team Up With Customer

Operational management 101 teams know their customers and their needs. They have to figure out what the customer wants to buy from the company. They have to manage their resources as per the market demands. coordination with your company’s customer team is necessary to figure out customer feedback.

Maintain Equipment

Don’t buy new equipment every time for your organization. If your current equipment doesn’t work then have to use some lubricants to start your equipment. The operational Management 101 team can maintain all equipment to reduce expenses.

Total Quality Control

The company’s growth and development depend on its products and services. And the total control of quality is in the operation management team’s hands. Thus, the operational management team must inspect the quality of the products.

Cut Human Error

Training and upskilling your team is the only way to cut human error. Provide training to your employees on a daily basis. And keep maintenance of the company’s equipment to get zero error.

Building Proper Team

Make sure your manpower has skills. They all know their roles and responsibilities very well. A company must invest in an HR team to attract the world’s best manpower.

Mass Customization

Efficient operation management also involves “mass customization” of products. Mass customization helps cater to the different needs of your customers.

What are the Roles of an Operation Manager in any Organization?

The operation manager helps to manage every operation to achieve goals. A company includes the following activities in operation management. For Example: –

Customer satisfaction,

Logistics and inventory,

Coordinating educational assignments for staff,

Product quality,

Fix the problems,

Budgetary information,

Monitoring expense reports, etc.

Read the following roles which the operations manager perform in any company

  • Managing process of the project
  • Able to create a planning of product or product
  • Implementing a Manufacture Plant
  • Improve the system, product quality, efficiency, processes, and policies.
  • Identify the market or problem and provide solutions
  • Managing all the data, inventory, and logistic
  • Forecasting for planning (including initiatives geared towards operational excellence)
  • Planning for capacity
  • Should Have a good communication skill, management skill, or leadership skill
  • Have enough knowledge of technology or tools

Some other skills are:

  • Creative mindset
  • Positive attitude
  • Good analytical skills

As well as an operational manager keeps updated with new technology. MBA in operation management helps to become an expert in Operation management. This specialization can help you become successful in this information and technology-driven field.

Tips for Operation Management 101

We know the operation manager handles a bunch of things but read the following tips. And that will help you to focus on the only important thing.

Focus on the Right Operation Metrics

An operations manager handles a variety of goals like production, management, cost control. But you must know customer satisfaction is the primary operation in every business.

It is good to set up a large manufacturing unit. And improve the production or quality of the product or distribution processes. But it’s not valuable to you if you can’t make more sales.

According to operations management specialist Katherine Leonard,

operations managers,

1) Develop or market their product

2) Keep up with the expectations of their customers.

Find answers to the question like What are customers willing to pay for? What do they want? How they expect to get results.

So, avoid focusing on those things that are not necessary. An operation manager expert knows which matrices are important.

Always Focus on Data to Identify Key Problems

It is important for a business to find and remove the barriers that cause problems in our business. Operation managers take all operation decisions by considering all data. Otherwise, it is very harmful to the company and it may be facing big losses in the future.

So, keep maintaining your company’s previous data. Because it helps to identify what all products are in stock. Why is company performance down? Which products do you need to restock?

And if you find the right answer to the problem then it can help you to grow your business.

Many different tools are available in the market to keep storing your data.

Invest in Technology to Save Time and Money

Technology helps a business to reach more customers, generate more sales and profit. With the help of technology, businesses are able to communicate with each other. They are also able to share or store vast amounts of data about operations.

Storing your company’s data helps make the right decisions for the growth of the company.

Thus, investing in the right tools is great for your business.

Must-Have Soft Skills in all Office Staff

Some most essential skills must have In all your office staff to keep running your company. These skills help to create a good office environment. And improve the productivity or efficiency of your operations. Read the following skills

Communication Skills

This is the most essential skill for getting a good business environment. Let’s imagine you have an idea or doubt or problem but if you can’t communicate it then how can you fix it. You can build a good relationship of trust with your employees.

Time-management Skills

Time is a very crucial thing in the world. If you can’t complete your operation on time then you can’t compete with the competition.

Leadership Skills

You must be able to lead your team. You need to go with your team. A good leader must have qualities like empathy, resilience, accountability, humility, vision, influence.

Focus on pre-automation processes

Nowadays, technology and machines play a very important role in the success of a company. They help make operations easier, automated, and more efficient.

This is because setting up automation requires proper planning or process. You need to understand the working of the equipment. There are various tools available to automate your various things.

Conclusion

There are many goods and services that we use in our daily lives. But, have you thought about where these products come from or how are they made? The process of controlling and designing products and services is operation management. Operation management is the key to any successful organization. In this article, you will get to know everything about operation management 101. We will discuss its importance, principles, and some important tips for operation management.

With this, we conclude this article. Hope you get some useful insights on operation management. It will also make you understand the importance of an operation manager for a firm.

To learn more about business operations take beginners’ courses on operation management!

Citations

https://vtechworks.lib.vt.edu/bitstream/handle/10919/70961/Chapter%209%20Operations%20Management.pdf

https://www.pearsonhighered.com/assets/preface/0/1/3/5/0135173620.pdf

https://icmai.in/upload/Students/Syllabus2016/Inter/Paper-9New.pdf

http://www.himpub.com/documents/Chapter911.pdf

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