What Makes a Good Chief Operating Officer?
- Thomas Mercier
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.
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.
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.
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.