Are you struggling to balance the daily demands of running your business while also planning for its future? As a CEO or founder, it's crucial to focus on long-term strategic planning and vision. This is where a Chief Operating Officer (COO) can provide invaluable support and expertise to help take your business to new heights. But what exactly does a COO do, and how do you determine if your business needs one?
As a woman entrepreneur, Candice knows firsthand how challenging it can be to navigate the business world. That’s why she was thrilled to participate in the York’s ELLA Altitude Program, a 4-month accelerator program designed specifically for women entrepreneurs who are ready to scale their businesses rapidly. This program was a game-changer for her and her business, Art Collision, and she would like to share her experience with others:
“One of the key benefits of the ELLA Altitude Program was the Fractional Executive opportunity. I was paired with a COO who was able to offer personalized guidance and support. This relationship was invaluable to me as I was able to get feedback on my business plan, financial strategy, and more. My fractional executive also helped me build my network by introducing me to potential tech incubators for 2023 and 2024.”
Here are three actionable tips for working with a COO:
Define Your Goals and Strategy - Before bringing on a COO, it's important to define your company's goals and strategy. This will help ensure that the COO's efforts align with the direction the business needs to go. By having a clear direction, it is possible to make sure the COO's work is aligned with the company's long-term goals.
Communicate Effectively - The COO is responsible for managing the day-to-day operations of the company, which requires constant communication with the team to ensure everything is running smoothly. Effective communication is crucial, and CEOs should regularly check in with the COO to ensure that they have the resources and support needed to succeed. Clear communication also ensures that everyone is on the same page and working towards the same goals.
Trust Their Expertise - The COO is an expert in operations management and strategic planning, and it's essential to trust their expertise. Although CEOs may have a vision for the company, the COO has the skills and knowledge to make that vision a reality. This means being open to their ideas and suggestions, and empowering the COO to make decisions and take action when necessary. This will help ensure that the company runs smoothly and everyone is working together towards the same goals.
Investing in a COO could be the best decision any CEO, founder, or entrepreneur could make for their growing business. Just like Candice, who participated in the ELLA Altitude Program and achieved significant growth in her business, we help other CEOs, founders, and entrepreneurs achieve their business objectives by providing professional COO services. We work collaboratively with businesses to define their objectives, establish efficient processes, and ensure that they have the resources and support necessary to achieve their goals. Contact us today at support@scalinggrp.com to take your business to the next level!