CEOs are often lauded as the champions of companies, and, while they are incredibly important, they also benefit from the work of COOs.  COOs act as the second-in-command and provide support to the CEO.  More than 40% of companies across the globe have a COO, although the position itself varies based on CEO needs, company stage, and leadership team strengths. 

For example, there are seven main types of COOs.  The first role is that of the executor.  Executors focus on implementing strategies and developing daily results.  Another example is the change agent, who takes the lead on specific business changes.  COOs can also be mentors, guiding and teaching a less-experienced CEO.  There are other roles as well, such as the other half, the partner, the heir apparent, and the MVP.  Each type of COO has its own goals and strengths, allowing for variety in the job. 

However, there are traits that benefit COOs across the board, no matter their niche role.  These traits are acuity, organization, and process and structure.  Acuity is the ability to multitask and quickly understand complex topics.  Organization involves the definition of priorities.  Finally, COOs who excel in process and structure reduce complexity, break larger goals into smaller parts, and create systems, clarity, and accountability. 

What Do COOs Look Like?

Despite their utility, true COOs are rare.  In fact, there is only one COO for every four CEOs.  This results in 75% of CEOs not having a COO.  This can lead to big hits to efficiency and profit.  In fact, companies lose 20% to 30% of their annual revenue to inefficiencies.  Without a COO, these losses are more likely. 

COOs face many challenges.  For starters, they often do not have a standard job description, which can lead to unclear roles.  Additionally, COOs struggle with employee turnover, carbon footprints, supply chain disruptions, chaotic work environments, unengaged teams, the loss of top performers, and more. 

When combined with a lack of proper training, these challenges prevent COOs from maximizing their time.  On the whole, COOs only spend ⅓ of their time on long-term strategic planning.  This is often because they are too focused on dealing with employees and day-to-day operations.  

With these challenges in mind, it is important to support COOs.  In turn, COOs will be able to better serve the company.  In order to help COOs find success, companies should provide better training and upskilling opportunities.  With the help of coaching, individual performance tends to increase 70%, team performance increases by 50%, and organizational performance increases by 48%.  The return on investment of COO coaching can be as high as 788%. 

There are several specific tools that can help with this coaching.  For example, the Catipult Business Operating System can break down silos and increase retention, reduce meeting times, and achieve business goals within 12 quarters.  COO peer groups are other options.  These can improve decision-making skills, boost innovation and goal-setting, and foster ongoing learning. 

Conclusion

COOs are important when it comes to guiding a business to its full potential.  Currently, COOs face challenges that prevent them from achieving full success.  Luckily, with the use of a variety of upskilling and COO coaching tools, COOs can develop new strengths and gain new resources to excel in their jobs.