COOs are a CEO’s secret weapon. They can step in and assit the CEO in a variety of scenarios. For example, if the CEO feels overwhelmed, or has a skewed work/life balance, the can take charge and provide support.
However, COOs often lack support of their own, putting them at a disadvantage. This can make it harder to effectively allocate time. In fact, COOs often only spend ⅓ of their time on long-term strategic planning, despite this being critical to company success. Instead, COOs get caught up in employee and operational priorities.
COOs also struggle with losing top performers, information silos, carbon footprints, and many more modern problems. New strengths are required to effectively combat these challenges.
To develop these strengths, companies should focus on upskilling their COOs. This can promote business growth, improve communication, and increase clarity. Key ways that companies can support COOs are coaching and peer groups.
Coaching has a huge impact on success. It can lead to a return on investment of up to 788%, as well as increases in individual, team, and organizational performances. Peer groups also have measurable impacts. For instance, they can increase the chance of goal attainment by 95% through recurring meetings. They also promote innovation and the identification of growth opportunities.
Empowering COOs is key to elevating businesses. There are several tools that can achieve this, while also having lasting impacts on overall success.
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