The Makings of a Great COO: Part 2 of 2
I was born to be a COO…I just didn’t know it at first.
I know for a fact that a Chief Operating Officer is a position that grows in appreciation over time. Yes, you can go right out after getting an MBA and begin working as a COO. You’ll have some great theoretical knowledge (it’s not practical until you start doing something with it), and you might even have a great natural sense for the position (you can read about what I believe makes a great COO here). But a truly great COO is one who combines knowledge, ability, and experience.
And experience takes time.
It took me nearly 30 years of operational leadership and project management work to truly understand the ins and outs of business management. Tack on another decade of multi-business ownership, strategic planning, and change management, and you get the cocktail of practical knowledge, innate ability, and hard-earned experience.
I’m going to share this perfect cocktail with you.
I’m going to break down my knowledge, approach, and vision for an optimized working perspective. And it all starts with…
What I Wish Someone Had Told Me When I First Got Started (And What I’m Now Telling You)
Imagine you have a time machine. But there are some rules that come along with it. You can only go back in time, not forward. You can also only visit your past self, no one else. And you can only share information, not physically change anything. What would you say?
I know exactly what I wish someone would have told me when I first got started.
The importance of a clearly documented and clearly communicated vision.
When a business has a defined vision, it attracts the right kind of people. Not just customers who want your product, but enthusiastic employees who are aligned with your goals and strategies. A clear vision defines and lays the groundwork for the workplace while uniting your teams under a common goal.
How to develop a shared vision with other executives- and their teams.
Creating a solid, authentic, and aligned vision takes communication and cooperation. Sometimes, when working with other C-suites and their teams, there will be a variety of perspectives and ideas that need to be sorted through and condensed. All opinions have to be looked at and considered, but in the end, the shared vision needs to be one that is in the best interest of the business.
How to operationalize your strategy.
Once your vision is established, it’s time to start implementing it. This can be the most challenging part of the process, as so many businesses get tripped up in the beginning about where to focus their attention and how to achieve their goals. I wish that I had a proven system and process like I do now to take your vision and goals and achieve them.
If only I had a time machine to go back and tell myself all of this when I first got started. At least I learned along the way!
Multi-Step Problem Solving (And How It Solves Multiple Problems)
While working in a business, you’ll realize that there’s never just one problem. Sure, there may be THE BIG ONE, the issue that’s on everyone’s minds and that is throwing the business out of alignment, but a big problem is inevitably tied to a host of other, smaller problems.
Equally as important to understand is the concept that nothing gets fixed in one fell swoop. Problem-solving in a business is a process with multiple steps, and when a COO begins work with a business, they must prioritize their time and what problems they address first.
COOs can’t address everything at once. That’s why prioritization is key.
Once you work in a few different businesses, you begin to realize that most of the problems on a company’s hit list are actually symptoms of one central problem. When that issue is addressed, it generally eliminates many of the other symptoms!
Identify the root of the problem, then develop solutions accordingly.
Problem-solving, even when there are multiple problems all tangled together, doesn’t require a lot of steps. The first step is always problem identification: what is the real root cause of these issues? Be careful not to confuse a symptom of a problem for the problem itself. Next comes giving that problem the attention it deserves. Discover where the problem originated and how it affects the business. Then you can begin to develop solutions and applying them to your issue.
Throughout the entire problem-solving process, the key is open and honest communication. In order to allow you to properly identify and rectify a business’s problems as a COO, you need collaboration with people in the business to have trust in one another, in their leadership team, and in you. They need to understand who you are and what they’re there to do. When employees know your intentions and goals for their business, they are much more likely to be vulnerable and collaborate with you in order to solve problems and innovate new solutions for their business.
Collaboration and Shared Knowledge
Business is truly a team effort. A person can’t make a business succeed on their own. When I go into a company, I’m not just thinking about teamwork; I’m thinking about collaboration.
If I’m working with a business struggling with communication, going in and creating massive waves in the company by ordering executives to enforce sweeping changes down their ranks is not an effective method of creating lasting change. In fact, it would likely cause more issues once I transitioned out of the business, as many people in the company would be unclear on the goals and structure.
Top-down dictation doesn’t always work, especially with the growing millennial workforce.
In the US today, millennials account for over one-third of workers. And with this generation’s progressive ideals on work-life balance, technology, and collaboration, the old business styles of top-down dictation and “hustle and grind” just won’t be effective.
Instead, create an atmosphere of inclusiveness in your business.
A COO’s greatest resource will often be the organization’s long-time employees. Leverage the collective experience and wisdom of the company and let those who have been doing the work lead the way. You don’t have to be an expert in all the specifics of every business immediately. And you don’t have to pretend to be either! Fostering clear and open communication in the businesses you work with will create a collaborative environment that generates better, sustainable results that will last long after your exit. (Which is the point, right?)
So much of being a COO is self-discovery. Learning who you are and what you’re capable of are paramount to helping businesses. The real value of a COO comes into play when they are able to go into a company, analyze the situation, foster communication amongst the teams, and apply effective solutions to better the business.
That’s what I do for businesses, and I can show you how to do the same.