Importance of a COO in a Startup Business
When you start a business, you normally handle most of the duties that come with it. A startup, therefore, has few members of staff and remains so for quite some time. Over time, other people come on board, depending on the need for more human resources and the pursuit of efficiency in the operations. There comes a time when you need to review your role in the business, to help you hire strategically the team you need to drive the company even further.
Being the CEO of the business, you need to consider transferring some of the operational duties to a COO. Wearing both hats tends to lead to a neglect of certain important duties, which places the future of the company in jeopardy.
There are certain signs that should prompt you to make a decision regarding the presence of a COO. You need to get a COO on board when you realize there are too few people handling too many roles and duties. It is a common characteristic of startups that needs you to be vigilant enough not to fall in the same trap. Another sign is when you are overwhelmed, stressed out, and unable to keep up with your schedule. That is a clear sign you are doing too much, with no one to tell you this or relieve you of those burdens.
For efficient management of the startup, you need to have both the daily activity planning and operations running smoothly. If one receives little to no attention, the other will not excel. Once both are compromised, your startup is doomed. If you, as the boss, feel overwhelmed, imagine what your staff is going through.
A COO is necessary to pay attention to the internal operations of the business as you focus on growth and development, as well as the external side of the business. A COO will get the company well organized and flowing in the right order. Your staff will have their roles defined, and their expertise applied in areas where they can have the biggest impact. As they take care of the day to day running of the business, you will have time and space to work on the bigger picture of growth and direction for the company.
Hiring a COO, therefore, should be done right. It does not mean, however, that you should be too closed out when it comes to the selection. The temptation to hire those who have experience in your specific industry is luring, but not necessary. You need to instead be keen on their leadership and operations experience, no matter the field. Prioritize their ability to understand the vision of the company and put it into execution, over their understanding of your specific industry.
You need to be keen on their experience and areas in which they held responsibilities. Check also their references, to be certain of the individual you wish to hire.
If you can afford their services, it would be ideal to hire them. But for most startups, COO positions can be hard to fill, especially in the early stages. It is good news, therefore, to learn of the option to outsource COO services. You thus get saved from having to pay those huge sums in salaries, while still accessing the expertise you need in the service. You can learn more about this service on this site.