28 Mar 4 Essential Factors to Consider When Hiring a COO

In business, no two companies have the same exact goals. Sure, overarching objectives like “revenue” or “acquisition/retention” exist. But, there are unique, underlying objectives that define what success means to a CEO. 

That means, not every COO can fit the bill for a company’s needs. I’ve found it helpful in my experience as a COO for companies to consider various aspects of hiring the right type of COO for YOU. 

Before You Sign the Dotted Line

Here are just a few factors to think about when you’re on the search for a COO. 

✔ Identify exactly what your needs are within the company. COOs have expertise in different areas, you want one who can meet your specific challenges. Do you need more guidance on productivity and efficiency? Or, are you in need of someone who can align your vision/mission with employee performance? Perhaps both?

✔ Don’t be afraid to “think outside the box.” A COO’s creativity might bring to light areas of growth you’ve never explored. It’s always scary to try new things, but you also have to think about why the status quo is NOT working.

✔ Consider compatibility—but beware of a COO who has too similar of ideas of operational excellence. If that hasn’t worked thus far, why would it change? You want someone who can bring new/fresh ideas to the table and avoid stagnation. Be wary of any candidate who seems to mirror the current state of operations.

✔ Know your budget. Can you (honestly) afford a full-time COO? Or, might you be better served by a fractional COO? There are many options available, and some are better than others in terms of financial feasibility. 

Is the Time Right?

Most importantly is to recognize when you need a COO. Even if things are going well, financially, there could be operational inconsistencies that haven’t yet risen to the surface—like a rumbling volcano, just waiting to erupt. 

If you’re uncertain of the benefits a COO might bring to your business, let’s explore it. You can always connect with me on my website or email me at michael@consultstraza.com.