Everyone helps the CEO, but who helps the second in command? The Chief Operating Officer (COO), acts as the right-hand man to the CEO, assisting with business strategies, deals, and mentoring. They may even succeed the CEO when the time comes. The role of the COO is vital to the success of a business, so it is essential to ensure that the proper care is placed on COO coaching.
The Pitfalls of a Poorly Performing COO
Companies lose roughly 20% – 30% of their revenues each year due to an undertrained COO operating inefficiently. Examples of poor management include issues with the supply chain and worker shortages. Lack of clarity in a role and chaotic work environment are more factors that may lead to top performers leaving a company. While many of these challenges are brought on by inefficient management, they can be easily fixed with specialized training.
Training tools such as Catapult Ai are specifically designed to build the strength of a company around highly trained leadership. Benefits of using such programs include improved decision-making by management, increased goal attainment, an enhanced understanding of possible growth opportunities, and a solid foundation to continue developing. Implementing a curated training plan has been proven to foster a 48% increase in company performance, a 50% increase in team performance, and a staggering 70% increase in individual performance. Working with these programs may also help point out areas for improvement within the company itself. The feedback offers a chance for continuous learning, development, and growth.
Conclusion
Providing the COO with the right management tools equips them with essential support that’s needed when driving strategic initiatives and making high-pressure decisions. Every department must be held to a high standard for a business to operate smoothly, so the leadership of the company must set the standard. Ensuring that the proper training is enforced is the ultimate blueprint for setting the company’s foundations.
Source: Diane Integrates