There has been much fanfare when it comes to supporting and coaching the executive suite, particularly the CEO. But who's there to support the Second in Command? COO Coaching is equally, if not more important to keep a healthy organization thriving. Learn more in the infographic below.
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Partly because the Second-in-Command/COO role varies by company!
There is no standard job description, or even job title, for Second-in-Commands because the role is based on:
CEO’s expertise and needs.
Company’s lifecycle stage.
Expertise and strengths of other leadership team members.
Which of the seven Second-in-Command types the company needs.
This lack of clarity, which keeps this secret weapon underutilized, is nobody’s fault.
When a company is growing, especially rapidly, there isn’t time to step back and clearly define the CEO and Second-in-Command roles.
Unfortunately, over time, lack of clarity at the top leads to:
Inconsistent processes and information.
Chaotic work environment.
Difficulty allocating time effectively.
Reduced productivity and profitability.
In fact, companies lose 20% to 30% of their revenue every year to inefficiencies. And new internal and external challenges continue to emerge.
Fortunately, an equipped Second-in-Command with a clearly defined role can reverse this trend and help you elevate your business.
Strategies to ensure your Second-in-Command/COO is best prepared to support you and your company include providing them with:
Coaching.
Strategic tools, like a business operating system.
Technology tools.
Membership in a Peer Group for Second-in-Commands (2iCs).
Here’s to you and your 2iC rocking 2024!
Everyone Helps the CEO, But Who Helps The Second-in-Command?
More than 40% of the world’s leading companies have a COO. But without a standard job description. Many Second-in-Commands are filling the COO role without the title.
The CEO’s Secret Weapon
The Second-in-Command/COO complements the Entrepreneur (aka CEO)
The job of COO varies based on
CEO needs
Company stage
Leadership team strengths
There are roughly seven different 2iC types
Executor: Executes strategies and delivers daily results
Change agent: Leads specific business changes such as mergers
Mentor: Mentors a younger or less experienced CEO
Other half: Complements the CEO with unique skills
Partner: Co-leads to improve CEO effectiveness
Heir apparent: Succeeds the Entrepreneur/CEO (with their blessing)
MVP: Keep in the company because they are too valuable to lose
There are three consistent attributes of a successful Second-in-Command/COO:
Acuity
Quickly grasps complex concepts
Juggles multiple tasks effectively
Organization
Defines priorities
Allocates the right amount of time, energy, and resources to achieve the goals/vision
Process and structure
Reduces complexity and systematizes processes
Creates clarity and accountability while providing consistency
Translates the big picture into achievable components
But true Second-in-Commands/COOs are extremely rare (with a 4:1 Ratio)
Four (4) Entrepreneurs/CEOs to every one (1) Second in Command/COO
This leaves 75% of Entrepreneurs/CEOs without a true Second in Command/COO
The recent COO resurgence is garnering lots of attention
Rose up to 16% between 2018 and 2022
Today, businesses need a Second-in-Command/COO when the Entrepreneur/CEO:
Feels overwhelmed
Spends time managing people but not growing people
Works on areas of the business that drain them of energy
Isn’t getting enough done
Has no time or life for themselves (the business owns them)
Unfortunately, not every Second-in-Command/COO gets the support and guidance they need — putting modern organizations at a significant disadvantage.
The Cost of Not Investing In Your Second-in-Command/COO
Companies lose 20% to 30% of their revenue to inefficiencies every year
Due to pressure and inadequate training, many Second-in-Command/COO’s are unable to allocate time effectively
Only spending ⅓ on long-term strategic planning
Too much time spent dealing with employee and operational priorities
Modern challenges for the Second-in-Command/COO include:
External challenges:
Worker shortages and employee turnover (44%)
Digital transformation initiatives (43%)
Supply chain disruptions (29%)
Compliance functions (18%)
Integrating new acquisitions (17%)
Carbon footprints (17%)
Internal challenges:
Lack of clarity in role
Changes to the vision and priorities
Chaotic work environment
Unengaged teams/staff not comfortable speaking up
Losing top performers
Information silos
Isolation
It’s clear the skills and tools of the past are no longer enough
Second-in-Commands/COOs must lean into upskilling to develop new strengths
Empowering Second-in-Commands/COOs creates a measurable impact on business growth, leading to better clarity, improved communication, and sustainable success when implemented correctly
Upskilling Your Secret Weapon for 2024 and Beyond
Make sure you have the right Second-in-Command/COO
Assess your current situation (Diane Integrates)
Hire the best possible talent (VisionSpark)
Provide coaching for your Second-in-Command/COO (Diane Integrates)
Improve clarity and accountability
Keep company aligned, focused, and moving forward
Accelerate results
See increases due to coaching:
Individual performance (70%)
Team performance (50%)
Organizational performance (48%)
Earn ROI (return on investment) in coaching of up to 788%
Incorporate strategic tools, like a Business Operating System
Increase valuation with world-class Key Performance Indicators (KPIs)
Break down silos and increase retention
Improve meetings (Focus on solving issues and capitalizing on opportunities)
Accelerate results with 6-week, quarterly, and annual meetings
Achieve your quarterly, annual, and 3-year business goals
Grow the business faster and more strategically
Sponsor participation in a Second-in-Command 2iC/COO Peer Group
Improve decision-making capabilities
Reduce harmful biases in the decision-making process by actively engaging in diverse networks
Increase goal attainment
Raise the chance of goal attainment by 95% through ongoing meetings with accountability partners
Enhance innovation and identification of growth opportunities
Spark ideas through exposure to a wide range of diverse perspectives
Fuel continuous learning and professional growth
Provide learning opportunities seen as important by 86% of employees
Equip your Second-in-Command and elevate your business.
Sources
Rocket Fuel