COO – the “Secret Weapon,” 2 or 3 parts
The COO agenda
The COO agenda focuses on actions only COOs can take to optimize resource allocation. The agenda elements will vary by company and context, but the core elements include:
- Vision. The most effective COOs ensure a clearly stated and well-understood strategic mandate. Vision is not a to-do list, a five-year plan, or a mission statement. A real vision comes about when the leadership (founder, CEO/COO, entrepreneur) plants one foot in the present and then leans out and places the other in the future, in the “what could be.” The time horizon must be short enough to be seen as realistic and achievable yet long enough to allow the company to realize innovative and expansive ideas.
- Planning and Implementation. This is the “how” of making the vision real. Typically, a few corporate managers work together to write a plan that only with actual field experience can challenge. The process shields planning from the current market reality. Why? Such a method is past-driven and myopic. A plan must be developed from the bottom up. Only people with in-depth, intimate field knowledge can develop an effective strategy. It should look six, 18, and 36 months into the future, with a portfolio of initiatives for each team.
- Stakeholder participation. Operational excellence depends on stakeholder engagement, including the customer, board, and employees.
- Organization and talent. No COO can run the operations alone. The COOs must find the best teams and lean on them. They also prepare successors to ensure continuity after they or other managers move on or climb the next step on the ladder.
- Personal operating model. COOs need to manage how they spend their time, where they turn their attention, how they lead, and how they interact with stakeholders.
The COO’s vision should start with the overall business strategy. High levels of ownership and buy-in among all operators—including those on the front line—are critical to the success of the overall business and COO vision.
In Part 3, I will address how a COO can build a plan to enact its vision.
I would love to hear about your experiences! Please share your stories at satishmehtausa@gmail.com. Please forward this knowledge letter to those who could benefit from it. They can subscribe to it here or by clicking on the link below.
Thank you,
