More than 40% of the world’s leading companies have a Chief Operating Officer (COO). Second in command to the CEO, a COO is often labeled a company’s “secret weapon” as they are an essential element to a company’s success. The job of a COO varies based on the CEO’s needs, the business stage of the company, and where the strengths of the company lie. A COO’s role is incredibly important to the flow of a business, so ensuring that they have the proper training is crucial.
When a COO receives adequate training, it yields incredible performance increases across the board. These accelerated results include a 70% increase in individual performance, a 50% increase in team performance, and a 48% improvement across the entire organization. Based on the data provided, the incentive to invest in the development of a COO should be high, however, many businesses fall short of providing the necessary support and training.
The cost of not backing the development of a COO may result in significant disadvantages. Companies lose around 20% – 30% of their revenues every year due to inefficiencies in the workflow. Inadequate training and high-pressure situations result in COOs who are unable to adequately allocate their time effectively, resulting in a loss of strategic planning time. It’s clear that methods of the past are no longer beneficial in operating a business, so the second in command must lean into developing new skills and strengths to successfully run a business.
Luckily, there are tools provided such as Catapult Ai to specifically help companies train important positions such as a COO. These tools are not only meant to enhance the performance of the individual receiving the training but also to improve operations company-wide. Ultimately, an investment in resources and training for COO coaching only promotes positive growth for a company.
