What Are The Main Daily Tasks Of A Chief Operating Officer? — Mark Jones COO
In the words of Mark Jones, “The true measure of a leader is not in his ability to know and follow the way, but to show it too.” This quote accurately describes the role undertaken by a company’s chief operating officer. I believe you have a rough notion of who a chief operating officer is. Do you, however, know the roles and responsibilities tasked upon him or her?
A chief operating officer, popularly known as COO, typically defined in layman’s language, as the executor of a company’s operations. A chief operating officer works hand in hand with the CEO to run the daily administrative affairs of the company. The chief operating officer handles internal affairs while the chief executive deals with external ones. The main tasks partaken daily by a chief operating officer are:
1. Implementing The Company’s Business Strategy
A chief operating officer needs to have a clear understanding of the company’s value propositions. He or she should then implement a business strategy, ensuring that it aligns with the business model and company value propositions. Occasionally, the chief operating officer should assess whether the implemented business strategy is spearheading the company to achieve its vision and mission.
2. Executing New Operation Initiatives
This role is more so important in young companies where operational and administrative patterns change frequently. The chief operating officer oversees the enaction of new operation lines, the introduction of new products, and the implementation of corporate social responsibility projects and any other external projects.
3. Managing Operations In All Departments
The chief operating officer (COO) works in conjunction with management in the sales, finance, marketing, and human resource departments, among others in the company, to make sure internal operations are in alignment, and to ensure the company is hitting its targets. This role calls for a chief operating officer who is intuitive, has strong leadership skills and is good at conflict identification and resolution.
4. Monitoring The Company’s Financial Reports
The chief operating officer job oversees the company’s investments and works closely with the company’s accountants to ensure that incurred costs are at per with the company’s budget. The COO summons the finance department team to submit financial reports and explain any notable discrepancies in the financial statements.
5. Nurturing The Company’s Relationship With Its Stakeholders
A chief operating officer has the mandate to maintain good relations with the company’s clientele and any other stakeholders. He or she ensures that the company adheres to the local and national governmental requirements and addresses any conflicts that arise with suppliers, partners, and customers.
6. Reporting To CEO On The Company’s Operations
The last main task of a chief operating officer is to report all operations of the company to the CEO, who then forwards the reports to the company’s shareholders.
In summation, the chief operating officer is the vanguard that spearheads the growth of the company. Therefore, he or she ought to be in tune with the core values, mission, and vision of the company. The chief operating officer should then couple his knowledge of the company with good managerial skills to ensure smooth running of the company’s operations.
