There comes a point in every company’s growth where you need to hire a second in command. There is only so much you can do on your own. Your time isn’t limitless, and the last thing you need is to suffer from burnout.
So, why should you hire a second in command? What are their benefits?
Your Time is Valuable
A big reason you need to hire a COO is that you really need to leverage your time. The time of an entrepreneur (a CEO) is precious. Hiring a second in command ensures you have time to do what you do best.
Hiring a second in command will cost you some money, but your time is worth much more than that. You’ll get to a certain point in your business without a second in command where your growth becomes stagnant because you just don’t have the time to focus on building your business upwards anymore. With a COO, you can continue your upwards growth and make much more money than it costs you to hire a second in command.
They’ll Execute Your Ideas
Coming up with big ideas to grow your company upwards and executing them can be a lot of work for just one person. With a second in command, you don’t have to worry about how you’re going to execute your ideas amid your business, you just have to come up with them!
“The COO can execute your strategy. A chief operating officer can be charged with making your big ideas happen. One of the most common responsibilities for COOs is the oversight of critical projects.” – Forbes
They’ll Strengthen Your Company’s Leadership
The right second in command will strengthen your company’s leadership significantly. This isn’t to say that you’re not a strong leader, but you’re only one person. With a CEO and a COO (and even a CFO), your business will be led significantly better.
“The COO as a strategic leader focuses their time on that system of leadership and management that ensures you are taking the most comprehensive approach to creating quality, efficiency and stellar customer service in your tactical teams.” – LinkedIn
You Can Focus on Improving Your Business
When your business starts to grow, a lot of your time ends up getting spent on managing your employees and business, rather than improving and building it upwards. By hiring a second in command, they can focus on the management part, freeing up your time and energy on continuing to make your business even greater.
“When you’re spending all of your time making sure everything runs smoothly, you have less time to brainstorm new ways to push your company forward. If you’re too busy making sure your business stays afloat, consider hiring a COO. A chief operating officer can take control of the daily workings of your company, giving you more time to analyze where your business is going and how you can help it get there.” – Y Scouts
Of course, once you hire and onboard your second in command, you’ll need to ensure that they are continuing to learn and grow just like any great leader. We can help with that! Have them join us and connect with and learn from other COOs.
Have you hired a second in command? How has your business improved since? Let us know in the comments below.
If you have questions or would like more information, I’d be happy to help. Please send us an email, and someone from my team will get in touch with you!
Editor’s Note: This post was originally published in February 2018 and has been edited for accuracy and comprehensiveness.