Do You Need More Bandwidth?
FIVE REASONS YOUR BUSINESS MIGHT NEED A CHIEF OPERATING OFFICER!
The thought of having her own Chief Operating Officer had never occurred to her. She had been an independent consultant for over 14 years; working with her clients and hustling for new clients back in the early years. She had built an extremely successful career, but in 2014, she had an idea to grow her business by adding products to create residual income. She knew she wouldn’t have the bandwidth to continue to manage her clients and build this new part of her business.
And that is where our relationship began. The scope included creating the products, marketing the products, and shifting her business strategy. She added a COO Consultant to her team, and the rest is history.
Business owners can be put off by the title ‘Chief Operating Officer.’ They either have a small business with 2-10 employees, or they work alone and nowhere in their mindset does a COO fit into the picture.
For many business owners, they can’t see the vision of having a COO Consultant on staff. Here are five reasons you might want to change your mindset!
1. The Cost?!?
Yes, Chief Operating Officers make a lot of money when they work full time for big companies. And you’re thinking,” I am not a big company, and I don’t have an extra $100,000 laying around to pay someone!”
I hear you…and you should know that a COO Consultant won’t cost you $100,000 a year. Depending on your scope and how active you need a COO to be in your business, you can hire a COO Consultant for less than $35,000 a year! Think about that for a minute…the leadership support, the C-Level experience, strategy support, and implementation for less than what you might pay a regular employee annually.
Now, incorporate the progress and growth you can make in one year with this type of knowledge and support on your team, and the cost makes better sense.
2. What Would I Use A COO For?
Right now, you probably can’t conceive what you would use a COO for in your business. Am I, right?
Those questions usually dissipate after the first initial telephone call or meeting. When I meet with the business owner for the first time and they start sharing all the (open) projects they have going on, not to mention the ones that they can’t get to, I can hear the excitement building in their voice when we start creating a scope of work.
A COO Consultant is not a virtual assistant. You don’t have to manage them the way you do a regular employee. When the business owner starts to realize the amount of implementation included in the scope (work they won’t have to do), it all starts to feel really good; not to mention the level of expertise that is available to them.
3. Expands Your Bandwidth
When you add a COO Consultant to your team, you will find your bandwidth increases. Now, you have time to do those things you can never get to, and do your best work in areas where your true super powers lay.
Project management and accountability for operating your business become the norm, and you will find yourself becoming more organized and focused as you and your COO Consultant work together, side by side, in building your business.
4. You Don’t Know What You Don’t Know
Not everyone is great with systems, processes, project management, and implementation. And that’s okay, because that is the specialty of your COO consultant. Helping you create the strategy, building the systems, and implementing the processes is where you will get the most bang for your buck!
If you’ve ever found yourself buying programs to learn how to do things for your business, you might think, ’Why am I doing this? This is not in my wheel house, and I am spending more time trying to learn something that I don’t want to do.’
Ever had that conversation with yourself before? We all did our books when we first started. It was just what you did to get started. But, now that your business is growing, you most likely are working with an accountant or CPA, because being an accountant is probably not something you know, understand, or even have the desire to do.
5. Building A Team
One of the biggest assets of hiring a COO Consultant, at least this is what my clients have told me, is the feeling of having another smart person on their team, besides themselves.
Having the C-Level suite support to build strategies, build ideas, and implement projects (not just dream about them) helps motivate business owners to do more and be more. Working by yourself can be lonely. When you have an executive partner, who can help you create more, you will see your business growing faster than ever before.
If you’re interested in learning more about how a COO Consultant can help your business grow, please reach out to me as soon as you can. Let’s see if this type of relationship will work for your business.