In recent years, companies have found themselves in the process of various structural reorganizations. However, regardless of how many changes occur, the CEO always stands at the top of the organization. But, what often goes unnoticed are those who support the CEO.
The second-in-command is often tasked with enabling the CEO to be more efficient and get more done. However, with more than 40% of the world’s leading companies having the COO role unfilled, the second-in-command are stepping up. But, with the complexity and variety of the modern working landscape, the second-in-command can be one of many types.
There are 7 main types of second-in-command leaders. There are executors, who execute strategies for daily results, agents of change who lead specific business changes, and mentors who mentor a younger or less experienced CEO. There are also partners who co-lead to boost CEO efficacy and other half’s who complement a CEO’s unique skills. Finally, there are heir apparent who succeed the CEO and MVP’s who are kept in the company for the sheer value that they bring.
That being said, all successful second-in-command officers, or COO’s depending on the company, all have some consistent attributes. They all have acuity, organization, process, and structure. Firstly, acuity relates to the ability to quickly grasp complex concepts and to juggle multiple tasks effectively. Secondly, organization relates to the definition of priorities and subsequent allocation of the right amount of time, energy, and overall resources to achieve their goals. Finally, process and structure relate to the ability to reduce complexity for processes, to chunk large goals, and to create accountability while keeping consistency.
With all this in mind, you can see how many tasks a second-in-command may have to juggle or abilities they may need to possess. In the absence of a proper COO the position remains unfulfilled, leading 75% of CEOs to lack a second-in-command. This statistic can be felt by the CEO’s who may experience being overwhelmed, unproductive, and having no time to themselves. Additionally, they also report working on areas that are energy-draining and spending time managing people, rather than growing them.
These feelings are actualized into detriments for the business’s performance. Whether it is the CEO or the second-in-command, the lack of support can cost businesses big. In fact, companies are reported to lose 20% to 30% of their annual revenue due to inefficiencies in the infrastructure or support for executives. Furthermore, many executives are unable to allocate time appropriately. Therefore, the balance between daily occurrences, such as employees and operations, and long-term planning is 2:1.
These challenges can be seen in many areas beyond just time and financial consequences. There are numerous external and internal challenges that compound these, turning them into major problems. Things like worker shortages, supply chain disruptions, and compliance functions are all vital external functions of business that must be addressed by either the CEO or second-in-command. But the internal challenges intrinsic to the role itself also complicate the job. The lack of clarity in the role, a chaotic work environment, changes to priorities, and isolation all muddle many second-in-command.
Between the lack of support for COO’s and the lack of COO’s themselves, it is clear that there must be better support and upskilling for the second-in-command and COO’s. Fortunately, businesses like Diane Integrates help to make exactly that possible with COO coaching. These advisors provide coaching for the second in command or COO within your business, specifically. They can also help to hire talent to fill an unfilled position, as well.
With proper training, the second-in-command can create a measurable impact on growth, improve communication, and provide better clarity to a business. Statistically, these second-in-command’s see increases in individual performance, team performance, and organizational performance by 70%, 50%, and 48% respectively. All this culminates in an ROI increase of up to 788% via coaching alone, not to mention the mitigation of any company inefficiencies.
On top of the traditional coaching, Diane Integrates helps to power your business with AI technology as well. Through the power of Catipult.ai, valuation can be increased, meeting times can be reduced, and larger business goals can be achieved within only 12 quarters. This, in turn, helps to boost COO goals of acuity, organization, process, and structure by simplifying processes further and saving even more time. Fortunately, as a result of this, many companies have seen the value in COO’s, resulting in a 16% uptick between 2018 and 2022.
Whether you intend to upgrade your second-in-command or you acquire a new COO, the growth potential is almost certainly present in every situation. It could be for the coaching for people, or for the AI technology that helps to assist the people utilizing it. In order to take advantage of the numerous benefits of an improved second-in-command, advising companies like Diane Integrates are an important tool for any business.
