The chief executive officer appoints a chief operating officer. You need to formulate business plans, marketing plans, risk managing plans and many more. You are supposed to manage the day to day work of the company and ensure smooth operations. The work involves attending to the Board of Directors in the absence of the CEO. The job encircles on the idea of further business plans and policy formulation which would help incur profits for the company. This is directly related to the overall revenue earnings, sales and growth. You have to handle the company's revenue and sales growth. You should have good understanding of the modern business industry. Take a look at the role in detail:
1. Formulate policies at the starting of the year to achieve goals and objectives regarding budget and other financial matters.
2. Design long term as well as short term plans to meet the strategic business goals.
3. You should continuously monitor the performance of the staff; allocate resources to them as per their needs.
4. You should show that you can successfully handle the business for the company in terms of company's products and services.
5. You should actively participate in different meetings to discuss the growth activities of the company so that the business objectives and goals can be fulfilled.
6. You should take interest in meetings which are held for capital market development. This can include road shows, bank meetings and others.
7. Your main responsibility is to develop, test and use different operating policies to form a base for company's overall policies and objectives.
8. Chief operating officer should regularly check out for the status of the staff members and if any member is facing any problem, then you are responsible for solving the problem.
9. Complete the duties assigned by the CEO of the company.
For a person to develop a successful career as chief operating officer, the following qualifications are needed. Basic elementary education with a Bachelor's Degree in any discipline along with an MBA degree is required. The management degree is a must to pursue career as chief operating officer. Good academic record throughout the career is of additional advantage. Additional specialized courses would be an added advantage.
To be successful chief operating officer, a person must have the following mentioned skill sets:
1. Have excellent oral and written communication skills to be able to explain things clearly. You must also possess excellent presentation skills and must be very confident.
2. A Chief operating officer should be always ready to face challenge. You should have excellent problem solving skills.
3. You should have sufficient knowledge in all the areas of this field like budgeting, sales, business development and planning out strategies.
4. You should bear respect in your mind for your staff and should be able to establish trust worthy relationship with the staff members.
5. You should have good leadership skills and should be able to manage the team well.
6. The entire load of managing the company in your absence is in the hands of chief operating officer and so you should be able to work under pressure situations without losing concentration.
7. Be patient.
8. Be self motivated and should always possess positive attitude in life.
9. Have excellent analyzing power because business needs rapid understanding of the complex data and if you fail to do so then it may cause harm to the business.
10. Should have good time management skills and must be comfortable with handling different kinds of projects.
11. Strong organizational and negotiations skills.
12. Be good at making the right decision.
Relevant training in Management and associated courses are likely to make the complicated job responsibilities for a CEO a lot easier.
In terms of experience minimum two years of experience is required. A Chief operating officer should have handled and completed several projects in the past. To get a job in a quality Multinational company a good 10 to 15 years of work experience in the specific field would be necessary.
The demand for chief operating officer jobs is rising day by day since each and every organization around the world wants to excel in their business. This is an immensely potential field and great scope in the future is anticipated by experts.
On an average a chief operating officer gets a salary ranging from $100,000 to $ 225,000 but this in accordance with the experience, skills and education qualification of the person. The salary also varies from company to company and the type and industry the person is in. Chief operating officer's job is the most reputable one in the society.
The CEO is the person who holds one of the apex ranks in a corporate house. They are the main driving force behind the working of the firm and lead the rest of the professionals who follow the hierarchy. Hence the job though on one hand is of absolute responsibility, and on the other hand it may suffice the undying spirit of innovation and entrepreneurship in industrious individuals.