What is the full form of COO?
The Chief Operating Officer is the full form of COO. The COO is a senior executive responsible for overseeing a company’s day-to-day administrative and operational functions. Typically, the COO directly reports to the CEO (Chief Executive Officer) and is considered the second highest position in the management hierarchy.
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Some corporations also use terms like ‘Executive Vice President of Operations’, ‘Chief Operations Officer’, and ‘Operations Director’ to refer to the COO. The COO primarily focuses on executing a company’s business plan as per the business model and handles the company’s internal affairs.
Skills required to be a COO
- Strong analytical, managerial, communication and leadership skills.
- A degree in business administration or related sector.
- Problem solving and decision-making skills.
- Good understanding of the positions within the organizations i.e. Growth, HR, Accounting, HR, etc.
- Relevant professional experience and proven track record in similar posts.
Responsibilities of COO
- Implement the strategies made by the CEO and the Board of Directors by team engagement and leadership.
- Oversee the administrative and operational activities of the company.
- Supervise the planning of corporate budgets and review the routine business output indicators.
- Actively participate in all company decisions to promote leadership and ownership, and offer success.
- Participate in the budget preparation exercise with the CEO and other decision-makers.
- Regularly review financial and administrative activities to determine the progress and difficulties faced during the same.
What is the difference between a CEO and a COO?
A Chief Executive Officer (CEO) is the top-most ranking position within a company, while a COO comes second in the hierarchy and reports to the company CEO. The CEO acts as the public face of the company and handles all outward-facing communication. A COO is tasked with overseeing the day-to-day operations of the company.
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