Stephan analyzes the skills and characteristics required to be a COO

The COO compensation and job description might be highly alluring when considering senior business leadership positions. Additionally, there are various paths that the role of COO might take. It is possible to locate a job that satisfies business demands while utilizing specialists’ skills.

There are specific abilities and educational qualifications that students should work for to become a COO, manage a company’s daily operations, and report to and support the CEO and senior management team. Although many business administration students widely desire a senior executive position like COO, it has its share of difficulties, like any professional function.

An example of a Chief Operating Officer is the coveted Stephan Nalley. Mr. Nalley served as Ocean Waters’ chief operating officer and chairman of the executive committee. Ocean Waters is a comprehensive real estate investment firm with approximately 129 distinct companies, 79 properties, 45 hotels open for business, and diverse commercial, retail, and residential components. Mr. Nalley was in charge of overseeing the organization’s general management and day-to-day operations.

By purchasing underperforming Hotel & Resort assets and bringing them to profitability, Mr. Nalley helped Ocean Waters and its Principals create nearly $1 Billion in value. The valuable experience gained from being the COO led Stephan Nalley to develop his own real estate company, Black Briar. The company has obtained $ 2 Billion in assets across real estate, including over 100 hotels and resorts. Reaching the level he has gone to now is mainly due to his skills and characteristics.

Such numbers are exemplary, and these are achieved through the skills and characteristics required to be a leader and a COO.

Some of the most critical skills and abilities for professionals in the role of COO include:

Organizational, administrative, and leadership skills

The COO manages the company’s everyday operations, including those involving each department. The COO must properly and effectively coordinate these activities and functions to support business strategy and meet client or customer needs. Strong leadership abilities are crucial since the COO must efficiently administer guidance and direction for the departments that report to them, including HR, legal, and other departments.

Goal Oriented and Result Driven

Successful COOs are very goal-oriented and work hard to accomplish both the CEO’s overarching objectives and the smaller, more manageable goals that support the company’s daily operations. As The Balance clarifies, this goal orientation needs to be balanced with a need for outcomes. In other words, the COO must convince the CEO and senior executives that their approach is sound.

Decision Making

COOs will frequently decide how to manage the business’s everyday operations. This can entail resolving any operational problems that hinder progress in the short term and collaborating with the CEO to address any operational issues that will take longer to fix. Strong decision-making abilities are necessary for COOs, but they must also know how to assign duties to the department heads and supervisors that report to them.

Critical thinking and multitasking

The COO frequently has to balance every business division’s objectives, demands, and difficulties. The COO must exercise critical judgment, give the needs of department supervisors top priority, and take into account the goals and general strategy of the CEO to strike this balance. The COO will also need to multitask and balance these duties while they oversee the daily operations of the company’s key departments.