15 Coaches Share Their Top Advice On Creating Multiple Revenue Streams For Your Business https://ift.tt/3aXq3RG
Ask If It’s Viable Right Now It is not really hard to create additional revenue in most businesses. The real question is if it is feasible or does it interfere with any other aspect of the existing business model? Is the timing correct? Will it cannibalize existing revenue streams? Once those and similar questions are answered, additional revenue streams can be explored and implemented. – Kamyar Shah, World Consulting Group https://kamyarshah.com #SMBConsultants
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Seven Things Every Business Should Avoid When Using Crowdfunding https://ift.tt/2JRkzfz
Not Being Honest About Concept And Needs Crowdfunding is no different than any other business relationship: folks trusting you and investing money in you and your business. Hence it is important to be authentic—be honest about your concept and needs, be honest about intentions and, most importantly, maintain consistent channels of communication. All those actions will lead to trust, which in turn is helpful if anything goes awry. – Kamyar Shah, World Consulting Group https://kamyarshah.com #SMBConsultants
13 Mistakes Business Owners Make When Trying To Differentiate Their Company https://ift.tt/2RIh7Z5
Always Comparing To Others Though product and services comparison may work, it is a short-sighted approach. Comparison in a crowded market may, in some cases, even be harmful by providing additional exposure for competitors. A more sustainable approach, however, is a combination of providing education and creating a customer-centric organization. These organic differentiations are long-term and not subject to fads. – Kamyar Shah, World Consulting Group https://kamyarshah.com #SMBConsultants
Don’t Be Embarrassed To Ask These 14 Common Leadership Questions https://ift.tt/3c39IuM
When should I stop? In my experience, one of the least asked questions is, when do we reach the dreaded “diminishing returns?” Many entrepreneurs and senior executives incorrectly assume that all things have to consistently improve, which in turn results in some repetitive non-ROI-yielding activities. It is extremely important for advisors to be mindful and reiterate the need for factual evaluation. – Kamyar Shah, World Consulting Group https://kamyarshah.com #SMBConsultants
15 Culture-Building Tips For An All-Remote Team https://ift.tt/2trzRTt
Encourage Cross-Collaboration As someone that has worked 16-plus years remotely, the single most important cultural tool is cross-collaboration. Remote teams that integrate cross-collaboration among team members tend to create deeper and more personal relationships. It ultimately tends to translate into deeper personal bonds that not only help maintain but also evolve the organizational culture. – Kamyar Shah, World Consulting Group By Kamyar Shah – Business Consultant https://kamyarshah.com #SMBConsultants
Is Your Company Growing Too Fast? 14 Red Flags To Watch For https://ift.tt/36ZakP8
You’re Putting Out Daily Fires Rapid growth entails change, which tends to create friction. That sort of friction tends to manifest in a wide range of symptoms such as quality control issues, customer dissatisfaction as well as internal conflicts. Those symptoms are just that—symptoms. The underlying causes are virtually always within growth and scaling projects that were not planned or not executed properly. – Kamyar Shah, World Consulting Group By Kamyar Shah – Remote CMO https://kamyarshah.com #SMBConsultants
Job Seekers: 13 Important Things To Look For In Your Ideal Recruiter https://ift.tt/31pOdAl
What They Do With The Information You Provide Them Much like any other service provider, recruiters depend a great deal on information to provide the best possible result. Hence, it is important to be proactive and provide them with a complete background as well as a “narrative” of what you are trying to accomplish. The more details and guidance one provides, the more likely that the recruiting efforts will result in the desired outcome. – Kamyar Shah, World Consulting Group By Kamyar Shah – Remote COO https://kamyarshah.com #SMBConsultants
12 Up-To-Date Lead Generation Tips For The Modern Salesperson https://ift.tt/2RXSAQf
Look In ‘Little Ponds’ The simplest way to exponentially grow inbound leads in later stages of a business is to adopt the “big fish, little pond” methodology. Secondary venues, or “little ponds,” that are unlikely to be overcrowded by others will allow the business to be the “big fish.” This approach, however, requires an immense amount of creativity and experimentation to find the proper and converting “little ponds.” – Kamyar Shah, World Consulting Group By Kamyar Shah – Read more about Management Consulting & Operations Management https://kamyarshah.com #SMBConsultants
Financing Your First Business? 16 Expert-Recommended Funding Tips https://ift.tt/2Sjrj9E
Seek To Self-Fund First Though there are many tools and platforms that make fundraising more accessible, there is still a lot to be said about self-funding. A self-funded company tends to signal several positive attributes that are highly desirable, including self-discipline. Though this may not apply to all business environments, it should be the first option to be considered. – Kamyar Shah, World Consulting Group By Kamyar Shah – Chief Marketing Officer https://kamyarshah.com #SMBConsultants
Keep Your Stakeholders In The Loop With These 14 Communication Tips https://ift.tt/2UoDm8d
Operate With Consistent Integrity Though communication is the obvious answer, there is more to it. Communication at its face is great; however, in order to have the proper impact on stakeholders, those communications have to be above board. That usually translates into being accepted as a person of consistent integrity that will report objectively at all times. Without that perception, communication is not effective. – Kamyar Shah, World Consulting Group By Kamyar Shah – Chief Operating Officer https://kamyarshah.com #SMBConsultants
Overwhelmed? 15 Ways To Set Better Boundaries For Work And Life https://ift.tt/2Simg9C
Enforce The Consequences Of Your Boundaries Boundaries are less about explicit expression than actions. For boundaries to be of any impact, there have to be consequences that are obvious enough. Those actions and consequences can be as simple as making sure the other side notices that they have been ignored on purpose, or as complex as explicitly and publicly emphasizing that they have been ignored for a specific reason. – Kamyar Shah, World Consulting Group Check out my Business Consulting and/or Management Consulting services. https://kamyarshah.com #SMBConsultants
15 Tips For Navigating Family Business Challenges https://ift.tt/2OlWr7p
Keep Family Issues Out Of The Business Though there are many different ways that may help avoid family pitfalls, one of the safest ways is a clean-cut separation of family and business. Creating a formal separation in which personal and family issues do not carry any merit when it comes to business-related matters will have the best chance for long-term success. Alternatives are more susceptible to occasional and repeated failures. – Kamyar Shah, World Consulting Group Check out my Part-time COO and/or Part-time CMO services https://kamyarshah.com #SMBConsultants
15 Tips For Tactfully Turning Down A Potential Client https://ift.tt/389znjS
Stick To The Facts Polite and factual statements are virtually always the best way of approaching most conversations, even the difficult ones. In this particular instance, it is just as important what is being said as how it is said—conveying that a relationship may not be as productive and effective while encouraging them to find alternatives would be the optimal approach. – Kamyar Shah, World Consulting Group By Kamyar Shah – Interim CMO https://kamyarshah.com #SMBConsultants
15 Ways To Onboard New Hires Efficiently (Even During Busy Times) https://ift.tt/2ScnuDe
Create A Complete Feedback Loop One of the rather easy ways to evaluate and improve onboarding, be it in a high- or low-stress environment, is having a complete feedback loop with all stakeholders. This would allow for feedback from all levels, including the new employee. This kind of dynamic feedback allows for quick tactical pivots to improve the onboarding quickly and effectively. – Kamyar Shah, World Consulting Group by Kamyar Shah – Interim COO https://kamyarshah.com #SMBConsultants
Misconceptions About CMO Duties And How A Fractional CMO Can Help Maximize Results https://ift.tt/35LwK5Q
Laying The Foundation For Your New CMO So you have decided to hire an interim or part-time CMO. What are the next steps for your business and how will your new interim CMO fit in the picture? It is important to understand how an interim CMO can help your business and marketing. Having a clear definition of your CMO’s role and duties are also essential. With marketing tactics and business needs changing, the role of the CMO has evolved. The Move Away From Traditional Marketing And The Need For Expertise In the past, CMOs were in charge of traditional marketing and advertising. With the global consumer base now becoming more complex, successful CMOs must embrace change and broaden their scope. Successful CMOs are aware of the latest trends, methods, and technologies. This requires a strong digital marketing skill-set for upgraded marketing goals. Why Engagement and Storytelling Is Vital For Your Marketing’s Success And How A CMO Can Fill The Gaps With the growing use of digital resources, customers are moving toward an interactive experience. They are now engaging with brand stories that appeal to their emotions. This is why CMOs now have to focus on emotional rather than rational engagement. In the past, communications required little customer feedback. and Brands served their story without the customer in mind. With the Internet, marketing must now cut through the noise. making engagement more important now than in the past. People need to feel important and traditional marketing methods ignored their audience. How A CMO Leverages Consumer Action Over Words “As a marketer, you have to be driven by the consumer that you are serving, and you can only do that when you are curious about them. You can’t change the world if you are not curious about it.” Target CMO, Jeff Jones. A Fractional Chief Marketing Officer recognizes that consumers are now more vocal. Customers also desire to be a point of reference for family friends. This demanding context leaves little room for error in developing a marketing strategy. What You Might Be Missing In Your Competition and Business Evaluations and How Your CMO Can Help Part time Chief Marketing Officers understand that putting your company in a leading position requires an educated survey of the competition. Your Fractional CMO must have top analytical research skills to test your company and the competition. Besides having a solid understanding of your competition, a business strategy concentrating on these four areas can fill any gaps in your existing strategy:
Why A Fractional CMO Is A Necessity And Not A Luxury In Organizations Lacking Marketing Leadership Some organizations can often overlook the need for a CMO, and do not consider the option of hiring a Remote Chief Marketing Officer. Budgets may be under certain constraints and focused on building sales teams, product development and other areas of the business. Marketing can support your sales team in a way other functions cannot. According to Artful Thinkers, here are ten scenarios in which you need to outsource a fractional CMO:
Why Hiring A CMO Offers You Flexibility And Cost Savings Versus Being An Expense Today’s marketing functions are growing to become more complex with businesses operating at the speed of the internet with change being the norm. Senior marketing leaders must compete and bring together the talent necessary to complete tasks and deliver. Outsourcing an Interim CMO is a great alternative when you do not have the resources in house to fill a CMO role. This option provides you with flexibility and long term cost savings of potential marketing waste. How A CMO Leads Your Team And Fosters Their Development A Remote Chief Marketing Officer fills in any leadership gaps for your organization. The leadership function of your Interim CMO is essential, especially in lean organizations where C-level executives may not have the time to foster the growth and development of their marketing department. The current state of digital marketing departments requires teams to be agile and flexible with the constant state of change in marketing technology, methods and how its used to achieve marketing objectives for businesses. Re-skilling and furthering the knowledge of your marketing team will be an ongoing evolution of their careers as well as the growth of your department. Your Fractional CMO can identify any weak spots before you do as well as combine the strengths of your team to enhance the productivity and skill of your department. It is important to be aware that your marketing department is only as good as its weakest link. With the help of a Part-Time CMO, issues can be assessed before they become a costly problem down the line. Misconceptions About The Leadership Function Of Your Part-Time CMO According to leadership strategy writer, Rajeev Peshawaria, there are a few common misconceptions about leadership as a function. The first misconception is that most think leadership is about influencing others to achieve a goal. However, if we observe world leaders, most did not do anything to others. They set very clear goals and motivated themselves to get things done. In doing so, they set an example to become a powerful role model. Being an example can inspire a team to join the leader’s journey. The second misconception about leadership is that we assume that the person with the most formal power in a group is the leader. Because the aforementioned misconception centers leadership around influencing others to achieve, this leads to the assumption that to have influenced one must be in a position of power. Leadership has little to do with formal authority. As formal authority will sit with a board or executives in the startup culture for example. Oftentimes, authoritative figures are also far removed from the day to day of the marketing department. Those with authoritative power may provide high-level initiatives however the core functions of the marketing department are set by your CMO. A third misconception is that followership is leadership. For example, in the corporate world sometimes employee engagement surveys result in promotion. This sets a standard for managers to engage in people-pleasing so that surveys highlight positive results. Effective leadership does not involve pleasing the team at all times. A skilled Interim CMO will help you make tough decisions for your business but might be unpopular among your marketing staff. Pleasing, in itself, is a behavior linked to following. Is My CMO Only Responsible For Marketing? Another myth about Fractional Chief Marketing Officers is that their sole focus is on marketing. Fractional CMOs are now bringing more to the table outside of the knowledge area of marketing. As businesses evolve, existing marketing can often lead to more questions than answers. This creates gaps that require additional steps. For example, competitive or data analysis may result in a negative conclusion. Common marketing problems are low traffic, little to no brand awareness and so on, however, these may be symptoms of other business problems. A skilled Interim CMO may have to work backward, starting with a marketing problem, and diagnose the root causes of failure points. The responsibilities of your CMO will overlap into strengthening your customer experience, financial and strategic business tasks. Thus, your Interim CMO’s role will serve as a pivotal focus in your business by aligning your goals with your customers. As mentioned earlier, customer engagement is now more effective than traditional advertising strategies. This focus on connecting to customers requires your Part Time CMO to think outside of the box and ensure the customer experience is effective. This requires that your Remote CMO take an outward approach, starting with the customer, rather than developing strategies focused on your business story. Story-telling is necessary however, how can we best make your business about the customer? This question will be at the forefront of your CMO’s mind when making strategic decisions around your customer experience. A strategy developed around the customer requires Chief Marketing Officer functions to diversify and meet expectations throughout the company when it comes to growth, innovation, and analysis too. Your Interim Chief Marketing Officer will help set plans for your business that influence growth. Growth needs will vary between companies and can be more defined by your Part-Time CMO. Innovation is hard to come by in traditional functions. To keep up with the demands of the digital marketing space, innovation is a requirement. An analysis is a way of measuring the results of your company’s efforts. Your Fractional CMO will often need to work in iterations of making assumptions, testing them, analyzing the results of those tests and assessing performance. A skilled Part time Chief Marketing Officer is familiar with tools and analytics methods that can aid in gauging performance. Your CMO will use the acquired analysis results to determine what is working for your business and advise you. It is not uncommon for a Remote Chief Marketing Officer to advise against using particular methods. As mentioned earlier, an effective leader does not follow what is popular. The right Part Time CMO for your company may disagree with you when a particular strategy is not the best course of action for your business. These decisions are well-intentioned and based on data, not only from what is currently being gathered about your business but also the lessons learned from previous experiences. According to the Digital Marketing Institute, sixty-eight percent of senior managers now expect CMOs to be growth drivers which comes as no surprise to Proctor & Gamble’s former CMO, Kimberly Whitler. “Now, not only do marketers have to be finance experts, but they have to be technologists and understand the ways in which they can connect with consumers.” The scope continues to widen for Remote Chief Marketing Officers and that requires your Part Time CMO to find a balance between meeting your customer’s needs while generating revenue and facilitating growth for your business. What Is The Typical Tenure of A Traditional Chief Marketing Officer And How Does An Interim CMO Compare With The Traditional CMO? One misconception is that your business needs a traditional Chief Marketing Officer in house. This couldn’t be further from the truth. Although a Chief Marketing Officer may be expected to work with you for some time, due to the drastic evolution and confusion about the CMO role, CMOs are most likely to have the shortest tenure among C-Level Suite groups. Due to this trend, an Interim Chief Marketing Officer is the perfect fit for your company as the role evolves. The definition of the position has created a lot of confusion leading to shorter tenures. The Digital Marketing Institute reports that only fifty-seven percent of CMOs have been in their position for three years or less, with the average tenure being a little over four years. This is almost half the time of the average CEO tenure and less than the average five years for CFOs. It is common for Chief Marketing Officers to sit on the executive committee and report to the CEO. Lack of clarity when it comes to the Chief Marketing Officer role and a misunderstanding of what the organization needs versus what is assumed needs has led to many CMOs exploring other titles. This shift may leave a gap in your organization if you have been running your business for some time. This need is a great opportunity to bring in a Part Time Chief Marketing Officer that can fill in any needs unresolved due to your CMO moving on to explore other opportunities or failure rates resulting in roles left unfilled. A Remote Chief Marketing Officer is also a viable option if you have an online business. A Remote CMO can serve as an extension to your in-house executive committee. As a result of the confusion over duties and responsibilities, many organizations report that finding the right Chief Marketing Officer quite the challenge. In addition to finding the talent, companies also experience difficulties in retaining their appointed CMO. Low retention rates are due to organizations not defining their needs and expectations of this role. A Fractional Chief Marketing Officer is all too familiar with such challenges. Defining their role and adapting to an organization is a collaborative experience. Clear expectations make working with a Remote CMO run smoothly. As opposed to guiding a traditional CMO. Eighty percent of CEOs report dissatisfaction with the performance of their CMO. That is quite a staggering statistic. This may be due to the lack of clear outlined expectations set by the CEO. A clear definition of the CMO function is also imperative. According to the Digital Marketing Institute, a CMO Council survey reported that 48% of CMOs had a strategic focus. These CMOs needed time to spend on assessing long-term growth plans. Half of them spent time reviewing budgets, managing campaigns, and content approval instead. This leaves little time for their remit. What Are The Types of CMO Roles? A common misconception is that a Chief Marketing Officer will fill the same duties as other. The differences among company needs and their customers vary so much. This creates an atmosphere where the CMO role is more fluid by nature. Chief Marketing Officers must adapt to the needs of their market. Companies may have more than one target market. This requires the need for a skilled and evolved Interim CMO. There are three buckets that a CMO may fall under. Whitler and Morgan break Chief Marketing Officer roles down into three different types. These are Enterprise Wide, Strategy Focus, and Commercialization. The majority of Chief Marketing Officers natural fall under the Commercialization type. A Commercialization CMO focuses on the following:
Roughly one-third of CMOs are of the Strategy Focus type. These Chief Marketing Officers are particularly focused on growth strategy. They focus their responsibilities on customer insights, innovation as well as product design. The smallest category, which is Enterprise-Wide CMOs, are responsible for encouraging business growth. They drive profitable sales, marketing communications, innovation as well as design. A reputable Fractional Chief Marketing Officer will be able to work across the three. Effective Digitization And How A Remote Chief Marketing Officer Can Help The digital age of marketing continues to grow at a rapid pace. Your online presence can expand your business globally. Making it imperative to make digital decisions that make sense. “Going viral” is not the answer to the growth of your business which it comes to digital strategy. A well versed Remote CMO will be able to apply the right digital marketing strategy for you. Your Fractional CMO will focus on short term applications but also long term goals. A solid strategy goes beyond being popular. Making a decision to go viral, can cause serious and costly business impact. The right Part Time CMO for your business will steer you in the direction. Especially when considering all digital alternatives. To ensure your success, it is important to have a clear understanding of how your CMO will fit in your business. Sources:
Misconceptions About COO Duties And How A Fractional COO Can Maximize Your Operations https://ift.tt/2QH06Oy
Starting With Your New Remote Chief Operating Officer So you have decided to hire an interim or part-time Chief Operations Officer. What are the next steps for your organization and how will your new interim COO fit in with your team? It is important to understand how a Fractional COO can improve your operations. Having a clear definition of your Remote COO’s role and duties when you start working is essential. Common Misconceptions About The Role Of A Chief Operating Officer Depending on the structure of a business, CEO, President, Second-in-command, and deputy leader can all be similar roles. The COO role usually ranks below a CEO. and they may have a background in marketing, finance or technology or any relevant sector. The simplest way to look at it is that the COO backs up the CEO and their vision for a company. Due to this structure, The Chief Operating Officer is often at the mercy of the CEO’s ideas and desires. Many companies believe that the COO is one of the more intensive roles in the organization’s C-Suite. Because the COO will deal with pressures from the boss as well as from heads of other departments. One can assume that it’s a stressful and sometimes horrible fire-pit of a role. Especially in a multi-national or multi-agency company. One might think that handing some of the responsibilities down is best. Thus overseeing rather than implementing might be preferable. But that isn’t always the case. The New York Times reported that Twitter’s former COO, Ali Rowghani, quit after seeing his responsibilities usurped by the advertising arm of the company. Combined with disappointing user figures, Rowghani quit before he was pushed to do so. Responsibility is a powerful motivator and removing responsibility can have negative effects. The Twitter news and the inherent implication that the COO role should have a wider set of tasks is backed by data. According to studies by EY, a third of COOs have experienced a wider set of tasks in the past five years. Another misconception of the COO is that their role is to stabilize what already exists. It can be the opposite. Oftentimes, a Fractional Chief Operating Officer is brought in to completely overhaul operations. A CEO may find an expert in turning companies around and give their COO the flexibility to execute. Another misconception is that the chairman is the most important role in the company. In reality, the COO is often the glue that holds everything together at the top. The COO may even be far more experienced than the CEO. The story at Dell computers, where 29-year-old Michael Dell brought in a team including Mort Topfer as the company boomed. Topfer understood his role was advisory and had no desire to assume the CEO role. Many COOs at a junior stage in their development, still have the ambition to get to the top spot. This aspiration lends itself to many COOs becoming CEOs. What Are The Common Traits Of The Best Fractional COOs Asked to name an inspiring CEO and most of us can name many. Like Steve Jobs, Meg Whitman, Bill Gates, Mark Zuckerberg, and Marissa Mayer. Now, if we are asked to name extraordinary Chief Operating Officers, it could be a challenge. Chief Operating Officers can easily get overshadowed in the public eye by the role of the CEO. Particularly in large traditional organizations. The dynamic has evolved in the digital world with Remote Chief Operating Officers having a bigger impact in remote teams. According to Accenture, the COO is, “perhaps one of the least understood roles in business today.” Ryan Caldbeck, founder, and CEO of CircleUp states COOs are vital to companies. Especially during periods of rapid growth or transformation when execution risks are high. Chief Operating Officer roles are less clearly defined than a CEO’s role and scope. Keith Rabois, former COO of Square, describes the COO at a startup as a doctor in an emergency room. Your Remote COO will be fixing things, triaging and diagnosing issues to see if they are minor or serious. An Interim COO possesses a unique set of skills. Bridging the space between the visionary CEO at the top and the execution of strategy. Here are the top traits of an effective Fractional Chief Marketing Officer:
Data-driven COOs are responsible for ensuring a strategic vision translates into profitable operations. Rather than allow the business to be guided by instincts, internal politics, hunches, the best COOs will insist the business be driven by data. Businesses should not underestimate the value of a strong Part Time COO. Good COOs instrumental in turning strategy into operational and financial success. Do Chief Operating Officers Ever Shift From Their Capacity? One misconception is that the Operations responsibilities of a COO do not translate across the executive suite. However, the COO role is the most common stepping stone by far to the CEO seat. According to Agile Lean House, not every COO wants to become the next CEO. Thirty percent see the operations leadership role as a destination in its own right. Given the demands and breadth of the job, this is hardly surprising. Of COOs surveyed, most find the role extremely satisfying. The ability to influence strategy and the broader perceptions of the role are appealing. Why A Fractional COO Is A Necessity And Not A Luxury In Organizations With Little Operations Structure Some organizations can often overlook the need for a COO, and do not consider the option of hiring a Remote Chief Operations Officer. Budgets may be under certain constraints and focused on product development, sales and other areas of the business. Operations can support everyone on your team, to ensure the business runs smoothly. Why Hiring A COO Offers You Flexibility And Cost Savings Versus Being An Expense Today’s business ops are growing to become more complex with businesses operating at the speed of the Internet and change being the norm. Senior leadership must compete and bring together the talent necessary to complete tasks and deliver. Outsourcing an Interim COO is a great alternative when you do not have the resources in house to fill a Chief Operating Officer role. This option provides you with flexibility and long term cost savings of potential budget waste. Misconceptions About The Leadership Function Of Your Part Time COO According to leadership strategy writer, Rajeev Peshawaria, there are common misconceptions about leadership. The first misconception is that most think leadership is about influencing others to achieve a goal. Yet, if we observe world leaders, most did not do anything to others. They set very clear goals and motivated themselves to get things done. In doing so, they set an example to become a powerful role model. Being an example can inspire a team to join the leader’s journey. The second misconception about leadership is that we assume that the person with the most formal power in a group is the leader. Because the aforementioned misconception centers leadership around influencing others to achieve, this leads to the assumption that to have influenced one must be in a position of power. Leadership has little to do with formal authority. As formal authority will sit with a board or executives in the startup culture for example. Oftentimes, authoritative figures are also far removed from the day to day of business operations. Those with authoritative power may provide high-level initiatives but core operations functions are defined by your COO. A third misconception is that followership is leadership. For example, in the corporate world sometimes employee engagement surveys result in promotion. This sets a standard for managers to engage in people-pleasing so that surveys highlight positive results. Effective leadership does not involve pleasing the team at all times. A skilled Interim COO will help you make tough decisions for your business but might be unpopular among your staff. Pleasing, in itself, is a behavior linked to following and not leading. What To Expect From Your Fractional COO In The First 100 Days Contrary to one might assume, your Interim COO will have a structure mapped out for the initiation of your engagement. Not exactly. Research indicates that successful COOs must address these critical areas to make an impact: Expect the unexpected The reality of the issues facing your business may be of a different magnitude and nature than thought. There will be a long to-do list of pressing problems and challenges. This is particularly true if the role has been filled for the first time or has been established to solve a particular set of business problems. As such, it is important to understand the function of the role and begin to identify the key issues that your Interim COO will be inheriting. Answer the obvious questions Take the time to understand the role and the nature of the challenges ahead for your Fractional COO. Keep in mind that a new appointee who seeks to make too many changes early on is sure to make mistakes. It is far more valuable to allow your new COO to get to know the business and meet as many people as possible. It is only by amassing a deep knowledge that they can understand where to act. And how their decisions might impact different functions of the business. Allow some freedom and mobility for your COO to move The speed with which your COO needs to make decisions will depend on the nature of the appointment they come into. If operations are in crisis mode, there may be an expectation that significant changes will be made early on. By contrast, operations that are already running well can be a prompt that you will need your Fractional COO to uncover the “next big thing” to deliver. Network, network, network Your Part time Chief Operating Officer must be a “people person”. They must be able to develop and work with a wide range of different people. The most important of all is with the CEO, and this will naturally consume a large proportion of the time. The working relationship between a Fractional Chief Operating Officer is expected to be close. Both executive seats must work collaboratively in order to be successful. A hands-off relationship will not be suitable enough to run a successful organization. Outside of your COO’s network, they must be careful not to neglect other members of the management team. Expect your Interim COO to build strong relationships with the heads of finance, IT, sales and marketing and HR, to name but a few. All will have a direct bearing on the role at some point in time. For COOs at large multinationals, international travel is essential. Your Fractional COO will spend time with managers and other senior executives in as many locations as possible if applicable. Given that the first 100 days can make new appointees feel exposed, it may be worthwhile to identify a mentor or consultant to guide the role. Allow your Remote COO to spend time upfront understanding your team’s issues, responsibilities, and competencies. Identify who your COO can rely on to support them with details. This will free up time so that they can focus on the bigger picture for your business. Make Room For Your Part Time Chief Operating Officer To Make An Impact It is imperative that your Fractional COO put their individual stamp on the strategy of the organization. And to reclaim some of the spotlights from more prominent executives. The extent to which your COO will be able to do this will depend to some degree on the relationships and dynamics of the broader management team. It will also vary according to the specific role that they have been appointed to fulfill Perhaps more than any other executive, COOs have the power to change the organization. The Current Climate for Chief Operating Officer Professionals Being the biggest resource at some organizations, it may be thought that the role has a lot of support. As if the job of the Part Time COO were not hard enough, it also lacks external guidance and support. There are few in-depth studies on the nature of the job and few specifically relevant conferences. For too long, COOs have simply flown under the radar of good management thinking and writing. There are reasons for this low profile, of course. The huge diversity of the role and the extent to which it varies across verticals and companies makes it challenging to pin down and examine. The responsibilities of the COO are often — but by no means — inward-looking. This means that COOs are rarely called upon to comment in the media or speak at analyst presentations. This is another difficulty they face, in terms of getting airtime for their issues and worries. But several trends are now causing the status quo to be challenged. Operational excellence has become a key source of competitive advantage for many businesses. The tough economic environment demands a relentless focus on the smooth running of the business. This is a task ideally suited to the strengths of the Part time COO. Not that this is easy. Demand volatility, soaring commodity prices, and the divergence between rapid-growth and developed markets require flexibility, agility, and efficiency from operations. Achieving this can be highly challenging in the current climate. The Part Time COO brings coordination to these efforts. Along with the ability to spot interdependencies and opportunities. Still, while the focus on operational excellence should never be downplayed. COOs have to combine these skills with a set of more forward-looking capabilities. The COO: A Catalyst for Organizational Transformation For CEOs needing to find breathing space to focus on selling a wider vision, the COO can play a more central role. The COO defines and implements strategy and becomes the owner of the business transformations. more than any other executive, COOs have the power to change the organization. And, as companies look to an uncertain future, this is a skill that will remain in high demand. Sources:
Feeling Anxious About Your Business? 16 Ways To Cope With Entrepreneurial Stress https://ift.tt/35J6jOn
Accept And Become Aware Of Your Stress Stress, much like a task, has to be managed. It boils down to understanding and accepting that being stressed is part of the journey. That acceptance then leads to awareness, which should be turned into actionable tasks to manage it. Those tasks, however, have to fit the individual needs. It can be as simple as an hour walk or as elaborate as a combination of meditation and yoga. Awareness is key. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/35NbnB7 by Kamyar Shah – Chief Marketing Officer https://kamyarshah.com #SMBConsultants
16 Questions To Ask Yourself Before You Pursue A Side Hustle https://ift.tt/2QMW5Zb
Do you have a purpose besides earning money? Though the standard considerations such as viability, earning potential and other similar factors should be the main basis of the decision, a secondary factor is often overlooked: dual purpose. A side hustle can and should have more than just a single goal of earning money. It should also help determine if it is the right business to eventually grow or do full time. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/39WbRsh By: Kamyar Shah – Chief Operating Officer https://kamyarshah.com #SMBConsultants
Is It Time To Walk Away From Your Startup Idea? 15 Ways To Decide https://ift.tt/2Nkdwy6
Test Your Doubts Against The Data Emotional decisions, both in personal and business lives, tend to have debatable outcomes at best. A better way is to formulate those doubts into tangible hypotheses that can be proven or disproved. Then it is rather simple: Consult with peers, collect and analyze data or do both. The end result is rather straightforward: Either the concern is legit or it is not. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/2uzRYqw Check out my Strategy Consulting and/or Operation Management services https://kamyarshah.com #SMBConsultants
15 Ways To Actually Achieve Your New Year’s Resolutions In 2020 https://ift.tt/2TaeMYl
Aim To Be Better Than You Were Yesterday Be better than you were yesterday. Personal and business lives are always evolving, and we encounter obstacles that we have to overcome. The goal is not to be perfect or to achieve something spectacular. Hence progress and improvement can only be measured in context. Being better in one area than you were yesterday is not only simple to understand but easy to achieve. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/2FC8Hfh Check out my Business Consulting and/or Management Consulting services. https://kamyarshah.com #SMBConsultants
15 Clear Signs Your Employee Deserves A Promotion https://ift.tt/2tL3Bup
They Exhibit Above-Average Performance When and if an employee asks about additional ways to contribute, it is a good sign that they are ready for more responsibility. Granted, said employee has to be above-average at the current job duties. Additional consideration should include factors such as cultural immersion and product-specific know-how. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/2QKecir Check out my Part-time COO and/or Part-time CMO services https://kamyarshah.com #SMBConsultants
Promoted To Management? 15 Ways To Navigate Workplace Relationship Changes https://ift.tt/2tQxUQe
Choose Your Language Carefully A promotion to a managerial role will inherently alter the dynamics between peers. However, the language used to express that can provide context and help; it is easy to contextually explain that the relationship is evolving. That approach can be extremely helpful for all parties to “buy-in” to the new dynamics and even become an active actor in helping achieve goals that benefit all. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/30cKHZB Check out my Remote COO and/or Remote CMO services. https://kamyarshah.com #SMBConsultants
15 Daily Habits Of Great Leaders https://ift.tt/2NgTCnI
Implement Reading Time I have had the pleasure to work with many entrepreneurs over my career. The single factor that all the successful ones had in common was their reading habits. It goes something along the lines of there being a time block set aside to catch up on readings. Short of a disaster that has to be dealt with, that time is nonnegotiable and will stay off-limits for any other activity. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/2QK0NGW Check out my Fractional COO and/or Fractional CMO services. https://kamyarshah.com #SMBConsultants
13 Essential Skills And Traits Of Successful Business Owners https://ift.tt/36Lpp7I
Willingness To Sacrifice Entrepreneurship by nature requires sacrifices both in your personal and business life: be it sacrificing personal time to learn a new skill to help the business or the willingness to terminate a friend that was not a fit for said business. Hence, if there is little to no willingness to be flexible enough to sacrifice, starting a business should not be an option. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/2tauwjf Check out my Interim COO and/or Interim CMO services https://kamyarshah.com #SMBConsultants
Job Hunting? 15 Ways To Keep Up With Your Current Job While You Look https://ift.tt/2PKgXOT
Be Honest About Your Career Goals Looking for a new job is not something that needs or should be hidden. That is where the honesty part will help the pivot. If need be, inform your management of your career development goals. There is a real possibility that they may even help. This also means that you need to illustrate that it is not impacting your duties, to which you are morally obliged. – Kamyar Shah, World Consulting Group Originally published at https://ift.tt/2PH6Avc https://kamyarshah.com #SMBConsultants |
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