Hiring a Virtual COO can be a strategic way to grow your business, but only if you do it right. Trying to save money to streamline your work processes could end up costing you more money in the long run. In order to get the best return on this investment, you don’t want to hire someone hastily.
Here are some things to consider prior to your search:
Step1: Create a clear and concise job description. Write out all of the job’s responsibilities and include all of the tasks you do on a daily basis that you don’t have the time, skills, patience, or desire to do. Make sure to include expected timelines, whether tasks are recurring (weekly cash reports, etc.), and other stakeholders requiring input or communication.
Step 2: Determine the job’s requirements. This means not only requirements in terms of experience but also any necessary skills and personality traits. Also, determine what time frame will be given to complete the job/role. That is, over the next six to twelve months, what are the key items that need to be completed and turned over?
Step 3: Calculate how much you can afford to pay. What is it worth to you and your business to help you achieve your revenue or growth goals? Remember that hiring a Virtual COO can actually INCREASE your revenue.
Step 4: Determine how you will train the new Virtual COO to get them acclimated to your specific business needs, applications, processes, and culture. Set some benchmarks and productivity goals so you can quickly get them up to speed and freeing up your time. Maybe start with your least favorite tasks, those that are most time consuming, or the ones that need addressing today. Whatever it may be, make sure to communicate clearly and effectively so your Virtual COO can jump right in and make a difference.