This is an incomplete list of tasks that may be the responsibility of a COO. Help us build this out by adding any missing items in the comments section.
Business setup (if a new business)
- legal entity formation
- create & trademark logo
- licensing requirements
- office space lease negotiations / real estate purchase
- buy / lease office infrastructure (furniture / communications devices etc.)
- office setup
- create online presence
- Process mapping
- map core functions of the business starting with processes that generate revenue.
- create procedure documentation
- Information organization
- create a shared file hierarchy that makes sense to everyone and assess access rights of the team
- Inventory management
- map out supplier / vendor relationships
- map out warehousing practices (quality control measures, security protocol etc.)
- Report management
- review reports to manage budgeting, sales forecasting etc.
- set reporting priorities with management team, identify key performance indicators (KPIs)
- set schedule for delivery and review of reports
- Emergency preparedness
- Create evacuation plan, emergency call trees etc.
Financial management (some of this may fall under a CFO’s role)
- Cash management
- set up and manage all business bank accounts, credit cards, debt etc.
- map cash inflows and outflows – assess need for control points
- implement accounting systems
- set up tax filing procedures
- manage bookkeeping services
- Secure financing / funding (usually in conjunction with CEO / CFO)
- Review HR policies
- review reporting lines, create organizational chart and communicate to team
- review / create employee handbook for things related to PTO, sick leave, maternity & paternity policy,
- expense reimbursement etc.
- create and manage onboarding procedures, docs etc.
- benchmark pay / bonus policies relative to peers inside and outside organization
- review leadership and development programs
- Create performance review process for existing staff
- career objective setting, performance review templates etc.
- map missing resources, assess budget, draft job descriptions and recruit new talent
- Manage payroll and benefits
Regulatory compliance & legal management
- Review and comply with all regulatory requirements for your business (HR, taxes, reporting requirements, insurance etc.)
- Create and execute legal contracts as necessary with vendors, employees, and investors
Manage the Board of Directors & Shareholders (with CEO)
- Take and archive board meeting minutes
- Draft and execute contracts with shareholders and board of directors
Editor’s note: Add more to the checklist via the comment section below.