Is It Time to Hire a COO?

Source: CPA Practice Management Forum

There comes a point in the life of many accounting firms when the managing partner and other firm leaders find themselves spending most of their time dealing with day-to-day operations and not enough time on strategic planning, business development, and other growth initiatives. In this article, recruiting specialist Geremy Cepin suggests that when firms reach this point they should consider hiring a firm administrator or COO.

The COO's specific role varies from firm to firm, so before beginning the recruiting process, firm leaders should answer a number of questions, including:

• What is your objective in bringing in a COO?
• How will you define his or her role and responsibilities?
• What authority will he or she have?
• What are his or her key challenges?
• What are his or her key success factors?

To find the right person for the job, Cepin says, a job description that describes the necessary skills isn't enough. Firms should develop a “performance profile” that outlines what a COO must do to be successful. In other words, the profile “defines the job, not solely the person taking the job.” Once the job is defined, a firm can look for someone who not only possesses superior qualifications, but who also has a proven track record of success in similar jobs.

For the complete article, read “Hire a Firm Administrator or COO to Grow Your Bottom Line.”

From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, June 2011, p. 9.