The Operations Room: A Podcast for COO’s 39. What are the priorities for COO’s in 2024?
In this episode we discuss: What are the priorities for COO’s in 2024? We are joined by Cameron Herold, he is the founder of the COO Alliance and author of the Second in Command.
We chat about the following:
- What are the priorities for COO’s in 2024?
- How should we think about budgets this year?
- How is the COO role changing?
- What are the commonalities across COO’s?
- How do you work with a controlling CEO?
- How should a COO think about their relationship with the CEO?
- Do you have tips on how-to give good praise?
- Is the CEO role the next step for a COO?
References:
Biography:
Founder of the COO Alliance & Invest In Your Leaders Course
Author of Vivid Vision & The Second In Command
Meet Cameron Herold, the mastermind behind the exponential growth of hundreds of companies. As the founder of the COO Alliance and the Invest In Your Leaders course, Cameron is a dynamic consultant who has coached some of the biggest names in business, including Sprint Telecom and a monarchy in the Middle East. Known as the "CEO Whisperer", Cameron has a reputation for guiding his clients to double their profits and revenue in just three years or less.
Cameron's entrepreneurial journey began at a young age, and by 35, he had helped build his first two $100 million dollar companies. But his greatest achievement came as the COO of 1-800-GOT-JUNK?, where he engineered the company's spectacular growth from $2 million to $106 million in revenue and from 14 to 3,100 employees - all in just six years.
Cameron is not just a successful business leader, but also a captivating speaker. The current publisher of Forbes magazine, Rich Karlgaard, stated "Cameron Herold is the best speaker I've ever heard...he hits grand slams”.
When he's not on stage, Cameron continues to teach through his Second In Command podcast and his bestselling books, including Vivid Vision, Meetings Suck, Free PR, Double Double, and The Miracle Morning for Entrepreneurs.
Cameron is a top-rated international speaker and has been paid to speak in 26 countries and on all 7 continents, including Antarctica in early 2022. He is also the top-rated lecturer at EO/MIT's Entrepreneurial Masters Program and a powerful and effective speaker at CEO and COO leadership events worldwide.
Summary:
- Budgeting, forecasting, and scenario planning for businesses. 0:05
- Bethany Ayers is considering running for MP to advocate for cannabis legalization.
- Cameron Herold, CEO of several companies, joins the podcast to discuss priorities for a CEO in 2024.
- Brandon and Bethany discuss the importance of linking budget, revenue, and GTM assumptions in a financial model to make informed investment decisions and communicate effectively with leadership.
- Bethany agrees that this model is essential for aligning leadership with the company's situation and setting budgets based on financial forecasts.
- Bethany emphasizes the importance of a scorecard in tracking key elements of low cash flow and ensuring data integrity.
- Brandon discusses his experiment with a client, using a financial p&l tool for scenario planning and live data flow, and evaluating its effectiveness in serving three purposes.
- Leadership development, confidence building, and skills growth. 7:47
- Bethany and Brandon discuss the importance of skills development and confidence building in organizations.
- Brandon shares a study on how CEOs are investing in generative AI and no-code automation within companies.
- Bethany praises employees for speaking up, learns to deliver constructive feedback.
- Brandon and Bethany discuss how to build confidence in oneself and others, with Brandon sharing his process of reinforcing positive qualities and achievements to build confidence.
- Cameron Herold offers insights on how to convince a controlling CEO to let go of some power, emphasizing the importance of building trust and confidence.
- How to approach CEOs with tough feedback while building trust and credibility. 14:00
- Cameron Herold suggests appealing to a CEO's sense of greed, need for praise, and avoidance of conflict to help them see the negative impact of their controlling behavior.
- Bethany waits until the CEO is ready for the conversation, using a metaphor of waiting for them to trip and fall before offering help.
- CEO priorities in a rapidly changing business environment. 16:19
- CEOs must adapt quickly to fast rate of change in business or risk being left behind.
- Cameron Herold emphasizes the need for CEOs to adapt quickly to change and grow their people's skills faster than ever before.
- Herold visualizes employees climbing two ladders simultaneously, growing their skills and confidence while expanding their network.
- Leadership development, praise, and core values. 20:36
- Cameron Herold emphasizes the importance of developing leadership skills in employees, including delegation, situational leadership, coaching, and time management.
- Herold suggests leveraging resources, such as hiring a consultant to train managers on interviewing skills, and sharing the training session with other leaders.
- Bethany asks Cameron Herold about tips on giving good praise.
- Cameron suggests leaders should catch people doing something right and praise them regularly.
- Leadership styles, CEO roles, and communication between CEOs and CFOs. 25:04
- Cameron Herold emphasizes the importance of delegating tasks to others and providing specific praise to reinforce desired behaviors.
- Bethany agrees, noting that growing a business and growing relationships share similarities in communication, collaboration, and prioritizing core values.
- Cameron Herold: CEOs and CFOs have different leadership styles and perspectives.
- Herold: Different types of CFOs emerging, matching entrepreneur's personality profile and stage of business important.
- CEO leadership, profitability, and the importance of building real businesses. 30:16
- Cameron Herold notes that CEOs tend to be strong leaders, managing multiple areas and leading other leaders effectively.
- Cameron Herold emphasizes the importance of focusing on profitability in tech companies.
- Bethany agrees and highlights the need for companies to grow real businesses with real financials.
- AI adoption, CEO evolution, and leadership skills. 34:26
- Cameron Herold: AI will create winners and losers, leverage AI to drive growth and profitability.
- Cameron Herold: CEO communities will rise, collaborate and grow like entrepreneurs did with YPO, EO, and Vistage.
- Cameron Herold, a former COO, transitioned to entrepreneurial CEO with ease due to his entrepreneurial upbringing and DNA.
- Most CEOs lack the entrepreneurial DNA and desire to be CEOs, focusing instead on growing a bigger company or a better brand.
- Leadership roles, responsibilities, and priorities in business. 39:12
- Cameron Herold: CEOs must release traditional roles, focus on vision & culture.
- Herold: CEOs have 4-5 direct reports, oversee legal, board, & culture.
- Cameron Herold emphasizes the importance of caring for employees as humans, not just as workers.
- He encourages leaders to focus on people, not just tasks, to build a successful company.
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