Virtual COO Can Improve Business

Is there something you can do to improve your profitability and effectiveness?

The Coldwell Banker Commercial® organization has implemented a Virtual COO Program to

provide our independent CBC owners a tool for examining existing operations. A few highlights

of the program include:

Being exposed to best practices from around the country

Utilizing a proprietary benchmarking tool to compare to other CBC companies of similar size

Providing a complete Playbook outlining the steps to take advantage of best practices

Since its launch earlier this year, five CBC companies have taken part. Sometimes the program

clarifies what the owner already knows, but needed a third party confirmation. Other times, “out

of the box” ideas are presented that can make an already good company great.

If your organization has multiple offices, you can thrive by participating in your own version of

the Virtual COO Program. Even if you don’t have multiple offices, you can still follow the

simple steps below to assist with your planning for the next year.

Here are some tips to get the program started:

Step 1: Collect: Financial information and business plans from your offices

Step 2: Build preliminary data and set meeting to discuss

1. Market Overview & Discussion

1. Competition

2. Clients

3. Overall health of the Local Market

2. Company Overview

1. SWOT Analysis

2. Individual Staff Interviews

3. Management Roles & Responsibilities

4. Financial Assessment / Benchmarking Review & Comparison

5. Strategic Plan / Developing a Growth Strategy

Step 3: Present Virtual COO Playbook to the office

The program is named the Virtual COO because it is a way for each company to receive ideas

and plans from a “virtual COO” who has worked with many offices to improve profitability. As

the Virtual COO Playbooks are used in 2014, we hope to further expand the program to help all

CBC affiliate offices increase their profitability and effectiveness. Good luck creating and

following your Playbook!

By William Hinson, VP Business Development

View more at Blog.CBCWorldwide.com