Only you can answer this question, but here are some questions to help you decide:
- How much revenue is your business currently capable of generating?
- Can you successfully hit your revenue goal for the year?
- What is your operation’s maximum capacity limit and when will you hit it?
- How much capital does it take to support your revenue goal and when do you need a capital infusion?
- Are your prices set correctly, or are you leaving money on the table with every sale?
- How many more sales must you close to reaching your annual revenue goal?
- Do your current marketing efforts generate enough leads to support the sales team in reaching the revenue goal?
- Are your team members being utilized to their greatest potential?
- Do you know your employee’s long-term plans, dreams, and aspirations?
- Do you have customers or clients?
If you can answer all these questions, then congratulations you’re in great shape. COO competencies seem to be part of your skillset. If you aren’t sure of the answers or can’t answer some of these questions you might need the help of a fractional COO.