There is a wealth of literature out there to help COOs and operations directors
address their operational shortcomings.
From showing you how to strategize and execute, and how to implement quality and a deliver a world-class experience for your clients and internal departments, these books offer valuable lessons to be learned for your operations.
When you have some downtime, order the books from Amazon, check them out at a library, or download them to your device.
In the end you’ll be better off for reading these books.
Top 5 Books Investment Operations Managers Should Read
The book’s author, Atul Gawande, argues that our biggest failures are not because of what we don’t know, but because we don’t apply what we know properly.
The solution is simple: create checklists.
If people create checklists, then it could solve many avoidable problems, as Mr. Gawande cites examples how even the smartest and most experienced doctors can make mistakes due to the complexity and time-sensitive nature of their work, and when they’ve used checklists, they’ve reduced the potential for errors.
The author also how the World Health Organization used checklists for their procedures, which has resulted in saving a countless number of lives.
Main Takeaway for Your Operations: Create Checklists
Humans are fallible; you could prevent lots of problems by eliminating the human error component.
Having checklists helps do just that, and they allow you deliver the quality control others expect and deserve from your operations.
We get confused and disorganized. We may forget the steps or tend to cut corners, which if , could result in wildly inaccurate data and poor quality reconciliation and performance reports.
And if checklists can lives in the hospital, then checklists can do wonders for operations.
The book’s author, David Maiser, argues that all businesses want the same goals, providing excellent service to clients while while creating a positive and cohesive work environment. But the problem is companies lack the means or will in implementing the strategy.
A strategy is meant to be executed, not something that looks and sounds good in theory.
The book provides a guide in helping businesses actually follow through with their strategy while not getting sidetracked.
Main Takeaway for Your Operations: Execute Strategy
Perhaps you’ve said you want checklists or documented procedures, but you haven’t gotten them done because performing the task may take several hours out of your week when you think time is better spent on something else.
But at some point down the road when one of your start portfolio operations associates is out sick, on vacation, or leaves the firm, you’ll wish you had the checklist and documentation so that backups and new hires can run the reports successfully. In the meantime, your back-office reporting performance suffers.
Develop your strategy, and take the time necessary to get this or any other important job done that you’ve kicked the can down the road on.
The New Gold Standard illustrates how the Ritz-Carlson Hotel Company mastered the art of perfection and delivering a world-class experience for their guests:
– understanding the changing needs needs of the customers
– empowering employees by treating them with the utmost respect
– anticipating customers’ unexpected needs and concerns
– developing a solid training program
The book gives you a look at all levels of the organization and shows how they live up to their expectations.
Main Takeaway for Your Operations: Be World-Class
Your back-office operations are producing reports to serve clients and departments within your company; the report recipients all deserve a first-class experience.
Don’t wait for someone to approach you that something is wrong; anticipate their needs and understand how their needs will change. Make sure there are QC systems in place to check for errors before the repots go out.
Treat your back-office team with respect and give them the tools and confidence they need to succeed. In addition to from respecting and motivating them, you need to create or improve your training program.
Ultimately, the dysfunction boils down to five things:
- Absence of trust
- Fear of conflict
- Lack of commitment
- Avoidance of accountability
- Inattention to results
Main Takeaway for Your Operations: Identify Root Causes of Problems and Solve Them
When you read this book, you might notice some of this dysfunction exists in your operations.
Don’t just assume these issues are “normal” in business and therefore cannot be fixed.
They can be fixed if you are willing to investigate why they’re occurring in the first place
If your back-office team’s reports are full of errors and not getting done on time, don’t simply get upset. Yes, you have a right to be angry, but figure out why:
- Do they lack the proper training?
- Is the documentation not helpful?
- Is your staff working beyond capacity?
- Are there no QC checks in place?
This book is authored by two former SEALs, and they share their combat experiences in Iraq, the lessons they learned, and how those lessons can be applied to leadership and business.
At the heart of extreme ownership is the notion that the leader is always responsible, and taking accountability is a recurring theme throughout the book.
When there are injuries or casualties suffered on the battlefield, and even worse when it’s friendly fire, the senior commander is responsible for everything. Instead of blaming subordinates for a breakdown in planning, communication, cooperation, and execution, the person at the top of is always responsible.
By taking ownership of one’s problems, whether they’re in combat, in business, or personal-related, it becomes clear what you can do to solve them.
Main Takeaway for Your Operations: Be Extremely Accountable for Everything
Don’t pass the buck to someone else. Don’t point the finger at someone else. You will not earn respect from your superiors, and you may lose your position as a result.
But if you are honest, and if you take full responsibility along with steps to prevent the mistakes from happening again, you will be trusted by those who control your fate in the organization.
Even though people under you will work as they will, you actually own all of it. When you see something wrong, step in and set the right example. Train them, empower them, and motivate them to take ownership and pride in what they do.
You don’t have to have military or combat experience to apply lessons learned from the Navy SEALs into your own operations.
Go out there and lead… and win.
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