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Fractional Chief Operating Officer

Soundspace

Soundspace

Posted on Thursday, October 5, 2023

Position: Fractional Chief Operating Officer (COO)

Company: Soundspace

Location: Flexible/Remote: Ideally in Indianapolis, Indiana

About Soundspace:

Soundspace is an exciting platform in the thriving intersection of technology and music. Our mission is to empower the creative middle class. We are devoted to revolutionizing how creators, producers, and consumers engage with the music business, providing a framework for a sustainable and thriving industry. We are passionate about democratizing the creative industries of the world through affordable, reliable, and professional creative spaces.

Job Description:

Soundspace seeks an astute and driven Fractional Chief Operating Officer (COO) to join our executive team. As the COO, you will be responsible for overseeing the day-to-day administrative and operational functions of the business, ensuring efficiency and alignment with the company's strategic goals. Reporting to the Chief Executive Officer (CEO), you will play a critical role in the company’s growth and success. We are looking for a seasoned leader with a strong track record in operations management, strategic planning, and team development.

This position is available as a fractional role and offers equity compensation, making you a vital part of Soundspace's growth and success.

Responsibilities:

  • Develop and implement operational policies and strategies to promote the company's culture and vision.

  • Oversee the company’s operational processes, and ensure efficiency across the business.

  • Collaborate with the CEO in setting comprehensive goals for performance and business growth.

  • Evaluate and improve operational and financial performance, ensuring alignment with objectives.

  • Lead cross-functional teams, ensuring collaboration and communication among departments.

  • Identify and address operational challenges and opportunities for improvement.

  • Implement effective systems to track scaling metrics and operational performance.

  • Ensure the company’s adherence to legal guidelines, compliance regulations, and best practices.

  • Cultivate relationships with partners, vendors, and stakeholders.

  • Oversee budgeting, reporting, planning, and auditing.

  • Encourage innovation and foster an environment of continuous improvement.

Qualifications:

  • Bachelor’s degree in Business Administration, or a related field; MBA or relevant advanced degree preferred.

  • Proven experience in an operational leadership role, preferably as a COO.

  • In-depth knowledge of operational principles, financial analysis, and strategic planning.

  • Exceptional ability to develop and implement operational processes that scale.

  • Strong analytical and data-driven decision-making skills.

  • Ability to communicate and present complex information to a variety of audiences.

  • Exceptional leadership abilities with a hands-on, lead-by-example work style.

  • Understanding of the music industry and a passion for its evolution.

  • Proven ability to build and maintain relationships with external partners and stakeholders.

  • Exceptional problem-solving skills and the ability to think strategically and analytically.

What We Offer:

As a Fractional COO at Soundspace, you will have the unique opportunity to shape the operations of an innovative player in the music industry. While this position does not offer a traditional salary, it provides equity compensation, making you an integral part of Soundspace's growth and success. Your experience, insights, and leadership will drive the operational excellence that fuels Soundspace's continuous innovation.

How to Apply:

Candidates are invited to submit their resume, a cover letter explaining their interest in the role, and any relevant work samples or portfolio pieces. Please submit your application through our online portal here and send an email to richard@soundspace.co ; we will reach out directly if we are interested in scheduling an interview.

Join us in creating the rhythm of innovation at Soundspace!

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Example KPI’s for the role:

  1. Operating Expense Reduction: Achieve a 10% reduction in operating expenses. Track monthly operating expenses and compare them to the baseline. Implement cost-saving measures across different departments. Lowering operating expenses contributes to higher profitability. Achieve the reduction over the next 12 months.

  2. Process Efficiency Improvement: Increase the efficiency of key business processes by 15%. Use process performance metrics such as cycle time and throughput. Streamline processes and implement automation where possible. Efficient processes contribute to higher productivity and lower costs. Achieve the improvement over the next 6 months.

  3. Employee Turnover Rate: Reduce employee turnover rate to below 5%. Track the number of employees leaving and calculate the turnover rate monthly. Implement employee engagement programs and career development opportunities. Reducing turnover is essential for maintaining a skilled and motivated workforce. Achieve the target rate within the next 12 months.

  4. Customer Satisfaction Score: Achieve a Customer Satisfaction Score (CSAT) of 90% or higher. Use customer surveys to measure satisfaction. Improve customer service and product quality. High customer satisfaction is critical for customer retention and referrals. Achieve the target CSAT within the next quarter.

  5. Supply Chain Reliability: Achieve a 98% on-time delivery rate from suppliers. Track the number of on-time deliveries vs. total deliveries. Work closely with suppliers and implement contingency plans for supply chain disruptions. A reliable supply chain is critical to meeting customer demands and maintaining production schedules. Achieve the target rate within the next 6 months.

  6. Regulatory Compliance Rate: Maintain a 100% compliance rate with industry regulations. Track compliance through audits and reports. Implement training and compliance management systems. Regulatory compliance is critical for avoiding fines and maintaining the company's reputation. Maintain ongoing compliance.

  7. Project Completion Rate: Complete 85% of company projects on time and within budget. Track the status of projects and compare with their deadlines and budgets. Utilize project management tools and methodologies. Timely project completion is crucial for meeting strategic goals and customer expectations. Track on a quarterly basis.

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Average Day:

Morning:

  • Review Metrics and KPIs: Start the day by reviewing key metrics and KPIs. Look at the performance data and identify areas that require immediate attention.

  • Check Emails and Communications: Go through emails, messages, and other communications to stay updated on any new developments.

  • Daily Stand-up Meeting: Conduct or join a brief daily stand-up meeting with department heads or key staff members to discuss the day’s priorities and address any critical issues.

Mid-morning:

  • Strategy Session: Attend or host a strategy session with the executive team or department leaders to discuss and refine operational strategies.

  • Process Monitoring: Take some time to monitor ongoing business processes, looking for opportunities to streamline and optimize.

Lunch:

  • Networking Lunch: Occasionally, use the lunch break for networking, either with members of your team, stakeholders, or industry peers.

Afternoon:

  • Vendor or Partner Meeting: Engage in a meeting with vendors or business partners to discuss contracts, agreements, or collaborative efforts.

  • Cross-Functional Collaboration: Spend time working with different departments on cross-functional initiatives, ensuring alignment with overall business objectives.

Late Afternoon:

  • Reporting and Documentation: Work on operational reports or review documents that need your approval or feedback.

  • Touch Base with CEO: As a COO, it’s crucial to have regular communication with the CEO. Use this time to provide updates or discuss any pressing issues.

Evening:

  • Plan for Tomorrow: Before ending the day, take a few minutes to organize your schedule for the next day. Note down any important meetings or tasks.

Average Week:

Monday:

  • Weekly Kick-off Meeting: Start the week with a team meeting to set goals and priorities.

  • Review Last Week’s Performance: Analyze data from the previous week to understand what worked and what didn’t.

Tuesday:

  • Focus on Strategy: Spend more time on strategy development and long-term planning.

  • Finance & Budget Review: Work with the finance team to review budgets and financial performance.

Wednesday:

  • Staff Development: Engage in activities related to staff development, such as training or one-on-one meetings.

  • Internal Process Audit: Review internal processes to ensure efficiency and compliance.

Thursday:

  • Customer Engagement: Dedicate time to customer engagement, understanding their needs and feedback.

  • Supply Chain Review: Evaluate the supply chain and logistics processes, ensuring optimal performance.

Friday:

  • Risk Management: Work on risk management strategies and contingency planning.

  • Weekly Wrap-up Meeting: End the week with a wrap-up meeting to review achievements and set the stage for the next week.

  • Networking/Industry Events: Attend networking events or industry seminars to stay current with trends and build relationships.

Weekend:

As a Fractional COO, it is important to maintain work-life balance. However, be prepared for occasional weekend commitments, such as attending industry conferences or handling critical issues.

Please note that the role of a COO is highly dynamic and the schedule can change based on the company's needs and priorities.