Write an accurate job description

The job of a second-in-command, by its nature, is probably a little bit of everything. But, the more accurate your job description is, the more likely you find the right candidate for the job, and the more accountable you can hold him. If numbers aren’t your strong point, then a strong finance background should be in the COO’s job description. If you need someone to help grow the company through strategic marketing, then say so!

I recommend: With Descriptions Now software, you get a job description wizard, more than 3,700 prewritten and customizable descriptions, and a great Q&A section to make sure you’re ADA-compliant. Go to Business Balls for some great description tips and samples.  Culpepper is another site offering customizable descriptions, law-compliant, and even small-biz-specific options. Writing a job description has never been so easy!

Hire a professional recruiting firm

Now that it’s time to hire someone for a position so influential to your company’s success, you might want to bring in the professionals to recruit, screen, and assist you in finding that second-in-command material.

I recommend: Go to Gevity HR to take advantage of their hiring expertise, including pre-employment screenings, background checks, and whatever else you need to ensure you’re bringing in the right person. Another great Web site is the Small Business Recruiting Solutions, which offers recruiting / consulting services to small businesses, especially those companies with only 10-50 employees.

Consult someone who’s been there and done that

Who better to advise you on what to look for, and what to look OUT for, than a former executive himself?

I recommend: Next stop: SCORE (Service Corps of Retired Executives). Simply type the subject into their “Ask SCORE for Business Advice,” and presto! – you’ll be put in touch with an expert who will show you the ropes, for free.

Pay a fair salary

Don’t think that just because you’re a small business, you can get by with paying your top person peanuts. The old adage “You get what you pay for” is no more appropriate than when hiring your employees.

I recommend: At Salary.com, just input your company size to determine a fair salary that your company can realistically afford. Find salary data by position, job family, geographic area, and more. Click on their “Free Trial” link at the top of the page to try it out for free. If you’re going to be hiring more than one exec, it might be wise to invest in their Small Business Executive Compensation Survey report.

Provide priceless opportunities and flexibility

The small business might not be able to compete salary-wise with the deep pockets of the corporate giants, but think in terms of the value you can offer: the freedom to do some things his own way, and flexible hours, policies, and atmosphere are incredibly attractive to today’s executive.

I recommend: At HRTools, there is a terrific Motivate, Reward, and Recognize Toolkit with many options, including a self-audit, training and development, flexible work schedules, and wellness programs. Check out the U.S. Small Business Administration (SBA) for a variety of free courses for your new COO (and you!).