What is a Fractional COO?
A fractional COO is a Chief Operating Officer (COO) that an organization brings on a part-time basis or as-needed basis.
They are there to provide guidance, expertise, and executive-level leadership to help businesses and organizations avoid roadblocks in their business model and ensure they are on the right strategic and operational track for maximum growth.
Fractional COO’s offer these services at a fraction of the cost of a full-time COO, which makes them an attractive success tool for smaller to medium-sized companies and organizations that are just starting out and don’t yet have the budget for a full-time COO.
Benefits of a Fractional COO
Fractional COO’s are budget-friendly
You get all the experience and resources of a 30-year veteran of the industry, without paying a full-time wage for it. You might hire a fractional COO on retainer from month-to-month, for a set fee. You can bring them in for just a few hours per week or more, depending on the needs of your company. However you choose to set it up, it’s a great way to access senior-level experience and still be kind to your budget.
CEO’s reap the benefits
Bringing on a fractional COO helps you in the day-to-day operations of running your company, allowing you to step back and focus on long-term strategies and giving you room to visualize the big picture for your company’s growth and direction. COO’s help support that vision and work to put it into action. Companies that are in a transition phase of new ownership or that are trying to scale fast may find the benefits of hiring a fractional COO invaluable.
Fractional COO’s are highly flexible
Your COO can wear any number of hats within your company and execute many roles, depending on the operational needs of your organization. Fractional COO’s can help create an effective roadmap for all operations pertinent to your business, ranging from streamlining the bookkeeping process to tweaking sales funnel management and more.
On other occasions, you may need a fractional COO for a specific purpose and project, to bring a skill set to the table that your company doesn’t currently possess. Either way, your company benefits from the skills and know-how of a veteran of the industry, for a fraction of costs.
Fractional COO’s are a way to “try before you buy,” so to speak.
Instead of hiring a new COO full-time right out of the gate, you can bring on an interim COO and see how well they integrate and mesh with your company’s culture and forward trajectory.
They can be someone the CEO can bounce ideas off of and help flesh out the company’s direction, without making a full-time commitment until your organization is ready for one.
As you can see, there is a range of benefits to hiring a fractional COO for your business. Companies that are looking to grow in a way that’s sustainable, but they don’t yet have the budget for a full-time COO will reap the rewards of bringing a fractional COO onto the team.
This is especially true when your organization needs some specific help in a key area, but your budget prohibits you from hiring someone full-time. A fractional COO can also help you assess areas your organization is weak or processes that show room for improvement, offer feedback without being biased, and help you begin to implement necessary operational changes for the better.
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