Are you a small business owner?
Is the stress of strategic long-term planning dawning on you?
Do you feel like you could be doing more with the right expertise or more time to strategize?
Would adding a full-time executive be too much of a stretch for your current budget?
It would be easiest to just tell you “well, we happen to be the exact thing you are looking for, just check us out and let’s begin!” But frankly, we wouldn’t want to come in too strong.
This is never an easy step. We wanted to dedicate this article to each and every person who could relate to the former questions. By the end of it, you should have a clear idea of what to do next.
In the next couple minutes you will be reading about:
- What does a Fractional COO do and is it different from an Interim COO?
- Some signs your company could probably use one.
- Benefits from hiring an Fractional COO from the get go.
Here we go.
What Is a Fractional COO?
We are going to start simple. A Fractional COO (also sometimes taking the role of Interim COO) is the perfect answer for entrepreneurs and small businesses. For them, a full-on manager would prove to big of a commitment. In other words, it’s a tailor-made position procured exactly for your profile.
A Chief Operating Officer is the right hand of the CEO or business owner. Taking on a supplementary leadership role, assisting in the companies’ strategies and vision, they are responsible for identifying issues with productivity and efficiency, proposing and executing changes along the way.
Don’t feel intimidated! The Fractional COO acts based on a business growth strategy for everyone’s own best interests, providing consistency, but with only a portion of the expense. The Fractional COO only works the amount needed and isn’t paid for time they are not. Since a Fractional COO has tons of experience in multiple businesses, they are usually able to produce the results of a full time COO in a fraction of the time – hence the name. A Fractional COO can also be the perfect fit as an Interim COO to bridge the gap between hires that take tremendous discovery and evaluation before committing to.
7 Indications You Need a Fractional COO Today
Now that we know what a Fractional COO is, let’s get back to your perspective. What are some indications this would be the right move for you?
If you can relate to, at least, two of the following seven, you should start thinking it through.
- You don’t have the time to focus on your business.
- At the same time, you are investing way too much time of your day on business-related matters that take away from others.
- Thinking long-term is actually impossible, as day-to-day tasks just keep stacking up.
- You are stressing over all the things you have no time to do, which would greatly benefit your business.
- Leadership is a struggle and you need help in that regard.
- You are realizing your company is not scaling at the rate it should or could be.
- You don’t have the budget to add a full-time experienced manager.
Still reading? You are surely in for a treat! Next, we are going to address some of the ways this service will help YOU, specifically.
7 Benefits a Fractional COO Will Have on Your Small Business
Finally, we are going to go ahead and present the seven main benefits of hiring a Fractional COO:
- Budget-friendly. As we said, hiring a manager can prove really expensive when your company is still in its early stages. You could afford one by paying only for the time needed and without any of the benefits overhead.
- You will develop new strategic directions, improve your company’s efficiency and take a seat while driving new organizational changes.
- Focus on the big-picture. A Fractional Chief Operating Officer will help with your day-to-day stuff, meaning you could finally focus on tomorrow.
- Flexibility. No Fractional COO does the same exact job in every business he helps manage. Maybe you need him to focus on leadership or bring on his skill-set to fulfill your weaknesses.
- Try-before-you-buy dynamic. Considering a full-time COO but can’t put your finger on it yet? You got your answer.
- Remote work. Saves you office space while still allowing fast availability.
- This one is not applicable to every Fractional COO. They can serve specific niches. For example, at SBG Consulting we have a dedicated service for nonprofit organizations, allowing them to execute in a real budget-friendly relationship. This way, not having the funds will never be an issue.
This is it from us today. If you would like to know more about Fractional Chief Operating Officer services or, rather, are in need of a small business consultant, come and see what we are all about at SBG Consulting!
What is a Fractional COO?
A Fractional COO takes on a supplementary leadership role, assisting in the companies’ strategies and vision. They lead the team through day to day operations so the CEO or owner can focus on the big picture. Fractional COOs are experts at delivering results in a fraction of the time, and therefore also at a fraction of the price. The COO will identify issues with productivity and efficiency, proposing changes along the way and teaching the team to execute them.
What is an Interim Officer?
Interim Officer is the bridge between one fully vetted Chief Operating Officer, and the large expense, commitments and benefits that come along with that, and the next one. A Fractional COO is a terrific stand-in for periods of one year or longer while you figure out who will take your company’s success into the next era.