As there is not always an adequate number of projects or enough budget to hire an in-house C-level executive at the initial phase of a business, many companies start employing a fractional executive that can help start-ups enjoy the expertise of a high-level professional, that they could not afford otherwise.
What is a fractional executive?
Over the past few years, hiring a Fractional Executive has become a rising trend for many mid-market businesses and start-ups. Though many people confuse them with independent professionals, Fractional executives are interim C-suite executives who come into a business setting for limited hours a week and under a set of responsibilities.
Fractional executives offer the appropriate guidance to lead the business in the right direction, while also getting involved in the implementation of the strategy they define, after all, to support small businesses or start-ups to grow and thrive, they are willing to get their hands dirty.
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Benefits of working with a Fractional executive
Many small businesses and start-ups don’t have the resources to hire full-time C-suite executives, so here is where fractional leaders jump in to bring the same expertise to the table, but without the costs of hiring a full-time executive.
These professionals can aid start-ups by filling roles like CEO, CMO, CFO, COO and CIO, among other C Suite positions. Moreover, they guarantee swifter and better outcomes, bring a clear perspective, and a substantial return on invested capital. A fractional executive can develop a strong growth strategy since they examine all the aspects of your business under a comprehensive market analysis that ends up in a suitable action plan.
When is a Fractional CXO right for a company?
A fractional CXO enables small businesses and start-ups to gain significant business outlook and expertise at a fraction of the expense of a full-time executive. Many start-ups and mid-market businesses are restricted by challenges that require a fresh and expert perspective to assess their current strategies and plans, but the thing is that they cannot afford this level of expertise due to their lean budget. In this case, hiring a Fractional CXO can be a great growth opportunity. Having an expert deal with the company’s most challenging issues can help teams focus on elements that are being ignored, and address them with proper guidance.
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While working with different businesses in various industries, fractional CXOs gains comprehensive experiences and competencies which they can bring to any business setting, therefore, they become better problem-solvers, analysts, and professionals. So, hiring a fractional CXO can help give your start-up the additional boost it requires to gain from the upcoming opportunities.
The most demanded profiles
Lately, the need for fractional talent has increased, and invariably, more and more start-ups and small businesses are seeking c-level fractional executives that will enable them to gain new insights and scale their business to new levels.
But, in this ecosystem, which are the most demanded profiles?
- Fractional CFO
A fractional Chief Financial Officer offers your business the skills and proficiencies of an up-scale CFO without the in-office cost salary, allowances, and incentives of a full-time CFO. A fractional CFO functions on a project basis and explicitly adjusts to the business’s challenges or objectives. Fractional CFOs can help you with strategic guidance and defining global financial actions, but they can also jump in to assist specific financial obstacles such as cash flow concerns, poor gross margins, managing an audit, and creating financial stability in the future.
Related: When is the right time to hire a fractional CFO?
- Fractional CIO
A fractional CIO is an executive who focuses on aligning information technology (IT) with your business objectives. Hiring a fractional CIO is a cost-effective solution for start-ups that require professional assistance to upgrade techniques and digital tools. A Chief Information Officer (CIO) has a fundamental duty for technology, teams, and providers. They offer assistance with all of the following:
- Using technology to boost organizational performance by providing strategic IT vision and guidance, relying on internal expertise, and bridging gaps.
- Offering IT leadership, coaching, and development inside your organization.
- Providing guidance and advice
- Employing best practices in technology
- Fractional COO
A fractional COO is a corporate expert that has years of understanding and expertise and is ready to operate in a brief capacity. A fractional Chief Operating Officer is an integrator and organizer, this executive brings all the aspects of your business together to get the best outcomes possible. They are liable for an organization’s day-to-day operations, as well as, for the formulation and implementation of new operation strategies and initiatives. A fractional COO may fill the void and give you the expertise you need to keep your business growing.
- Fractional CMO
You want your business to move up, and to achieve that, you need an expert to oversee your marketing strategies. A fractional CMO is a senior marketing professional who specializes in developing and following a marketing strategy, managing, expanding, and coaching the marketing staff at the firm, driving marketing technology integrations, boosting sales growth, and collaborating with freelancers or a marketing agency, among other tasks within this field. Also, this executive will be in charge of ensuring that your business applies everything appropriately, from advertisements to analytics.
If you´re seeking to hire a fractional C Level executive, contact us! We have a broad community of professionals that could fit your business.