The Benefits of Fractional Leadership
The original post by Matt Santos from Solace can be found HERE.
In today's rapidly changing and increasingly competitive landscape, it's crucial for companies to remain nimble and adaptable. One way to achieve this is by hiring fractional executives or professionals, who can bring a wealth of specialized expertise and experience to your organization without the financial commitment of a full-time hire.
Below are five key advantages to utilizing fractional hires that can give your company a competitive advantage in the marketplace.
- Actually Approachable Experts (Years of Experience for a Fraction of the Price):
One of our fractional CFOs put it best: "it's 30 for 30: get my 30 years of experience for 30% of the cost of a traditional CFO". Fractional executives are highly experienced professionals who have worked in various industries and roles and now offer their expertise on a part-time basis to one or a few different organizations. They bring a wealth of knowledge and expertise to the table, which can be valuable in providing guidance and support in areas such as Finance (e.g. Fractional CFO, Controller, Bookkeeper), Tech/Software Engineering (e.g. Fractional CTO, Senior Developer, UX/UI), Marketing (e.g. Fractional CMO, SEO Strategists), Human Resources (Fractional CHRO, Fractional HR), Operations (Fractional COO), Sales (Fractional CSO, Fractional Business Development), and more. Their expertise can help your businesses make informed decisions, solve complex problems, and drive growth.
- Flexible & Low-Risk (Pay for What You Need):
Fractional executives can be hired on a part-time or project basis, can charge by the hour or on a monthly retainer, and have contracts with unrestricted end-dates, which gives businesses the flexibility to access expertise on a low-risk, as-needed basis. This allows businesses to avoid committing to long-term contracts or full-time hires, which can be costly and inefficient, especially for roles which don't merit a full-time salary / not needing 40 hours a week worth of effort.
- Hire Team Members Not Consultants (Outcomes-focused vs Deliverables-focused):
Hiring a fractional executive is more like hiring a part-time team member vs an external consultant - a small but critical distinction. Team members are accountable to outcomes whereas consultants are accountable to deliverables. Bringing in a fractional executive is bringing in someone who defines success as you achieving your vision via the outcomes you need them and your team to achieve.
- Speed (Get Value From Day 1):
Fractional executives can be quickly onboarded and start providing value from day one. This can be especially beneficial in times that your business is growing rapidly or when quick decision-making is necessary.
- Objective Perspective (Blunt and Informed Opinions You Need to Hear):
Fractional executives provide an objective perspective on the business, which can be valuable in identifying areas of improvement and defining the organization or department's path forward. They can offer fresh insights and recommendations that may not be apparent to those within the organization.
Bringing a fractional executive or professional on board can offer numerous advantages to your company, regardless of its current size or growth stage. It's a practical and cost-effective option to bring in hands-on expertise or interim leadership, providing the essential skills and experience necessary to stay ahead in the market.
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Click HERE to learn about Nextra's Fractional GM Services.
