A successful business does not require overworked management or equally stressed employees. Delegating tasks to the right people can be the key to success in any field. However, hiring more senior-level staff may interfere with a strict budget. For a tricky challenge, entrepreneurs need a creative and modern solution – meet the fractional COO.
What is a Fractional COO?
A fractional COO is essentially a part-time or freelance chief operating officer. They offer the same services and skills as full-time COO without the budget or full-time commitment. Depending on the company’s needs, this person may come in twice a week or even twice a month.
What Does a Fractional COO Do?
If the CEO is the visionary, the COO is the overseer. A qualified COO ensures that day-to-day operations meet CEO expectations.
COOs handle a variety of tasks, including:
- Overseeing daily operations
- Organizing various departments
- Managing real-time metrics
- Addressing business problems
COO is considered a second-in-command position that reports directly to the CEO or President. The fractional COO role may not have the same privileges as a traditional COO, but the responsibilities are the same.
What is the Difference Between a Traditional and Fractional COO?
A few differences separate a traditional and fractional COO.
While a traditional COO typically requires a full-time salary with benefits and office, a fractional COO requires far less. As a part-time worker, a fractional coo incurs fewer costs. Because they need little to no office time and do not qualify for benefits, they are better suited for businesses with a strict budget.
What are the Benefits of a Fractional COO?
As an entrepreneur, you are likely pulled in many directions. You may oversee everything from recruitment to production. By hiring a fractional chief operating officer, entrepreneurs can focus on their vision for the company.
A good fractional COO will join your organization with the right skills, industry experience, and working knowledge. They will alleviate the excessive burdens that come from micromanaging multiple departments. Your COO will help you create a chain of command full of the right people so that you can concentrate on your goals.
Having a fractional COO versus a traditional COO allows for more flexibility. For example, a conventional COO would have an office and all the equipment and technology that goes with it. The cost of which would need to be provided by the company. Freelance or contract COOs can work remotely and use their personal equipment.
Simply put, a fractional COO helps steer your business in the direction you desire while costing you less than a traditional senior employee.
Hiring a Fractional COO
To staff your company with the best talent available, you need a COO that you can trust. A trustworthy COO will have the experience and knowledge necessary to fill roles within the company while addressing crucial business needs.
Like any position, finding a solid fractional COO can take time and effort. You want to choose a knowledgeable person to help your business grow while also fitting your budget. Here are a few steps to take before hiring a fractional chief operating officer.
- Decide on a budget
- Determine where you need help
- Create a list of goals
These simple steps will allow you to envision your perfect COO. With a clearer picture of who you want, you can be selective in finding the proper talent amongst a large pool of candidates.
Fractional COO Services
If you’re unsure of what makes an excellent fractional COO, you may be apprehensive about hiring one. Choosing the wrong person can result in setbacks and poor strategy. Should you be uneasy about selecting the appropriate person, you can opt for fractional coo services instead.
Companies that provide business services can provide attentiveness and expert-level talent at an affordable rate.
With our fractional coo services, you will have an experienced right hand to:
- Review real-time data
- Create action plans for accountability
- Identify areas for improvement
- Design effective business solutions
- Develop a multi-year plan
Because our goal is to align with your vision, we offer multiple plans to fit your needs and budget. For more information, check out our services page.
A COO is a valuable employee that can take your vision and turn it into practice. Businesses can save money by hiring fractional COOs who work part-time to address day-to-day operations. These part-time or contract employees do not require benefits and can work remotely. They offer all of the same skills while fitting into a budget.
Business consultation firms like Great Lakes Advisory also provide fractional coo services to suit your needs. Fractional COO services can save you from spending countless business hours searching for the right candidate.