Every business founder/CEO of an emerging brand dreams of successful traction and scaling in the marketplace. However, fast track growth often comes at a high price. Often there’s no process to speak of. Duct tape holds things together. Systems? Not so much. Things go missing — including clients and team members. A lack of resources means that the company’s ability to out-innovate may be put on hold to maintain operations.
When a company grows faster than its leadership team's capabilities, the end result is often a splatter: it hits a wall.
What Is a Fractional Executive?
Smart fast-growing companies are tackling this with part-time or fractional executives. In many cases, this specialized top-tier c-suite talent can reinvigorate an organization without incurring the often out-of-reach cost of a permanent or full-time executive.
The fractional model means companies can rent blocks of executives' time. The model makes sense before a company has scaled — before they need or can afford the full-time hire. Companies with a keen focus on results find that renting a rock star executive outweighs getting 100% of a permanent employee's time.
Fractional executives, collectively referred to as CxOs, go beyond the CEO, extending to COO, CMO, CTO, CSO, CDO, CFO, etc. expertise. These growth-oriented executives manage both the strategy and execution across all organizational platforms, helping to effectively scale emerging brands. They are not strategizing on the sidelines – on the contrary, they are experts at integrating into diverse business operations.
How is a Fractional Executive Different From a Traditional Consultant?
Fractional CxOs provide the level of leadership in their respective roles to help strategically and tactically. Conversely, with traditional consultants, you typically pay upfront for their analysis and recommendations but still have to invest working capital in executing the strategy. A CxO not only helps define the strategy but also rolls up their sleeves and helps to execute it.
Input from an experienced executive can propel fast growth over time. Fractional executives typically:
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Temporarily fill c-suite positions in a company
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Work in a part-time capacity
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Receive compensation on a retainer basis
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Provide the same reliable outcomes you would expect from a full-time hire
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Provide strategic insight and change leadership to achieve objectives
Why Choose a Fractional Executive?
With a fractional executive, you get all the brains and most of the horsepower, for a fraction of the price. You should consider bringing in a fractional executive over a traditional consultant when:
1) You don’t have the budget to hire a full-time c-suite executive(s)
Most smaller firms don’t have the cash flow and can’t afford a six-figure c-suite executive, so retaining a “fractional” piece of that person’s time becomes the ideal solution. Fractional executives can work on retainer per diem, project-based, or contractor-based.2) You feel stuck or hit the ceiling, with no clear path forward
There are so many gears that need to turn in sync to scale an emerging brand, and it can be overwhelming. You need help identifying & prioritizing the key components that will accelerate your company’s growth profitably, then executing them.
3) Internal business systems and processes are not scalable
Fractional executives integrate with your current leadership and help you build the team you need to sustain profitable growth. They fill in the voids and bridge the gaps by identifying areas for people, systems, and process improvement, be it marketing, sales, operations, finance, IT, or HR. They help identify, then implement scalable systems and processes.
4) You feel lonely at the top with no true peers to help you lead
Fractional executives can help you, be it coaching, counseling, advising, or even taking on a portion of your workload. Having a "peer" in the c-suite helps to share the burden, so you're not alone.
5) You’re tired of coaches and consultants telling you what to do, instead of jumping in and helping you with the heavy lifting
Most business consultants and coaches tell you what to do and send you the bill. Fractional executives step in and actually help do the work. They provide a clear list of deliverables and integrated business solutions and outcomes that get your emerging brand scaled cost-effectively.
Are you scaling your franchise, dealer network, or private equity company? Securing the right leadership team can be the make or break for high-growth potential businesses to scale up profitably. To explore how a fractional or part-time executive can help you, schedule a call here or call us at (203) 909-0461.