Forget the high cost of full-time hires! Here's how a Fractional COO can help businesses leverage both strategists and visionaries, without breaking the bank.
Core vs. Chore: Making Strategy Cost-Effective
Every business should focus on its core strengths.
Trying to develop everything internally can become a chore, leading to diluted outcomes and wasted resources.
Let's use a marketing agency needing a new CRM system as an example:
- Option 1 (Economical): Purchase an off-the-shelf CRM, customise it, and keep their focus on marketing – their core strength.
- Option 2 (Chore): Invest in building a custom CRM, requiring developers, UI/UX specialists, etc. – not their core expertise.
The cheaper (Chore) option often leads to higher complexity and reduced agility.
The more expensive (Economical) option, on the face of it may seem like the worst option... But on balance and in the medium to long term, it is often the best and most effective option!
The Power of Fractional Expertise
Many businesses utilise contractors for project management, development, or marketing. But what about strategy and vision?
Traditionally, companies hire full-time Chief Operating Officers (COOs), Chief Strategy Officers (CSOs) or Product Visionaries.
Smaller businesses often try to spread these responsibilities amongst existing employees, compromising effectiveness.
The Full-Time Hire Fallacy
The reality? Most businesses, outside of large corporations, only need dedicated strategic or visionary input for a few days per week.
Think about it:
The full-time hire often spends a significant portion of their time on non-strategic tasks. And not focused on the tasks they really need to do!
The Fractional Advantage
Here's why a fractional strategist or visionary, engaged on an interim or part-time basis, can be a game-changer:
- Broad & Valuable Experience: They bring diverse experience across multiple industries.
- Sharp Focus: They dedicate their time solely to strategy and vision.
- Cost-Effective: You pay only for the time you need.
- Tax Advantages: In some regions, fractional engagements offer tax benefits.
- Quick Start-Up: They hit the ground running with minimal onboarding.
- Objective Viewpoint: They are less susceptible to internal biases and politics.
That makes sense, right!?
The Fractional COO: Your Strategic Partner
A Fractional COO can be the fractional strategist or visionary your business needs. This approach delivers high-impact strategic guidance without the overhead costs of a full-time hire.
Ready for a chat...?
Let's talk about how a fractional approach can unlock your business potential... Connect with me over on LinkedIn at Dan Holloway 😉
