A fractional Chief Operating Officer is a flexible arrangement whereby a company can tap into an experienced executive for a few hours a week, full-time for a quarter, or a wide variety of options that best fit the needs of a growing business.
A fractional COO can be a great option for businesses looking to get the help they need but don’t have the budget for a full-time executive. This can be an excellent solution for businesses in growth mode and need help managing their operations but don’t want or can’t afford a full-time COO.
A COO is quite different from any other employee in your company. They are responsible for the overall operation of your business. This can include everything from planning and analysis to overseeing marketing, sales, or customer service.
A Chief Operating Officer works closely with the CEO to help grow the company and ensure it runs smoothly. Without a COO, you can get stuck in the day-to-day operations as a CEO. This will keep your company from growing or could even result in organizational death.
What Is a Chief Operating Officer?
The COO is the second-in-command at a company, typically reporting to the CEO. They are responsible for ensuring that the company meets its operational and financial goals. The COO’s role is both strategic and tactical. They work with the CEO to set the company’s strategy, and then execute it.
Why Would You Need a Fractional COO?
There are several arguments for why you may need a fractional COO. Maybe your company is in growth mode, and you need someone to help with the day-to-day operations. Or maybe you’re at a point where you’re ready to take your business to the next level but don’t have the bandwidth to do it all yourself. A fractional Chief Operating Officer can help with both of these things.
What Does a Fractional COO Do?
A fractional Chief Operating Officer works closely with the CEO to help grow the company and ensure it runs smoothly. Your fractional COO can be your partner, coach, and mentor. A fractional COO can help with things like:
- Setting strategy
- Developing processes and systems
- Creating, monitoring and
- Hiring and firing
How Do You Find a Fractional COO?
There are several ways to find a fractional COO. You can ask your network for recommendations, search online, or work with a company that specializes in placing executives in fractional roles.
How Do You Know When a Fractional Chief Operating Officer Is Good for Your Business?
Ask yourself these questions if you’re unsure if a fractional COO is a good choice for your company.
- Do you need help with the day-to-day operations of your business?
- Do you have the bandwidth to take your business to the next level?
A fractional COO might be a good fit for your business if you answered yes to either of these questions.
This can be a fantastic solution for businesses in growth mode that need help managing their operations but don’t want or need a full-time COO.
Benefits of a Fractional COO
There are a few benefits of having a fractional Chief Operating Officer.
- First, you get the help you need without having to pay for a full-time executive. This can save your business money.
- Second, a fractional COO can bring fresh perspectives and ideas to your company. They can help you think outside the box and develop new growth strategies for Startups & other Businesses with the help of business growth experts.
- Third, there is no long-term commitment to a fractional Chief Operating Officer. You can use their services for as long or as short as you need.
- Fourth, the fractional COO is there to assist in helping you grow your company and can help you identify whether you need a full-time COO or not. They can even help you to fill the role!
- Finally, a fractional COO can help take some of the burdens off of your shoulders. If you’re feeling swamped by the day-to-day operations of your business, having someone there to help can be a huge relief.
Summary
If you’re considering hiring a fractional Chief Operating Officer, make sure you do your research. There are a lot of great fractional COOs out there, but there are also a lot of not-so-great ones. Make sure you find someone who is a good fit for your company and whom you can trust to help grow your business.
Hiring a fractional COO is a big decision. But if you’re looking for help with the day-to-day operations of your business and are ready to move your business to the next level of success, a fractional COO might be the right move for you.
