What companies should consider fractional executive services? Can a CEO, CFO, COO, CTO, or other C-level executive be hired part-time to leverage their extensive experience and knowledge?
Many small businesses, startups, LLCs, and corporations need help taking the next step in their growth or business development but lack the internal experience, knowledge, or skill to know what to do or how to do it. They cannot afford to put together the compensation and benefits packages to attract the knowledgeable talent these types of leaders bring to the table. The right solution may include a fractional engagement with an experienced executive or expert who can help accomplish these goals.
What are "fractional executive services," and what types of companies should consider fractional executive services? When you hear the term "fractional executive services," it is easiest to consider this as you would have a temporary or part-time engagement. You need access to proven experience, wisdom, knowledge, and know-how in order to accomplish the next stages of your company's growth.
The most likely business candidate to require a fractional executive would be a Limited Liability Company (LLC), an S corporation, or even a C corporation that has been in business for several months or years. This business has experienced a level of success and often challenges that have resulted in stagnation or an inability to reach or expand into specific geographic or vertical markets at scale.
For example, a local company that has developed software tailored to a specific industry may require the skills, contacts, and experience of an executive who can help them grow their sales and technical support organization in order to expand their ability to successfully reach and serve a larger audience.
A proposed acquisition or merger is another common example of when companies should consider fractional executive services. A small business is approached by a more significant business or a well-recognized national or international company that wishes to merge operations or acquire the target company through a stock purchase. The smaller company may need a fractional CFO to help them develop the types of financial statements and accounting information required to satisfy the potential suitor. A fractional CEO can bring the leadership needed to create and implement the right strategy to take your company from where you are to where you wish to be.
What is presently holding your company back from expansion and growth? What are the leadership gaps in your organization? How would it impact your organization's growth, profitability, and long-term success to gain access to leadership with the knowledge, skill set, experience, and contacts required to take your organization to the next level? Fractional executive services have become a proven strategy to allow smaller organizations and entities to access and deploy these important resources within a budget they can immediately afford. A fractional executive strategy is also a sound method for getting to know a potential candidate before committing to the salary, ownership, and benefits package required to attract a full-time business leader.
