As a business owner, have you wished you had someone to help you execute your vision? Or someone to focus on day-to-day operations? Perhaps you need a trusted advisor to discuss issues of strategy and execution? It may be time to consider hiring a fractional COO.
What is a Fractional COO?
A COO, or Chief Operating Officer, works directly with the CEO and focuses on executing the company strategy. He or she ensures that operations, sales, and administration are aligned to reach the corporate goals. A fractional COO does this on a part-time basis. Businesses usually engage them on retainer for a few hours to a few days per month or more based on the organization’s needs.
For companies that can’t afford or don’t yet need a full-time COO, the fractional model gives smaller companies operations experience that is needed but often missing. They can help ensure that organizations are on the right track and help remove obstacles when they aren’t.
Video conferencing and remote work technologies allow COOs to work virtually with clients regardless of where they are located.
What are the benefits?
A COO tackles the operational aspects of the business and frees up the CEO to do what they do best – grow the business and increase its value. They can wear many different hats as the needs of the organization change.
Examples of ways that fractional COO may help your business include:
- Taking the lead on an important project or initiative that other executives don’t have bandwidth to effectively manage
- Ensuring that the Key Performance Indicators are appropriate for each group to drive the desired behaviors to reach the company’s goals
- Assessing the operations organization, including people and processes, and making recommendations to improve efficiency, quality, or costs
- Helping the leadership team develop, execute, and refine the company’s strategic plan
Fractional COOs let you reap the benefits of an operations executive before you make the commitment for, and incur the expense of, a full-time COO. They help position your organization for sustainable growth.