Fractional COO, Do I Need One?

Not every business needs to have a full-time Chief Operating Officer (COO). This is especially true if your business is still young. Apart from a full-time executive officer being an unnecessary hire, you probably can’t afford one yet. However, there are instances where you may realize you need the expertise and knowledge of a COO. Fortunately, there’s a workaround. You can hire a Fractional COO.

What is a Fractional COO?

Also known as a contract COO or temporary executive, a Fractional COO is an executive-level leader that your business can bring on an temporary basis. This means you can get a COO for a specified period without taking on the risk of permanently hiring one. You can think of this as an Executive-as-a-Service.

When you hire a Fractional COO, you will be able to get the skills, knowledge, and expertise of a top operations executive. This is one of the most efficient and affordable ways to increase your strategic advantage, achieve your organizational goals, and grow your business.

Working with a fractional COO is significantly more affordable and carries less risk than bringing one on board as a full-time employee. But how do you know whether bringing on a Fractional COO is the right move for you?

Questions to Ask Yourself

Here are some questions to help you decide if working with a temporary COO is the right move for you:

• Will you be able to reach your revenue goal by the end of the year?
• What is your company’s maximum capacity limit?
• How much capital do you need to achieve your revenue goal?
• Do you need a capital infusion?
• Are your goods and services priced correctly?
• How many more sales does your business need to achieve your annual revenue goal?

If you have the answers to these questions, you have the necessary competencies for growth and could benefit from hiring a Fractional COO.

Signs it’s Time to Consider a Fractional COO

Don’t wait for trouble to appear in your company so you can start running around and looking for help. Unfortunately, most businesses realize they need a temporary COO too late.

Here are some signs you need executive help:

• You spend lots of time working in your business and not on the business
• You feel constantly overwhelmed, and you are always struggling to make the right decisions
• You feel like your leadership team is not strong enough;
• Your business is not growing as you want it to, and you can’t figure out what’s wrong.

Hiring a part-time, or fractional COO in such instances makes so much sense. As insiders, you and your current leadership are part of the challenge your business is facing, but this doesn't have to be a bad thing. A contract COO will provide expertise, guidance, and executive-level leadership to help you avoid and overcome roadblocks in your business model. In short, they will set you on the right operational and strategic track for maximum growth at an affordable price.

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