How do you build, scale and profit your business for success? Many entrepreneurs and business owners struggle to execute their business goals. It can be daunting and costly to hire qualified talent to scale and get to the next level in your company. Luckily, a Fractional COO is a great way to achieve business success.
What is a Fractional COO?
A Fractional Chief Operations Officer (COO) is responsible for executing the vision of the Chief Operating Officer (CEO) or business owner. They serve as a fractional leader on the executive team, helping businesses run like a well-oiled machine. This professional expert helps businesses achieve certain goals so that the business is running effectively and efficiently.
They create better accountability and transparency in businesses so they can run smoother and are able to better manage day to day operations and functions.
A Fractional COO assists the CEO and teams with:
- Business Plan & Strategy
- Roles and Organizational Development
- Team Goals & Stakeholder Alignment
- Streamlined Communications
- Multiple Offices
- Polices and Procedures
- Process and Systems
- Cultural Improvements
- Productivity and Performance
The Difference Between a Fractional COO and Business Consultant
People ask – “What is the difference between a Fractional COO and a business consultant”? Consultants can serve a great purpose as outside advisors for companies. However, consultants usually provide advisory services based on specific projects. Business consultants typically report to someone within a company rather than the CEO.
A Fractional COO plays a key role in companies and has a seat at the leadership table. Even though they are not an internal employee, this professional has a role on the organizational chart, and on the leadership team.
Benefits of a Fractional COO on your Leadership Team
Operations is an integrated business function that touches every other function in your business (i.e. sales, marketing, finance, legal, branding, human resources, etc). Fractional COO’s serve as an integrator who can lead and be a CEO’s right hand. Their duty is to ensure the company is resourceful with their time, money and people.
Ultimately, the Fractional COO role serves as a cost benefit to businesses that are unable to bring on a full-time COO. Fractional COO’s typically will work on retainer for hours needed and provide flexibility. As independent contractors, they also pay their own employer taxes, benefits, etc. Therefore, these line items are not additional expenses for companies who contract them.
It is hard for businesses to scale and profit well if the CEO’s are unable to delegate work, and are micromanaging or babysitting the staff. Fractional COO’s can provide oversight and supervision to team members. They help create better infrastructure, strategy, processes, systems and a healthier work culture.
A Fractional COO typically works 2-3 days/week for a designated number of hours a month. Their primary responsibility is to set up effective meetings and ensure employees are responsible and accountable for their work.
Below are some top benefits for companies who bring on a Fractional COO:
- Offers an outside perspective and objective point of view
- Uncovers operational and business issues that may be covered by internal management or unseen by employees who are too close to the work
- Provides practical solutions to help promote the company culture
- Serves as an integrator for the visionary of the business
A Positive Return on Investment (ROI)
A Fractional COO may be the most undervalued and best investment decision CEO’s can make for their business.
They can provide a broad range of services and solutions that help companies facilitate change, achieve the vision, maximize performance, and optimize organization and productivity.
They are executive level qualified talent that you can retain at an affordable price. Essentially, a Fractional COO serves as the CEO’s right-hand leader, to help bring companies to the next level.
Are you considering strategically partnering with a Fractional COO? Click here to download the MVS FREE Four P-model™ tool and discover how to double your productivity and profit overnight. Take the 3 Minute Business Questionnaire to see how we can add value to your business.