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In years of pairing executives with companies in need, we have learned that there are times when full-time is too much time. That’s when companies benefit from choosing a fractional executive. It’s a way to get top-notch skills for a fraction of the time at a fraction of the cost of a full-time hire.
On a webinar, InterimExecs CEO Robert Jordan laid out the 5 situations when hiring executives on a fractional basis makes the most sense for companies:
1. You Aren’t at a Stage Where Full-Time is Needed.
As David Neafus, a RED Team Fractional Chief Financial Officer, said: “The benefit of a fractional model is that the client or company doesn’t have to pay for a full-time CFO. The cost is a lot less and I focus my time and efforts only on the items that need my level of experience.”
By choosing to hire a part-time C-level leader over full-time employees, companies can afford top talent with a proven skill set. That means, Jordan said in the webinar, you can get more done with less.
And, he noted, what your company needs now may be very different from what you need a few months from now. That is especially true for fast-growing early-stage startups.
2. You Need Very Specialized Leadership for a Specific Project or Initiative.
Hiring part-time project-based executive-level leadership can give your company a competitive advantage at an affordable price. Successful fractional roles include:
- A fractional COO who can improve operational efficiencies and oversee product development.
- A fractional CFO to help business owners ready a company for an IPO.
- A fractional chief marketing officer who can spearhead sales growth.
- A fractional CEO experienced in strategic planning to help small businesses get to the next level.
- A fractional CTO to oversee the implementation of an ERP system or upgrade software systems and applications.
- A fractional CMO who can create a marketing strategy and brand positioning project.
- A fractional chief operating officer experienced at leading turnarounds who can rescue a declining or shutdown business.
3. You Don’t Know What You Need Yet.
You know that something isn’t right, but you’re not sure what. Consequently, you’re not sure how to fix it. That’s when short-term fractional employment makes sense.
Some warning flags that you’re in need of more help:
- The business is not growing at the right pace.
- You are missing areas of opportunity.
- You are not executing well on a plan.
- You don’t have the right people to take you to the next level.
- Team members don’t seem to be communicating well or aligned on a go-forward plan.
Whether the problem seems to be one of cash flow, human resources, company culture or something else, contracting with an experienced leader for short-term fractional work can help you identify the problem and fix it.
4. You Want a Low Cost, Low Risk, Flexible Contract.
This is where a fractional hire is ALWAYS the answer.
By contracting with a fractional executive through InterimExecs, there is:
- no employer-employee relationship
- no severance
- no healthcare or other benefits
- no long-term contracts.
The relationship focuses on results and it’s easy to scale working hours up or back as your company’s needs change.
5. You Need to Fill an Executive Seat Fast.
This is another big selling point for contracting with a fractional hire via Interim Execs RED Team. They have been vetted and come with a record of success.
Whether you’re in need of a CEO, CFO, COO, CIO, CTO, CMO, or CSO to stabilize a team in transition, we can have a fractional executive on-site in as little as 48 hours.
The executive is not just there to keep the seat warm while you hire a new full-time executive. Our RED Team members will help your company keep forward momentum while you conduct a thorough search to find the exact right full-time leader. And the fractional executive can even stay on in-house to help lead a smooth transition to the new leadership.
Are You Ready for Fractional Leadership?
Contact InterimExecs to learn more about how a part-time or fractional executive from InterimExecs RED Team can help solve your biggest challenges, opportunities, and leadership gaps.
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