As a business leader, you know that having the right team in place is essential for success. A fractional chief operating officer (COO) can help you create an organized, managed, and engaged team, while also allocating resources to support your company's strategic objectives. The COO focuses on day-to-day operations, while the CFO looks to the future by translating financial data into actionable information. Depending on your company's needs and skillset, you may not need both. A fractional COO can work just a few hours a week or month, and can help with anything from developing growth strategies to streamlining processes and hiring and firing employees.
The functions of the fractional COO vary depending on the demands of the company, the skill set of the CEO, and the skill set of the fractional COO. Instead of paying for a full-time senior operations executive, you can hire a fractional operations executive as a service. The only responsibility of a fractional operations manager is to run the company better than when they joined it and manage all operational issues to free up the CEO's time for long-term business objectives. Fractional COOs are often hired by small and medium-sized companies that don't have the need or cash flow for a full-time COO. Fractional operations managers can provide counseling services and mentoring, training, and support to senior managers and employees. They can also help develop systems and processes that can scale with your business.
A fractional COO can help develop a long-term plan for your company, so you can focus on the present without sacrificing your future. Fractional operations managers can range from consultants who provide strategic advice (but the owner implements the work) to teams similar to those of fractional chief financial officers. A fractional COO can help provide a new view of organizational objectives, operational actions, technology, and more. In addition, they can bring a new perspective and provide outside information and ideas that can help take your company to the next level. A fractional COO can take over daily operations of your company, giving you more time to focus on the big picture. They have the experience and skills needed to help companies succeed in today's competitive landscape. So how do you make sure that your fractional COO is effective? Here are some tips:
- Clearly define roles and responsibilities: Make sure that everyone knows what their role is in order to avoid any confusion or overlap.
- Set measurable goals: Establish clear goals that are measurable so that progress can be tracked.
- Provide feedback: Regularly provide feedback on performance so that any issues can be addressed quickly.
- Encourage collaboration: Encourage collaboration between team members so that everyone is working together towards a common goal.
- Be open to new ideas: Be open to new ideas from your fractional COO as they may bring fresh perspectives that could benefit your business.
With their experience and skillset, they can help take your company to the next level.