In general, fractional executives are a great option for small businesses and startups. They can manage high-risk initiatives, fill a vacancy, or help you define the position for the first time. It's essential to have a clear operational strategy and an organizational design. When looking to make a company more resilient, a good start is to map all business processes, determine if it has the right talent, systems and technology to achieve it, and then prioritize change accordingly.
To ensure that your fractional COO (F-COO) is staying on top of changes in the industry and adapting accordingly, it's important to set up an initial meeting with your entire team when they start. It's also recommended that the fractional executive meet with each member of the team in person to answer any questions and establish a good relationship. This is when Expansion Group was founded, with the goal of helping companies avoid the mistake of hiring full time for part-time work. When you hire a fractional COO, your company gets the vision and experience of a senior operations executive without having to assume the cost of full time.
This is a powerful and affordable way to achieve organizational objectives, increase strategic advantages and grow your business. A fractional COO is a business professional with many years of experience who is willing to work on a temporary, part-time basis for an hourly rate that would normally be equivalent to hiring someone full time. To ensure that your F-COO is staying on top of changes in the industry and adapting accordingly, it's important to have regular check-ins with them. Ask them about their progress on projects, any challenges they're facing, and how they're staying up-to-date on industry trends. You should also provide them with resources such as industry reports or news articles so they can stay informed.
Additionally, you should encourage them to attend conferences or webinars related to their field so they can network with other professionals and stay abreast of new developments. Finally, it's important to provide feedback to your F-COO on their performance. This will help them understand what areas they need to focus on and what areas they are excelling in. It will also help them understand how their work is impacting the company as a whole.