If you've decided to hire a fractional chief operating officer (COO), you're investing in their ability to organize the details of your business growth and make it happen. COO's fractional rates can vary greatly depending on the country, the experience you're looking for, and where you hire from. To ensure that your fractional COO is staying abreast of industry trends and best practices, there are several strategies you can implement. One way to guarantee that your fractional COO is up-to-date is by joining industry associations and attending their events.
This provides an excellent opportunity to network with partners, customers, and colleagues, as well as share information and current events. You can even bring in colleagues or interns to help them learn more about the industry. Successful people spend time every day keeping up with the latest news and developments in their field, so it's important for fractional executives to make time for this. Consider setting aside a few hours each week to read industry publications, attend webinars, or listen to podcasts.
This will help them build credibility and value, and demonstrate that they know where their field is headed in the future. As professionals, fractional executives must have a model work statement and a consulting contract that includes a confidentiality agreement. Try to be as detailed as possible in the statement of work. List the initiatives they will oversee, the day-to-day responsibilities and the results, and also include a phrase like 'and other functions as directed by the CEO'.
When the fractional executive starts, set up an initial meeting with your entire team and recommend that they meet with each member of the team in person to answer any questions and establish a good relationship. This will help them get up to speed quickly and understand how their role fits into the bigger picture. By following these strategies, you can ensure that your fractional COO is staying informed of industry trends and best practices. In addition to joining industry associations and attending events, it's important for fractional executives to make time for reading industry publications, attending webinars, or listening to podcasts. This will help them stay ahead of the curve and be aware of what's happening in their field. Additionally, having a model work statement and consulting contract with a confidentiality agreement will help ensure that your fractional COO is well-prepared for their role.
Finally, setting up an initial meeting with your entire team will help them get up to speed quickly. By implementing these strategies, you can ensure that your fractional COO is staying abreast of industry trends and best practices.