Hiring a fractional COO is an effective and affordable way to reach organizational objectives, gain strategic advantages, and expand your business. A fractional COO is an outsourced professional who serves as your chief operating officer, providing all the experience of a full-time operations manager without the need for a complex executive hiring process or separate human resource processes. Fractional COOs are often found in small companies that don't require a full-time operations manager or in larger companies that are just beginning to carry out manufacturing operations with feasibility studies. These services can provide all the experience that a full-time operations manager has, but more “as needed”.
For fledgling businesses and operations, this helps keep costs down and ensures prudent budget allocation, while attracting the most talented and qualified leaders. A fractional COO can come once a week, once a month, or as often as you need them for strategic planning, process improvement, and other operations-related projects. This offers much more flexibility than adding a full-time COO to your payroll, with an off switch for a shorter period of time. A fractional COO focuses on all of the agency's operational issues in order to lighten its workload and be able to focus on its long-term business objectives. They accurately record how much time they spend, so they are not always available or thinking about solutions to various problems or challenges. As the term indicates, a fractional COO would perform these traditional tasks only fractionally. The decision to hire a fractional COO or a consultant will depend mainly on the circumstances in which the company is located.
In general, a fractional COO would work for a company that isn't yet big enough to pay the salary of a full-fledged COO or that doesn't need a full-time COO. As a general rule, fractional COO services will be priced similar to that of expert-level legal or accounting advice services. A fractional operations manager bridges the gap in your daily operations and helps your company grow when you don't have the resources to have a full-time employee for that job. They take care of all operational matters to lighten your burden and help you focus on achieving your long-term business objectives.
The Benefits of Hiring a Fractional COOThere are several advantages of having a fractional COO. Most of these benefits translate into savings of money.
Hiring a fractional COO is an effective and affordable way to reach organizational objectives, gain strategic advantages, and expand your business. One of the main benefits of hiring a fractional COO is cost savings. By outsourcing this role instead of hiring an in-house executive, you can save money on salaries and benefits while still getting access to experienced professionals who can help you achieve your goals. Another benefit is flexibility.
With a fractional COO, you can adjust their hours as needed depending on your needs. This allows you to scale up or down quickly without having to worry about hiring or firing full-time employees. Finally, having access to an experienced professional can help you make better decisions and increase efficiency. A fractional COO can provide valuable insights into how to improve processes and increase productivity.