When you're looking to take your business to the next level, hiring a fractional COO can be an appealing option. A fractional COO can help you define your vision, set SMART objectives, and free up much of the CEO's time for other initiatives. But what are the costs associated with a fractional COO solution? The qualities of a fractional COO depend on the type of business you run and how your company operates and grows. When you hire a fractional operations manager and confirm that he's the right one, you retain him for the long term or hire him full time (if he agrees, of course).
A fractional COO brings his team together around his vision, brings all his experience and defines a clear direction for his team. Because it's fractional, your fractional operations manager doesn't have a fixed salary per year, but you pay him by the hour, day, or month. COO's fractional rates can vary greatly depending on the country you're in, the experience you're looking for, and where you hire from. As a founder, you must break down what your operations are like and what you expect from a fractional COO when you incorporate one, because every company is different.
Seeing how he could greatly expand the operational part of the business, he decided to work as a fractional operations director and replicate it. It's obvious that you might want to hire a fractional chief operating officer instead of a full-time chief operating officer for your Series A startup. A fractional COO can do a lot of heavy tasks and free up much of the CEO's time for other initiatives. He will sit down with you and draw up a plan around the right objectives for your company's growth stage and help you define measurable success.
The role of COO, specifically for many founders, is difficult to achieve because they understand operations but don't understand how a COO can step in and help their business in a tangible way. Fractional COOs give you more flexibility, can be hired in weeks, and cost half as much as a full-time COO. When considering hiring a fractional COO, it's important to factor in all costs associated with this solution.