The workplace is transforming from traditional, in-house employment to external expertise. With the rise of fractional hiring, many businesses are outsourcing to gain deep expertise and the ability to scale at the executive level.
While many CEOs are uncertain of what this new world brings, learning about options will give business owners a competitive advantage to be the best even if not the biggest. If you want to make waves and get ahead of the changing business environment, consider how fractional hiring for key positions will help you achieve your goals.
Tap Deep Expertise
Historically, it’s made sense for CEO business owners to build a robust team of internal employees that works together, joins the same room for meetings, and approaches problems from inside the institution. But today, this is not the best strategy. Strictly internal thinking and expertise has limits.
Fractional hiring allows you to skip the imprecise recruiting and onboarding process to go straight to doing the work. You can find strategic executives with hands-on experience across a range of functions, from CMO, CTO, to CFO, ready to go to bat for your brand. With the marketplace demand for expertise intensifying, the fierce competition allows you to find budget-friendly options that pack a powerful punch.
One person can’t meet the scope fractional teams provide
Fractional executives cross comfort zones and barriers that you can’t reliably replicate in-house. Better yet, their cross-fertilization across a range of industries, geographies, and sizes of companies, allows them to bring you breakthrough clarity and identify strategies outside your status quo.
A fractional member or team becomes part of a peer group for collaboration with you. You’ll cut through the morass and get to the meat of the issue every time you meet with them, and their expertise will guide you through thought processes that can evolve the way you currently work.
Capitalizing on this competitive advantage now will prevent your organization from playing catch-up in a few years when more services become optimized for fractional work.
The Reasons to Do It:
Scale Fast
These executives’ work scales across life cycles from early stage, to growth, through succession. Do you have an important campaign to turn around? Hiring fractionally can prepare you for securing a loan, PE funding, buying and integrating another company, or similar initiatives for which you will need a few more hands on deck. If you need to clear up years of imperfect accounting, looking toward a professional with access to the right data can streamline the process with expertise, saving you time, money, and headaches.
Escape the Owner’s Trap
Is there a missing seat at the table?
Realizing where you need help is among the most important traits of a successful CEO. Often, you’ll have too much on your plate to give a worthwhile shot at remediating a challenge or capitalizing on an opportunity.
Do what you were born to do. This means winning new customers for some CEOs while developing team members for others and everything in between. Once you have the right people capacity working to your best use is possible.
C-level expertise will take responsibility for your business’s financial flight plan and financial operation while you devote all your resources to what you know best.
Reaping the Benefits
When you construct a robust fractional team, you gain the peace of mind that allows you to handle your traditional responsibilities more effectively. With priorities in their right places, everyone can move forward clearheaded. You won’t have to micromanage and hammer things in with a fractional team.
Ultimately, if you start making strides with fractional work, you’ll generate a healthy profit, a better game plan for the future, and protect against the downsides and uncertainty of building and hiring for an entirely new team.
