Fractional COO Services
The fractional COO role has become increasingly popular in recent years. This is because many business owners are beginning to understand the significant benefits that a senior leadership manager brings and that a Fractional COO is a cost-effective solution.
What is a COO and Why Do You Need It?
The Director of Operations (COO) is a senior leadership position responsible for the day-to-day operations of an organization, as well as the development and implementation of strategy and initiatives. Many growing businesses have reached the stage where additional executive leadership of a COO is required but the economy is tough.
A fractional COO can fill the gap and provide the resources you need to continue growing your business without committing to a full-time employee.
What is Fractional COO?
A fractional COO is a leadership manager acting part-time as Operations Director. Responsibilities and on-site frequency can vary widely and are typically customized to the needs of the business.
Your Fractional COO can arrive within one day a month to work on your strategic planning with your leadership team. He may be there twice a week to oversee sales activities, process improvement, and various projects. Or, the role can be played completely remotely to cause as little disruption to your operation as possible.
As the business owner, this is entirely up to you.
A fractional COO can help you work ON your business, not INSIDE it.
What Are the Benefits of a Fractional COO?
First of all, you add experience to your team. This, combined with an outside perspective, can do wonders to help you develop or improve your business strategy.
Additionally, a Fractional COO gives you flexibility. You don’t have to worry about the complexity of adding a full time employee you may not be ready for yet. Since your COO is a contracted resource, you can only bring it in as needed.
How a Fractional COO Can Help You Grow Your Business
Perhaps the most appreciated aspect of a fractional COO is that you add additional capabilities to your team in a simple and cost effective way. You only pay for what you need.
What Kind of Business Can Benefit from a Fractional COO?
A fractional COO can benefit almost any type of business that is not large enough to support a full-time Chief Operating Officer.
- Growing companies need to develop new processes and improve old ones to keep pace.
- Initiatives must create strategies from the ground up and then build the operations necessary to support the business plan.
- Stagnant or declining businesses need to take a fresh look at business models and implement changes to stay applicable and relevant.
No matter what stage you are at, opportunities to improve your business are endless.
Fractional COO Services
Your investment in fractional COO services depends on the size and scope of your organization, but will be well below the cost of hiring a full-time COO. A Fractional COO gives you the best of both worlds. You get the knowledge and benefits of an experienced manager without the complexity, cost or downtime of your business.
How does it work
I use a very simple 3-step process to develop and implement the program that best suits your needs:
The first is an assessment of your current situation. Today we’re going to discuss where you are, where you want to go and how we can work together to get you there. Specifically, we will determine which focus areas you need and their frequency.
Some companies may need Fractional COO 3-4 days a week, while others may only need 2 or 3 days per month. By definition, a Fractional COO is nothing more than a part-time Chief Operating Officer, so the frequency is entirely up to you.
Second, after agreeing on a Fractional COO program, we will do a more detailed analysis of your needs. This includes a detailed conversation with you. More importantly, it includes interviews with your leadership team, supervisory staff, and frontline employees.
Finally, we will have a detailed discussion about where you want to prioritize efforts and resources. We will work with the appropriate members of your team to develop the necessary processes, solutions and action plans.