Fractional Chief Operating Officer |
Posted: March 18, 2021 |
https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?fit=300%2C200&ssl=1" data-large-file="https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?fit=1024%2C683&ssl=1" loading="lazy" src="https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?resize=300%2C200&ssl=1" alt="Fractional Chief Operating Officer" width="300" height="200" srcset="https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?resize=300%2C200&ssl=1 300w, https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?resize=768%2C512&ssl=1 768w, https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?resize=1024%2C683&ssl=1 1024w, https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?resize=1080%2C720&ssl=1 1080w, https://i1.wp.com/kamyarshah.com/wp-content/uploads/2018/12/108458490.jpg?w=1900&ssl=1 1900w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims="1" /> Advance Your Growing Business With a Fractional Chief Operating Officer Running a growing business is an exciting and fulfilling experience. However, it is not without its challenges. One of the most common is deciding when to create new positions. For example, your business may need the experience and insight of a chief operating officer but not yet have the need for a full-time executive. A fractional chief operating officer may be the answer you’ve been looking for. What Is a Fractional Chief Operating Officer? A COO is a top-level executive whose primary focus is on the operations of the business. The right COO can improve your productivity and efficiency. Many companies forgo this role during their initial stages. This creates a gap in which the company has some need for a COO but not enough to justify a full-time position. A fractional COO is a consultant who functions as a part-time chief operating officer. Your company gets the insight of a top operations executive without having to bear the full-time cost. It is a powerful way to achieve your organization’s goals in an affordable manner. What Does a Fractional COO Do? The job functions of a fractional COO are largely identical to those of someone in a full-time position, only the job duties are performed part-time and/or on a temporary basis. However, the purpose of the fractional option is often a little different and more specific than that of the full-time individual. A full-time COO is in charge of the daily operations of the organization. Basically, he or she is the executive who oversees the functions related to creating and distributing the products and/or services the business sells. In a new or growing business, these functions may be performed by the founder and/or the top executive, often the CEO. One of the key roles filled by the COO is ensuring that the business’s operations run smoothly and efficiently. This can be through analyzing, organizing and/or improving the company’s processes and allocation of resources. It is in this area that a fractional executive offers the most value. All businesses have limited time, monetary, human and other resources. Applying this capital efficiently can be the difference between success and failure. For a growing business, greater efficiency can significantly accelerate expansion. A fractional COO will help to oversee and improve several aspects of most businesses.
Most companies use a fractional COO for around one or two days per week. However, you can use the service however much or little your business needs. Key Benefits The most significant benefit of a fractional COO is getting the experience and ability of a senior operations executive at a substantial discount. Many growing companies opt to hire a less-experienced individual full time. This option is often more expensive and less impactful than engaging a fractional chief operating officer. By bringing a wealth of experience to your organization, a fractional COO can help you in many ways. Here are just a few possible benefits:
There are many other benefits to hiring a fractional COO, but they all translate to greater efficiency, profits, and growth. Simply having an unbiased, outside perspective brought in can be a major boon to your organization. When that perspective is built upon experience, the effect is magnified. Beyond simply making your company run better, a fractional executive can also help you prepare your business for the future. Growth brings new challenges, and expanding organizations need to consistently adapt to match their business operations to their size and capability. The Value of Timeliness Another important benefit of a fractional consultant over a full-time employee is the time needed to get started. Hiring a new executive can be a significant resource investment. It can take months to find the right candidate. Even after finding the right person, it usually takes at least two weeks before he or she can start. A fractional COO, on the other hand, can potentially start as soon as you engage him or her. As the individual works as a consultant, the only barrier to starting immediately is having sufficient schedule time. Similarly, your relationship with this individual can be temporary and can be concluded relatively promptly. This temporary nature is significant because it means you can have a fractional COO when you need one and not when you don’t. How Can Your Company Use a Fractional COO? There are numerous ways that companies use the services of a fractional COO. One of the great benefits is that he or she can work on the tasks that will bring you the most benefit. Some possible job duties include the following:
Chances are, as a company founder or executive, you have taken on many of the most essential roles of a COO yourself. Having a fractional hire means that your company will have an experienced and focused individual handling your operations. Additionally, it means you will be able to spend more time on the strategic growth of your business rather than on running all of its day-to-day functions. Effect on Silos and Communication Many growing organizations experience issues with operational silos. These occur when different units don’t communicate effectively with each other. One of the key responsibilities of a COO is to ensure that silos don’t exist or are broken down if they do. Silos can lead to misalignment between groups. This can have some pretty significant impacts on the company as a whole.
A fractional COO can address these silos and improve alignment. The outcomes of breaking down silos are worthwhile for almost any organization.
Perhaps the most significant issue with organizational communication is that the needs change as the company grows. In fact, even as new products are created, new customers are found and new technologies are leveraged, communication needs change. Therefore, having a fractional COO who can help you respond to the ever-changing teamwork dynamics of your business can be immensely valuable. When Is the Right Time To Hire a Fractional COO? One of the best qualities of a fractional executive is the flexibility. You can hire a fractional COO for four hours per week if that is all you need. The right time to start working with one is whenever you have a need for operational improvement. Chances are that if you are asking yourself this question, you already have some need for assistance in running your company’s operations. Consider starting with a consultant on a short-time, limited basis to determine how much value he or she can bring to your business. If you are certain that you need someone to fill an operations executive role but aren’t sure whether to hire a full-time individual or not, a part-time team member is likely the right choice. You can engage a fractional COO full time on an interim basis if needed. This will provide you with a chance to evaluate your needs and the impact of an operations chief. In short, fractional executives are great for businesses of various sizes and in differing stages of growth. Since you don’t have to make a long-term commitment, simply starting a trial run is often a smart move. Find Your Fractional Chief Operating Officer Having a fractional chief operating officer is an excellent way to get the valuable benefits of a COO without the sizable cost. This service can also be a useful opportunity to try out the COO role without having to commit to a full-time hire. In short, if you have been wondering whether your company needs an operations chief but aren’t fully committed yet, a fractional consultant may be the right answer. Kamyar Shah is an experienced executive and consultant who can provide the fractional COO services your business needs. He has worked in strategy, management, operations, marketing, business development and more. Click here to contact Kamyar Shah to learn more or to engage him as your new fractional chief operating officer. The post Fractional Chief Operating Officer first appeared on Kamyar Shah.https://kamyarshah.com/fractional-chief-operating-officer/
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