You’ve got a growing business. Things are moving fast. You’re wearing a lot of hats, and you’re starting to feel overwhelmed. You know you need someone to take over the day-to-day operations, so you can focus on the big picture. But should you hire a full-time COO or a Fractional COO (spoiler alert: you probably know which way this is going)?
Let’s break it down.
Full-Time COO
A full-time COO is a dedicated executive who is fully committed to your company. They’ll be on-site, working regular hours, and deeply involved in every aspect of your business. This level of commitment can be invaluable, especially for companies with big budgets and deep pockets that are undergoing significant transformation.
And it can also be VERY expensive; the RIGHT COO is “expensive” to hire. The WRONG COO will cost you even more down the line.
Fractional COO
A Fractional COO, on the other hand, is a part-time executive who provides strategic guidance and operational expertise on a flexible basis. They typically work with multiple clients, which means they bring a wealth of experience and knowledge from a variety of industries.
Not only that, they’re paid to do a job and do it well. Because their time is limited, they work on the projects most important to you, manage the people most critical to your business’ success, teach the systems and processes necessary for your business to thrive and become a valuable member of your team…all at a “bargain” price compared to their full-time counterparts.
When to Hire a Fractional COO
- Smaller/growing businesses: If you’re a smaller or growing business, a Fractional COO can provide the expertise you need without the high cost of a full-time executive.
- Temporary needs: If you have a temporary need, such as a major project or a leadership gap, a Fractional COO can provide short-term support.
- Specific expertise: If you need specific expertise, such as experience in a particular industry or function, a Fractional COO can provide the targeted skills you need.
Remember, the right COO can make a huge difference in the success of your business. So, choose wisely!
Thank you for coming to my #FredTalk