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Fractional executives: all the brains for a fraction of the cost
If you’re a startup or small-to-medium-sized business hiring an executive team may be a costly challenge. An entire team of full-time executives may not be reasonable for your bottom line. Hire smarter and add a fractional executive to your team who can offer specific functions in a more cost-effective, efficient manner.
What is a fractional executive?
A fractional executive takes on a part time executive role at a company for a “fraction” of their cost. Fractional executives have previously served as a full-time executive within their career span.
What are the reasons businesses choose fractional over traditional executives?
The number one reason to partner with a fractional executive is the cost-benefit savings are significant. Many small or startup businesses don’t have cash flow available to support full time executives. The fractional model provides access to the top talent at a cost that fits the business. You can also ramp up or down as the business needs change. You are buying only the portion of the talent you need.
How do I select and evaluate a fractional executive?
You want someone who can come in with a fresh set of eyes and perspective. You want someone who will come in ask questions and listen. They should not have the answers before they spend time to get to know your people, process and systems. Industry experience is not always critical as that is best served at the director and managerial levels, where industry knowledge aids in daily execution.