A Fractional COO is an experienced executive who fills in the role for a Full-Time COO in a Part-Time or As-Needed capacity. They offer the experience and skills for small to medium sized businesses that may not be able to afford a full time executive yet.
Fractional COOs offer a full range of skills as full time COOs can, such as strategic planning, operations management, financial management, data analysis, and and changing management. Fractional COOs can fulfill a variety of roles depending on the specific needs of the business. Whether its overall strategy, helping on special projects and initiatives, or just being a sounding board for CEOs.
Fractional COOs are cost-effective, experienced, flexible, and objective. Having someone take the role of an executive with an objective, third-party viewpoint of things can help make difficult decisions for an organization. And while smaller companies might not be able to afford full-time executives, getting the experience and growth-mindset from a fractional COO can help lead to the growth where you can have a filled out executive team.
There are some things to keep in mind if you want to hire a fractional COO:
- Clearly define the scope of the work.
- Set realistic expectations
- Communicate effectively
- Be Prepared to provide feedback
Fractional COOs can’t accomplish everything a Full-Time COO can, due to the limited time, so make sure to define what you want them to focus on, so you can use their time effectively. By carefully considering your needs and expectations, you can find a Fractional COO to help your business reach its full potential.
