Why Use A Fractional Chief Operating Officer?
Trying to decide if a fractional Chief Operating Officer is right for your business? Here are the situations in which a fractional COO can provide the boost your company needs.
Do you want to learn more about what a fractional Chief Operating Officer (COO) can do for your business? You are likely here for one of two reasons (or both):
You are exhausted from feeling like you must be “on” every second of every day to keep your business running. Maybe you have missed one too many family dinners because you were working late. Or perhaps it feels impossible to take a vacation or even schedule a medical procedure. You may be thinking, “there has to be a better way!” (Hint: there is.)
Your business is stagnant. It’s not growing—at all. Scaling the company feels like a pipe dream. You have no operating system in place, so processes are inefficient, and you and your leadership team are continually spinning your wheels or putting out fires as a result. You know your business should be growing and becoming more profitable, but it seems like it is in a rut. You may be thinking, “how is it possible that it feels like we are working harder than ever and not growing?” (Hint: you need an operating system.)
Is a Fractional COO Your Solution?
Whether one or both scenarios sound familiar, a fractional COO is the answer. It’s not always clear-cut and easy to decide the right path for a business. But these scenarios are red flags revealing you need the expertise, affordability, and operating system a COO can provide.
Here are some other situations that indicate hiring a fractional COO is the best move you can make now:
You’ve Never Had a Chief Operating Officer
Without a COO, operational tasks fall on the CEO and other leaders. This means they must focus on operations instead of the other crucial tasks related to their roles. As a result, the business suffers. With a fractional COO, you and your team can do what you do best, while the COO handles the details of day-to-day operations and creates a system to keep your business running optimally.
Business Operations Processes Live in Your Head
What happens when you go on vacation, have a family emergency, or get hit by a bus? Will your business cease to exist because the processes and procedures live only in your head? Free yourself from the burden of being the only one who knows the inner workings of your organization. A fractional COO will create the operating systems and standard operating procedures (SOPs) to transform your business into a self-operating, self-scaling organization—that runs profitably whether you are there or not.
Business Is Entering a New Phase of Growth
Do you need a trusted expert to fill in or assist with a growth spurt? As your business enters a new phase of growth, a fractional COO can provide expert advice, project management experience, and operational strategies to help you maximize this stage of development. An experienced fractional COO understands the unique needs of a growing business and can help you move forward with confidence (and less trial and error).
Recently Acquired a New Company
Did you recently acquire a new business? If so, hiring a full-time COO is likely not in the budget. The good news is that a fractional COO can provide all the benefits of a full-time senior executive without the high-dollar price tag. Plus, you won’t have to spend time and money training because an experienced fractional COO will be able to hit the ground running to create and support your new business operations.
Need More Budget Flexibility
Hiring a fractional COO can help your business free up money within your budget for other purposes. An experienced, full-time COO is a significant expense for businesses of nearly any size and industry. With a fractional COO, you can save the money you would spend on recruiting, hiring, and employing and put it toward improving other areas of your business, like marketing or technology.
Looking for Executive Level Project Management
Your most important projects require expert hands to guide them. Use a fractional COO to serve as the project manager to implement and execute a new operating system or to handle other high-priority projects. Your leaders can remain dedicated to their tasks while the fractional COO ensures these projects achieve top results.
Need Process Improvement or an Operating System
Streamlined processes are among the greatest obstacles to a successful, growing company. A fractional COO can assess current operational processes and advise on improving them. The increase in efficiency will lead to significant improvements in growth and profitability.
Call today to find out how our fractional Chief Operating Officer can help your business implement an effective operating system and standard operating processes to create a self-scaling business. Contact us online or call our office to talk to our experts to get started.