Running a business requires a lot of expertise in a lot of different areas. It can also seem as though it requires being in several places and doing several jobs at once. Many small or new business owners find themselves fulfilling multiple executive functions in their organisation—a situation that is often not fully efficient or sustainable.
Often a business owner feels stretched thin or in need of executive leadership but is not in a position to make a full-time hire. If this sounds familiar to you, then you may want to consider hiring the services of a fractional CxO.
Unsure of what exactly a fractional CxO is, or what the benefits of hiring one are? Don’t worry, just read on to find out everything you need to know.
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What is a fractional CxO?
A fractional CxO is someone in an executive position that works with several companies at once. They typically divide their workweek between two or more organisations, spending a predetermined amount of time at each.
Depending on its needs, a company may choose to hire a fractional product manager, a fractional marketing executive or any other type of fractional executive it may require. This arrangement is mutually beneficial for both parties for a number of reasons. Today, however, we’ll focus on the benefit it can have for your business.
Why use a fractional CxO?
A fractional CxO is a great solution for a company that wants to change or grow but doesn’t necessarily have the resources to do so. It enables business owners to achieve their goals without having to sacrifice the quality of work or precious resources in another area.
Taking on the services of a fractional CMO or fractional CPO, for example, is a way for a company with limited funding to benefit from the experience and knowledge of these types of experts.
Fractional CxOs are not only a more economic option for small businesses, they are also more efficient and effective. Because of the nature of the way they work, fractional CxOs are forced to be hyper-focused on results. They’re likely to work harder to keep your business because they’re not on your payroll and their employment isn’t guaranteed.
Globally, outsourcing is now an $85 billion dollar industry. There is a reason for this. More and more employers are recognising that hiring the services of an executive on a part-time basis is not only a feasible option, it’s often the smartest one as well.
Thinking of hiring a fractional CxO?
If you’re ready for your business to grow, you don’t have to let its size stop you. With a fractional CxO, you can get the expertise and assistance you need without making a raft of new hires or breaking the bank.
At Fractional Teams, our main objective is to help businesses reach their full potential, no matter what stage they’re currently at. Get in touch today to see how we can help your business.