Small businesses have high hopes and dreams for their business. However, competition and shoestring budgets often make those dreams seem unattainable. A qualified and high-pedigree top-level executive like a chief commercial officer can come to the rescue. Small businesses not only grow under a CCO’s guidance but can also acquire more market share.
As much as the idea of an industry expert at the helm of affairs sounds intriguing, small businesses may need to overstretch their budgets for onboarding a CCO. So, how about a Fractional CCO? An ingenious and cost-effective commercial solution for business growth.
Who is a Fractional Chief Commercial Officer?
A Fractional CCO is a part of the agile and adaptive modern business scenario. When you onboard a Fractional CCO, you get access to years of industry experience within the small business budget. Not to forget, it is less expensive to hire a full-time C-suite executive.
So, how does a Fractional CCO work? Fractional or a part-time CCO is not associated with the company 24/7. However, that being said, they extend their expertise whenever and however your small business may need it. You can onboard a high-pedigree Fractional CCO for a specific project or support your sales efforts for a longer period until you achieve a target.
A Fractional CCO’s role is not limited to the financial aspects. Their role is to ensure that sales and marketing operations are aligned with the business goals. They also check that the company is making data-driven and sound decisions to support and achieve the short and long-term objectives.
The expert teams up with the heads of the sales and marketing departments to lay down a detailed blueprint for market expansion and client acquisition. A Fractional CCO also collaborated with the finance and pricing teams to set optimal pricing strategies. These efforts are directed towards higher revenue generation and profitability. Ultimately, a Fractional CCO shares the wisdom that startups often lack to grow their business.
Can small businesses grow by onboarding a fractional CCO?
Onboarding a high-pedigree CCO gives a new perspective on your commercial efforts. Handing over the reins of the company’s sales and commercial operations to a top-level executive can open new profit avenues for the business. They also help develop new sales channels, products, or services or explore new markets, each leading to profitability and acquiring larger market shares. Therefore, small businesses that are looking to grow in 2024 and the coming years will experience growth with a fractional CCO.
Key responsibilities of a Fractional Chief Commercial Officer:
Not sure how to capture a larger market share or struggling to reach the breakeven point with current sales strategies? It’s time to take a deep breath and onboard an expert Fractional CCO. Here are some key responsibilities of a Fractional Chief Commercial Officer:
- Help the finance team make the budget for optimal spending and reduce wastage.
- Consider the cost of production, customer acquisition, and marketing efforts to determine the best-suited pricing strategies.
- Determine accurate breakeven points and profits by studying past data, market trends, and forecasting.
- Enable the marketing team to design compelling messages and campaigns that address customer pain points and incite purchase.
- Help the small business create a smooth customer journey through the sales funnel.
- Focus on process improvement by ensuring the business adopts a data-driven decision-making approach.
Driving results with a Fractional CCO:
A fractional CCO is a part-time leadership role encompassing various duties. Although they engage with the company for a brief duration, fractional CCOs play a crucial role in the company’s overall development. They are responsible for aligning all product development, pricing, budgeting, sales, marketing, and client acquisition efforts towards one goal- profitability. A fractional CCO does not only develop and execute data-driven strategies, but they also offer mentorship and training to small businesses.
How can a small business benefit from onboarding a fractional CCO?
Onboarding a high-level professional, such as a fractional chief commercial officer, gives your company technical, strategic, financial, and industry-specific advantages, such as:
- Developing growth and revenue-generating strategies aligned with the small business’ long-term visions that can be executed smoothly in the future.
- Creating an agile sales and marketing team that promptly addresses problems, and finds viable, sustainable, and growth-oriented solutions.
- Defining the roles of sales and marketing in achieving the goals and integrating these to create a synergy.
- Establishing achievable KPIs for each business area and measuring performance to ensure the best use of available resources and talent.
- Leveraging customized CRM solutions optimizes sales and enhances customer relationship management.
Services offered by a Fractional CCO:
The services offered by a Fractional CCO include the following but are not limited to:
- Review existing revenue and sales-driving strategies in the company
- Fill the knowledge gap areas with strategic vision
- Develop and execute plans to improve sales and customer touchpoints
- Motivate the sales and customer management teams to deliver better results
- Help internal team resolve conflicts and rapidly address arising problems
Your guide to selecting a Fractional CCO
Hiring a Fractional CCO can be extremely beneficial for a small business. But what should you look for in a Fractional CCO? Here’s a quick guide for small businesses:
- Check for the commercial acumen of the ideal candidate, meaning their marketing and sales acuity, especially in the given industry. It is essential to know that they are aware of the industry’s best practices.
- A proven track record of the Fractional CCO is also a relevant factor. You can study their history of developing and executing commercial strategies, and drive results in the relevant industries.
- Look for an expert whose values align with your company’s culture. While this may not be at the top of your list, it is vital because the Fractional CCO will head the sales and marketing departments.
Click here to hire a Fractional CCO
What does a Fractional CCO’s job description look like?
A Fractional CCO is an industry expert wearing many hats that ultimately lead to business growth and generate revenue. They are a master of strategies that drive the company to success and make a significant impact through their part-time role at the organization. An ideal Fractional CCO will possess a level of analytical skills with a deep understanding of sales, evolving market scenarios, and customer preferences.
Remuneration of a Fractional CCO
Can small businesses onboard a high-level professional? The answer is yes! Fractional CCOs have flexible remuneration models. These models are influenced by many factors including the expert’s years of experience, industry, complexity of work, and the type and duration of the project.
Explore COHIRE’s simple and hassle-free onboarding process:
Finding a high-pedigree Fractional CCO is simple and hassle-free when COHIRE does it. Read to know how.
Step 1: It starts with learning about your company and how can a Fractional CCO help you
Step 2: We create a detailed job description to get only the most relevant and best applications for the role of a Fractional CCO
Step 3: Use ATS to track all applications and shortlist candidates
Step 4: Assess and shortlist the best applications for you to review
Step 5: Meet the selected candidates for a structured interview
Step 6: Learn about the candidate’s industry background through relevant case studies
Step 7: Shortlisted Fractional CCO will undergo a thorough background check through reliable references
Step 8: Onboard your ideal Fractional CCO and take the first step toward success.
COHIRE finds your perfect Fractional CCO:
As a startup, there are hundreds of things that need your attention. So COHIRE takes this one thing off your plate and finds the best Fractional CCO for your company. Our hiring experts meticulously look for the best match until we find one. But we don’t stop there! COHIRE also helps with peaceful conflict resolution and mitigation services.
FAQs
1. Why is Fractional CCO necessary for startups?
Startups evolve rapidly and need scalable and flexible resources to boost their growth. A Fractional COO is a cost-effective solution for startups that allows them to access high-level strategic guidance at lower costs and fill the knowledge gaps.
2. How much experience do Fractional CCOs need?
There is no ideal figure for this since the experience required by a Fractional CCO depends on the industry, company needs, budget scope, and complexity of work.
