Hire Fractional COO

Are you an early growth-stage company finding it difficult to get a new direction for your business? There are so many things to manage single-handedly, and as a founder, this often becomes overwhelming; the ideal solution is to get a person on board who shares the same vision as yours or at least, has the same or more years of experience to be able to understand your responsibilities and share a part of those. However, finding such a high-pedigree expert is not an easy task. So, should you not streamline your business operations? Of course! Leverage a fractional COO’s experience at a fraction of cost  and give a new direction to your business. 

Who is a Fractional COO?

As a small or mid-sized business, have you ever felt the need for a top-level executive like a chief operating officer to help you redefine and refine your business processes, but the budget does not permit it? Fractional COOs are the perfect solution for companies that do not have deep pockets. A fractional COO is an outsourced top-level executive role. They are industry experts who oversee the business operations, bring in new insights, and enable your company to unearth new opportunities.

Why should you collaborate with a Fractional COO for your growing business?

Hiring full-time top-level executives can be a costly affair, especially if you are a boot-strapped organization. However, sometimes, the business needs expert guidance to go to the next level. Budget should never hold back your business growth and ambitions. Collaborating with a fractional COO gives you the liberty and flexibility your small business needs, along with specialized advice from industry professionals. Fractional COOs fulfill the responsibilities of a full-time COO, but only in a scaled-down manner. They formulate and execute strategic plans for the company as well as oversee other crucial operational aspects. 

What are the key responsibilities of a Fractional COO?

As a business owner, handling exponential growth all by yourself can be exhausting. Engaging with a top-level executive like a fractional COO can help you skyrocket your business without additional stress. A fractional COO brings the company’s goals and strategic vision to life. They are also the tactical thinkers and doers in the company. Take a look at 5 significant responsibilities of a fractional COO:

  1. Fractional COOs help identify operational deficiencies that slow down productivity and inhibit a company’s growth. They find remedies to improve operational efficiency and reduce costs.
  2. Fractional COOs make the dream team for individual projects by assessing the project’s needs and matching them with employees’ potential and skills.
  3. Fractional COOs assess the risk of a project or for the company as a whole and navigate the organization through challenging times. They also formulate risk aversion and management strategies to mitigate risks.
  4. Fractional COOs can assist the top management or financial decision-makers with investment, asset, and financial management decisions. Companies can leverage their expertise to ascertain fund allocation, improve fiscal budgets, and implement better financial models that promote sustainable monetary growth. 
  5. Last but not least, fractional COOs develop robust operational strategies that help the company streamline its operations and drive growth by implementing new growth strategies. 

What are some of the responsibilities of a fractional COO?

There is a plethora of fractional COO services your company can leverage, including:

  • Driving growth
  • Streamlining operation
  • Mending dysfunctional operational channels/processes
  • Reporting KPIs
  • Managing and executing projects
  • Risk mitigation
  • Resource handling
  • offering strategic guidance
  • Formulating new strategies
  • Financial management
  • Standardize operating processes

What are the benefits of engaging a Fractional COO?

The most important benefit of partnering with a fraction COO is that you are adding experience and expertise to your team at half the cost of a full-time COO. However, if this isn’t enough to make a case, here are five benefits of hiring a fractional COO:

  1. The company can leverage the fractional COO’s expertise in specific business areas.
  2. Small and mid-level businesses have the flexibility and opportunity to scale up as and when needed.
  3. The senior management and employees are mentored by an industry expert. The fractional COO’s advice can be invaluable for the company’s growth.
  4. Collaborating with a fractional top-level executive, such as a fractional COO, saves money without compromising on high-level professional consultancy and growth acceleration.
  5. A fractional COO will offer a fresh business perspective from their years of experience, which can be missing from the in-house team.

What should you look for in the right Fractional COO for your business?

Finding a fractional COO is not like hiring any other employee for the company. Collaborating with a top-level executive requires paying attention to the finer details. Here are three things to look for in a fractional COO:

  1. Fractional COO is not an entry-level position. To ensure a fruitful collaboration, checking the industry experience and work history of the ideal top-level executive is a must. Someone with a proven track record of success is the best-fitted fractional COO for your company. 
  2. To solve specific industry-related business problems or gain insight into growth strategies, you need a fractional COO who has mastered the nitty-gritty of your industry. Niche knowledge is an essential skill for a fractional COO.
  3. Communication is one of the most vital soft skills any individual in leadership can possess. Therefore, the ideal individual must have immaculate and concise communication skills so they can lead the team to success, especially since they will not be present with the organization 24/7. 

Looks like a lot of work? Well, COHIRE makes it simple by doing the work for you and connecting your business with the best-suited COO. 

The ideal job description for a Fractional COO:

A Fractional COO is an industry expert with a knack for helping and guiding small and mid-level businesses with their day-to-day operation and project executions and formulating strategic policies that will enable process optimization and skyrocket their growth. An ideal job description is crafted along these lines; however, it can be modified depending upon the industry and particular needs of the company. 

What is the cost of hiring a Fractional COO?

Now, you must be wondering if you can fit the cost of a fractional COO in your fiscal budget. The answer is yes! The remuneration of a fractional COO is based on an array of factors, such as years of experience, industry expertise, and business needs. The cost of hiring a fractional COO is often flexible, and the ball is in your court. You can choose from the hourly fee model, project-wise fee model, or the retainer fee structure. 

How does COHIRE help you onboard the perfect COO for your business?

With COHIRE, you never have to worry about finding the right match for a C-Suite executive for your business. We follow a simple three-step process:

Step 1: You tell us what is your business problem

Step 2: We arrange a pool of experts who can help your business. You get to assess and choose the best fit.

Step 3: Work closely with the fractional COO and see your business grow. 

Why COHIRE is the best platform to find & engage a Fractional Chief Operating Officer

COHIRE simplifies collaboration with C-Suite executives like COOs in just a few simple steps. We connect you with the best-suited COOs for your business with in-depth industry experience who help you reach your business goals. We also offer peaceful conflict resolution and mitigation services in the event of any argument. 

Frequently Asked Questions

1. How do I find and engage a Fractional COO? 

Finding and engaging a fractional COO is simple and stress-free when you partner with COHIRE. It is a comprehensive platform enabling small and mid-level companies to find their ideal fractional top-level executives. 

2. When should a startup bring in a Fractional COO? 

As a growing business, when you need an expert to handle visible operational deficiencies, align operations with business goals, or simply guide your business to success but do not have the budget for a full-time COO, then it is the right time for a startup to bring in a fractional COO. 

3. What should I look for in a fractional COO?  

There are three major qualities you should look for in a fractional COO. First is their industry knowledge, next is their years of experience, and finally, their communication skill. All three factors shall determine the efficacy of the fractional COO.