One of the main components of any retail business is inventory. Small and mid-level businesses can find it challenging to ride the tumultuous waves of the constantly evolving retail industry. The change is accompanied by altering customer preferences and new-age technology. In such a scenario, a retail officer can extend their expertise and help the company sail smoothly. Unfortunately, such exclusive leadership roles require deeper pockets. Small businesses are usually on a shoestring budget, and onboarding high-pedigree C-suite executives are not on their annual budget. However, there is an ingenious solution to this problem-hiring a Fractional Retail Officer.
Who is a Fractional Retail Officer?
A retail officer is a full-time, C-suite executive role responsible for supervising the everyday warehouse operations and managing the inventory. They ensure that the company can effectively meet customer demand at all times. A retail officer also takes care of the financial performance of the retail division, develops and implements strategies and manages a team involved in related tasks. A Fractional Retail Officer has similar responsibilities.
But why fractional? Well, a Fractional Retail Officer is an external leadership position. where the expert is associated with the organization on a part-time or contractual basis. They are an external resource, assisting the company with inventory and warehouse management. However, they have a flexible remuneration model which is inexpensive than the full-time retail officer’s fee. Hence, small and mid-level companies can access such resources without breaking the bank.
Besides supervising the operational aspects of retail, warehouse and inventory at a company, the Fractional Retail Officer is also involved in decision-making and setting policies. They are regarded as expert strategists with advanced analytical skills. Additionally, they play a crucial role in building a resilient retail team by offering mentorship. A Fractional Retail Officer also handles cross-functional teams that are directly or indirectly associated with the retail division. They align efforts from all departments to ensure the company remains profitable and increases revenue generation.
A Fractional Retail Officer is expected to have extensive industry experience and be well-acquainted with the challenges a small and mid-level retail business can usually face. Finally, a perfect Fractional Retail Officer possesses all the necessary technical, analytical, operational, leadership and soft skills to lead a team with the utmost expertise.
When is the right time for onboarding a Fractional Retail Officer?
A Fractional Retail Officer can be a vital addition to your leadership team when you plan to expand your retail business, step into new markets or explore new customer segments. However, they can also help streamline the business and optimize processes by identifying the gaps. A high-pedigree Fractional Retail Officer and their services are an asset to a small or mid-sized retail business trying to recover from a slump, reinvent its strategies or grow the business.
Key roles and responsibilities of a Fractional Retail Officer:
A Fractional Retail Officer is an important leadership role in the challenging retail landscape. While their primary responsibility lies in inventory and retail management, a Fractional Retail Officer wears many hats. The main responsibilities of this role are:
- Explore short and long-term supply and distribution strategies.
- Participate in preparing the annual budgets.
- Prepare a staffing guideline to employ the right people for the retail and warehouse departments.
- Establish safety and sustainability protocols at the retail division.
- Maintain cordial relations with suppliers and vendors.
- Initiate and lead change management at multiple retail and warehouse locations.
Services offered by a Fractional Retail Officer:
- Manage the warehouses and retail locations of a company, including supply chain and logistics.
- Identify growth opportunities in terms of markets, locations, product mix and customers.
- Develop and execute financial strategies for cost optimization, cash flow management, stock-keeping, and investment planning that align with the company’s short and long-term goals.
- Align sales and marketing efforts with the company’s goals while keeping in mind the retail strategies.
- Ensure the customer touchpoints are optimized and consistent to deliver an augmented customer experience.
- Mentoring the sales, retail, marketing and other teams in the company to elevate the retail experience for the customers, meet demand and focus on continuous improvement.
How can a Fractional Retail Officer add value to your business?
There are ample benefits to hiring a Fractional Retail Officer as they supervise some of the most critical components of a retail and merchandising business. Here are some of the key benefits of a high-pedigree Fractional Retail Officer:
- A Fractional Retail Officer helps the company navigate through the challenges of the retail industry. Their sharp analytical and logical skills and swift decision-making abilities enable the business to adapt quickly in a fast-paced environment.
- A Fractional Retail Officer takes care of the inventory levels at all warehouses and steers the daily operation to avoid over or understocking situations. They help the company meet customer demand by offering the right product to the right people at the right time.
- A Fractional Retail Officer is a superstar when it comes to handling and leading cross-functional teams. As a part of their services, they guide the sales, marketing, accounting, customer management, production and retail executives towards creating higher demands and effectively meeting them.
- A Fractional Retail Officer ensures all retail locations are well-managed and have adequate stock to meet customer demand without stock wastage. They have a vital role in boosting the stores’ financial performance.
- A Fractional Retail Officer guides the company when they choose to expand their retail locations by analyzing the market trends, customer demands, location viability and determining production levels. Their opinion is of high value when it comes to market penetration and expansion involving significant financial decisions.
3 tips for selecting the right Fractional Retail Officer for your business:
Although every business is unique and so are its requirements, there are some common traits the ideal Fractional Retail Officer must have. According to the hiring experts at COHIRE, here are three things to look for when onboarding a Fractional Retail Officer:
- Educational background in retail, marketing, finance, and/or business administration.
- Proven track record of retail management and logistics in the past with appropriate case studies highlighting skills like strategy making, risk management, leadership and team building.
- Extensive knowledge of industry trends, retail management software, customer handling, store management procedures and inventory control systems.
A general job description of a Fractional Retail Officer:
A Fractional Retail Officer is a part-time leadership position, where the individual will be responsible for planning and executing retail strategies, monitoring store operations, overseeing inventory management, vendor management, market analysis and handling the financial performance of the retail division. The candidate will also be responsible for providing guidance and mentoring the retail team. Lastly, the Fractional Retail Officer will also look into enhancing sales and customer experiences.
Cost of onboarding a Fractional Retail Officer:
A Fractional Retail Officer is a cost-effective leadership role in small and mid-level businesses. Their remuneration is half of that of an in-house retail officer. Additionally, the remuneration is flexible as it can be a one-time cost or a recurring contractual cost, based on the company’s needs. The fee is determined by factors like experience, job scope, responsibilities, industry, etc.
How can you hire a Fractional Retail Officer with COHIRE?
COHIRE makes onboarding a Fractional Retail Officer easy and hassle-free with our 8-step plan, which is:
Step 1: Learn about your pain points and requirements
Step 2: Craft a job posting highlighting our needs
Step 3: Receive applications and track them with ATS
Step 4: Assess and shortlist the best and most fitting applications
Step 5: Set up an interview with selected candidates
Step 6: Examine the candidate’s industry experience through previous case studies
Step 7: Conduct a background check based on references
Step 8: Onboard a Fractional Retail Officer to your leadership team
Why is COHIRE your go-to place for onboarding a Fractional Retail Officer?
At COHIRE, we understand that hiring a C-suite executive can be difficult, especially for small businesses without any support. So, we have mapped a plan that helps you find the perfect profile for a Fractional Retail Officer and make them a part of your top management team. Besides following a detailed process throughout the selection and onboarding process, we offer conflict resolution and mitigation services.
Frequently Asked Questions:
- What are the benefits of a Fractional Retail Officer?
A Fractional Retail Officer is a leadership role through which your company leverages extensive retail and supply chain knowledge at a fraction of the cost of an in-house retail officer. A Fractional Retail Officer oversees the day-to-day warehouse and inventory management, stock delivery at different retail locations, develops retail strategies, plans store operations, etc.
- Is it expensive to hire a Fractional Retail Officer?
The answer is no. A Fractional Retail Officer’s remuneration is lesser than a full-time retail officer making it a cost-effective solution for small and mid-level businesses. Additionally, the remuneration models are usually flexible and scalable.