What are Fractional Executives?
Fractional executives are experienced professionals that companies hire on a part-time or on-demand basis to fulfill executive roles, rather than being full-time employees. They work as consultants, providing expertise when needed.
Small businesses in particular can benefit from fractional executives. Hiring them provides guidance from industry veterans without the cost of full-time, high-level hires.
According to the Entrepreneur, there are several reasons small businesses should consider fractional executives:
– They can aid business growth by leveraging their experience with successful companies to provide strategic direction.
– Hiring them is budget-friendly since you only pay for the time they work versus salaries and benefits.
– Fractional executives take a strategic approach, reviewing your business and market to develop tailored plans of action.
– They provide expert insight and skills your current staff may lack, like technology expertise.
– The flexible relationship allows you to access seasoned veterans without hiring them permanently.
– Fractional executives can guide scalable expansion using their knowledge of growing companies.
– They can manage financial transitions by creating recovery plans in downturns or growth strategies in upswings.
– Hiring fractional executives smooths transitions when top staffers leave, avoiding disruptions.
– Though temporary, the plans and guidance they provide impart long-term benefits.
There are several options to find fractional executives:
– Networking with individuals working independently as consultants.
– Engaging consulting firms that employ fractional executives.
– Checking sites like FlexExecs that connect businesses.
– Joining LinkedIn or other groups focused on fractional executives.
It’s important to assess their qualifications and expertise to ensure a good match for your needs. Fractional executives can quickly get up to speed to provide experienced guidance that helps take small businesses to the next level. Their specialized skills and new perspectives can be invaluable for growth and transitions.
How to Find the best fractional executive for your business?
There are multiple ways you can find a fractional executive. You can network with different people and find a fractional executive who works independently, or you can contact a fractional executive via a consulting firm.
Just make sure that you hire the executive who fits the profile of the perfect employee you are looking for. Don’t forget to go through their qualifications and experiences to determine if they are the best choice for you.
Hiring a fractional executive is the best idea for small businesses and can help them be very successful in several different ways. They can also share their experience with your full-time employees and give you the direction to ensure your small business does not stay small for too long.
