Michael Gilvary from Ember covers the right strategy to onboard fractional executive in this article, first published on Ember’s website
Fractional executives and partners have become a significant and growing part of the economy. After these past few years we all have a better understanding of fractional work, but often we hear about the benefits to the worker…flexibility, remote work, multiple income streams, etc. Perhaps it’s time to take a closer look at the benefits to the business and how to maximize the effectiveness of a fractional engagement.
Done correctly, fractional partners can have a meaningful impact…at…well…a fraction of the cost, and often times, in an abbreviated time frame. Some of the most profitable brands we work with are being run by a lean team and a carefully selected group of well-placed fractional employees and agencies. At Ember, we actively engage with our portfolio of companies on the growth strategy and execution on a daily basis. This role puts us in a unique position to be able to recognize trends and get a feel for what is working…and what’s not.
What’s working?
- Have a Strategy: Having a clear strategy for the business is a critical component for success and will help you identify the specific areas where you’ll need the most help.
- Be Specific: Know what you need and go find someone with that expertise.
- Drive Alignment: Put systems in place to maintain clear communication of the strategy across the entire team, full-time and fractional partners, while leaving space for ideas and innovation to occur!
What’s not working?
- Mis-timing Fractional Work: Hiring a well-intentioned fractional resource without a clear direction often leads to poor results.
- Vague Expectations: Oftentimes expectations differ from reality as to how fractional workers spend their time and resources. Be crystal clear on objectives, availability and accountability.
- Old Tactics: Many fractional executives have deep experience, but often provide “cookie-cutter” advice that is not effective for your business. Understand the nuances of your business, industry and of course, strategy.
Often, especially in the growth phase, founders and CEOs are looking for utility players that can adapt to a changing environment. Fractional work is an opportunity to be more precise. Look for fractional partners that have a specific skill set that is tied to a specific need i.e. digital marketing or brand marketing vs. general marketing. Knowing these needs is a byproduct of your strategy work.
It’s critical to have an organized business strategy with a central message that can be clearly communicated to the entire team. Executing before developing a well-defined strategy is expensive, time-consuming and ineffective. Fractional work will only compound that issue if not integrated according to your overall strategy. Since you are sharing the costs with other businesses, fractional partners (in theory) are more experienced in their specialty than what you would have hired as a full-time employee. Expect these people to have a lot of ideas and opinions about the direction of the business. This is a good thing – that’s why you chose them! We don’t want to discourage these ideas by being too rigid or controlling, but we do need alignment to execute effectively.
The more thoughtful and clear the strategy and business goals, the easier it will be to communicate those goals and the more effective the team will be at achieving them. To maximize effectiveness during execution, we recommend putting systems in place to maintain focus and alignment on the strategy. Create a process that encourages disruption, new ideas and innovation, but not at the expense of making progress on your intended strategy. With clear communication comes alignment, collaboration and in the long run…a better result.
