Onboarding a fractional executive requires thoughtful planning to ensure they can make an immediate impact. Dagmara Aldridge, currently fractional COO at Interrodata., shares her top tips:
Identify an onboarding lead, usually the CEO, to align the fractional executive with the company’s vision and strategy. They should also communicate the role to the wider team.
Provide full access to resources like business plans, product roadmaps, communication tools, and business intelligence platforms. Brief them on workflows – meetings, synchronous vs asynchronous communication, etc.
Don’t treat it like a full-time role. Focus on urgent needs rather than deep relationship building. Culture fit matters less than establishing trust.
Clearly define expected outcomes. For project-based roles, set a shorter contract term. For open-ended diagnostic work, start with a minimum term to outline a plan.
Budget appropriately based on expected duration. Fractional executives can become costly over time. Plan the transition to a permanent hire.
Facilitate team interactions through availability alignment. Make them feel welcomed and included.
Set, monitor and re-evaluate goals:
- 30 days: Understand objectives, challenges, and key stakeholders.
- 60 days: Identify strategic initiatives to address challenges. Secure resources. Determine continued fit.
- 90 days: Review progress on initiatives versus metrics. Incorporate feedback. Revise plan if needed. Reassess fit.
Other tips:
- Hiring fractional CFOs provides financial oversight without the long hiring process or high salary.
- Fractional CMOs allow startups to benefit from marketing leadership on an as-needed basis.
- Fractional roles offer work-life balance and high income potential.
In summary, onboarding a fractional executive requires providing resources, outlining expected outcomes, monitoring progress, and continually evaluating fit. With the right planning and integration, fractional executives can provide specialized leadership that propels startups forward.
