This article first appeared in Fractional Officer Insights.
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Without further adieu, let’s cover the topic of:
How to Win Business as a Fractional Executive: Step-by-Step Guide
As a corporate executive or leader, you have more than likely had your fair of situations to negotiate. You needed to negotiate to get your budget approved, get an additional headcount, or even negotiate a merger and acquisition.
Now, you are in a position to win business for you.
There are many books on sales and closing business. I want to share with you some practical steps to approaching a new company and ensuring you are on the right path to win that business. To close that company.
This approach will help set you up for not only a project but for a long-term relationship as a Fractional Executive within the company.
This step-by-step approach is intended for you to read, print out, and use as a guide during your process.
Let’s begin.
1. Comprehensive Research – Know Thy Client
Understanding your prospective company is paramount. With informed insights, you position yourself as an insightful ally, not just an external consultant.
Actionable Steps:
- Review the company’s history, understanding its evolution and milestones.
- Identify present challenges and future goals.
- Recognize the key decision-makers and their professional backgrounds.
2. Establishing Credibility – Flaunt It If You’ve Got It
Your past accomplishments are a testament to your capabilities. Demonstrating this track record effectively can be the difference between a missed opportunity and a successful partnership.
Actionable Steps:
- Prepare a detailed portfolio outlining your major achievements.
- Offer references that can vouch for your competencies and contributions.
- Define your unique value proposition, emphasizing its relevance to the prospective company.
PRO TIP: Start with a 1-2 Pager of What You Can Do and Who You Are
3. Tailored Pitching: One Size Doesn’t Fit All
A generic approach lacks conviction. Tailor your proposals, indicating your deep understanding and commitment to the prospective company’s unique requirements.
You can begin with a proposal template in PowerPoint or Word format, but make sure it is tailored to the company based on “Know Thy Client”. The proposal should be 80% and the tailoring 20% of the content.
Actionable Steps:
- Create a bespoke pitch focusing on the company’s specific needs.
- Highlight the tangible returns they can anticipate from your collaboration.
- Ensure clarity and precision in your communication.
PRO TIP: Use the Fractional Executive Salary Calculator to provide the value and savings that the company can get with you!
4. Building Relationships – Beyond the Boardroom
The depth of a business relationship often determines its longevity and success. Mutual respect and trust are cornerstones of this foundation.
Actionable Steps:
- Engage in meaningful conversations to understand the company’s core objectives.
- Practice active listening, ensuring your counterparts feel heard and understood.
- Maintain transparency about your capabilities, setting realistic expectations.
PRO TIP: Ask the “Why the asked to speak with you” so you can understand their pain points to solve!
5. Proactively Addressing Concerns – Anticipate to Navigate
Every engagement comes with its set of apprehensions and challenges. Addressing these proactively can foster an environment of confidence and mutual respect.
Actionable Steps:
- Anticipate potential objections and prepare well-researched responses.
- Present data-driven evidence to validate your strategies and approaches.
- Encourage a two-way communication channel for concerns and clarifications.
6. Effective Negotiation – The Dance of Deals
Negotiation is more than just arriving at an agreement; it’s about achieving a common understanding where both you and the company benefit. Make it work.
Actionable Steps:
- State your terms clearly, ensuring there’s no ambiguity.
- Be prepared to find a middle ground, ensuring the core value remains intact.
- Engage in consultative discussions, striving for mutual satisfaction.
7. Trial Engagements – Proof in the Pudding
A short-term engagement can provide the company with a first-hand experience of your expertise, cementing their confidence in a longer commitment.
Actionable Steps:
- Propose a pilot project, laying out clear objectives and metrics.
- Engage closely during this period, seeking feedback and making necessary adjustments.
- Use the pilot’s success as a benchmark for future collaboration.
8. Contractual Clarity – Clear Skies Ahead
An unambiguous contract eliminates potential roadblocks, ensuring a smooth initiation of your engagement. Be clear and upfront. Ensure the contract has any scope, milestones, and outcomes clearly defined.
Actionable Steps:
- Define roles, responsibilities, and deliverables in clear terms.
- Discuss and finalize communication protocols.
- Ensure mutual understanding of all contractual terms, focusing on clarity over legalese.
9. Seamless Integration – The Journey Begins
Your onboarding process sets the tone for your engagement. A smooth transition is pivotal to a successful beginning.
Get started right away with kick-off meetings to set your leadership tone and vision. Meet with your employer, your direct reports, and build trust with the team.
Actionable Steps:
- Organize comprehensive onboarding sessions with relevant teams.
- Familiarize yourself with internal tools and communication platforms.
- Reaffirm your commitment to the company’s objectives and growth trajectory.
The journey of a Fractional Executive is unique, demanding both domain expertise and the ability to integrate rapidly into diverse business ecosystems. By adhering to the guidelines above, Fractional Executives can navigate this path with confidence, delivering unparalleled value to their clients.
As always, success lies not just in strategy, but also in its adept execution.
To my fellow fractional executives facing similar challenges, remember: With the right method and persistence, you can reshape your business success. In the Fractional Officer Method™, I cover the art of serving your first company and more. This isn’t just a method; it’s a proven approach to overcome challenges and thrive in adversity.
Best of luck, to all that are on the Fractional Executive journey. Let’s set the standard of fractional success together!
