The Fractional COO role has become more and more popular in recent years. This is because many business owners have come to understand the significant benefits that a senior leadership executive brings and that a Fractional COO is an affordable solution.
What Is A COO and Why Do You Need One?
The Chief Operating Officer (COO) is a senior leadership position that is accountable for the daily operations of an organization, as well as the development and implementation of strategy and initiatives. Many growing businesses have reached the stage where the additional executive leadership of a COO is required but the economics are challenging.
A Fractional COO can bridge the gap and provide the resource you need to continue growing your business without committing to a full-time employee.
What Is A Fractional COO?
A Fractional COO is simply a leadership executive that acts as Chief Operating Officer on a part-time basis. The responsibilities and onsite frequency can vary widely and are typically customized to the needs of the business.
Your Fractional COO may come in one day per month to work on your strategic planning with your leadership team. He or she may be there twice per week overseeing sales activities, process improvement, and various projects. Or, the role may be fulfilled entirely on a remote basis so as to cause as little disruption to your operation as possible.
As the business owner, this is entirely up to you.
A Fractional COO can help you work ON your business instead of IN it.
What Are The Benefits Of A Fractional COO?
First and foremost, you’re adding experience to your team. This, combined with an outside perspective can do wonders to help you develop or refine your business strategy.
In addition, a Fractional COO gives you flexibility. You don’t have to worry about the complexity of adding a full-time employee that you may not be ready for yet. Because your COO is a contracted resource, you merely bring him or her in as necessary.
Perhaps the most appreciated aspect of a Fractional COO is that you get to add additional talent to your team in a simple and cost-effective manner. You only pay for what you need.
What Types of Businesses Can Benefit From A Fractional COO?
A Fractional COO can bring benefits to just about any type of business that is not large enough to be able to support a full-time Chief Operating Officer.
- Growing companies need to develop new processes and refine old ones in order to keep pace.
- Startups have to create strategies from scratch and then build the necessary operations to support the business plan.
- Stagnant or declining businesses need to take a fresh look at their business model and implement changes to stay viable and relevant.
The opportunities to improve your business are endless, no matter what stage you’re in.
I provide an affordable solution to small business owners that are not yet ready to invest in a full-time Chief Operating Officer.
Fractional COO Services
Your investment in Fractional COO services is based on the size and scope of your organization but will be a fraction of the cost of hiring a full-time COO. A Fractional COO gives you the best of both worlds. You gain the knowledge and benefits of an experienced executive without the complexity, cost, or disruption to your business.
How It Works
In order to develop and implement a program that best fits your needs, I use a very simple 3-step process:
Step One
First is an assessment of your current situation. We will discuss where you are today, where you want to go, and how we can work together to get you there. Specifically, we will identify what areas of focus you need and the frequency.
Some companies may need a Fractional COO 3-4 days per week. Others may only need one 2 or 3 days per month. By definition, a Fractional COO is nothing more than a part-time Chief Operating Officer, so the frequency is entirely up to you.
Together, we will design a solution just for your business. Nothing more. Nothing less.
Step Two
Second, once we’ve agreed on a Fractional COO program, we will conduct a more detailed analysis of your needs. This involves a detailed discussion with you. More importantly, it also includes conversations with your leadership team, supervisory staff, and front-line employees.
The result of this analysis will be a well-rounded perspective of your organization’s specific issues and needs.
Step Three
Finally, we will have a detailed conversation about where you want to prioritize efforts and resources. We’ll work with the appropriate members of your team to develop any necessary processes, solutions, and action plans.
We will also decide on the appropriate KPIs (Key Performance Indicators) so we can measure our progress objectively on an ongoing basis.
Areas of Expertise
| Operational Assessment Review your business operations, and identify ways to improve both effectiveness and efficiency. | Sales & Marketing Strategy Identify your target Customer and tactical steps to put your product in their hands. |
| Strategic Planning Map out a vision for the future of your business and implement the necessary action steps. | Organizational Development Plan for the future through the development of your most valuable resource. |
| Financial Management Dig deep into the numbers and help you improve both your financial performance and cash flow. | Technology Solutions Take advantage of the myriad technological tools available to scale your productivity. |
| Process Improvement Utilize LEAN methodologies to fine-tune your core processes and procedures. | Change Management Navigate the rough waters of change through planning and proactive approaches. |
| Supply Chain Management Identify your best suppliers, optimize inventory investment, and refine logistics channels. | Exit Planning Develop a long-term vision for succession so you can exit your enterprise on your terms. |
Please call me to discuss your needs at (909) 264-9447. Or, email me at info at kevinanye.com to start the conversation.