Not sure what a fractional executive is…
A fractional executive is a highly skilled and experienced professional who works for a company on a part-time or project basis, typically as a senior-level executive. They are usually hired to provide strategic guidance and expertise to a company in a part-time leadership role. Fractional executives’ responsibilities may include tasks such as developing and implementing strategic plans, building repeatable sales processes, improving operations, increasing profitability, managing teams, coaching employees, and supporting fundraising efforts.
A fractional executive is not a full-time employee of the company. They are a fully integrated part of the team, even if they may work for multiple organizations at the same time.
Fractional executives can provide a cost-effective solution for companies that need access to high-level talent and may not be able to afford a full-time executive of their caliber. They can also help companies bridge the gap between the departure of a senior executive and the hiring of a permanent replacement, or to begin working in a new role or department until there is sufficient workload and budget to make a full-time hire.
What problems are companies facing?
Hiring a fractional executive can help a company solve various problems, including:
- Lack of Access to Expertise: A fractional executive brings a wealth of experience and expertise to the table. Companies can benefit from their specialized knowledge in specific areas, such as marketing, finance, or operations. Fractional executives can provide insights that might not be available within the company.
- Budget Constraints: Hiring a full-time employee can be expensive for many companies, especially for small businesses. A fractional executive is a cost-effective solution as they are hired on a part-time basis, which means the company only pays for the services they need.
- Fear of Long Term Commitments: Companies can hire a fractional executive for a specific period, which can range from a few weeks to several months. This allows for flexibility and agility in responding to changes in the business environment.
- Taking Too Long to See Results: Fractional executives are experienced professionals who can hit the ground running. They can quickly identify problems, develop strategies, and implement solutions. This means that companies can see results faster than if they had to develop their own solutions from scratch.
- Thinking in an Echo Chamber: Fractional executives are outsiders who can bring an objective perspective to the company. They are not involved in the company’s day-to-day operations, so they can provide unbiased advice and recommendations.
Looking for a fractional executive?
Check out Malloy Industries expert roster of over 150+ fractional executives.