I remember reading a Forbes article a bit ago. In the piece, the question was raised: "When is the right time to bring a chief operating officer (COO) into your business?"
The answer: "Just before trouble appears in your company."
The reality is that most companies realize they need a COO when it's too late. On the other hand, as a growing company, it's also tough to budget for the salary of that person, no matter how much they're needed to help uplevel day-to-day operations and be that "change champion" you need.
The solution? A fractional COO.
A fractional COO is just what it sounds like—a business professional with the experience you need, when you need it—without having to make the leap and hire a full-time person.
As someone who’s been a fractional COO myself, here are the benefits I see:
Fractional COOs don’t require the intense hiring process that other executives do. As they’re planning to be there in a temporary capacity, it’s a more streamlined hire—and they add value almost immediately.
You can “try before you buy” with a fractional COO. I always say that if you asked 10 people what a COO does, you'd get 10 different answers. If you hire someone in a fractional capacity, it allows you to really answer the question about what you need from that full-time executive when the time is right.
The fractional COO helps you build out your company so you can truly afford that full-time position down the road. They can even help you find that person if needed!
And hiring a fractional COO provides a mentor for your emerging leaders. It also allows you, as the CEO or owner, to focus ON your business instead of IN your business.
Have you hired a fractional leader for your business? Any additional insights you’d want to add?
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