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Is Hiring a Fractional COO Right for Your Business?

There are many parts to a business and several roles to be filled to create success. A COO, or Chief Operating Officer is one of the key roles in growth and consistency for any business. Small businesses may see increased rates of growth when they have a full team, yet the cost of a full-time COO can limit who can access those services. To provide a solution, a fractional COO can be used to provide necessary services and fill the role on a part-time basis without the cost and overhead of having them full-time.

What is a Fractional COO?

First, let’s understand fractional services, which provide the same services that a full-time employee would but fit the needs of smaller businesses or those who are not yet making large profits. Startups especially can benefit from these services as they can control their growth, make the right decisions, have a solid business plan backed by years of education and experience, and get better results than if they are attempting to do it on their own. While a full-time COO would be in the office or available 40 hours a week or more, a fractional COO will have a set number of hours each week, or each month, that they will work with your company to meet your goals, or to help you set new goals. They are in the office only part-time and will charge accordingly, while still providing the stability and the continuity that helps to move a business forward. Both planning ahead and problem-solving are available, and they will engage with the business and employees on a regular basis.

Is a Fractional COO Good For You?

To determine the right approach for your own business, there are many factors to consider. First, look into the business plan that is in place, and if it needs to be changed. A COO would be an advantage in making a new business plan, or in updating the one that you have if it is not meeting your needs or helping to reach your goals. Also, address what amount you could spend to obtain the services, and if you could easily carry the financial investment of a full-time COO or if you would be best suited with a part-time one. It is not unusual for a business to need the services of highly educated and experienced people before they are able to pay for them full-time, with all the overhead, benefits, and other expenses, which has created the ideal opportunity for fractional COOs, CFOs, and other service providers.

If you are a growing business or a new start-up, then fractional COO services may be a good fit for your business.

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