As businesses continue to grow in the current market, many are finding that they require extra help in some areas, but may be hesitant to hire a full-time employee for various reasons. This can be for any type of employee from management to accounting, human resources, or finance, leaving a productivity or strategy gap that may hold the business back from its current goals. With only a few ways to correct this, looking into a company that offers fractional executive services may be the solution that fits best for many businesses. Let’s look at why we suggest fractional services compared to the other options below.
What are the best ways to scale a business with limited employees?
The main ways to address this concern is to do one of the following:
- Hire a full-time employee
- Hire a consultant on a project-by-project basis
- Hire a fractional employee
All of the above three options are a solution to this question, however, what will be the biggest deciding factor is where each option fits specifically within a business’s current timeline. For example, if a shipping business is trying to improve its day-to-day shipping output and has maxed out its current employees, this may be a great time to hire a full-time employee. If the shipping business wants to improve just one aspect of its operations, opting for a consultant who will focus solely on that task may be the better fit, allowing for the business to free up monetary resources once the task is completed. If the shipping business has been neglecting important aspects of the business such as their financial systems and operations, hiring a fractional CFO would be greatly beneficial.
What is a fractional employee?
A fractional employee is a work arrangement between an individual who provides specialized skills or management services to multiple businesses on a part-time or project-to-project basis.
What are the benefits of fractional services?
The benefits of a fractional employee who is providing fractional services to businesses include bringing a new approach and a well-trained professional to the business, without the cost of a full-time employee with benefits and other overhead costs. Through having a consistent contract with a fractional employee, they are better able to build relationships with coworkers and able to get a deeper understanding of the business itself, the goals and standards, as well as how the business operates. This increased knowledge is key to any successful project.
Additionally, they will be present on a set schedule that can be relied upon, creating consistency. Their presence in the workspace on a regular, ongoing schedule allows others to coordinate with them more easily and flow from one task to the next. This ability combines the benefits of an in-house employee with the cost and time savings of a consultant to create an ideal solution for many companies.
Conclusion
Fractional services are meeting a need in many growing businesses that require additional help and specialized knowledge but are not large enough to need, or to pay for, a full-time employee. It can be for any level of the company, and results in an onsite, knowledgeable professional, who will be attending on a regular basis with a set number of hours each week or month. Overheads remain low and the results can be extraordinary.
Schedule a free call with our team today to learn more about the fractional executive services we offer.
