Always hopeful, yet discontent
He knows changes aren’t permanent
But change is – RUSH – Tom Sawyer
The world is continually changing and that may be the universal constant. We don’t know what is happening next from quarter to quarter or year to year. Whether it be economics, politics, demographics, or just fads, as business owners, we need to be ready to shift on a dime, and the phrase, be resilient, adaptive, and creative, has never been as true as it is today.
Fractional leadership can alleviate many issues for growing companies.
For those unfamiliar with the term, fractional leadership are experts in a wide variety of fields who can come in and run strategy and tactics within their own discipline without being a full-time drain on payroll or other resources (see our series introduction HERE)
Where consultants are there to show you where your pain point is, the role of the factional leader is so much more. They identify the challenge and work with you, a portion of the week or month, to build the strategy and enable tactics to be implemented.
They usually work with two or three clients at a time, splitting their monthly schedule between them, so although their focus is split, so are their payments. As a business owner, you pay for their time and energy while they are present, but when they are not, they are on someone else’s dime.
Fractional leadership offers several advantages compared to traditional full-time executives.
Here are the top ten benefits:
- Cost Efficiency: Fractional leaders most often cost less than full-time executives because companies only pay for the time and expertise they need, avoiding the full salary, benefits, and overhead costs associated with full-time hires.
- Flexibility: Organizations can scale leadership efforts up or down based on their needs, ensuring they have the right level of expertise at the right time without committing to a long-term employment contract. This also works great for companies with seasonal needs or startups where the need for executive talent will rise as the business validates its business model and begins to evolve (most startups may not need or be able to afford a CFO in the early days – so they can rent one)
- Expertise on Demand: Fractional leaders bring specialized skills and experience that can be immediately applied to specific challenges or projects, providing high-level strategic input without the time and expense of a traditional hiring process.
- Faster Implementation: These leaders typically can quickly assess a situation, based upon years of experience across various businesses, and develop solutions that are on point and within budget quickly and efficiently.
- Access to a Broader Talent Pool: Companies can access top-tier talent that might otherwise be out of reach financially or geographically, gaining insights and expertise from leaders who have worked across various industries and markets.
- Reduced Risk: Hiring a fractional leader reduces the risk of hiring a full-time executive. If the arrangement doesn’t work out, it’s easier to part ways without the complications and costs of severance packages and long-term contracts. These leaders work within a scope of work and realize that when you are ready to move to a full-time employee, their role is to help hire, train, and transition.
- Objective Perspective: Fractional leaders are not tied to the company’s internal politics or long-term career concerns, so they can provide an objective and unbiased viewpoint, which can be crucial for making difficult decisions. Not enough companies have people who are comfortable telling someone no and explaining why. That is the role of the fractional leader, even if it is not something you are ready to hear.
- Knowledge Transfer: These leaders can mentor, coach, and train existing staff, transferring valuable skills and knowledge that remain within the organization even after the fractional leader’s engagement ends. They can also help develop policy and procedural manuals that become living documents that live long beyond their tenure.
- Agility: Fractional leaders can help organizations adapt faster to changing market conditions or internal challenges, providing the agility needed in today’s fast-paced business environment. As I have mentioned, agility, flexibility, and creativity are essential in today’s business environment, and having someone who is not there to maintain the status quo provides the skill set you need for company growth in any market.
- Innovation: Bringing in fresh perspectives from fractional leaders who work with various organizations can spark innovation and new ideas, helping companies stay competitive and forward-thinking. These people are usually lifelong learners who attend conferences, attend webinars, and read extensively. They are naturally curious about what’s next and what has worked elsewhere that benefits you.
In summary, fractional leadership offers a flexible, cost-effective, and dynamic approach to accessing high-level expertise and strategic guidance, making it an attractive option for many organizations.
How can fractional leaders enable you to grow and prosper, getting you from where you are today to where you desire to be?
Here are some next steps for you:
The first thing you need to do is assess what your biggest challenge is and where you need the most help. None of us have all the answers or expertise, so realizing where our strengths and the strengths of our teams are and where they are not is important.
From there, set a loose set of goals you want to achieve over the next year or five. Don’t be overambitious, but don’t throw softballs either.
Ask yourself, “Where do I want to be in the next few years, and what keeps me from getting there?”
From there, it is about querying your network. Ask them if they have worked with fractional experts, what has worked well, what has not, and what to expect. We will go over a lot of this in future articles.
Talk to a few fractional people. Pick the one who you feel understands you, your business, your wants, needs, challenges, and desires. Who asks you the most intelligent questions, and who listens the most?
From there, it is about building understanding, a common language, an understanding of goals and outcomes, and how you both want to work together.
Stay tuned over the next weeks and months when we will answer specific questions on utilizing fractional leaders to your advantage and the different types of leadership you may encounter.
If you have specific questions you would like answered, please contact me through my bio below.
About Ben Baker
Ben Baker has been a Fractional Chief Communications Officer, Chief Marketing Officer and Chief Podcast Officer for his clients for over a decade. "The single biggest problem with communication is the illusion that it has taken place.” - George Bernard Shaw We help you fix that problem and make sure you are listened to, understood, valued, and engaged with by internal and external clients, prospects and stakeholders in meaningful and profitable ways.
Ben Baker has been a Fractional Chief Communications Officer, Chief Marketing Officer and Chief Podcast Officer for his clients for over a decade.
"The single biggest problem with communication is the illusion that it has taken place.”
- George Bernard Shaw
We help you fix that problem and make sure you are listened to, understood, valued, and engaged with by internal and external clients, prospects and stakeholders in meaningful and profitable ways.
