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A Guide To Working With A Fractional CEO

Updated: May 8



Hiring a consultant or a fractional executive is one of the best decisions an organization can make to refine their businesses processes, scale the business, launch a new product or create solutions. A study by the Harvard Business Review indicates a 23% rise in the number of businesses employing fractional leaders since 2010. This is not a mere fad. The trend is expected to rise by another 15% in the next five years, as predicted by Boston Consulting Group. One major reason why businesses turn to fractional leaders is the expertise they bring to the table. They possess a wealth of experience across a diverse range of industries. They can also provide invaluable insights and strategies tailored to the unique needs of a company, which equips organizations with the agility necessary to succeed in today’s rapidly evolving market.


What do Fractional Executives do?


  • Provide expertise

  • Identify problems

  • Provide/create resources

  • Initiate change

  • Share objectivity

  • Teach/train employees

  • Do the"dirty work," like eliminate staff or announce budget cuts

  • Provide emotional support to the owner



What Does The Process At KTC Look Like?


In order to develop and implement a unique program that best fits your organizational needs, We use a very simple 3-step process.


Step One

First is an assessment of your business. We will discuss where you are today, where you want to go, and how we can work together to get you there. Specifically, we will identify what areas of focus you need and the frequency. Some companies may need a Fractional COO a few hours per week. Others may only need one 2 or 3 days per month. By definition, a Fractional COO is nothing more than a part-time Chief Operating Officer, so the frequency is entirely up to you. Together, we will design a plan unique for your business. This is the process we call "onboarding".



Step Two

Second, once we’ve agreed on your personal Fractional COO program, we will conduct a more detailed analysis of your needs. This involves a detailed discussion with you. This also includes conversations with your leadership team and key important persons. The result of this analysis will be a well-rounded perspective of your organization’s specific issues and needs.



Step Three

Finally, we will have a detailed conversation about where you want to prioritize efforts and resources. We’ll work with the appropriate members of your team to develop any necessary processes, solutions, and action plans. We will also decide on the appropriate KPIs (Key Performance Indicators) so we can measure our progress objectively on an ongoing basis.



Are Fractional Executives Expensive?


Hiring a fractional executive can save a company up to $100,00 a year. Initially, hiring a fractional executive might seem expensive, but it is extremely cost effective for organizations, especially faith based organizations. With a fractional executive, you'll typically save a 40-60% reduction in expenditures vs. a direct full-time hire. You will also get a more experienced and specialized talent who can quickly and effectively execute your most pressing needs.



Last Thoughts


Data overwhelmingly supports the case for the usefulness of fractional executives as a cost-effective and efficient strategy in today’s business landscape. Numerous studies have highlighted the numerous benefits of this approach. This includes substantial increases in sales and ROI, improved strategic thinking and decision-making, and greater alignment with corporate culture and values.


Specifically, companies have reported sales increases of up to 40% within a year of hiring a fractional executive, with ROIs up to 400%. Moreover, organizations have seen improvements in team commitment and productivity. This shows a better understanding of corporate culture, and significant cost savings due to the leadership of a fractional executive.


any up to $100,000 a year. Hiring a a yea

If you are interested in working with Koinonia Training and Consulting, please click here.

 


Dr. Dee Evans

CEO, Koinonia Training and Consulting

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