Fractional Executives: A Growing Trend in Colorado
Discover how fractional executives can provide cost-effective solutions, specialized skills, and fresh perspectives to improve your business performance.
Fractional services are a growing trend around the country. In fact, this expert fractional services trend has grown from $1.5 billion in 2020 to $2 billion this year, attracting thousands of new participants. I founded Vannin Chief of Staff in Denver, Co., a team of consultants, who support the Chief of Staff/Chief Operating Officer role for growth stage businesses.
So how does it work? Fractional service businesses like Vannin offer interim and full-time talent solutions and train new Chief of Staffs. Fractional service professionals work with leaders within a company, providing individuals with the opportunity to grow their business while still prioritizing a flexible work/life balance. The growing trend of fractional services ultimately provides staffing solutions to attract more talent to companies.
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Let’s take a closer look at the benefits of working with fractional executives and how organizations can tap into their expertise to drive growth and success.
One of the most prominent benefits of working with fractional executives is cost savings. Hiring a full-time executive can be expensive, especially for smaller organizations that cannot afford the salary and benefits associated with a permanent hire. On the other hand, a fractional executive is typically hired on a part-time basis and is paid for the specific services they deliver. This results in significant savings for the company without sacrificing the quality or scope of work.
Fractional executives offer a high degree of flexibility for businesses. They can be brought in for a specific project or for a short-term period, based on the company’s needs. This means that businesses can access top-level strategic guidance and expertise without the long-term commitment typically associated with full-time executives.
Outside perspective and fresh ideas
Another significant advantage of working with fractional executives is the fresh perspective they can bring to the organization. Because they are not tied to the company culture or hierarchy, they can offer unbiased insight and recommendations that can help businesses approach challenges in innovative ways. This can lead to new strategies, processes or product ideas that can set the business apart from its competitors.
Specialized skills and knowledge
Fractional executives are typically hired for their specific expertise in a particular area, whether it’s finance, operations, or marketing. This allows companies to gain access to specialized skill sets and knowledge that they may not have in-house. This can be especially valuable for small businesses that don’t have the resources to hire a full-time executive in every department.
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Improved business performance
Ultimately, the main advantage of working with fractional executives is the significant improvement in business performance they deliver. Their specialized skills, fresh perspective, and cost-effective solutions help organizations overcome challenges and seize opportunities. They also help businesses develop targeted strategies that align with their goals, ultimately driving growth and success.
Fractional executives offer a valuable solution for businesses that need high-level expertise and guidance but cannot afford a full-time executive. They bring a fresh perspective, specialized skills, flexibility, and cost savings to the organization, resulting in improved business performance. Whether you are a small start-up or an established enterprise, working with a fractional executive can help you achieve your goals and thrive in today’s competitive marketplace. As a client recently told me “Now that I work with Vannin, I can actually take a vacation!”
Keziah is an experienced Chief of Staff and business operations executive who spent over a decade advising Fortune 500 companies on their sales talent and operational strategies, including PepsiCo, Cargill, Hewlett Packard, EMC, Siemens & Ricoh. In the last few years, Keziah’s focus has been on building and leading chief of staff capabilities and sales operations within Accenture, a global management consultancy. Keziah has been accepted as one out of 40 people to the first-ever Chief of Staff Certification Program at the University of Oxford in the UK (April 2021).