As a preferred client of HR Ledger, I'd like to welcome you to my website. Below is some information regarding Fractional COO roles which I hope you find useful. Thank you for visiting!
Kevin A. Nye
Consultant, Advisor, Strategist
Part-time leadership roles have become commonplace in recent years. These “fractional” positions have emerged to fulfill the need for high-level expertise in smaller organizations that may not traditionally employ C-level executives.
Fractional roles in finance, marketing and operations can be cost-effective solutions for enterprises that cannot yet support these types of full-time leadership roles. Contracting a fractional executive brings a level of experience and strategic focus to a business on a scale that fits within the company’s budget, saving valuable resources to be used where they can be the most effective.
What Is A COO and Why Do You Need One?
The Chief Operating Officer (COO) is a senior leadership position that is accountable for the daily operations of an organization, as well as the development and implementation of strategy and initiatives. Many growing businesses have reached the stage where this additional executive leadership is required but the economics are challenging. A Fractional COO can bridge the gap and provide the resource you need to continue growing your business without committing to a full-time employee.
What Is A Fractional COO?
A fractional COO is simply a leadership executive that acts as Chief Operating Officer on a part-time basis. The responsibilities and onsite frequency can vary widely and are typically customized to the needs of the business. Your fractional COO may come in one day per month to work on your strategic planning with your leadership team or he or she may be there twice per week overseeing sales activities, process improvement and various projects. As the business owner, this is all up to you.
First and foremost, you’re adding experience to your team. This, combined with an outside perspective can do wonders to help you develop or refine your business strategy. In addition, a fractional COO gives you flexibility in that you don’t have to worry about the complexity of adding a full-time employee that you may not be ready for yet. You merely bring him or her in as necessary. Perhaps the most appreciated aspect of a fractional COO is that you get to add additional talent to your team in a simple and cost-effective manner. You only pay for what you need.
A Fractional COO Can Help With:
Businesses in need of a vision for the future and a path to achieve it.
Businesses that need executive level management of their operations.
Businesses that need to create an organizational structure that supports continued growth.
Businesses that have operational problems for which solutions are critical.
What Types of Businesses Can Benefit From A Fractional COO?
A fractional COO can bring benefits to just about any type of business that is not large enough to be able to support a full-time Chief Operating Officer. Growing companies need to develop new processes and refine old ones in order to keep pace. Startups have to create strategies from scratch and then build the operations to support the business plan.
Stagnant or declining businesses need to take a fresh look at their business model and implement changes to stay viable and relevant. The opportunities to improve your business are endless, no matter what stage you happen to be in.
A veteran of multiple industries, Kevin A. Nye has parlayed more than 20 years of management and leadership experience into a consultancy designed specifically for the benefit of small businesses. Having served in roles in Supply Chain, Operations and Regional management, Mr. Nye was most recently the Chief Operating Officer of a regional steel company and is currently focusing his expertise to help entrepreneurs define and implement strategies that add value to their businesses.
Review your business operations, identify ways to improve both effectiveness and efficiency.
Map out a vision for the future of your business and implement the necessary action steps.
Dig deep into the numbers and help you improve both your financial performance and cash flow.
Utilize LEAN methodologies to fine tune your core processes and procedures.
Supply Chain Management
Identify your best suppliers, optimize inventory investment and refine logistics channels.
Sales & Marketing Strategy
Identify your target Customer and tactical steps to put your product in their hands.
Plan for the future through development of your most valuable resource.
Take advantage of the myriad technological tools available to scale your productivity.
Navigate the rough waters of change through planning and proactive approaches.
Develop a long term vision for succession so you can exit your enterprise on your terms.