Why Every Entrepreneurial CEO Should Be a Fractional Exec
Are you an entrepreneur? Did you go straight from "Corporate to Consulting," or did you leap from a professional role to freelance? Perhaps you may have started your own company and dove straight into offering products and services, building a team, accessing funding, and scaling at a consistent rate on an annual basis. With many people transitioning from a traditional 9-5 to entrepreneurship, many are unaware of what it takes to run a business. The more time spent in advance in planning for starting a business, having a solid business strategy, and understanding the roles/departments needed to make your company run effectively, will help set your business up for success. Though one can read books, take courses, hire a mentor, participate in conferences, and or group coaching, it is not the same as being part of the day-to-day operations of a business that is up and running.
You may be asking yourself, what is the difference between a consultant and a fractional exec? A consultant is assigned a body of work or project and completes tasks for an individual or company. A consultant is most appreciated when offering expertise that drives business and organizational change. A fractional exec is hired for their expertise as an executive in their space. This executive works with the day-to-day operations of the business and the organization but participates at a fraction of the time. This role is almost like a part-time executive. Fractional execs are usually leveraged when budgets are limited, many of the times may be during the start-up phase. The company or start-up benefits from having a fractional exec because the execs bring a wealth of experience and knowledge to the table. The exec benefits from their role because they can gain insight into all components of the business while offering their expertise.
So one may ask themselves, "If I spent a significant time in a professional role as an exec and am trying to run my own company, why would I take the time to offer my services as a fractional exec?" My answer is that you may have been a great exec with access to many business and organizational resources, but you did not run and build a business. Instead, you walked into an existing role based on education, experience, or positioning. However, you have not run a business. Offering your services as a fractional executive allows you to witness how a business is run and developed daily. In addition, you gain access to various vendors and learning experiences. Being a fractional exec is truly a win-win for you and your client. If you are an exec transitioning from corporate to consulting, consider fractional exec work as you develop and scale your business. This will act as a catalyst and accountability tool in your personal and professional development as an entrepreneur.
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