A fractional chief operating officer (COO) can help your growing business stay on track and make sure you meet your objectives as the enterprise grows. A fractional COO — also known as a virtual COO or an outside COO — performs the same tasks as a traditional chief operating officer, but works on a part-time or contract basis.
A growing business faces unique challenges. Every successful business eventually outgrows the startup stage, when a small team could manage the entire operation. As your company grows, it is no longer possible to reliably oversee all aspects of the business without more dedicated oversight. You need additional executive leadership.
But if you are like most business owners, you are already consumed with the steady and challenging work of growing your business. You do not have the time to take on all the executive tasks involved in running the operation.
And yet, you may not be ready to hire a full C-suite leadership team.
A fractional COO can bridge the gap between where your company is today and where you would like to see it in the future.
That is why more and more enterprises are choosing to work with a fractional COO, either as a short-term measure or a long-term solution to the problem of finding the perfect COO to help run their business.
What Does a Fractional COO Do?
A fractional chief operating officer fills the same role as a traditional COO, but does not draw a full-time salary. The COO acts as an enterprise’s second in command, reporting directly to the CEO and supervising the business’s daily operations. COOs are instrumental in conceiving, implementing, and tracking planning for an enterprise. They are vital to executing the short- and long-term administrative tasks needed to keep any business running smoothly.
A fractional COO is hired on a part-time or contract basis. Some companies hire fractional COOs to work on short-term projects. For others, the fractional COO serves as a constant source of expertise and advice.
Because they bill you as a contractor, the fractional COO will provide significant savings to your business, compared to the cost of hiring a full-time chief operating officer. They will also be able to relieve an enormous amount of pressure within the company by taking work off the hands of your employees and freeing them up to focus on their own projects.
For growing companies, a fractional COO can be the difference between struggling to keep up with tasks and managing to soar to new heights. All too often, companies get bogged down in the process of transitioning from startup to established business. A great fractional COO can shepherd you through the transition process.
At the same time, working with a fractional COO frees up your time so that you, the business owner, can focus on what you do best.
As your business grows, you will find yourself needing to delegate more and more tasks to your staff. You will also need to make time to network, meet with investors, and plan your company’s future. A great fractional COO will take administrative tasks off your plate so you have the time — and mental space — that you need to grow your business.
What Responsibilities Does a Fractional COO Take On?
Every business is different, so every company will have a unique set of needs. These are some of the typical tasks that a fractional COO might handle for a growing enterprise:
Planning and Training
A great fractional COO takes on a key role in all aspects of planning and implementing the strategies that will move your business forward.
What does that mean, concretely? They will help to spearhead your annual, quarterly, and monthly strategic planning sessions, making sure that everyone in your business is on the same page and understands the overarching vision behind your company.
Your fractional COO will also train your new and existing employees, which includes training up-and-coming leaders within the business. This all falls under the rubric of culture building and sharing core values, which are among the most important duties of a COO.
Meeting and Tracking Progress
A fractional COO will meet regularly with your leaders to help them set goals, both personal and organizational. The right COO will be able to use these meetings as a means of assessing your employees’ progress, their job satisfaction, and other key factors.
Maximizing Team Building
Finally, a fractional COO should assist you in team building, communications, and all aspects of messaging within your company.
At MNK Law, we believe in building deep and long-lasting relationships with all our clients. We take the time to truly get to know you and your business so we can diagnose your problems and create tailored solutions that align with your unique needs. We also offer a predictable fee model that removes all the uncertainty of service fees, allowing you to budget your legal and operational expenses for the future.
Our experienced, knowledgeable staff has worked with clients in a broad range of industries. We work with people in human resources, retail, information technology, and manufacturing, among other industries. We also have clients in the medical and professional services fields.
If you would like to learn more about the fractional COO services we provide, get in touch with us today. We would be happy to discuss some of the ways that our services will help take your business to the next level.