What is a Fractional COO?
A Fractional COO, also known as an outsourced or part-time Chief Operations Officer, is a Business Operations professional who provides strategic operational leadership and guidance to businesses on a part-time or fractional basis.
Unlike a full-time COO, a fractional COO works with multiple organizations, typically smaller businesses or startups, sharing their expertise, experience, and skills for a specific number of hours or days per week/month.
They help businesses improve operational efficiency, implement effective processes, and drive growth without the need for a full-time executive position.
Fractional COOs offer a cost-effective solution for businesses that may not require or afford a full-time COO but still benefit from their strategic operational insights and support.
How can a Fractional COO help your business...?
The Four Pillars of Business Operations are:
Clearly define your Business Strategy
Don't fall into the trap of doing 'busy work', which doesn't actually propel you towards the goals of your business. Having a clear Business Strategy gives you a clear direction for your business.
The right people. Doing the right things!
Having the right skills, in the right people, doing the right things. All lead to achieving the right outcomes. Without these, the path to success is much longer and much tougher.
WOW With Customer Experience
The sale is just the beginning... Your business needs to 'WOW' your customers every step of the way! The customer journey is more of a cycle than a point-in-time moment. And not all customers are paying customers!
Efficiency through Process & Automation
"GROWTH comes from work. SCALE comes from Operations" - (Write that down!).The trick is knowing when to create processes and when to automate.
Want to work together...? Let's get started today...
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Frequently Asked Questions:
Is a Fractional COO the same as a Business Coach?
The short answer is no. The longer answer is a little more nuanced...
A Fractional COO is an expert in Business Operations. They have the knowledge and more importantly, the experience, to get the job done.
A Fractional COO, by nature of that experience, gained over many years in the field, is also often highly experienced in both Business Coaching, Executive Coaching, Leadership and Teamwork.
A Business Coach by comparison is much more of a grey area! Mainly because anyone can call themselves a coach. Especially in today's markets, one can take a $10 Coaching course online and 'Ta-Daaaaaa!', Business Coach!
There are a great many out there these days whose only experience of running a business, is the very business they're trying to sell you coaching from.
It all comes down to the ability of the individual to help their clients make the changes their clients are looking for.
The challenge for the consumer is to find a business coach and/or mentor who has the knowledge, skills and experience that you need.
Not one who will follow a framework they learned on an online course…
Not one who bought into a franchise and attended a 3 day seminar to learn how to coach.
But to find someone who has walked the path you are now walking. And who actually knows how to help you achieve your goals.
If a client is looking for tangible, hands-on experience. Then a Fractional COO is often the best of both worlds. And finding a Fractional COO with demonstratable experience is much much easier to find!
Do I need a Business Coach, Business Mentor or a Fractional COO?
Let's break it down!
Business Coaches help bring clarity from with. By asking the right questions, they help their clients to come to conclusions on their own.
Business Mentors share their experiences in order to help their clients shortcut the path to the goals and/or success sought.
Fractional COO's are Experts in Business Operations, often encompassing skills gained over many years in Operations, Leadership, Teamwork, Management, Strategy, Systems, Technology, Processes, Automation... The list goes on!
So in summary, a Business Coach empowers. A Business Mentor guides. A Fractional COO does all three. With the added benefit of loving to roll-up their sleeves, getting hand-on with their clients businesses.
How much does a Fractionl COO cost...?
The cost of a Fractional COO is based on a cost relative to the experience and skills you are purchasing.
A full-time COO Salary varies according to experience, skills and market.
The COO of a small startup is more like an entry-level Operations Manager position, except with the more fancy title. Annual salaries usually range from £40,000-£60,000 ($50,000-$75,000 USD).
The COO of a business doing in the region of £50m turnover annualy ($63m USD) will usually be earning somewhere in the region of £100,000 to £180,000 annually ($126,000-$223,000 USD).
For larger businesses, corporations etc, then we get into the territory of similar salaries to the latter, plus the inclusion of performance-based bonuses, share options, benefits etc. Which can often increase that package by order of magnitude.
So what does this mean for a Fractional COO?
A Fractional COO is just that. A portion of their full-time counterpart. So if you want a Fractional COO to work with you on the basis of one day per week, then their cost will be based on a proportional amount.
But there's another fantastic benefit of a Fractional COO is that of flexibility!
Say you're a startup business. You need expert help. You have people to do much of the work, but you don't know what work needs to be done. A Fractional COO will often be willing to work out a deal where there is a mix of both monetary compensation, alongside share options in the future value of the business.
It depends on what assistance you need and how much you’re willing to invest into your own self-development and the development of your business.
At the end of the day, it’s a very subjective question. And it comes down to the value you get from the Fractional COO you're wanting to work with.
For me, clients and I work together on a continual basis. Usually working remotely so as to maximise efficiency for us both. But face-to-face meetings where appropriate too.
How do I start working with a Fractional COO?
It’s very simple… If they’re anything like me, it’s always good to start with booking a call so that you can get to know each other.
Engaging a Fractional COO is just like any relationship. It takes both sides to agree they are a good fit.
You both need to resonate, otherwise working together will be somewhat painful!
If you book a call with me, we will talk, get to know each other and discover if we are a good fit.
If you get on and you see the relationship working well...
Then the next topic for discussion is agreeing on what you're wanting to achieve. We will talk about options on how that may be accomplished and timescales to be looking at.
From there we agree terms and they get cracking.
It is a relationship, first and foremost.
If I feel I am not the right person for you or your business, then I will say so. And I will also point you in the direction of someone who may well be a better fit.
If you would like to grab a call, then click here and let's talk.