In today’s business world, the role of the CMO is more important than ever.
However, many companies are finding that they need more than just a CMO to reach their goals.
That’s where fractional executives come in.
Below, we will discuss the benefits of using fractional executives and how they can help a business grow.
What is a Fractional Resource?
A fractional resource is a resource that is used on a part-time basis by multiple companies.
This can be done in a number of ways, but the most common is through the use of part-time workers or contractors.
Fractional executives are a great example of this type of worker.
What is a Fractional Role?
A fractional role is a position that is filled by a part-time worker.
This type of role is beneficial for both the company and the worker.
For the company, it allows them to fill a position without having to commit to hiring a full-time worker.
For the worker, it allows them to earn some money while still having time to pursue other interests.
What is a Fractional Team?
A fractional team is a team of professionals that are brought together to work on a specific project.
The team is made up of individuals who have the skills and experience needed to complete the project.
The team is typically brought together for a specific purpose and disbanded when the project is completed.
This type of team is ideal for projects that require a specific skill set or when the project needs to be completed quickly.
The members of a fractional team are typically experts in their field and are able to work together quickly and efficiently.
The team is usually led by a project manager who is responsible for ensuring that the project is completed on time and within budget.
What is a Fractional Executive?
A fractional executive is a senior-level executive who works for an organization on a part-time or interim basis.
This type of arrangement can be beneficial for both the executive and the organization.
For the executive, it can provide an opportunity to explore new opportunities without making a long-term commitment.
For the organization, it can provide access to experienced and qualified executives who may not be available on a full-time basis.
Common Types of Fractional Executives
There are a number of different types of fractional executives, the most common is the part-time executive and the interim executive.
What is a Fractional CEO?
A fractional CEO is a company’s chief executive officer (CEO) who works part-time.
This role is essentially a consultant who provides strategic guidance to businesses.
They help businesses make decisions about where to focus their energies and resources.
They also work with businesses to create long-term plans and goals.
This type of executive is usually brought in on a temporary or interim basis to provide strategic and/or operational leadership during periods of change or transition.
What Does a Fractional CEO Do?
A Fractional CEO is a great option for businesses who want the strategic guidance and leadership of a CEO without the full-time commitment.
A Fractional CEO can offer a variety of services, including:
- Strategic planning and execution
- Goal setting and accountability
- Team building and management
- Business development and growth
- Marketing and brand building
- Operational improvement
- Exit planning
With their experience and expertise, they can provide the guidance and support needed to achieve business goals.
What is a Fractional COO?
A Fractional COO is a senior executive who provides professional and expert level support to an organization on a part-time, as-needed basis.
What Does a Fractional COO Do?
A fractional COO can provide a wide range of services, depending on the needs of the business.
Typical services include:
- Strategic planning and goal setting
- Organizational design and restructuring
- Process improvement and optimization
- Employee training and development
- Marketing strategy and execution
Regardless of the task, a fractional COO can help achieve operational scale for a fraction of the cost of a full time executive.
What is a Fractional CFO?
A Fractional CFO is a professional who provides part-time CFO services to businesses.
They offer the expertise of a full-time CFO, but at a fraction of the cost
What Does a Fractional CFO Do?
A Fractional CFO can offer a variety of services, including financial planning and analysis, budgeting and forecasting, risk management, and more.
They can also help with financial reporting and compliance.
Basically, a Fractional CFO can help with any financial need a business might have.
What is a Fractional CMO?
A Fractional CMO is a marketing executive who works on a fraction of the time that a full-time CMO would work.
This type of arrangement is beneficial for companies who do not have the budget to hire a full-time CMO, or for companies who are in the early stages of their growth and need help developing their marketing strategy.
What Does a Fractional CMO Do?
A Fractional CMO can help a company with a wide range of marketing tasks, including:
- developing a marketing plan
- creating and executing campaigns
- managing social media accounts
- tracking results.
Additionally, they can also help to train in-house staff on how to do basic marketing tasks.
Fractional Executive Compensation
How Much Does a Fractional CEO Cost?
For most small to mid-sized companies, the price of a fractional CEO can range from $6K-$10k.
For larger companies and corporations, this price can increase dramatically.
How Much Does a Fractional COO Cost?
A fractional COO can cost anywhere from a few thousand dollars per month to over ten thousand dollars per month.
The price will depend on the size of the company and the scope of the COO’s responsibilities.
For a small business, a fractional COO may only need to work a few hours a week, while a larger company may require a COO to work full-time.
How Much Does a Fractional CFO Cost?
A fractional CFO can cost as little as $500 per month or upward of $20,000 per month, depending on the company’s needs.
Most companies find that a fractional CFO costs between $750 and $12,500 per month.
How Much Does a Fractional CMO Cost?
Chief Marketing Officer salaries vary widely depending on the individual and company they work for.
For example, an average hourly wage for a CMO was recorded as $121 in February 2022, but that amount can vary between $99 per hour and exceed over $180 per hour depending on geographical location, company needs, and skill level of the fractional CMO.
The wider this spread becomes, the more specialized the CMO’s skillset needs to be to command higher payment.
Why a Business Should Consider a Fractional Workforce
Why are companies turning to fractional workers?
There are several reasons why this type of outsourced executive is appealing.
First, fractional workers can provide expertise and knowledge that the organization may not have internally.
Second, fractional workers can help to get projects done quickly and efficiently.
Third, fractional workers can be a great asset to any organization.
Are you a business looking for a way to save money and improve your organization’s efficiency?
Fractional workers may be the answer.
In today’s economy, companies are looking for ways to save money and be more efficient.
One way to do this is by using a fractional workforce.
Fractional workers can provide expertise and knowledge that the organization may not have internally, and they can help to get projects done quickly and efficiently.
Do you have any experience working with a fractional workforce? Let us know in the comments below. We would love to hear from you!