Fractional refers to a business arrangement in which a company hires a part-time or "Fractional" CFO or Sales Manager to oversee and optimize its operations. This approach is often used by smaller businesses or startups that may not have the resources to hire full-time management or want to bring in specialized expertise for a specific period.
Here are some key aspects of a Fractional CFO or Fractional Sales Manager:
- Part-Time Engagement: Fractional CFOs & Fractional Sales Managers are typically not full-time employees of the company. Instead, they work on a contract basis, dedicating a portion of their time to managing the sales function.
- Cost-Efficiency: This approach can be cost-effective for smaller businesses or startups that may not have the resources to hire one full-time. Fractional CFOs & Sales Managers are often paid based on the time they spend working for the company or on specific related goals and milestones.
- Expertise: Fractional CFOs & Sales Managers are typically experienced professionals with a deep understanding of strategy, processes, and techniques. They bring their expertise to the company to help improve performance.
- Objective Assessment: An external Fractional CFO or Fractional Sales Manager can provide an unbiased assessment of the company's processes, identify areas for improvement, streamline workflows, and make them more efficient without being tied to internal politics or biases.
- Performance Metrics: They establish key performance indicators (KPIs) and sales metrics to track progress and measure your business success.
- Flexibility: Fractionals offer flexibility to companies, allowing them to scale up or down their management needs as business demands change. This can be particularly valuable in industries with seasonal fluctuations or evolving market conditions.
- Interim Management: In some cases, Fractional CFO & Fractional Sales Managers can serve as interim sales leaders during transitions, such as when a company is between permanent hires or undergoing restructuring.
Overall, Fractional CFO & Fractional Sales Management can be a practical solution for companies looking to enhance their performance and access the expertise of experienced professionals without the commitment of hiring a full-time person in these positions. It allows businesses to leverage external talent to meet their objectives more efficiently and cost-effectively.