Every business leader needs to be flexible, ready for any changes that come their way. And in recent years, one thing that has changed a lot is the way internal hierarchies work. Fractional leadership is increasingly common, and for start-ups, this is actually really great news. But what is a fractional CRO, and is it really worth hiring one?
You can find out exactly what a fractional CRO is in this post. But now, you might be wondering, what do they actually do?
The innovative fractional approach can revolutionize your revenue strategies even on a budget, and there are three main ways it can do this. First, though…
Fractional employment is sort of like a fancy way of saying ‘part-time work’, i.e., working on a reduced-hours contract. However, it goes beyond that. It’s all about hiring experts in senior leadership roles. Fractional employees are seasoned experts in their fields; they work with multiple clients to provide operational support tailored to each business’s unique needs.
One primary advantage of fractional employment is flexibility. After all, budgets are often a huge problem for start-ups. But fractional roles offer a cost-effective way to attract and utilize top-tier talent. So, you can benefit from hiring high-level professionals in roles like Chief Financial Officer (CFO), Chief Marketing officer (CMO), or Chief Revenue Officer (CRO).
A fractional CRO, for example, can bring valuable expertise that helps businesses navigate competitive markets and achieve their financial goals. Not only does this have immediate strategic benefits, but it also positions companies for long-term success by establishing robust revenue-generating frameworks. revenue officer. However, they also ensure these activities align with broader business strategies and goals.
By this point, you might already be considering fractional leadership. But what does a fractional CRO actually do?
Like a regular CRO, a fractional CRO is responsible for driving a company’s revenue growth by developing and executing financial strategies. They may:
It’s a broad role that covers a lot of areas. Depending on the project and the employment terms, a fractional CRO might also monitor key performance indicators (KPIs), try to improve customer satisfaction and more.
Essentially, anywhere that revenue is concerned, a fractional CRO is there to advise the company and improve income. They do all this without the full-time cost and commitment of a traditional CRO.
Probably the major benefit of fractional CROs for startups is cost-effectiveness. Startups often operate on tight budgets, and a fractional CRO provides top-tier strategic guidance at a ‘fraction’ of the cost of a full-time executive. As a result, startups can allocate resources more efficiently while still accessing high-level expertise.
Flexibility and scalability are also significant benefits. Fractional CROs can adjust their level of involvement based on the company’s current needs and growth stage. This flexibility ensures that startups receive the right amount of support when required without the financial burden of a permanent hire.
If you want to hire a traditional, full-time executive, you’re looking at an average cost of $28,329 per hire! Not to mention the time, with it taking 73 days to fill a position. You could spend a good chunk of that time growing your business in other ways.
Additionally, startups gain access to extensive experience and specialized knowledge. Fractional CROs have a wealth of industry experience, not to mention their proven track record of driving growth.
Finally, a fractional CRO can accelerate growth without needing a long-term commitment. The setup means startups can swiftly implement growth strategies and adjust as the business evolves. Compared to traditional hires, it’s a much more dynamic approach!
For a lot of startup owners, the potential to hire flexible, cost-effective experts for a fraction of the cost is reason enough to get started with a fractional CRO. However, if you’re still unconvinced, we don’t blame you. Every business decision you make is a big one, and that includes hiring new staff.
So, stay tuned for parts two and three of this blog post series, where we’ll dive deeper into the ways that fractional leadership can impact your business.
In the meantime, why not book a call with us to explore how fractional leadership can specifically help your business? It’s worth getting in early–we have limited spots!
