Successful growth requires skills other than what you currently possess as an entrepreneur and founder.
When you start a new company, you want to consider how your business will grow.
There’s a lot involved with growing a new business. So much so that you can use up all your time and energy on various tasks and never get to the point where you can start generating revenue.
Fortunately, a fractional chief operating officer (COO) and business operations consultant (BOC) can provide a combination of services that allow you to scale your business.
So what’s the difference between these two? Let’s dive in and see how they can skyrocket your business beyond exponential heights.
What is a Fractional COO?
A fractional COO provides various services depending on the company’s needs. Typically, a fractional COO manages the day-to-day operations of a company, including strategic planning, budgeting, and employee management.
Benefits of a Fractional COO
Fractional COOs have rare skills and experience, and the success they bring to their organizations is undeniable.
Below are just some of the ways in which they can benefit your company.
Achieve Your Strategic Goals Faster
Fractional COOs have a rare combination of skills and experience, and their work results always speak for themselves. They can quickly adapt to their new environment because they’re familiar with many industries and functions.
This makes them an extremely valuable addition to any team. Working with them can help you achieve your strategic goals faster because they bring their expertise to bear on important initiatives such as sales strategy, product development, or customer service improvement.
Attract Top Talent
Fractional COOs have already proved themselves as high-performing leaders in their industries. When they join your company, it helps send a message that you value performance over tenure.
Hiring a fractional COO to provide full or part-time coo services will also give current employees more options in terms of career development and future opportunities within the company — which is good for morale.
What is a Business Operations Consultant?
We’ve already touched on what a fractional COO is and the benefits they provide. Now, let’s discuss what a business operation consultant is and the value they bring.
A business operations consultant can improve a company’s efficiency by gathering and analyzing research data.
The responsibilities of a BOC include reviewing all data gathered by other departments and evaluating the best ways to forecast future trends. A BOC may also oversee the implementation of new policies.
Benefits of a Business Operations Consultant
According to Harvard Business School, BOCs can help companies improve prior processes and achieve better returns through increased efficiency. Here are some benefits of having one.
Working with a BOC will help develop your company and improve its performance. Your business can directly benefit from the management expert’s practical expertise in areas you want to focus on, such as:
- Directions for growth
- Operational improvements
- Cost reductions
- Mitigating threats posed by competitors
- Expansions into relevant markets
A BOC can help your staff resolve problems or handle other difficult situations more effectively.
A BOC can provide invaluable service to your business. However, this works well if you’re after a competitive advantage and saving costs.
Business consultants bring their years of experience to bear on your business, producing savings that far exceed the cost.
Recruiting full-time workers may be more expensive than recruiting independent contractors.
Hiring a business consultant expert to help with a specific issue is almost always less expensive and more efficient than having an employee work on the same task.
Greater Business Insight
Most business owners have a vague idea of their operations and how to improve them. This is where BOCs come in.
BOCs have three main areas of value: their knowledge, expert skills, and influence.
BOCs are experts in the field of operations management for small businesses. They understand how to make companies more efficient, reduce costs and increase revenue by creating strategies that work within your budget and culture.
BOCs have extensive experience working with companies just like yours.
They’ve seen everything from large corporations to small mom-and-pop shops and everything in between. They understand what works best for each type of business because they’ve done it before.
BOCs are known for making things happen – even when other people can’t. They know how to navigate the red tape, politics, and bureaucracy, so you don’t have to spend time on it.
When to Hire Both?
You should take various factors into account when hiring an executive. From personality and skillsets to experience and availability, always ensure you find the right fit for your company.
So when is the right time for you to bring a Fractional COO and BOC into your company?
The answer depends on many factors, including if:
- You need someone to help you implement ideas.
- You want to develop a leadership strategy.
- Your company’s CEO is spread too thin.
- You spend more time performing administrative tasks than doing work that will directly benefit the company or organization.
- Your company is looking to create a more efficient system to keep up with the market demand.
A fractional COO could set and implement strategy, whereas consultants tend to audit/create a plan but not DO it.
Business Laid Bare can do both (Assessment for plan, Whip for implementation). If you’re ready to whip your business into shape, we’re to help make that happen.
Book a consult call with us today and we’ll talk about if Orgasmic Operations® can help you create the business of your dreams!