Frequently Asked Questions
What is a Fractional COO?
A fractional COO is an outsourced business professional with many years of experience running and operating companies who works as your Chief Operating Officer to help run your business. They may work part-time every day, a couple of days a week, or several days a month based on the needs of the business. A Fractional COO enables entrepreneurs and small businesses to take advantage of the expertise of a COO without making the financial investment necessary to hire a full-time executive.
What does a Fractional COO do?
A Fractional COO is typically responsible for the day-to-day operations of a business and implementing the CEO’s strategic vision. This includes providing leadership and direction to the primary functions of the business – Operations, Sales/Marketing, Finance/Administration – and making sure that the business is running efficiently and effectively. The ultimate goal of a Fractional COO is to grow the business and fully implement the vision of the CEO/business owner.
What is an Integrator?
‘Integrator’ is a term popularized by EOS Worldwide and the book Rocket Fuel by Gino Wickman and Mark Winters. It is someone within the organization who works across business functions/teams to pull everything together and make sure the business is moving forward with common goals. They execute the business plan, provide structure and continuity to the organization, hold the leadership team accountable, and implement/improve business processes.
Are Fractional COOs and Integrators the same thing?
Not necessarily. The term ‘Integrator’ refers to a cluster of duties/responsibilities as opposed to a specific job title. Depending on the size of an organization, you might have someone acting as an Integrator whose job title is Project Manager or Operations Director. Team members who are Integrators at the non-COO level do not have responsibility for providing leadership and direction to the primary functions of the business and don’t have overall responsibility for executing the company’s strategic vision.
How do I know if I need a Fractional COO?
It’s time to hire a Fractional COO if you feel overwhelmed by juggling everything necessary to run your business if your growth has stalled and you’re not sure how to jumpstart it, the company is busy with customers, but your profit isn’t what it should be, and you want to scale your business and grow revenue. If you’re experiencing any of these symptoms, it’s time to hire a Fractional COO.
What should I look for in a Fractional COO?
It’s essential to find a Fractional COO who has experience working in a business that’s similar to yours and has a track record of implementing change with measurable results. If you have an online business, you’d want to look for someone with experience improving and implementing digital processes, leading virtual team members across time zones, and using online systems to scale your business. If you’re a brick-and-mortar business, you’d want someone with experience delivering similar products/services to your ideal client, hiring and training team members, and improving processes to track productivity.
How much does a Fractional COO cost?
The fee for a Fractional COO is based on the size and complexity of the job and the length of the assignment. If you’re a large company with complex issues that need to be sorted out, you’ll probably pay more than a smaller company. Additionally, if you hire a Fractional COO for a short-term project, the fee will be different from someone you might hire for an ongoing part-time Fractional COO who is working on a retainer.
As experts in their field, F-COOs typically command an hourly rate that’s similar to other professionals such as an attorney or a business consultant in a specialized field. For project work Fractional COO’s typically charge $200 or more per hour and for retained services you can expect to pay anywhere from $3,000 to $10,000 per month.
Most Fractional COOs offer both monthly retainers and project-based fees that reflect their experience and the type of work they do. So, if you’re interested in working with a Fractional COO, just reach out and ask to have a conversation about your needs and their Fractional COO’s fees. They’re used to this kind of conversation and should be able to give you all the information you need.