Growing a startup to its full potential is among the most challenging feats in business. According to smallbiztrends.com, 82 percent of businesses fail due to cash flow problems. This can be daunting for small businesses, as many CEOs juggle multiple roles to ensure all necessary tasks are completed. Navigating financial and operational challenges requires strong, experienced leaders that most startups can’t afford.

So what is startup to do to reach its full potential?

• Hire fractional leaders
• Jumpstart your company’s success
• Make the best use of your other employees
• Conclusion

 

Hire fractional leaders

A common strategy for startups and small businesses is to hire fractional executives. These on-demand professionals offer C-level or director-level expertise at a significantly lower cost than full-time executives.

This allows startups to benefit from the skills and knowledge of fractional CxOs without the expense of permanent employment, helping to preserve their margins and bottom line. Meanwhile, fractional leaders enjoy the flexibility and autonomy provided by the gig economy.

“Startups, like any business, must face and deal with a myriad of challenges: budgets, capital needs, HR, marketing, sales, operations...the list goes on. Typically, capital constraint is the limiting factor when it comes to hiring the right personnel to grow a business. The gig economy, and specifically, the ability to hire seasoned, fractional executives presents a new paradigm and opportunity for businesses of all sizes to engage with top tier executives at a fraction of the cost.” - Chuck Lee, Co-founder of GigX

 

Jumpstart your company’s success

One of the biggest frustrations startups face is the inability to afford the leadership needed to thrive. Ironically, having great leaders can help a business grow to the point where it can eventually afford them.

Confusing, right?

However, with the new model of fractional executives, companies that can't afford full-time leadership can now bring in a fractional CxO or even assemble a whole fractional strategic team. Thanks to the rise of fractional employment, it's now possible to recruit experienced financial leaders even in the early stages of organizational development.

Additionally, fractional CxOs usually require less training due to their extensive experience and often bring "big brand" expertise, which can help with scalability strategies. These time and cost savings give small businesses a head start toward success.

 

Make the best use of your other employees

Startups with inadequate headcount across various departments often struggle to maintain focus on customer service and product development.

For instance, a Fractional Chief Operating Officer (FCOO) provides essential leadership to keep company goals and timelines on track. This allows founders and CEOs to concentrate on potential partnerships and business development while the FCOO ensures smooth operations.

A team of fractional executives can also address gaps in marketing and finance leadership. Fractional Chief Marketing Officers, for example, are increasingly popular for directing marketing campaigns within specific timeframes and developing long-term strategic plans to grow the company.

“As a Fractional CMO with 30 years of business experience, I am able to offer my knowledge and skills through GigX to help develop exciting and engaging marketing strategies needed for success.” - Charn Pennewaert, Fractional Chief Marketing Officer

Conclusion

Hiring fractional leaders to your team is a smart and cost-effective way to help jumpstart your company’s success and allow your other employees to focus and excel in their areas of expertise. 
 

Ready to hire the necessary talent to complete your winning team and hire a veteran fractional leader? Search the GigX Network (it’s free!). Find fractional CxOs and directors who want to leverage their professional experiences and skills to help your company get more wins.

Ready to join a business that is in need of your specific skill set and lead a team as a fractional leader? Join GigX and create a Network profile. 

Already a GigX member? Thanks for being a part of the solution and engaging in the gig economy. We’d love to hear your story about how you’re redefining success as a fractional executive in these changing times. Please email us your story.