A Interim COO or CEO can Alter the Direction of Your Business
There are a multitude of challenges facing you today if you’re attempting to scale your business. Perhaps the biggest is the battle to employ top talent to your leadership positions. Both small and midsized-businesses who desperately need the knowledge and skills of high-performing CEOs or COOs are often unable to offer a compensation package to match their level of expertise. This is where a fractional COO or CEO provides needed experience at an affordable rate.
With the advent of the “fractional,” “part-time,” or “freelance” executive, your business can now benefit from the sought after strategy, operations, and consulting skills of an experienced leader. Also, you can receive them in a timely manner when you need them the most. But what exactly can an interim COO or CEO of this nature bring to your small or medium-sized business?
Interim COO and CEO Provide Prevalent Skills and Close the Knowledge Gap
The war for talent hasn’t eased off over the last decade. It’s intensified. This is due to, in large part, the ever-widening skills gap in today’s labor force. Thirty-eight percent of companies are having difficulty filling positions with individuals who possess the necessary skills for the role.
The skills gap is particularly stark when it comes to C-level positions thanks to the changing dynamic of the demographical nature of the workforce. In just five years, 75% of the workplace will be made up of Millennials. Over the intervening period, the vast majority of these employees will be promoted into leadership positions without the appropriate skills or experience to perform these roles.
Small companies are responding by increasing their training budget by as much as 165% year-on-year. However, this approach is inefficient when you consider that the requisite knowledge and talent are available today in the form of fractional executives. Not only do these individuals have the essential skills, but they have also gained experience at some of the nation’s biggest companies. They’ve already been there and done it, the antithesis of a Millennial employee learning on the job.
An Interim COO or CEO Elevetate Growth
For many small to mid-sized operations, business owners or boards can feel that they have become “stuck” after many years of uninterrupted growth. By employing a fractional COO or CEO, companies will notice the immediate impact made by these experts. Their unrivaled knowledge allows these individuals to consult on strategy and operations in a way that instantly improves the bottom line.
But where fractional executives become truly transformational is with their implementation experience. Whether you are an established family-run business, a privately owned company, or an early-stage startup, these freelance experts can be pivotal in driving your business towards a merger, acquisition, or international expansion. These are procedures that cannot merely be “trained” into an employee. A business needs immensely talented individuals who are already familiar with the processes to deliver the best possible outcomes, whether that’s with a CEO who’s a master negotiator or a COO who knows how to structure a balance sheet for potential suitors accurately.
A Fractional COO or CEO Will Improve Focus
Entrepreneurs and founders not only enjoy working on the day-to-day aspects of a business, but they also need to be in that space to maintain the focus on mission-critical tasks. Consequently, they do not typically have the necessary time to invest in sourcing the best talent, not to mention providing essential onboarding and training.
Fractional executives in the CEO and COO position are already vastly experienced professionals who can be brought up to speed very quickly. Once they have understood the desired outcomes, they get to work straight away, allowing you as the owner or founder to focus on areas of the business you need to devote your attention to. Business owners can take great solace in the fact that fractional executives make positive and lasting impacts in an almost autonomous role.
Ovesto Provides the Best Transformational Leadership in the Business
Here at Ovesto, we believe in the simple premise of always optimizing targeted investment outcomes. We take the time to understand your talent pain points and supply you with transformational leaders capable of delivering the change you envisage.
Our on-demand talent pool is stocked full of experienced C-level fractional executives who have served in some of the biggest companies on the planet. By taking on a member of our roster, you can gain access to Fortune 500-level knowledge for just a fraction of the usual price.
So if you would like to take your company to the next stage with the help of an experienced C-level executive for an interim COO or CEO speak to a member of our team today to discuss your requirements.
JOHN R. MILES
John R. Miles is the founder and CEO of OVESTO, the leading provider of on-demand executive staffing. Ovesto provides transformational leaders for fractional, interim or project assignments. Miles is widely viewed as an expert on digital disruption and business transformation. He is a highly sought after speaker, consultant, and writer. Miles has significant business experience a Fortune 50 CIO, Fortune 100 CISO, and seasoned private equity leader in COO and CEO roles across several diverse industries.
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