Discover more from REMOTE.HOW
Work with fractional leaders
How can your startup be successful, but still cost effective? The answer is fractional leaders, experienced external executives. They help you fill leadership gaps in a part-time capacity.
Saving money instead of buying someone else's experience was one of the biggest mistakes I made in my first 10 years as an entrepreneur.
I remember very well the first time. It was 2012 with my first company.
One of my customers needed a business phone system. It took 3 months. But if I had asked for help from my friend Bruno earlier, it would have only taken me a week.
9 years later, one of my best colleagues ever - Alessandro - stepped out to a new professional challenge. I was so happy for him, but I couldn't lose such a great guy, and I didn't have the budget to find someone as experienced as him.
That was the moment when I discovered the power of fractional leaders.
Fractional leaders are experienced, external executives.
They help you fill leadership gaps in a part-time capacity.
There are many reasons to hire a fractional leader. Here are a few:
Lack of budget
A need for support to build internal skills
Lack of in-house experience in creating and executing particular strategies
Allow the time to find the right fit for a full-time role
Having Alessandro as a fractional leader for a while, in fact, allowed me to:
Hire and train 4 new juniors
Train a mid to become a strong senior
Give all the needed time to grow with fewer mistakes
Working with fractional leaders isn't like working with an internal colleague.
A fractional leader is a hybrid between a teammate and an external consultant. A fractional leader can have another full-time job or multiple custommers.
A fractional leader won't know all the aspects of your business.
Your company is not his mission.
If you don't have a different approach to such kind of collaboration, you won't be able to get a positive outcome.
My goal today is to give you the below 3 things you need to know for approaching such a tremendous opportunity correctly.
#1. Identify a clear scope.
Do not hire a fractional leader without a precise goal to achieve.
A fractional leader works well when you know exactly what you want.
Identify a project with a clear start and a clear end.
If you are looking for someone to give you a direction, look forward to a mentor.
#2. Hire the best, eventually for a lesser time.
If you go fractional, there is no space for compromises.
Look for the best leaders you could get.
If the budget is a problem, reduce the hours you work together.
An effective fractional leader can impact even by working 1 hour per week.
#3. Do not keep fractional leaders forever.
Fill the gap through internal resources while working with a fractional leader.
If you are not filling the gap, try hiring him or looking for a full-time leader with comparable experience.