Wherever you go now in the business world there are new buzz words – CFO, COO, CMO, CTO. Add another one – Fractional Management Consultant related to Business Management Consultancy. Small, medium, and enterprise companies are tapping into the benefits derived from fractional executives and fractional management. For many B2B, there is the added lack of clarity about these functions, and how to source for these positions.
Fractional Management Consultants are unique in the general management expertise they can provide, because most of them have extensive cross-industry experience.
What is a Fractional Management Consultant?
A Fractional Management Consultant is a seasoned professional engaged by a business on a part-time or on an as-needed basis, for project type work to meet your defined objectives, or in the capacity of a business advisory resource retainer.
A Consultant, on the other hand is hired to address specific business needs or projects usually, on a full-time basis.
A Fractional Management Business Consultant is brought on to solve a problem and develop employees so they are better qualified to produce better outcomes with appropriate management systems and processes.
The question most often asked is “are there any associated risks?” Let us consider some of the problems they can help solve first.
Types of Fractional Management Problems Solved by the Fractional Business Consultant
A few of the key problems include the following:
- Poor strategic planning and execution capabilities
- Bottlenecks in business operations
- Poor systems management and non aligned processes
- Lack of clearly defined roles and responsibilities
Many small- to mid-sized B2B confess that they lack clarity about fractional managers. While it may not be practical, or affordable for them to employ C-suite executives or Management Consultants, they still require business resources with related experience to grow their business. This is when they can benefit from fractional managers.
Are There Associated Risks With a Fractional Business Management Consultant?
As with all other contracted workers, a professional service agreement and non disclosure agreement should be used when engaging the services of a fractional business consultant.
See the Infographic. The FMC:
- Brings different skillsets to the business
- Typically have cross industry experience and are highly flexible
- Get the job done faster than using internal human resources
- Keep costs down because you get their technical expertise and senior level experience at a fraction of the cost because they work fractional hours
- Do not receive benefits or severance packages
- Do not require an elaborate hiring process
- Typically work remotely, so an office space may not be required
- Usually skilled in short-term and long-term
- Work within an agreed defined scope of work
A Fractional Management Consultant helps increase ROI, productivity of teams, improve operational efficiency and competitive advantage by ensuring that business objectives are met. All this is done while ensuring regulatory compliance, safety and quality requirement are not compromised