Fractional COO | Boardroom Advisor | Strategy | Operational Alignment | Entrepreneur in Residence | Honorary Fellow
Questions I get asked a lot as a Fractional COO : - ❓"Isn't a Fractional Executive just the same as an Interim?" ❓"What's the difference between you and a Consultant?" The fact is that there are major distinctions between all three, but the Fractional role is perhaps less well-known. Although the Fractional model has been around for a while in Finance and Technology functions, it's only in more recent years that there's been a growing market for Fractional Executives across all Board functions (I personally know Fractional CMOs, CPOs and COOs). In my mind, Fractional and Interim Executives and Consultants would fill quite different needs: - ➡️ Fractional Executives tend to work part-time over the longer term. By hiring a Fractional, you get to tap into the experience of a seasoned Executive without the cost of hiring a full-time equivalent. Fractional Executives are usually a good combination of consulting and interim as they can provide good advice and get their sleeves rolled up when necessary. ➡️ Interim Executives are usually full-time for a fixed period and are often brought in when there is a major transformation programme to lead. They will often be running the business/a department day-to-day and will be responsible for delivering company objectives. ➡️ Consultants don't generally get involved in implementing their strategies but they will bring expertise in specific areas, know what works and will bring unbiased perspectives as they are not tasked with day-to-day operations. Are my definitions of the three different roles missing anything? I'm always happy to talk about my experience as a Fractional COO. My calendar can be found at https://buff.ly/3tZgYqr if you'd like an informal chat in the first instance. #ceo #md #businessowner #fractionalcoo #sme #startup
Ben Rawson
9mo
Great summary Phil. I often explain a few other levels too to help people understand the differences... * A Mentor will ask the questions, the customer has to come up with the answers and implement the solution. * A Consultant will ask the questions and offer some suggestions of what can be done to sort out the problem, the customer has to decide the best one and then implement the solution. * A Fractional will ask the questions and offer some suggestions of what can be done to sort out the problem, then help to formulate the plan to sort out the problem, and then will get their sleeves rolled up to implement the agreed plan. * A mentor is usually on there a couple of hours a month. * A Consultant is often there a half to one day a month for a limited amount of time. * A Fractional is often there a half to one day (or more) a week for as long as they are needed, but usually no less than 3 months.
I see a number of people commenting in your thread referred to themselves as fractional, is this the same as a virtual COO? One thing you don’t cover in your list is coaches/mentors - How does a fractional executive differ? And finally, is your liability protection similar to that of a board member? As obviously, with being part time, you can’t be aware of all the issues.
Cary Matthews
9mo
Phil, those definitions are very similar to what I tell people when discussing fractional vs interim vs consulting.
Thanks for sharing Phil, as someone at the start of their fractional journey, this is very useful
Great summary 🙌🏻
Great summary Phil 👍
Learning and Leadership Development Specialist and Coach
9moInteresting outline, thanks Phil. So, how is Fractional different from perm part-time? Is it to do with employment status (self-employed cf employee), and / or pay structure (day rate cf pro-rata salary)?