Why Your Small Business Needs Fractional Consultants
Read on to discover the ways that fractional consultants can transform your business and take it to the next level.
It’s Time to Take Things to the Next Level
As a small business owner, you wear multiple hats. Especially as you grow and scale your business, you sacrifice a lot to be everything that your business and your team need you to be. Your grit and sacrifice are part of what make you an Owner. However, you can’t lead alone. You must also build out a core team to take your vision to the next level.
The problem is that many small and mid-sized businesses initially have limited funds and resources, so you may struggle to scale your team. Then, your existing core team must take on a lot of responsibilities and wear multiple hats. While this is part of the process, it takes time and your initial momentum could stagnate.
What if there was a way to quickly move your business forward and take your team to the next level?
Partnering with a fractional consultant could be exactly what you need.
What is a Fractional Consultant?
Fractional consultants are people that help your organization on a fractional basis. They provide a fraction of their time to cover a fraction of your organization’s needs for a fraction of the cost.
The model for fractional consulting originated in the world of academia, as professors would divide their time among their classes, academic research, and consulting on government projects. Now, the term “fractional consulting” refers to highly-trained SMEs (Subject Matter Experts) who lend their knowledge and skills to multiple organizations on an essentially part-time basis.
Depending on the needs of your small business, you can utilize fractional consultants to bridge skill gaps, take on specific responsibilities within your company or operate in a C-level role as you scale your company.At Sobo, we believe fractional consultants are trusted Advisors. When they have a full understanding of your business, they can strategically advise you so that your business moves forward and levels up. It’s a win-win situation.
The Future of Small Businesses & Fractional Consultants
Small business owners are facing a variety of concerning factors in light of a shaky economy, increased individual expenses, and higher interest rates for businesses. Nevertheless, they say that boundaries inspire creativity, and an uncertain economy is no exception. Despite these looming concerns—and perhaps because of them—small businesses will need fractional consultants more than ever.
Certainly, fractional consultants can be of great benefit to any organization, but they are an undiscovered treasure for small businesses and startups. While your existing team and contractors can supplement your business, fractional consultants have been proven to mitigate costs, add value through their expertise, and position organizations to adapt to unforeseen changes.
Education & Experience at a Fraction of the Cost
Because fractional consultants generally have years of experience in their field, their initial cost may be higher than a typical contractor. Ultimately, fractional consultants can save you money and increase your profit margins because you won’t be paying for the underlying costs of a full-time employee and you will be getting someone whose expertise and action can drastically increase your capital.
Exponential Knowledge & Skills
In addition to saving money, investing in fractional consultants will provide your company with a vast knowledge base. Not only do fractional consultants typically have high-value, specialized skills, they also have progressive industry knowledge because they work with a variety of companies. Because they are constantly learning, they can then apply these insights to your business, which can give you a unique competitive edge.
Enabling Your Small Business to Divide & Conquer
Fractional consultants must be highly nimble and dedicated. As you scale your business, fractional leaders can meet your small business’s most pressing needs by bridging skill gaps and providing key strategies for your organization. These leaders partner with your existing team to achieve your goals, while also providing a fresh perspective on your business operations, processes, and teams so that your company can be postured for success.
Furthermore, when your business has the financial capacity to hire a full-time executive, a fractional leader can provide much-needed assistance as you search for the right fit. If you need an interim executive, a fractional executive ensures that your department does not have to slow down due to additional responsibilities or pause initiatives that require executive oversight.
Plus, if the fractional leader is the perfect fit, you can extend a full-time offer to the fractional leader. Alternatively, they can help the new hire seamlessly transition into a C-level role by bringing them up to speed on your business operations, metrics, and processes.
Closing Thoughts
Without a doubt, fractional consultants can revolutionize small businesses, but often, finding the right fractional talent is the problem. Small business owners don’t know how to begin or where to look.
That’s why we created Sobo, a platform that utilizes your business insights to match you with consultants who can propel your business forward. We are eager to connect Advisors (our verified fractional consultants) to Owners and Leaders, so that you can thrive together.