Hiring a Fractional Expert - “The Magic Pill”
We all understand that there is no such thing as a “magic pill” however, every morning, we still wake up yearning for one to help us, especially during the early stages of a startup. Founders face so much that needs attention, and there always seems to be more added than the day before! The reality is, working harder isn’t what’s going to alleviate a founder’s growing pains but instead working smarter.
There is no way to scaleup to reach objectives without prioritizing the work ahead and by focusing on growing a startup instead of working in it. These goals may be to sell the company one day or even to be acquired but still possess a valuable position within the organization. Either way, a founder will not be able to gain the attention they need from investors or an acquirer by being stuck in the day-to-day tasks. Instead, Founders need to show growth with sustainability; otherwise, their startup is merely a lifestyle business. Avoiding these trivial items on a to-do list becomes a discipline and one that a fractional expert can help to support.
A Founder’s skills are unmatched in this world, and there is no one like them, however, working with a fractional expert will gain them a “mini-me” to propel their startup into the right direction to get fit-for-funding. Hiring an expert onto the team during spurts of time, will not only double their efforts and bring them business momentum but the business will not incur long term overhead cost. Having a double focus on developing advancement in the areas of product, customers, or operations will set a Founder up for success to reach their goals.
Here are three beneficial criteria a Founder can utilize when hiring a fractional expert:
1. Well Connected
When shopping around a fractional expert search for a talent that has been within their specific industry for many years and can supply these skills to the business. This strategy helps to classify that they have a deep routed network which allows a fractional the ability to tap back into it for support if needed. This plentiful network will come in handy as an asset when trying to troubleshoot around hurdles. The more experienced minds around a problem, the better!
2. Project Price
Pricing fractional services may become a concern, but being equipped with a project price ahead of time is most beneficial. There are many ways payment terms can be broken down from hourly to a retainer, but at [n] reach we believe the most effective way for both parties involved is to compensate based on a project basis. This way, there is no scrutiny of the time used, and it simulates more skin-in-the-game for the fractional expert. A partner relationship will establish you both to work together more efficiently and effectively to generate the desired needs, within a specific timeframe.
3. Tangible Assets
Be sure that the fractional expert is determining and will provide actual work that is not just consulting advice. During the early stages of a startup, this is most critical because business tasks become heavy and need accomplishing. Information and perspective are always great, but they end up being just that at the end of the day. At the early stages of startup growth, a Founder needs someone ready and willing to jump in and get their hands dirty. The last they want to happen is to gain advice, which only puts more work onto their desk, depleting the overall objective for the Founder. Agree on upfront, to what the assets that are needed and the expectations that surround them.
During a long work week of startup challenges and issues that include sleepless nights, a Founder should recognize there is hope. It may not be in the form of a potion or a “magic pill,” but it comes more effectively with a fractional expert’s services. Considering this solution, especially if on the fast track to raise capital, will create momentum. Even though a Founder’s business to-do list will continue to grow, working smarter and not harder is their only path to success.
We empathize with your journey and if you’re looking for some magic… drop us a note.