Fractional consultancy: defining your business needs
Fractional Consultancy is becoming more and more popular amongst senior professionals and businesses looking for experienced interim or short term hires to come in and make a big impact in a short space of time.
However, each business is different, and identifying what your needs are is the key to driving growth, streamlining operations, and tackling unique or pressing challenges.
Because of this, the process can differ from your usual senior appointment or executive search, Fractional Consultants are senior professionals who are often chosen for their targeted skills and experience level – making it quite the commitment and change of scenery if you have never worked with fractional talent before.
Before you decide whether this is the right type of hire for you, we thought we would help to guide you through the planning stages.
Identifying company objectives
Be upfront and strategic right from the start. Outline the challenges you want to tackle and recognise which goals may be difficult to achieve. This sets the groundwork for creating a roadmap for your potential consultant.
Identifying your hurdles helps you pinpoint the skills needed. Involve all stakeholders and senior team members in this assessment to ensure everyone agrees on the key goals of the fractional consultant.
Evaluating experience and expertise
Above all, industry relevance is crucial. While fractional advisors have experience in various areas, someone with a proven track record in your line of business will be most beneficial. Start by researching their past projects. What challenges did they address, and what were the outcomes?
Now, it’s your opportunity to assess the potential consultant’s track record. Testimonials, references, and a strong portfolio are valuable tools to help you make the right choice. Evaluate their tech proficiency and key skills to find the perfect fit for your overall goals.
Do your working styles align?
When bringing in a fractional consultant, it’s crucial to grasp how they tackle problem-solving and manage projects. Fractional consultants aren’t a one-size-fits-all deal; each one brings their own unique style shaped by their experience and expertise.
While discussing their distinct approach, it’s essential to assess whether it meshes well with the company. Yes, they’re there to crack a particular problem and know their way around it, but the company culture still matters. Collaboration is key, even if they’re not always in the office. When hiring a fractional consultant, having someone who can inspire the team and earn their support becomes indispensable.
Realistic budget
Extensive industry experience grants fractional consultants the insight to recognise their value, making transparency a must when it comes to discussing fees and expenses. It’s crucial to communicate how the budget will be handled and to share any possible additional costs.
Certain consultants might be flexible with their fee structures or open to adjusting terms depending on the project’s scope. However, clarifying these details beforehand is essential to prevent conflicts after the contract is signed.
Balancing time & flexibility
Every business challenge demands a unique level of focus. Whether you require a fractional consultant to touch base weekly or one who is on-site several days a week, this detail should be established from the outset once the project is outlined.
While the fractional consultant may propose their level of time commitment, it has to align with your timeline. Moreover, project dynamics can change rapidly, and the initially agreed-upon timeframe may shift suddenly. Therefore, it’s vital to clarify whether they can offer additional flexibility in determining the most suitable fractional consultant for your needs.
Fractional consultancy across diverse industries
The fractional employment model is something for businesses to consider when they need senior support in certain areas and difficult circumstances, whether that be across Finance & Banking, Blockchain & Crypto, MSP / Technology or M&A / Investment.
If you’re interested in looking into the option of fractional consultancy, then please get in touch today.
Alternatively, if you are looking for further information to help your decision, you can take a look at our other resources below:
