Are you a hopeful entrepreneur, starting a business, tight on funds but hoping to get more bang for your bucks? If yes, do not be illuded into thinking that you can solely manage each and every facet of your company by yourself. That’s just a recipe for disaster as it not only results in the distress of your company’s efficiency and growth potential but also any form of expansion is impeded. The secret is to look into fractional services for specific areas.
Fractional Services VS Consultation Services
In order to avoid any confusion from arising, you need to differentiate between fractional and consultation services. Fractional services are a form of outsourcing actualized in an instance where a business really needs a particular on-going service but the time dedicated to that particular service does not justify the hiring of a full time employee.
As a result of this, a fractional employee has his/her time divided among more than one employer. For instance, he/she could be in one company for two days a week and in another for the other three. The time is dedicated to each company is discrete. However, fractional services are not a form of freelance work which then means that the employment is permanent and on-going just like any other quintessential employer/employee relationship.
It is important to mention the functions for which you can get factional services. Finance, accounting, marketing, legal, human resources and information technology fall under the category of functions that you can outsource. And as it is, technology has really simplified the whole concept of fractional services by making it possible to perform the necessary tasks from just about anywhere.
Qualified Talent, Affordable Prices
The use of fractional service providers in your company guarantees the enjoyment of the benefits of experienced personnel with qualified talent for an affordable price on either a part-time or an as-needed basis. It’s important to understand that the assistance provided by fractional services is for executive level positions, the most common being CFO positions. This allows you to familiarize yourself with the benefits and cost of hiring a fractional CFO.
Now that you are aware of the affordability of fractional services, it’s important to look into the benefits of fractional services. This will allow you to fully understand what you are signing up for.
Benefits of Fractional Services
- Skilled personnel. Fractional service providers have an experienced workforce which guarantees skill that is beyond what your in-house employee has. If you have a start-up this will prove to be a great advantage as you get experienced professionals at every level in your business.
- Greater efficiency is realized in the company. This is due to the fact that the use of fractional services tends to not only guarantee experience but is also an economical alternative which enables your business to move forward. If money is tight, you want to minimize its usage as much as possible.
- Prompt turnaround. The utilization of fractional services for your business provides it with the necessary levels of resources for all projects. This contributes to the streamlining of the projects which allows the business to meet its deadlines in the case of rapid turnarounds.
- Opting for fractional services allows you to avoid the expense and hassle that is associated with hiring, training and maintaining full time employees. You get experienced employees with barely any effort allowing you to concentrate on the growth of your company. Isn’t that what every employer dreams of?
- Flexibility to scale. If what you have is a small startup, then chances are that you only need some services for just a short duration of times a month, maybe two hours a week per month. If that is the case then fractional services allow you to grow your company by leveraging the services of an experienced service provider for your duration of choice.
Tips for hiring Fractional Services
Below you will find a few tips bound to make the task of hiring fractional services a success.
- It is advisable to not only check for references but also look about for any and all recommendations from some of your trustworthy business associates.
- Always take charge and think long-term. By being proactive, you are able to examine the cost effectiveness hiring a full time employee in the occasion that a fractional service turns into a permanent need.
- Always have periodic review. This allows you to follow up on the company’s original objectives and goals and whether they are being met.
- To avoid any future misunderstanding, always have each party’s responsibilities in writing from the start.
- Carry out interviews on various companies. This allows you to find a company that has experienced personnel as opposed to just settling for a cheap fractional service provider and getting under qualified personnel.
So yes, if you are an entrepreneur then fractional services are the way to go. You will find that it is an attractive option that allows you to shift your energy into other aspects such as the generation of revenue and development of the company. After all, what you are after is the overall success of your business.