An interim or fractional Chief Operating Officer often serves as an executive change agent brought in to align an organization’s operations behind a CEO's vision for the company.
This person will work closely with the company’s CEO or owner to oversee and drive forward the day-to-day operations of a company while implementing strategic initiatives.
This role has wide oversight over all or most company departments (depending on whether or not other C-level executives are on the team such as a CFO), and is frequently responsible for leading process and culture improvement initiatives across multiple departmental functions.
Interim Vs. Fractional - What is the Difference?
An Iinterim COO may work part-time or full-time at a client organization, while also working with the client’s executive team to identify and hire a more permanent replacement for themselves or key individual(s) that will take on vital company functions. Larger organizations that have already budgeted for this role and haven’t yet found the ideal candidate or previously had someone in this role who left (e.g. retired) find this to be an effective way to bridge a leadership gap.
A fractional COO typically works part-time for an organization over the long-term, supporting the CEO’s goals and vision. Companies are essentially "renting" a fraction of the COO's time. This is a more economical solution than hiring a similarly qualified individual as a full-time employee for many companies. This position is often used to help mentor a newer or less experienced CEO or during rapid growth and expansion stages when a CEO needs to focus on creating the strategic vision for the company. This position is also found when a company is preparing an exit strategy and needs an executive driver to streamline and better position a company for a sale, merger, or liquidation. At Silver Tiger Consulting, we often pair our fractional COO services with our back office support team services to rapidly execute on client projects and initiatives.
Typical Functions Fractional / Interim COOs Undertake:
- Solving employee retention issues
- Selecting and managing the implementation of new technologies and processes
- Design & Implement Exit Strategy for sale or generational transfer
- Preparing a company to scale via increased market share or entering new markets
How Silver Tiger Has Worked with Typical Clients in the Past:
Providing fractional COO services to CEOs and business owners who may be in transition due business expansion, early stage financing, impending retirement, key staff retirements, death or incapacitation of an owner or co-owner, or generational transfer of business.
Working with potential business owners (or those looking to purchase a business) to create a business plan and budget projections to obtain new financing
Working with current CEOs to identify and implement new HRIS systems.
Working with current CEOs and accounting staff to align expenses and revenues more accurately against projects or service lines.
Working with current CEOs and service teams to implement pricing and service changes to ensure increased profitability.
Working with current CEOs and CFOs to create and implement a go to market strategy for a new service line.
Working with current CEOs and business owners to establish and implement financial controls for a growing business.
Working with current CEOs and business owners on training staff to implement a faster and more efficient invoice/accounts receivable process
Assisting CEOs, CFOs, COOs, and business owners who have newly acquired a business with continuing and improving operations to minimize service disruptions
Working with CEOs and business owners to scale a business beyond their first 20M in revenue
Working with CEOs, Sales teams, and Marketing teams to create an automated warm lead generation process into the business to eliminate cold calling and other labor-intensive sales and marketing activities
Assisting CEOs, COOs, CFOs, and business owners with documenting and then automating existing business processes, including generating and handling new sales and customers, obtaining payment from customers on services rendered, onboarding new employees and customers, getting benefits and other HR related processes, procedures, and programs in place (ex: payroll setup), and automating daily operations tasks done by employees or the owner.
Assisting mid-sized business owners with preparing a succession plan and exit strategy for selling their business and/or retiring from business.
If you think your company would benefit from Silver Tiger Consulting's fractional or interim COO services to meet your vision for your company, please email us for a complimentary consultation at info@silvertigerconsulting.com