There is a growing trend for mid-market companies and growing start-ups to use a C-Suite team or a C-Suite team member.
"C-suite" refers to the executive-level managers within a company. Typical C-Suite executives include the chief executive officer (CEO), chief financial officer (CFO), chief operating officer (COO), and chief information officer (CIO). The vast majority of the time, they've got experience with major firms and bring many different skills and expertise to the role.
C-suite gets its name from top senior executives’ titles, which tend to start with the letter C, for "chief," as in chief executive officer (CEO), etc.
Has your business reached a point where your business is in need of C-Level support but you aren't quite sure you're ready to bring in a full-time team?
A Fractional C-suite is an answer to this problem.
Fractional teams are groups of executives that come together (typically for a period of 12 months or less) with the mission of delivering their expertise without hiring full-time, managing them on-site, etc. They will handle only the work that needs to be done. If you've reached that critical inflection point, it's time to look at a C-Suite team.
A fractional C-suite team is for businesses that need temporary support in key areas without having to make the investment of bringing on additional full-time staff. A fractional C-suite, or executive level, team provides strategic guidance and leadership to help you reach your company's goals.
A fractional C-suite team is made up of senior executives who agree to contribute some of their time (typically 20%) to solve a business problem or provide ongoing leadership for an investment period (typically under 12 months). A fractional C-suite solves several challenges at once - the biggest challenge for most companies is the cost of bringing on full-time, experienced executive talent.
This arrangement gives you access to proven leaders with deep industry knowledge at a fraction of the cost. What's more, they are willing to contribute their expertise in key areas without taking over your day-to-day operations or micromanaging your business.
What are the benefits of a C-Suite Team?
A fractional C-Suite can provide expertise and leadership where it is needed without having to make an expensive commitment. They come together as a team for the specific purpose of getting things done. It's like hiring a full-time team without the full-time headaches and cost. No need to worry about health insurance and PTO. You can fulfill leadership gaps in your company without the full-time costs associated.
A fractional C-Suite can provide leadership without micromanagement, giving you as the owner more freedom to lead as well as empowering your existing employees. The fractional team's additional knowledge and industry expertise provide an opportunity for your employees to learn from the best. In addition, a fractional C-suite may be able to help you reach new heights by bringing their experience and industry connections to your business.
At First Cup to Close, we don't believe in simply solving problems but implementing the solutions as well. Most Fractional C-Suite Teams will only offer expertise and sometimes training for your already established team. First Cup to Close has a full agency of professionals ready to implement the strategies agreed upon.
When should you use a Fractional C-Suite?
You should hire a Fractional C-Suite if your business is in need of their counsel, but you're not quite ready to commit to full-time employment.
Some common uses include:
- Eliminating Bottlenecks
- Improve Leadership Capacity.
- Unexpected Gaps in Leadership
- Critical Inflection Point
Who is on the C-Suite Team?
Every C-suite team member should have a specific area of expertise, which would include things like marketing, accounting, financial management or human resources. These are all areas that you will be tasked with as the CEO. It is possible to have your entire team be made up of c-suite members, but there are some drawbacks to this arrangement. One disadvantage of having one person perform two or more jobs is that these positions will be less well understood and the commitment may not go as deeply into each position as it would with one person per job. The other disadvantage is that it might create an environment where there are too many chiefs and not enough Indians.
There are five commonly found roles in a fractional c-suite:
• CEO (Chief Experience Officer) o This person manages all areas of the customer experience and ensures that employees know how their contribution to the customer experience affects the company's overall success.
• CMO (Chief Marketing Officer) o This person is responsible for all marketing efforts and ensures that the proper amount of resources go toward each area to enhance overall company performance.
• CFO (Chief Financial Officer) - This person manages all financial activities and ensures that the proper amount of resources are being allocated to ensure company success. They also manage investor relationships, liquidity, etc.
• COO (Chief Operations Officer) - This person manages the company's operations and ensures that all resources are being allocated correctly to support overall company performance
• CIO (Chief Information Officer) o This person manages all technology within the company and ensures its success in supporting daily tasks and initiatives.
Fractional C-Suite Teams are a cost-effective way to get access to talent that can provide valuable business insight without the commitment of hiring an entire team.
First Cup to Close is the perfect partner for businesses ready to take things to the next level and get some things off your CEO's plate. We offer a variety of Fractional C-Suite Team members that can help you take your business to the next level.
For more information on how our C-suite team can empower you, send us an email at firstname.lastname@example.org or schedule a call here.