What is fractional management and how can it help companies stay ahead of the curve?
In today's ever-changing business landscape, companies are increasingly turning to fractional management to stay ahead of the curve. Fractional management, also known as part-time executive leadership, allows companies to access the expertise of experienced leaders and managers without the costs associated with hiring full-time executives.
According to a recent article in Forbes, fractional management is on the rise, with more than 50% of companies in a recent survey indicating they plan to use fractional executives within the next two years.
Benefits of Fractional Management
What are the benefits of contracting for fractional management from a consulting firm?
One of the key benefits of contracting for fractional management from a consulting firm is the expertise and experience that these executives bring to the table. According to a McKinsey report, fractional management can lead to a 20-30% increase in efficiency within an organization. Fractional managers are often brought in for specific projects or needs, and their experience can help them hit the ground running, making an immediate impact on the organization.
How can fractional management provide cost-effective executive leadership?
Additionally, because fractional managers are contracted for specific projects, companies can save up to 40% on labor costs compared to hiring a full-time executive, according to an article in Inc.
Increased Efficiency and Cost Savings
Another advantage of fractional management is the flexibility it provides. Companies can adjust the level of support they receive based on their changing needs, making it a cost-effective option. In fact, according to a survey by CFO Research, companies using fractional executives reported an average ROI of 387%. This is because fractional managers are often able to identify inefficiencies and opportunities for improvement, streamlining processes and increasing productivity.
Fresh Perspective and Adaptability
What are the advantages of hiring fractional executives with knowledge and experience from other industries?
Fractional management also provides a fresh perspective to organizations.
An article in Entrepreneur highlights that fractional executives can bring a wealth of knowledge and experience from other industries, which can lead to new ideas and strategies.
This is particularly important in today's rapidly evolving business world, where companies need to be agile and adaptable to remain competitive.
Growing Popularity of Fractional Management
Why is fractional management becoming an increasingly popular option in today's business landscape?
The expertise and experience of fractional managers can lead to increased efficiency, cost savings, and a fresh perspective. With an average ROI of 387%, companies can see significant returns on their investment in fractional management. As the business landscape continues to evolve, fractional management is becoming an increasingly popular option for companies looking to stay ahead of the curve.
If you are looking to contract out for fractional management from Lakeside Advisors, contact us today to learn more.
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