Having dedicated experienced legal, finance, information tech, marketing, and other operational professionals on your team is expensive for most startups. You may have some, but not all executive functions covered on your team. Fractional executives can fill the open spots. They guide you and work with you to set your implementation on its way. Finding one with the right experience in the gig economy in the management arenas where you need relief, is easier than you think, and certainly much more effective than having none.
What executive functions do you need covered right now, but cannot afford a full time experienced professional for, yet?
Set your team for success. An interim fractional executive with years of experience can take you up the curve. So when your next growth phase is solidly working, testing well, and you need to hire that full time exec, the interim resource can pass along a well prepared and functioning department or component of your business.
What basic assumptions have you yet to prove in an implementation that may prove costly when growth funds are invested?
Express your plan for the future in financial and economic terms. Every business needs a working economic and financial model. It’s a-duh!, right? Or… Is it not quite so plain as it seems?… I can think of a good number of professional investors I know personally who would be out of business and never raise money if not for having models for each of their portfolio companies, reflecting their products and positioning in their respective markets. While it may seem obvious, when you think on it or read about it, many companies, even ones that have “models”, have (a.) not really thought through and tested their models (e.g. burying assumptions in formulas so their models are rigid; or, making assumptions that are not fully proofed, etc.), and, (b.) not turned their “model” into an operational entity that feeds off their information systems and provides financial and analytical views of the past and future 3-year monthly horizon. Operational models can be used to test and refine data integrations; to plan for personnel and role adjustments; to work through inventory and pricing plans; marketing funnels; loan and equity analytics; and, much more.
How long will it be before you are ready for your first or next round of capital? Does your plan take you out less than 12 months until your next requirement?
We can find an Interim executive to assist you, right away. Interim fractional executives are helping startup businesses like yours, now. Choose from a slate of great candidates. We belong to a network of financial and management consulting resources, Venture Growth Partners. VGP represents an elite group of CFO and COO consultants and practitioners. There are no challenges in today’s business world that this group cannot break down and overcome.
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