Interested in hiring a fractional CGO for your business? Make an informed decision with our overview of fractional CGO services, benefits, rates, and tips for hiring.
What’s a Fractional CGO?
A fractional CGO is a Chief Growth Officer hired by an organization on a part-time or interim basis rather than as a full-time hire. Much like a full-time CGO, a fractional CGO works across departments to spearhead growth initiatives, seek new opportunities, and pinpoint areas for improvement, ultimately helping to ensure the business is set up for long-term success.
From supporting business startups through periods of rapid growth to leveraging data analytics to boost the bottom line, hiring a fractional CGO is becoming increasingly appealing for startups, scaleups, and even established organizations looking to scale and grow their operations in a way that fits their specific needs and budget. Fractional CGOs often work for more than one employer and are usually paid on a contractual basis.
Hire a Fractional CGO for your organization
Who Needs a Fractional CGO?
Hiring a fractional CGO can be a cost-effective option for organizations of any size that are looking to accelerate growth but may not want to commit or lack the budget to hire a full-time Chief Growth Officer. Organizations often hire a fractional CGO when they’re looking to scale, expand into new markets, launch new products, or if they’re struggling to grow the business.
Fractional CGO services can be especially valuable for companies with limited resources or those undergoing a transition, as they can be hired on an as-needed basis that is flexible to their specific needs and budget.
What Are the Benefits of Hiring a Fractional CGO?
The main benefit of hiring a fractional CGO is the flexibility it provides businesses, allowing them to benefit from a CGO’s services as and when it’s needed. Instead of paying for a full-time CGO working 40 hours a week, organizations can hire a fractional CGO for specific projects or initiatives, e.g. launching new products, reorganizing departments for scale and efficiency, or acquiring new customers. This can be a lot more cost-effective in the long term. Seasoned fractional CGOs can also bring fresh perspectives and proven experience in driving business growth, which can be invaluable for both business startups and established organizations.
Hiring a fractional CGO instead of a full-time CGO is also beneficial if an organization needs immediate support. The hiring process is typically much less time-consuming, with many fractional workers available on demand and ready to be hired immediately.
Interested in hiring fractional talent in other areas of your business? Start searching for a range of roles including CFOs, COOs, Project Managers, and more.
What Skills Should a Fractional CGO Have?
The strengths of a fractional CGO are their versatility, the ability to ‘think outside the box’, and aligning departments to create a cohesive plan laser-focused on growth. Key skills a fractional CGO should have include:
- Strategic execution: The ability to think creatively and innovatively and translate it into actionable plans that align with business objectives.
- In-depth market knowledge: They should always be one step ahead with a knack for identifying market trends, opportunities, and potential new customers.
- Breaking down department siloes: An all-too-common obstacle to growth is ineffective collaboration between departments. A fractional CGO should be able to quickly recognize siloes and implement strategies and processes to synchronize teams, e.g. between sales and marketing.
- Revenue optimization: Clear financial aptitude and the ability to boost revenue streams and profitability.
- Data analysis: They should have a good eye for numbers and the ability to make data-driven decisions based on quantitative KPIs.
- Strong leadership: CGOs often need to be disruptive to achieve their aims, and doing this successfully requires strong communication, good people skills, and leadership abilities that boost morale.
What Are Average Fractional CGO Rates?
Fractional CGO rates depend on experience, industry, and the services required, but they typically vary between €150-400 per hour. Some may offer a fixed monthly retainer amount or per project, which may be preferred for organizations seeking long-term support.
Compared to a full-time CGO or interim CGO, hiring a fractional CGO provides organizations with greater flexibility in negotiating the exact hours and services provided, often making it the more cost-effective option.
Hiring a Fractional CGO For Your Organization: Find Top Talent with 10x
10x is a members-only platform giving organizations access to a strictly-vetted database of elite fractional CGOs and other fractional job roles. With a proven track record of connecting the top 1% of fractional talent with ambitious organizations across a range of industries, you can request access to the platform and we’ll work with you to find the perfect match.
FAQ
Can I Hire a Fractional CGO on an Hourly Basis?
Yes, many fractional CGOs offer their services on a flexible hourly basis. This can be much more cost-efficient for companies, particularly if they only need temporary or project-based support.
How Can 10x Help Me Hire a Fractional CGO?
10x connects organizations of all shapes and sizes with the highest quality fractional CGO services on demand. As 10x is an invite-only platform, the first step is to request access. You will then be asked to answer a couple of questions to better assess your needs and goals. This input is vital in helping us to pair you with the most suitable 10x-er for your organization. Our experts thoroughly vet all 10x professionals before matching, making sure they have the right knowledge and experience to solve your challenges and add value from day one.
How Much Does a Fractional CGO Consultant Cost?
The costs of fractional CGO consulting can vary depending on the specific needs of your company, the duration of employment, and the fractional CGO’s level of experience. So the exact amount is calculated on a case-by-case basis. Sign up to the 10x platform and we’ll work with you to find a match that fits your specific needs.
What Are Some Tips for Hiring a Fractional CGO for My Business?
- Define your needs and goals: What are your business challenges and goals, and how do you envision a fractional CGO supporting this? Figuring this out before hiring will help inform your search for a candidate with the right background.
- Industry experience: Make sure you hire a fractional CGO with a proven track record in your industry or with organizations facing similar challenges, e.g. improving profitability, market expansion, or team restructuring.
- Assess their skills: A great fractional CGO should be able to prove their worth with past successes relevant to your needs. A reference check or reviewing their past work is highly recommended.
- Consider cultural fit: Finding a fractional CGO that aligns with the working culture and values of your organization helps ensure they seamlessly integrate into the organization while maintaining company morale among employees.
- Working arrangement: Consider the duration of employment and the expected working hours per week, as well as how much you’re willing to spend. These factors can vary widely, so having these details on paper will make it much easier to agree on fractional CGO rates that fit your timeline and budget.
Would Startups Benefit from Hiring a Fractional CGO?
Hiring a fractional CGO can be a smart investment for startups, as they’re more likely to lack experienced leadership that can help them traverse the typical startup ‘growing pains’ like scaling efficiently, identifying potential revenue streams, and expanding into new markets.
From a cost perspective, startups are also more likely to have limited budgets and resources to justify a full-time CGO hire. Fractional CGOs can be quickly brought in to pinpoint areas for improvement and ultimately improve a startup’s chances of long-term success.
Startups are frequent clients of 10x’s fractional work platform looking to accelerate growth without wanting to commit to the long-term costs of a full-time CGO.
How Do I Find a Fractional CGO for My Business?
One of the most effective methods for hiring a top-quality fractional CGO is via dedicated fractional work platforms that have experience in connecting businesses with the right professionals. Leveraging these platforms gives you the best chance of hiring a candidate who has proven experience, aligned to your unique needs and goals.
10x’s invite-only platform has a highly-vetted database of 500+ fractional professionals on demand, including top fractional CGOs. Request access to the platform today to start the hiring process for your business.