Demystifying Fractional Growth Managers: When and How to Bring Them Onboard

Are you a small business owner that is aiming for rapid growth, or maybe you just need to re-align your operations and correct course?

Do you know what a fractional growth manager can do?

Understanding when and why to hire one can be pivotal in unlocking your business's potential. More than a coach or consultant - they become part of your operational team and work with you IN your business.

Growth is uncomforatble. There are a lot of moving peices and risks to be managed on budget and on time, with the proper funding in place. And there is so many opinions on what you need to do, that may or may not even apply to your current situation. So, here is my view on growth managers and the opportune moments to enlist their expertise.

What is a Fractional Growth Manager?

Fractional growth managers are seasoned professionals who offer specialized expertise and guidance to businesses on a part-time or project-based basis. They bring a wealth of experience in areas such as strategic planning, finance, marketing, sales, and operations, tailored to fueling growth and expansion.

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When to Consider Hiring a Fractional Growth Manager:

1. Strategic Inflection Points: When your business reaches critical junctures like launching new products, entering new markets, stagnated, or scaling operations, a fractional growth manager can provide invaluable strategic insights and direction.

2. Team Engagement is low: Growth experts are also responsible for making sure that your team fully understands the new strategies in place and how to implement them. They ensure that strategies are executed correctly and that after the changes are in place, growth continues for the organization.

3. Resource Constraints: Limited resources in terms of time, budget, or manpower can hinder your business's growth trajectory. Fractional growth managers offer a cost-effective solution, providing expertise without the overhead costs associated with full-time hires.

4. Need for Specialized Skills: If your business lacks in-house expertise in key growth areas such as digital marketing, sales optimization, people management or strategic planning, a fractional growth manager can fill this gap, offering targeted guidance and support.

5. Flexibility and Scalability: Fractional growth managers offer flexibility in engagement, allowing you to scale up or down based on your business's evolving needs. Whether you require ongoing support or assistance with specific projects, their adaptable approach ensures a customized solution.

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Onboarding - How to Decide if a Fractional Growth Manager is Right for You:

1. Assess Your Growth Goals: Evaluate your business's growth objectives, challenges, and opportunities. Determine whether the expertise and guidance of a fractional growth manager align with your strategic vision and goals.

Where do you want to be in 5-10 years? What are your gaps?

2. Research and Evaluate: Look for professionals with in-depth knowledge of business processes and have a proven track record of providing actionable solutions to various growth problems.

A specialist in marketing may not see or be able to advise you on a cashflow or performance management issues with your team - look for a holistic skill set and approach to leveling up.

3. Define Expectations: Clearly define the scope of engagement, expectations, and deliverables upfront. Establish open communication channels and a mutual understanding of the desired outcomes to ensure a productive partnership.

Get clear. Define the schedule, reporting requirements and set up an exit plan from the beginning. Know when you are successful and measure it. Then re-evaluate and start again.

4. Start Small, Scale Gradually: Consider starting with a smaller engagement to test the waters before committing to a long-term partnership. Gradually scale up the engagement based on the results and alignment with your vision and growth trajectory.

Give it 3 months to try...it doesn't happen overnight.

At the end of 3 months, you should have an in-depth analysis of your operations, people and strategy for growth, along with a few quick wins already realized.

From there, retainer contracts or projects should continue to finetune activities with an action plan that ensures and measures growth.

You don't need to struggle.

Fractional growth managers can be instrumental team players in driving accelerated growth and unlocking your business's full potential.

Check in with your local entreprenurial support ecosystem- is there potential funding that may help you get started?

Ready to explore the possibilities? Start today and elevate your business to new heights.

Sara Phelan is a business growth specialist that focuses on helping entrepreneurs and leadership teams get strategic, fix problems, and take products to market. Her expertise is in business diagnostics and planning to align vision with action. ?She has over 25 years' experience maximizing organizational performance through strategic planning, leadership, operational efficiencies, training and empowering people. An Award-Winning Entrepreneur, Certified Business and Executive Coach, Sara is a Consultant, Trainer and Team builder that is igniting and fueling productive and happy teams to build results that matter.

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