Fractional Chief Growth Officer: Who Are They?
Fractional Chief Growth Officer
Let’s say you are a small business owner in need of marketing help and company growth strategies, but haven’t the resources to fund that position. You know what is wanted: someone to oversee business growth by evaluating statistics, optimizing business traffic, and executing marketing initiatives – Ideally an expert in company development yet who would not be involved in internal company affairs.
Luckily, this role actually exists in the form of the fractional chief growth officer, the perfect solution to meet your growth needs without employing a full-time CGO. In this article, we will discuss how a fractional chief growth officer can benefit your business.
What is a Fractional Chief Growth Officer?
A fractional CGO is hired to handle company growth part-time. But don’t let the term “part-time” give you pause. They are fully invested in your business. Consider this person as an outside expert who can help scale your business operations. A fractional CGO is a professional partner, usually an independent contractor, who handles a list of initiatives designed to grow your business.
A fractional CGO develops marketing plans, helps train employees, helps launch new products or services, optimizes company traffic, and so much more. Their sole responsibility is to grow your business revenue and operations in the most efficient way possible. By taking on the above tasks a fractional CGO will perform in the same manner as a regular chief growth officer, but is not your employee.
Chief Growth Officer vs Chief Marketing Officer
While a fractional CGO is not the same as a company’s internal chief growth officer, their overall goals are the same, though their functions are not.
A chief marketing officer is an executive position with the responsibility to facilitate growth through marketing, sales, and communication. The CMO reports to the CEO and is responsible for developing strategies and executing the company’s branding initiatives. Meanwhile, a fractional CGO has similar goals, yet with a holistic approach to company growth and development.
A chief growth officer and a fractional CGO both take on responsibility for the company’s development through many initiatives. The CGO creates new growth pathways by streamlining processes, connecting departments, monitoring revenue opportunities, and launching marketing plans. By combining all these efforts, a CGO and fractional CGO together develop a long-term growth foundation for the business.
The Benefits of Hiring a Fractional Chief Growth Officer
There are tremendous benefits to hiring a fractional chief growth officer for your small or medium-sized business. One is expertise and knowledge. Fractional CGOs are experienced and possess deep knowledge on how to effectively grow the company. As both a guide and soundboard, the fractional chief growth officer can help free the CEO and company executives to focus on other business areas.
Transparency is another benefit to hiring a fractional CGO. The fractional CGO aligns departments and develops a cohesive strategy, which gives the company the ability to work more quickly and effectively as a team, increasing momentum and profitability.
Other fractional CGO benefits include achieving growth, gaining a fresh perspective, and most of all, decreasing costs.
Why We Endorse Fractional Chief Growth Officer
At BizHack, we strongly encourage hiring a fractional CGO to help grow your business. We have done so and the outcome has been positive. The option allows small to medium-sized companies to access professional help without an expensive upfront investment. Utilizing resources in this manner is a smart decision that helps maintain a focus on profitability. Hiring a fractional CGO has given BizHack, and other companies we’ve worked with, forward-facing vision and more flexibility.
Do You Want Company Growth?
When it comes to company growth and smart investing, a fractional chief growth officer is a good place to start. There are many areas where a fractional chief growth officer can add to company value. Yet before taking this step, you must evaluate your company’s needs; decide how much you can spend on the position, and make sure you don’t have an internal candidate to fill the role.
Running a business is not easy, and as a CEO, it’s impossible to run the entire business alone. A fractional chief growth officer can give you the time and support needed to move your business into the future.