Companies Need Fractional Support in 2021!
Why Hire Fractional Support in 2021?
If you are like most companies recovering from the instability that the global workforce experienced last year, I’m sure your business looks very different now than it did in February 2020. Most employees are now working entirely remote, you may have been forced to make layoffs in order to release financial tensions due to decreased workflow, or you may not have been able to launch new initiatives or revamp your financial operations like you were planning. Virtually all companies have had to modify their business structure to survive the last year. But you did it. You’re on the other side. You did what you had to to make it here, but now what?
With many companies’ workflows getting back on track and picking up pace, business owners are asking themselves what the best route to take is, in order to get work done while protecting their bottom line and financial stability in the future. Fractional, part-time hires are the answer to these burning questions. Because companies’ workflow patterns have changed significantly throughout this pandemic, their workforce structure must evolve as well. In order to maintain your current fulltime headcount, protect your financial stability, and still receive strategic financial support, many business owners are hiring on a fractional basis.
What do Fractional Financial Services look like?
A fractional financial professional can fill a variety of different roles and deliver strategic, tactile services and support. Most companies are in need of accounting and analysis services from a Chief Financial Officer, Controller, Senior Accountant, or Senior Financial Analyst. The options are out there for your company without hiring a full-time employee. Tactical part-time financial services often include:
- Mergers & Acquisitions Business Strategy
- Virtual Crisis Assessment & Solutions
- Financing & Cash Flow
- Crisis Management
- Financial Oversight
- Risk Management
Hiring out fractionally means that your company receives the expert knowledge and tactile deliverables you need, all on a flexible, customizable basis. By utilizing part-time support, you only pay for the services you need, when you need them. This options offers your company more financial freedom and flexibility, while also receiving expert financial support.
What does Fractional Support look like in the long term?
Even before last years events, leveraging part-time team members for a special project, or to fill a skill gap has been a growing trend amongst business savvy organizations. It’s a strategic business solution that allows companies to achieve a high level of responsibility without straining their full-time employees or overall budget on salary spend. Last year over $75 billion was spent globally on fractional outsourcing. This is a growing faucet within the business industry that is not going anywhere but UP.
In Canada alone, fractional outsourcing grew by over 70% in the last year. Businesses of all sizes, around the world are realizing the potential that fractional professionals have within their company’s growth. It gives businesses access to expert skills and attributes they otherwise would not be able to afford. By employing an additional third-party resource, not only are you able to maintain your core teams focus on their day-to-day tasks, you now have access to the expert knowledge of a leader who’s able to provide effective solutions and tactical support that is directly in line with your business needs.
Part Time CFO Services works directly with business owners to improve a company’s long-term financial health with part time financial support. Click here to learn more about our team of experts.