Value and Fractional Executives - what is it, how is it unique and are you geared to become the next generation of Fractional Executive?

What is the difference between a Fractional Executive and a Consultant?
I hear the question frequently, and it is an important distinction that has to be discussed internally and with your team. If not clearly understood beforehand, you run the risk of having a severe disconnect between your expectations and the service/results you receive.

After you have decided that your business will benefit from outside expertise, you have to determine how to get that expertise. You can hire a new employee, or you can benefit from the knowledge, skills and abilities of one of the forms of contracted professional help.

First, let’s define each of those variations..

Fractional Executives are valuable business assets. When using Fractional Executive services, you are acquiring the strategic expertise and tactical oversight talents of an individual who is willing to work with you on a part-time basis. This person will have the experience you need to develop your strategy, your people and your processes to help you accomplish your business goals. They will become part of your “inner circle,” and will lead your team in their area of expertise. They will advise you with a clear, external opinion. They will take on responsibility for certain deliverables and will also, make decisions on your behalf. They will not only provide strategy on projects but will deliver the projects not just hand them off.

Consultants are an important part of doing business. They have developed expertise in areas of your business, and they provide you the “horsepower” in areas where you either A) don’t want to be involved; or B) don’t have the depth of knowledge/skill necessary to be involved. A good consultant will advise you and will take on responsibility for clearly defined deliverables. A consultant will not make decisions on your behalf. A consultant will hand off a project for delivery by others on your team. They are usually considered "outsiders" and sometimes even get a bad rap however valuable they are to the organization.

Connecting the dots in your career - are you geared to be a Fractional Executive?

I read a recent article by Steve Blank, lecturer at UCSF, about how he was both hired and fired and then rehired on a single day. While I loved the story, his advice about showing up and that your career dots will connect one day are very tried and true for those who want to branch out as entrepreneurs.

I've been interviewed a few times over the years and the subject always comes up about how I got where I was. Like how does a surfer girl from Orange County end up running a Hispanic family media company? Or how does someone who started out in technology and distribution end up working in Silicon Valley with the Intel Investment Group and the first digital investments of Barry Diller?

When I look back I realized that I was always an entrepreneur and while I enjoyed running a company for 10 years, I love working with companies who need the "cleaner" to come in a fix something, help them hire new groups, work on complex problems with clients, be used as a sounding board for investments, facilitate think tanks and basically learn new things and work with great people.

Being a Fractional Executive is not something new. In fact it's been around a long time and many of us have actually participated without knowing that what we were doing had a label attached to it.

If you are thinking about your next move or in a point of transition, a type A personality, bored with doing one thing and a true multitasker then you may indeed become a great Fractional Executive.

I'd love to hear your stories about how you've connected your dots!