FRACTIONAL MATH
12.07.23 | SHENA PATEL
FLEXIBILITY + FOCUS
= The Path to Success
Not long ago, when I introduced myself as a “fractional” executive, I’d usually get a “what’s that?” in response. Or a blank stare. Some even thought it was code for “unemployed.”
Today, I’m a member of a growing community of top-tier fractional executives called The Board. With years of experience across a multitude of industries and disciplines, we join forces as curated “Dream Teams” that transform businesses and accelerate growth…consistently delivering high-level expertise that is agile, cost-effective, and fast.
So, after 20+ years of corporate and agency roles, I find myself increasingly inspired, challenged, and fulfilled as a Fractional Executive. (And my clients are happy, too.)
Here’s why.
“Fractional” 101: The Basics
Simply put:
Brands and businesses hire me for a fraction of my time to provide guidance and expertise in my area: brand creative and strategy. I bring special skills, industry knowledge, decades of experience, and an extensive network to the table. Because the engagement normally lasts 6-12 months, I fully immerse in the business and with their internal team; but because I am not a full-time hire, there isn’t the cost and commitment of a salaried executive. So they pay me a fraction of what a full-time salary would be for my role.
The business kind of gets to eat its cake and have it too.
And I get to sink my teeth into a great project and do high-quality work.
Win-win.
Doing the Math: Why It Works
This concept has been around for a while, but in today’s work culture it has really taken off. Businesses of all sizes and stages want senior expertise without making expensive full-time hires. And with remote work options, fractional executives can more easily plug knowledge (and org) gaps.
One of the best things about it is that it’s extremely FLEXIBLE. I begin each engagement by discussing specific business needs to make it work for them: Remote? On-site? Team? 1:1? Then we agree on the scope: Is there a specific project deliverable, or is this a multi-phased initiative? Am I temporarily filling a role, or does the business needs help with agency oversight or building an internal team?
The beauty is that it’s truly customizable: my experience allows me to analyze the challenges, and quickly craft solutions to navigate them both efficiently and to a high degree of success. Then, because this isn’t my first rodeo (see 20+ years at those corporate and agency jobs) I’ll come up with an objective plan that is fresh and innovative, and set up the internal team for hand-off and execution after I’m gone.
The Retainer Model: Why It Adds Up
The most mutually flexible (and mutually beneficial) financial arrangement is often a retainer agreement. That means we agree on a fee and what I’ll provide: from analyses and oversight to meetings, goals, and tangible deliverables. This locks in my services as the brand’s creative executive whatever comes up. No “scope creep.” Laser focused and flexible at once, I am set up for success.
The business gets their Creative Executive, without committing to an executive salary or full-time hire.
I get to allocate fractions of my time across projects—and I’m compensated as such.
(Did I mention: Win-win.)
So, What’s Next?
Imagine leadership dream teams across all functions. A CX executive from a 5-star hotel. A UX expert with years at award-winning tech companies. A Chief Marketing Officer who has scaled numerous successful brands.
Enter: THE BOARD
Now, as a member of THE BOARD, I have a network of just this caliber of Fractional talent who I can tap to help me take brands to the next level. As businesses—and the way we work—continue to evolve, what could be better than curating a Dream Team to build exactly what a business needs at exactly that moment in time? (If you can think of something, please, let me know!)
Having on-demand access to customized executive dream teams may well be the secret to making cutting-edge initiatives happen at record speed AND quality. Fractional leadership + collaboration is the future of work. Just do the math.
#dreamteam #communityovercompetition #futureofwork
