SERIOUSLY THOUGH…
12.04.23 | APRIL UCHITEL
We heavily debated our terminology from the start.
We call ourselves THE BOARD as we represent a company’s BOARD of EXPERTS. Sharing thesis behind UBER (everyone wants a driver), or GLAMSQUAD (everyone wants a stylist), we believe every founder and leader wants (needs) access to EXPERTS to help them tackle challenges, brainstorm opportunities, strategize solutions, and execute against deliverables at every stage of growth.
We then needed to decide how we referred to ourselves.
OPTIONS:
CONSULTANT: Old school connotation of "expensive people who creating high level strategies but do not actually do the work."
FREELANCE: Suggests hourly or day rate projects and felt far "too light and transient".
FRACTIONAL: Implies an expert bringing their skills to a project for a fraction of their time, and a fraction of their FT salary.
ding ding ding.... we chose #3.
A Fractional Exec brings extensive experience, a deep network, objectivity, and specific expertise, without requiring a long-term commitment or the additional expenses of a full-time hire. Fractional support is particularly beneficial for scaling businesses that may not have the specific experience themselves, or the resources to hire a full-time executive.
As budgets get tighter and teams getting leaner, many companies are rethinking their organizations. Reassessing who they need fully loaded on the P&L, and which roles can be outsourced based on specific projects, goals, and timelines.
FRACTIONAL EXECUTIVES are emerging as the competitive edge for scaling startups.
SHORT-TERM, DECENTRALIZED & DEDICATED EXPERTISE can achieve results in a fraction of the time it may take full-time generalists to produce.
SIGNIFICANT RESOURCES - including capital, time, & energy - are saved while NEW INSIGHTS & IDEAS are infused.
Fractional talent and teams deliver more bang for the buck. For the price of a junior employee, brands can bring in fractional seasoned talent to expedite the work without the opportunity costs of on boarding, training, etc.
CASE STUDY
THE BOARD curated a DREAM TEAM for FARFETCH in support of a new vertical launch. Eight Experts worked side by side the FARFETCH in house team who had limited category experience, for eight months. They were a significant partners who collaboratively strategized, and executed, but also mentored teams along the way.
“THE BOARD was an instrumental partner to us in bringing our strategy to life and establishing our beauty global collective. Their deep industry leading expertise, flexible approach, honesty & intelligence helped guide us cut through the noise.”
We continue to witness the "workquake" evolution of how we want to live and work and how companies rethink their organizations - as well as collectively navigate economic uncertainty - and believe hiring Fractional talent is a total win-win.
#thefutureisfractional
#wearetheboard #fractional #executive #dreamteam #swatteam #futureofwork
