Business owners and CEOs can sense when something isn’t working in their company, but oftentimes the problems are hard to place without an outside perspective. Bringing in a fractional COO can put you on a path to understanding the pain points in your operations. I like to think about operational reviews as offering a 360 degree view of your business or organization, as they involve reviewing everything from finances to human resources. Keep reading to learn more about what particular items typically come up in an operational review, and how Fraction Force Strategies can streamline your business operations effectively and efficiently with this information.
What does an initial meeting with a CEO typically look like?
My initial meetings with clients are very conversational and give me a sense of the daily operations, short-term and long-term goals of the company, and also provide insight into what may be holding the company back. While speaking, I take notes and often record these meetings for future reference. It typically takes two hours for me and the CEO or business owner to get through all of our questions. Depending on the size of the company, I then interview key employees and leaders who may have teams working under them. These people’s perspectives further informs my understanding of the company I will be working with.
What are common operational challenges you notice while onboarding clients?
Some of the biggest operational challenges I notice while onboarding clients are that CEOs and business owners have a hard time identifying problems in their operations. People often want to scale and grow quickly, but important things get missed when CEOs are focused on specific numbers or goals. It is important to identify the emotions that people feel about the business and their work, but we also need to put those emotions aside and take an unbiased look at how the company is doing. Towards the end of my initial meetings, I ask business owners how they feel about their goals, what they believe the action items to move forward should be, and what they want their team to have to help execute moving forward. I then know what departments and areas I am most needed in.
Creating Positive Change Through Streamlined Operations
Fractional COOs can help resolve a variety of issues in the operations of a company simply by reviewing topics that have previously been unaddressed, and applying solutions with varied and extensive leadership experience.
- Team Transparency:
-
- I and the CEOs I work with really value employee interviews, as operational problems aren’t always shared with management. Leaders like to know how their employees are feeling, and get a more accurate pulse of company culture. Employees also often feel more comfortable sharing their ideas for improvement with me in these initial meetings than they would a CEO or team leader. Once I start becoming integrated in the work it is a bit harder to have these kinds of conversations, which is why I like to meet with other team members in addition to the CEO before beginning to work in the daily operations of a company.
- Considering All Factors:
- When I begin working with a client, I look at all aspects of a company, including finances, human resources, modes of communication, company culture, technology use, and daily operations to help develop best practices. Oftentimes, companies aren’t taking a close enough look at one or even multiple of the aforementioned aspects of their company, which is why there is miscommunication or stagnation. There may be better resources to use for communication, less costly technology or software, or more helpful KPIs to measure, all of which I can help scope out.
-
- Finances, in particular, are a place where CEOs and teams may have to be encouraged to take a closer look. Looking at finances once every several months isn’t enough: these reviews need to be regular, and they should be knowledgeable about their P&L.
- External Perspective:
- The combination of a wealth of experience and external perspective is what makes the integration of a fractional COO into a company so useful. I am able to collect anecdotes from various key players to gain a broad understanding of a company’s operations, but also note the details of day-to-day operations by working with employees on projects or tasks. My perspective is also helpful in cases where teams may have to merge, and both feel attached to their way of doing things–I can offer an unbiased view of the situation and determine the most effective way to move forward.
Our operational reviews at Fraction Force Strategies offer a comprehensive look at your company that can streamline your operations and set you on a track for growth in the future. Have questions about our services? We can be contacted through our website and by phone at (615) 733-9505.
We look forward to speaking with you!