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Businesses don't always need a full-time executive to make a big impact.
Jason Slattum, co-founder of Slack Consulting and Fractional CRO, joined Inside South Florida to discuss the growing interest in fractional leadership and why companies are turning to experienced executives for part-time support.
What Is Fractional Leadership?
Fractional leadership allows a company to bring in experienced executive talent on a part-time basis rather than making a full-time hire.
According to Slattum, businesses can tap into the experience of executives such as a chief revenue officer, chief marketing officer or chief executive officer while still aiming for a full-time level of impact.
The approach can give organizations access to specialized leadership experience while managing the cost associated with adding another full-time executive.
Which Businesses Can Benefit?
Slattum said fractional leadership isn't limited to one type or size of company.
Startups may benefit from adding experienced leadership during an important stage of development, while high-growth companies can use fractional executives as they scale or potentially prepare for an acquisition.
Established companies can also turn to fractional leaders when they are facing a particular challenge and need specialized expertise to help solve it.
Bringing Private Equity Experience to Growing Companies
Slattum also discussed how his private equity background influences his approach to working with businesses.
He identified value creation and speed as two important lessons from private equity that can also apply to growing companies.
The goal is to bring that experience to small and midsize companies that may not otherwise have access to executives with similar backgrounds.
Moving From Advice to Execution
Slattum said his approach differs from traditional consulting by emphasizing execution in addition to developing a plan.
Citing 25 years of experience with startups and Fortune 100 companies, Slattum said the goal is to integrate with a client's organization, work alongside its team, and help execute the plan needed to reach established goals.
What's Next for Fractional Leadership?
Slattum believes fractional leadership could become one of the biggest business trends over the next several years.
One factor is the availability of experienced executives who may be semi-retired or no longer interested in returning to traditional full-time employment. Fractional roles can provide companies with a way to access that experience when they need it.
Slattum also said his organization recently added six new executives to its team as it expands its fractional leadership capabilities.
For more information visit slattconsulting.com.
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