Outsourcing executives may sound weird at first. Surely your C-Suite will be the last part of your company you want to outsource? What makes your top executives your company, isn’t it?
Surprisingly, the truth is not so simple. No company is defined by one person. Therefore, an investment Outsourced CMOCFO, or CIO is like investing in other employees.
Ultimately, all recruitment decisions come down to the question of necessity. If your requirements for a particular position are not consistent with the costs or logistics of a full-time executive, an outsourcing executive may be a good idea. Here are some of the biggest benefits this route has to offer:
1. External skills
For a new business, there is nothing more valuable than skills. If your company is not large enough or does not have the resources to enlist the help of industry gurus, outsourcing one or two corners of your C-Suite can help you fill that knowledge gap.
In particular, look for opportunities to acquire specific skills that you do not currently have through you Executive Outsourcing. Need a CFO service with risk expertise? Find a company that offers that. Now is not the time to cut corners – your business needs only the best.
2. New perspectives
Unless you are running a large enterprise, your C-Suite may be made up of people already in your network. While it’s great to run your business with people you know and trust, this type of makeup can be a form of myopia. You and the people around you are more likely to share similar views and perspectives – a fact that can seriously impede your ability to think creatively.
Like skills, find out what you currently lack. If you are a young business, your outsourced executive services should be able to provide an experienced perspective. Older companies may want to consider something young and dynamic in order to enliven their operations. Outsourcing executives is a great opportunity to create real intellectual diversity in your business – hard to come by in most offices.
3. High growth potential
It doesn’t matter if you are a startup with a dozen or so employees or a Blue Chip operation: fulfilling an executive role is expensive. Executive search firms often charge 100,000 Only to conduct a survey of effective candidates; Once you start considering salary and onboarding costs, the numbers can quickly become irresistible.
For businesses looking to grow significantly in the coming years, choosing short- or medium-term executive outsourcing rather than long-term employment makes perfect financial sense. Outsourcing executives will give you the skills and bandwidth you need to do certain things without weighing your company down financially, which will keep you as dynamic as ever.
4. Teams on individuals
There is no such thing as a great leader. The right person in the right executive role can transform a company, strengthen the workforce and make anything seem possible.
However, almost everyone knows how harmful the wrong person in the wrong role can be. A dysfunctional leader can tank an operation, hinder serious progress, and stifle innovation everywhere. Whatever executive you hire is ultimately going to gamble: the best will grow your business, but the worst will burn it – what can you do?
The answer is, don’t choose anyone. Most outsourced executives are not individuals but whole teams are dedicated to developing strategies and paths for your business. Listing a team of people for one-sided work eliminates the possibility of an executive appointment being a bad match.
Now, you will have a whole group who will create ideas for you. This may seem strange at first, but many hands work lightly and your company will reap those benefits.
5. Digital streamlining
Just a decade ago, the idea of outsourcing executives might sound impossible. Since then, the rise of digital commuting and virtual offices has in some ways distinguished an outsourced executive from an in-house office. In the past, the possibility of bi-weekly calls with remote groups was difficult, but now it is ideal.
Outsourcing executives can even help with the digital streamlining process. The companies that provide these services have mastered online communication, and the strategies that they share with you can be fully integrated into your business – just an added bonus to the already-valuable investment.
Taking out the outsourcing part of your C-Suite is not a small decision, but it is one that can grow your business in a big way. By jumping, you are opening a new chapter in your business. What do you do with it?