A few common words you may hear as a substitute for executives on-demand are ‘Outsourced’, ‘part-time’ or ‘fractional’. Such words were unheard of until a few years ago.
The ongoing discussion and awareness about On-demand CEOs have played a significant role in putting proper sense behind these words. Engaging in these setups is becoming exceedingly popular these days and rightfully so.
We observe so many upcoming startups with ample potential but lack direction. These companies could benefit exponentially through a seasoned CEO but they can’t afford it due to their limited resources. Here’s where executives on-demand services as the perfect solution for both parties.
Present-day businesses operate on talent and are always on the lookout for talented people that love to embrace their freedom, independence and go off the books, the freelancers.
Digital or virtual CEOs very well know how to maintain their position and powerful personnel. They are not your average, regular worker. The phenomenon is swiftly gripping the business world and its advantages are proven.
How do we define on-demand executives
Every business owner understands that different times and circumstances warrant different leadership skills.
As per the global business community, businesses must be led by one person, who is available 24-hours, seven days a week and this notion is heavily ingrained into hierarchies. When you reach the top of the tree, you belong to the company.
We believe on-demand executives are best suited for mid-market organizations that either don’t need or can’t afford a full-time leader who can guide them from his knowledge and strategic leadership qualities.
Their skills can bring forth the same aura as an accomplished and experienced CEO would contribute to the company. Such would be the effect of an on-demand CEO.
Being an on-demand executive implies that the role will be limited to a particular time period, however, the professional will dedicate all the efforts aimed at a full-time employee during these times and discuss the marketing-related opportunities to manage strategic marketing events of the company, conducting various workshops and marketing audits.
Why does the business need such roles
All trades need hard-hitting, impactful individuals who can expedite the solutions on an urgent business need in the short term efficiently, this gaping hole is filled by those who offer high-quality, C-level services on a digital, temporary, on-demand, service basis.
Ever since their introduction into the global business community, on-demand CEOs have increased in their popularity.
Their potential to bring an area of a business to the next step has been recognized by many startups to enterprise-level companies. Technological advances such as online platforms and business services have optimized the arena for such individuals, so procuring their skills is no longer a cryptic process.
In fact, on-demand executives, also known as highly qualified individuals who work on short-term contracts for organizations have been growing not just in the C-suite, but in many other business departments.
While certain professionals carry out a niche, specific jobs, like managing large turnarounds or sales while some just fill a much needed managerial space.
So how big is the Virtual CEO phenomenon in business today?
According to the McKinsey research in 2011 –
“58% of U.S. companies believe that they’ll be inclined to use more and more temporary arrangements at higher levels in the years ahead.”
What are the advantages of on-demand executives
On-demand CEOs can provide the services you wish for, without the expense of an executive-level permanent hire.
Let’s consider an example, your small or mid-sized business may handle many of your company’s finances independently and an on-demand exec could step in and assist you in your financial layouts, processing ad operations, execute innovative strategies and solutions as well as help you provide for the future.
Imparting their expertise, knowledge and experience digitally into your business can give you a long term insight. This bigger picture is invaluable for SMBs who don’t have the budget to hire a full C-team.
Several SMBs spend quite a long time floating in a limbo state when their variable budgets can’t make the leap towards hiring C-level managers and other officers to heighten their business potential and processes.
Such a flat-footed period of partial financial instability is a major pain point for SMBs. Your business warrants something in between to enable you access to talented individuals without long contracts.
On-demand CEOs enable the quick, dynamic progression of the company to accelerate simultaneously with their dynamic budgets.
You do not need to hire a conventional bevvy of C-level executives when you just need to hit your core pain point/urgent which can be in any department like marketing or supply chain or so forth.
They inculcate value. The business can benefit from the long-lasting positive effects for your company for short-terms. The modifications on-demand CEOs can pass on to your organization are valued far more than their fee.
A swift injection of vital skills and expertise. On-demand executives don’t like to waste time, they’re about implementation and actions.
They come on board with plenty in mind for your business if you brief them well and will hit the ground running and really make a big splash in your business producing immediate results.
You can check out the complete roles and responsibilities of a Virtual CEO.
Wrapping up
Overall, on-demand executives provide a brilliant way of pushing your company over the brow of a hill onto better things without the step to make big, long term budget commitments.
Several SMBs haven’t encountered the idea of on-demand CEOs, though, it’s just waiting to be tapped into for its rich resource of cost-effective solutions to advanced problems in key stages of business development.