The Part Time Executive: Filling the Management Void
One of the best small business ideas I have come across is making the Pareto Rule (the 80/20 rule) work in your favour. Just apply the 80/20 rule to senior management talent (20% of their individual effort and time achieves 80% of the desired results). For less than 20% of the cost you can have 80% of the benefit of having a highly skilled full time executive. An executive that has a proven track record in larger businesses. In effect, a part time executive, for less than 20% of the cost whilst gaining the vast majority of the benefits.
This means a 20 to 200 person firm, with £1 million to £10million in revenues, can afford to hire the former Senior Executive of a major firm, benefiting from the cachet and the connections that they bring. With this solution, such a business can hire a hardened veteran; with all that hard-earned experience for a fraction of what would normally be charged for him as a full-time employee.
This idea is relatively new, but it is not our idea. It’s origins are detailed in the article extract below that was originally published in Western Massachusetts Home Builder Magazine
|Nancy recently met with the president of a Fortune 1000 company and came home quite upset. For two hours she heard about great things his company was doing in the marketplace to increase product awareness. He had also carried on at length about the wonderful ways his CFO was taking advantage of an inconsistent economy.By day’s end, Nancy realized how wide the gap has become between big companies that can afford to hire top-notch talent and smaller firms that can’t.She also recognized that having strong talent in marketing, finance and operations positions makes every difference between an incredibly successful company and one just getting by.Resolving to help her small business get access to the type of talent usually employed by top firms, my friend realized it’s possible for small companies to hire high-level executives—assuming you’re willing to hire them on a part-time basis.This means a 20-person firm with $3 million in revenues can afford to hire the former CFO of a major firm, benefiting from the cachet—and the connections—that she brings with her. A $2 million business can hire a Madison Avenue veteran—and all that hard-earned experience—for a fraction of what would normally be charged with a full-time employee.Bringing in part-time executives provides higher caliber employees than most small businesses can usually afford. The part-time executive delivers continuity and expertise that’s difficult to duplicate for twice the price. And unlike most consultants, this professional’s end-date isn’t a foregone conclusion from the day he starts. Bringing skills that specifically suit the business’s needs, and usually with a minimal learning curve, the part-time executive works for a set period each month (usually 2-5 days on-site) and is available for limitless discussions by phone or email. A set monthly retainer is negotiated in advance……..|
Our Stephen Clark fits this bill perfectly.
It would be fair for you to ask why he would wish to be a part-time executive, with the time commitment and need for flexibility that it implies. There are several excellent reasons:
- Flexibility: an individual working five or six days each month has time to pursue other projects, network, and otherwise stay intellectually stimulated.
- Boredom: there may not be enough work in one company to occupy a full-time highly skilled exec, especially if he is working smart and he does!
This all suggests hiring the part-time executive is a winning scenario all parties:
- You get extremely high level of experience, paying only for the time the business needs him.
- He gets the flexibility, intellectual stimulation and variety of work, and opportunity not normally given to the average employee.
- Staff and senior management will also benefit by learning from working with someone with the breadth and level of experience he has acquired. A valuable source of affordable but high value training.
|A part-time executive delivers what no other employee can provide for your business:
Part-time workers are still fairly new at this high level of employment. Most people in today’s workforce see themselves as either full-time employees or consultants, rather than in the gray area inhabited by the part-time employee. Research, patience, and flexibility will be the key components to matching your company’s needs with the super-qualified person who can accomplish your company’s work in just a few days per month.
We agree with the author of the article “it is an idea whose time has come!”
Before you discard any idea or project because you can’t afford the necessary help or don’t think you’ve got time, consider bringing in this part-time executive. Like Nancy discovered by implementing the idea, your business will grow much faster than you expected and with considerably lower overhead.
Contact us now to see if it will work for you. You will not regret it and the guarantee ensures you will not be out of pocket.