Fiona - Our CEO/COO

When is the right time to hire a COO?  Is a COO attainable for a small business or start -up? Is it possible to afford one?

1.  When is the right time?  No two businesses are the same, but here is a general rule of thumb to show when this might be needed:   A start up that does not know how to structure their business or create income.  When a company has stalled and has not seen growth.  Your company has grown fast and your old system and structure for the organization is no longer working.  The business has declined and needs a restructuring.

2.  Is a COO attainable?  Yes, you can in the way that you need them.  A Contractual COO is different in the sense that they come in without requiring a full-time hire.  They take a look at your overall company and assess what will be needed to start/grow/structure your company.  There are no benefits, taxes, or 401k’s to pay out to the COO either.  Hire them as a 1099 employee.

3.  Can I afford one?  One of the advantages to a Contractual COO is they are brought in on a fractional basis which minimizes your overall cost.  Framework provides this service a little differently.  There are no long-term contracts, and the structure /growth is created in stages per the need of the client.   The average cost for a COO full-time will range from $130,000 to $470,000.  With a Contractual COO you can minimize your costs with an hourly-based contractor to structure and grow your company with your future in mind.  CEOs benefit by having a reliable person overseeing operations and guiding their company in the right direction with education and skill.