Understanding the Fractional Model
In today’s fast-paced digital landscape, businesses face the challenge of staying competitive while managing costs. Enter the fractional model: an approach that allows businesses to access high-level expertise on a part-time basis – aka a highly experienced part-time resource. Theo & Joe (T&J) specialise in delivering fractional digital services, including project management, product management, digital consulting, and digital advisory, with a focus on leveraging AI and automation to improve business operations.
What is the Fractional Model?
The fractional model involves hiring professionals on a part-time or project basis rather than as full-time employees. This approach provides businesses with the flexibility to access specialised skills and expertise without the commitment and overhead of a full-time hire. It’s like having the A-Team on your team, but only when you need them.
Benefits of the Fractional Model
- Cost-Effectiveness: By hiring fractional professionals, businesses can save on salaries, benefits, and other costs associated with full-time employees. This model allows you to pay only for the services you need, making it a budget-friendly option for SMBs.
- Flexibility and Scalability: The fractional model offers the flexibility to scale services up or down based on your business needs. Whether you’re launching a new product or navigating a digital transformation, you can adjust the level of support you require.
- Access to Knowledge: Gain access to seasoned professionals with specialised skills in project management, product management, digital consulting, and advisory. Our team bring a wealth of knowledge and experience to your business, helping you make informed decisions.
- Speed and Efficiency: Fractional professionals are often highly experienced and can hit the ground running, accelerating project timelines and improving efficiency. This is particularly valuable in fast-moving sectors like AI and automation.
How do you work with a fractional service provider?
The resource becomes part of your team for the agreed number of hours per week. This could be for a fixed period of time or to deliver an outcome. The resource provides the required skills as agreed in the agreed timeframes and supports the business in meeting its desired outcome.
For example:
- a fractional project manager is available 8 hours a week to undertake project governance and project direction
- a fractional digital consultant is available for 20 hours per week to assess current processes, identify current processes and opportunities to streamline and create efficiencies using either business processes or technology, or a combination of the two.
- a fractional product manager may support a business with the scoping and research of a product idea, and testing the outcome with the market to determine whether the product has a market fit.
- a fractional digital advisor supports SMB owners with digital risk mitigation, defining roadmaps for new technology implementation, and strategic guidance.
Conclusion
The fractional model offers businesses a flexible, cost-effective way to access top-tier digital services, particularly in the realms of AI and automation. By partnering with people who bring a wealth of knowledge and experience, businesses can drive innovation, improve efficiency, and stay competitive in today’s digital age.
13th August 2024
Theo & Joe LTD 