Chief Technology Officers are becoming popular in large and small companies because of the value they bring to the product, process, and team while launching new products. Most companies opt for these professionals because of the economic value and impact they are getting from the arrangement.
Fractional CTOs are chief technology officers who work part-time for companies. The job description of a fractional CTO is the same as that of a full-time one, which makes the latter a better choice. Below are five benefits you stand to enjoy when you hire a fractional CTO for your tech startup.
1. Excellent Technical Guidance
Fractional CTOs are a good addition to tech startups because they bring value worth a whole team of tech experts that a small business might not afford to hire. Due to their experience with many other companies they consult for, they have a sea of information and guidance to offer a new company.
Today, even large companies appreciate the value that a fractional CTO brings to the company. They have better insights into the products and everything relating to technology. Whether your business just started or has been around for a while, hiring a fractional CTO is a good move.
2. Coordinated Tech Team Management
Managerial positions in tech have very high salaries, and most companies cannot afford that. That is why CTOs and other tech consultants have increased in demand. They offer managerial and a list of other services for one price.
Fractional CTOs can work with your technical team and guide them to achieve high productivity and improve their output. A well-coordinated technical team ensures that your company produces high-quality products that impress clients and bring in more business.
3. Low Cost Compared To Full-Time Tech Experts
If your company is yet to break even, you cannot afford to add another high salary to the payroll. Hiring a fractional CTO is a good option to ensure that everything runs smoothly at a price you can afford.
Even though CTOs do not come cheap, they are not permanent employees that need a salary every month. Comparing the money you pay for their services to that of a salaried permanent tech employee, the CTO is more economical.
4. A Wealth Of Experience And Knowledge
CTOs have gathered a lot of experience and knowledge by handling different companies. They will have more knowledge than the team you have at your company because of their exposure to different company setups.
Your team will also benefit from the guidance of such a professional because there is a lot to learn from them. They have better solutions for most problems because they are likely to have encountered them in their extensive career.
Hiring a fractional CTO instead of a full-time or permanent employee is good for your business because it allows you to scale up or down when necessary. The fact that they are just consulting for the company makes it easy to only pay for their services when you need them.
If the business is not doing well and you cannot afford to hire one, you do not have to. That flexibility works so well for small businesses that want to grow and expand their operations with time.
You can minimize the costs of running your company by hiring part-time employees crucial to the company's growth, like CTOs. A good CTO will improve your team and products whether they work full-time or part-time.
However, you need to research which CTO has the right skill set for your type of business. The pay per hour also differs from one fractional CTO to the other. Consider that and the tasks you want them to handle when looking for the perfect hire.