The all-important bottom line is a top concern for many CEOs. If you’re struggling to make any headway with profit and savings, you might try a tip many companies are already picking up on: hiring a fractional CTO.
A fractional CTO is a Chief Technology Officer who works for you on a part-time basis, allowing you to benefit from their niche skills and experience without paying the full salary of an in-house CTO. And in addition to simply saving you money, hiring a fractional CTO can do wonders for your bottom line.
One less salary to pay
Let’s start with the obvious: hiring a fractional CTO is a huge money-saver. CTOs are high in demand, and they come with an incredibly valuable skill set. Unfortunately for you, that means they’re not going to come cheap. Hiring a full-time CTO can cost hundreds of thousands of dollars per year.
But with a fractional CTO, you’re typically only paying for a day or two of work per week. That means you’re getting the same high level of value at a fraction of the cost—and saving hundreds of thousands of dollars that won’t cut into your bottom line.
Take your team to 2.0
Imagine your current tech or development team, but at level 2.0. That’s another thing a fractional CTO can do for you. Led by a highly experienced, deeply knowledgeable tech pro who knows how to get everyone functioning at their best, your team will benefit from stronger guidance, better planning, and clear reporting to other departments.
Under those conditions, they’ll be able to work both faster and smarter. Plus, they won’t have to multitask as much, as the CTO will take care of managing and reporting. You know what that means: with your team on a straighter, quicker road to project completion—and no more getting bogged down in busy work and multitasking—your profits should rise more smoothly than ever.
In relation to your tech team, a fractional CTO can help increase your bottom line by:
- Providing skilled, knowledgeable guidance
- Lightening your team’s workload
- Planning for obstacles and setbacks
- Keeping your team goal-oriented
Optimize and grow
A fractional CTO can quite literally help increase your bottom line by building and implementing a better tech strategy. Experienced in product development, product launch, IT, cybersecurity, and automation (among other things), a CTO can suggest ways to use tech as a means of optimizing business processes, reaching more customers and gaining more conversions, and capitalizing on opportunities. In other words, they can help you and your team use tech tools and strategies to cut costs and increase revenue.
When it comes to strategizing, a fractional CTO can help increase your bottom line by:
- Guiding business transformation
- Creating and implementing a tech strategy
- Optimizing business processes to cut costs
- Expanding reach and increasing conversions
Manage your ROI
When it comes to return on investment, a fractional CTO is going to quickly become your best friend. They’ll help ensure that technology spending aligns with your business objectives, or in other words, that each and every cost pays off big-time down the road.
In spending and ROI, a fractional CTO can help increase your bottom line by:
- Managing tech budgets
- Defining ROI baselines
- Performing cost/benefit analyses for all tech investments
- Advising you on which projects and tools will be worth the investment
Free up your focus
Having to split your time and attention between growing your company and developing a product, or implementing a tech strategy, is a recipe for disaster. One of the two is sure to get short shrift, sometimes both.
But with a fractional CTO, you no longer have to divide your attention. They can oversee the tech department and simply report back to you: leaving you free to focus on growing your customer base and increasing your bottom line.
Interested in getting a fractional CTO to increase your bottom line? Get in touch!