In today’s business world, hiring talent is an expensive undertaking, therefore much thought must go into strategically building the workforce of your business or startup. Companies are constantly on the lookout for valuable hires that can drive business growth, and it’s easy to get caught up in deciding what roles to prioritize and what hires are worth it.
Professionals are beginning to render their services on a part-time basis to fulfill the needs of the businesses that hire them. These part-time services offer companies needing professional assistance the avenue to outsource efficiently. Even though traditional CTOs still play a huge role in leading tech strategies in the world’s largest companies, many companies are looking to CTO consultants or fractional CTOs for their technical needs.
But, are CTO consultants worth the time and money spent to hire them? What value do they really bring to businesses that other professionals can’t? This article answers these questions and also gives some direction about knowing when to hire a CTO consultant.
What are CTO Consultants?
CTO consultants are chief technology officers hired on a part-time or fractional basis. These professionals are not full-time hires, but work with companies to meet specific business objectives, and thus their scope of work is usually limited to the projects for which they are hired and the time frame in which the project lasts.
Bear in mind that these professionals oversee the entire technology arm of your company, and are the face of your company’s tech front for as long as they are with your company. They are a cost-effective solution for businesses needing technical leadership, but without the funds or equity for a full-time executive.
What Does a CTO Consultant Do?
A CTO consultant is a professional experienced in building and implementing technology strategies for companies. When hired, a fractional CTO will have oversight of the technical aspects of your business including choosing suitable technologies, building technology road maps, and strategically implementing objectives in a timely manner, all while keeping risks at a minimum.
These consultants offer expert advice on tech projects and ensure that teams carry out every necessary action required for the success of the technical objectives of a business. Fractional CTOs have become a popular option for small and big businesses that need expert technology leadership at reduced hiring costs.
These consultants help carry out technical audits and create strategies that align the company’s tech infrastructure with its overarching goals and vision. Nowadays, companies hire CTO consultants who work virtually to effectively build and guide technical teams and create outstanding products that move the needle in your business.
The Right Time to Hire a Fractional CTO
The right time to hire a CTO consultant depends on several variables. CTOs can be hired pre-development to help you carry out research and development of your product. When you hire a part-time CTO at this stage, they can help you build your business architecture, strategically manage projects and define project goals, and compose your technology stack.
You can also choose to hire a virtual chief technology officer (CTO) during your project planning phase if you suddenly see the need for technical guidance. Companies might realize their need for a technical leader and opt to bring one in at the stage of project pitching.
A fractional CTO can offer technical guidance throughout the project pitching by developing and presenting the technical aspects of your pitch deck and communicating with your potential investors.
Your company can also hire a part-time CTO during product development. Typically, a CTO coming in at this point will take the technical load off the company’s shoulders, and review your operations to make recommendations for optimizations.
A CTO may also be needed after your product is adopted. At this point, they offer their expertise to maintain and scale your product. To do this, the CTO will create strategies and set up automated processes to scale your product.
Which Businesses Can Benefit from CTO Consulting Services?
Many businesses, both large and small, multinationals and startups, can benefit from hiring a fractional CTO. Many businesses and startups fail due to a lack of technical expertise or technical guidance for their IT teams.
Traditional businesses can utilize the services of a part-time CTO to help cover their technical needs during the course of digital transformation. Traditional businesses with technical needs or technical teams with no proper leadership can benefit from the services of a trained technology expert like a fractional CTO. eCommerce businesses could also use the services of a virtual CTO to advance their technology landscape.
Startups stand to benefit enormously from fractional CTOs especially if they do not have a tech-savvy CEO or executive. The IT know-how of a CTO can make all the difference and help you implement great ideas to achieve business goals.
Small companies that do not have a technical executive, or whose technical leaders have several responsibilities might need extra help in the form of a fractional CTO to maintain tech teams, make strategic decisions, and align technology strategies with business goals.
Skills to Look out for When Hiring CTO Consultants
Choosing the right chief technology officer is crucial to the success of your startup. As a non-technical executive, it can even be much harder to vet a fractional CTO and determine if they are a right fit for the job.
Therefore, before reaching out to a CTO, look for the following skills in addition to their technical skills.
Decision-Making: The burden of decision-making in regards to technology will often fall on the CTO. Therefore, it’s essential to establish that your potential hire has a track record of solid decision-making skills.
Time Management: A lot of your business success hangs on implementation and timing. It would be in the best interest of your company if you hired a CTO with proven time management skills and a history of on-time delivery.
Leadership and Mentorship: Leadership skills are a must-have for your factional CTO as they would be tasked with managing teams to drive growth. Therefore, you must look out for leadership qualities that would make your CTO the ideal candidate for the job.
Communication: Your fractional CTO will do a lot of communicating during the course of their work. Whether communicating tech updates to non-tech executives and stakeholders or communicating the company’s vision to the team for optimal performance, your CTO will be more effective with proper communication.
Track Record: Seek to get reviews and case studies from your potential hires to see their track records in their previous undertakings as a fractional CTO.
