Chief Growth Officer

Entering a New Chapter

Entering my 19th year in business as a business consultant, somewhere around 30 years as an entrepreneur, I found myself in a position where I wanted to do something different. As a result, I started having conversations with different people who I have worked with over the years, letting them know what I have been thinking about and getting some input on what I want to do next.

What is a Chief Growth Officer?

Many of the companies that I have worked with were led by great founders who had a vision for how they would impact the world. The challenge that they would have – and I have had at times – is that either they could get the company that they’ve built to a certain revenue or market share or staffing level, and need guidance on growth or have plans for growth, but did not have someone who will strategize, plan and implement.

The Role of the Chief Growth Officer

The Chief Growth Officer is a member of the leadership team responsible for overseeing a company’s growth strategy. Their role is to identify, plan, and execute strategies that lead to revenue growth and market expansion. By taking on a leadership role in the company, the CGO can:

• Evaluate and monitor the company systemically (how all of the parts work together), rather than looking at each department independently
• Ensure that there is alignment between the different areas of the company, and between staff and leadership
• Act as the implementation champion to ensure that strategy doesn’t die on the vine
• Execute decision-making authority to make prompt, strategic decisions for the company as new opportunities and threats present themselves
• Be accountable and take responsibility for the outcomes
• Be visible with stakeholders inside and outside of the company to the company’s benefit
• Manage change – the most volatile part of implementing change in a company

What is a Fractional Chief Growth Officer?

The great thing about the Fractional model is that a company can take advantage of the benefits of the CGO without the cost of hiring a full-time member of the team. Companies can adjust their engagement based on their current growth needs without committing to a long-term engagement, if so desired. The Fractional CGO will bring a fresh perspective to the company with the need to be efficient and effective in their initiatives.

Why would a company hire a Fractional Chief Growth Officer?

The Fractional Chief Growth Officer is the strategic partner who collaborates with the leadership team and takes on some of the burden of running the company. The CGO plays a pivotal role in shaping a company’s growth trajectory. CGOs will have a comprehensive understanding of marketing, sales, customer experience, and data analytics. Being successful in the role requires strategic vision, cross-functional leadership, and an ability to translate data into actionable strategies that drive sustainable growth.

The Need for the Fractional Chief Growth Officer

As an entrepreneur who has seldomly had a partner, the Fractional Chief Growth Officer is a role that I would have liked to have in some of my companies. I feel as though my team and I were much more productive when there was another person who has skills and experience complimentary to my own, that could take initiatives and run with them. There have been so many other ideas that I have wanted to implement, and needed someone to simply take the idea, run with it and produce results.

Case Study: Aepiphanni

While informally acting as the CGO for a 3-year-old $3M home services company that was facing rapid growth, the client shared with me that he had aggressive growth goals, but was experiencing difficulties internally with organizing and delivering services while ensuring that the company was profitable. With his guidance and insight, I conducted a thorough evaluation of the company and was able to quickly identify obstacles to growth. Together, we developed a strategic plan aimed at achieving the revenue and market expansion goals for the company. I agreed that I would continue to work with the company to drive growth on a performance-based contingency, which incentivized me to be committed to the project. He agreed to give me the resources and authority I needed to implement the strategy that we developed.

Conclusion

The Chief Growth Officer is a critical role for companies aimed at growth. Whether the leadership team is a single individual or several people, without having an individual whose focus is singularly on driving growth within a company, growth will come slower, will be inconsistent and likely come at a greater cost. While engaging a Fractional Chief Growth Officer will require an initial investment, the right one will earn the company multiples of the investment.

FAQs

• What is the role of the Chief Growth Officer?
  The Chief Growth Officer is a member of the leadership team responsible for overseeing a company’s growth strategy. Their role is to identify, plan, and execute strategies that lead to revenue growth and market expansion.
• What is a Fractional Chief Growth Officer?
  The Fractional Chief Growth Officer is a model where a company can take advantage of the benefits of the CGO without the cost of hiring a full-time member of the team.
• Why would a company hire a Fractional Chief Growth Officer?
  The Fractional Chief Growth Officer is the strategic partner who collaborates with the leadership team and takes on some of the burden of running the company, playing a pivotal role in shaping a company’s growth trajectory.