As small companies integrate IT into their overall corporate strategy, many have found that they are better off contracting with a virtual CTO (chief technology officer), rather than instating a new, permanent board member or C-level executive.
Creating a new board position requires a lengthy headhunting process, hiring new staff for the executive’s office, and often even amending the company’s governing documents.
Since a virtual CTO is essentially a high-level consultant, you can hire and dismiss the consultant at will without a lot of legal and operational overhead.
And if you find someone who is truly excellent, there’s nothing to stop you making that person an offer to come on board permanently.
You only have to pay a virtual CTO for services rendered, usually a fraction of the cost of a full-time executive.
Also, since you get to decide exactly how much time the virtual CTO spends working, it’s easy to work out how this new position will impact your budget.
Corporate Virtual CTOs
Some consultancies offer virtual CTO services that entail sending one or more specialized representatives to give advice at your board meetings.
This way, you don’t just get a single person’s expertise. You get an entire team working on your problems.
Has your company used a virtual CTO? Tell us about your experiences in the Comments section below.
And to follow-through, be sure to download your free copy of the special report on How to Start a Computer Consulting Business: 6 Proven Ways to Build Your Initial Client Base.
Creative Commons Image Source: flickr CiscoANZ