Originally published in Western Massachusetts Homebuilder Magazine

Nancy recently met with the president of a Fortune 1000 company and came home quite upset. For two hours she heard about great things his company was doing in the marketplace to increase product awareness. He had also carried on at length about the wonderful ways his CFO was taking advantage of an inconsistent economy.

By day’s end, Nancy realized how wide the gap has become between big companies that can afford to hire top-notch talent and smaller firms that can't. She also recognized that having strong talent in marketing, finance and operations positions makes every difference between an incredibly successful company and one just getting by.

Resolving to help her small business get access to the type of talent usually employed by top firms, my friend realized it’s possible for small companies to hire high-level executives—assuming you're willing to hire them on a part-time basis.

This means a 20-person firm with $3 million in revenues can afford to hire the former CFO of a major firm, benefiting from the cachet—and the connections—that she brings with her. A $2 million business can hire a Madison Avenue veteran—and all that hard-earned experience—for a fraction of what would normally be charged with a full-time employee.

Bringing in part-time executives provides higher caliber employees than most small businesses can usually afford. The part-time executive delivers continuity and expertise that's difficult to duplicate for twice the price. And unlike most consultants, this professional's end-date isn't a foregone conclusion from the day he starts. Bringing skills that specifically suit the business's needs, and usually with a minimal learning curve, the part-time executive works for a set period each month (usually 2-5 days on-site) and is available for limitless discussions by phone or email. A set monthly retainer is negotiated in advance.

Should you decide hiring a part-time executive is for you, there are several resources for locating the skill set you need, including:

• Chamber of Commerce websites
• Craig’s List
• Monster.com
• Guru.com

Of course, don't forget to ask members of your professional network to locate the right guy for your company's needs.

It would be fair at this point to ask why someone would wish to be a part-time executive, with the time commitment and need for flexibility that it implies. There are several excellent reasons:

• Flexibility. An individual working five days each month has 15 business days to pursue other projects, network, and otherwise stay intellectually stimulated.
• Money. Several part-time jobs can provide as much money as one full-time position.
• Boredom. There may not be enough work in one company to occupy a full-time marketing VP or CFO—especially if the individual is working smart. Odds are excellent the level of executive you'll be looking to hire knows how to work smart.

This all suggests hiring the part-time executive is a winning scenario for employer and employee alike.

• The employer gets an extremely high level of experience, paying only for the time the business needs—particularly important during cash crunches.
• The employee gets flexibility, diversion, and opportunity not typically afforded to full-time staff members
• Customers and staff get commitment, continuity, and experience needed to help meet their respective objectives.

Staff and senior management also benefit by learning from workers with a wealth of professional knowledge who are “out there” learning from other professionals—even when they’re not working for the company. This helps everyone at your company grow and function at a higher level for as long—or as short—as the relationship may last.

The part-time executive delivers what no other employee can provide for your business:

• The highest level of talent, constantly sharpening his skills without cost to you
• An ability to work smart within your company's budget
• Precisely the amount of labor needed, with no significant learning curve
• Training for both staff and senior management on an ongoing basis

Part-time workers are still fairly new at this high level of employment. Most people in today's workforce see themselves as either full-time employees or consultants, rather than in the gray area inhabited by the part-time employee. Research, patience, and flexibility will be the key components to matching your company's needs with the super-qualified person who can accomplish your company's work in just a few days per month.

For all these reasons, the part-time executive is an idea whose time has come! Before you write that next "Help Wanted" ad or do without, instead consider bringing in a part-time executive. Like Nancy discovered by implementing the idea, your business will grow much faster than you expected and with considerably lower overhead.