Small businesses typically grow organically – their valued products and services being behind their growth. However, in many cases, taking a business to the next level requires adding experience and expertise to the team.

But, not necessarily on a permanent full-time basis. Enter the interim, or contract, executive.

Contract employees are often thought of as a money-saving way to fill a lower level position or to complete a specific job or task (think of the freelance writer or freelance graphic designer). The truth is that there’s no reason you can’t apply this same cost-saving technique to executive positions.

As such, many companies – big and small – are increasingly turning to this option when they need to add high-level talent on an as-needed basis, rather than increasing the head count in their C-Suite and the strain on their payroll.

Think about it. A contract executive can swoop in and hit the ground running by applying his or her expertise to a particular area of your business at a fraction of the cost of hiring a full-time executive.

Contract executives can take on the role of CTO, CFO, Marketing Director and much more. And they offer their services for a whole range of assignments, such as, restructuring, entering a new market, implementing technology changes, developing a leadership succession plan, growing the business and even preparing to sell the business.

This staffing solution also has the built-in bonus of creating a mentoring atmosphere in the workplace because internal full-time staff is exposed to the leadership and expertise of someone with senior-level experience and wisdom.

Hiring a contract executive to fill an immediate need is a solid business practice, allowing companies to remain fluid and nimble as they address change and challenges.