Having a qualified and competent executive management team is integral to the success of any organization. Problems arise, however, when an executive suddenly vacates a position or there is a mismatch between the internal capabilities of a leadership team and the actual skillsets needed for a specific stage of a company’s growth.
The world of interim management, a specialty that has grown significantly through the years, has offered an alternative route for companies wanting to maintain forward motion while re-evaluating what is needed to take them into the future. As opposed to a full-time executive search, interims can be on board in a matter of days and come with flexible contracts and pricing models.
Is interim management right for your company? Here are five common situations where hiring an Interim Executive may be appropriate.
Whatever the reason is, it’s rarely beneficial to keep their role vacant for too long. You risk disrupting workflow. You risk losing operational momentum. You risk decreasing employees’ morale. When there is a collective misunderstanding for the absence of executive leadership, this can lead to underlying anxiety, uncertainty, and demotivation.
Before reaching this point, interim management can be a solution. While sourcing a replacement for the executive position, an interim exec can keep things running as the business transitions. An Interim Executive steps in to move the organization forward while helping to re-evaluate what is required long-term for a leader to be successful.
Some executives can keep up with the demands of a growing business. They evolve and manage to lead their companies to reach greater heights. But for others, the growth can be overwhelming, and it demands different skillsets and expertise.
Our Interim Management Service provides on-demand, specialized executive leadership to help through these different growth stages. Maybe a division CEO is needed to establish and expand operations in a different country, or an Interim CEO is required to implement or streamline systems and process for a more efficient operation.
Companies may find themselves preparing for a sale or other similar milestone events. These are usually one-time events that require a specific skillset or expertise where interim management can be a huge asset. Interim executives may be called on to head up business development or even supplement management when there is no deal experience internally. The CEO, for example, serves an important role in the M&A process and if the permanent CEO has not been through a deal process before, looking to outside help can be a great solution. An interim Executive can be engaged on a project-basis to manage everything from due diligence, to interfacing with potential buyers or acquisition targets, to focusing on a post-deal integration plan.
If your business is in trouble it may be time to rethink your approach. Interim Executive provides a fresh, unbiased perspective from experts who have seen and helped companies emerge from seemingly worst-case scenarios. Bringing in an outside executive who can apply vast experience to assess the root of the problem and make the tough decisions, is often necessary to get a company back on a positive track. Once the fix is complete, interims move to their next challenge, handing the keys back to the company or new permanent executive to run with.
High-level and technical projects such as ERP implementations, product launches, or new manufacturing facility rollouts can be quite challenging. They often need people who have validated experience of operationalizing them successfully. A management team trying to embark in a business transformation for the first time can risk making common mistakes that could easily be avoided with experience.
As such, companies that are exploring implementing specialized projects can hire interim executives that have required technical experience to enable their successful execution.
Whatever stage your company is at, interim management can serve as an on-demand solution to draw on the best executive leadership for your most unique and pressing needs.
Get to know more, please visit us International Executive Consulting LLC or drop us an email at info@interimcsuiteservices.com.