The job of the cost reduction companies are such that one needs to go through an uneven path. For several companies it happens that they have hired a cost reduction consulting company, but the consequences have not been as expected. You are probably still waiting for newer customers to come up to you for your services. The conditions lead to such a situation that you are forced to ask yourself whether you have got all this wrong.
You would need to accept on the very first hand irrespective of the nature of the field you specialize upon as a consultant, it won’t happen that the clients are running up to you for your assistance. Hiring a company will however have a better side to it. Since you are not the one who controls the affairs, you can rely upon the consulting company any time a problem occurs. But, that doesn’t mean that you can afford to sit back without taking any initiative to draw clients. Let us see what cost reduction companies can do to bring as many clients as possible.
An Inward-Out Approach:
It would be a rather weird approach to call any random company and enquire if they require your services. The best is idea to start with smaller organizations at first. This group can comprise of the company you were once a part of or with the companies that you have an acquaintance with. Since, in both cases you have prior connections with the companies getting business here will be easier and you can kick start the process of forming a market for yourself.
Have the Attitude of a Pro:
In a consultant’s resume, the various fields that will be mentioned are the projects handled, the kind of experience the company has, descriptions about the various projects have been taken care of. However, one who is backed by a consulting company will not need all this. However, it is still important for any consultant irrespective of him being an amateur or a seasoned one, to act like a pro.
Be in Love with the Work:
It is obviously important for any professional to love the work he does. It is a kind of a cliched advice, but it will obviously help you perform better. You would need to have the urge to work or else your firm will never be successful. It also means that you must know your job like your palm.
It is Better to Work Less:
It is a fact that working with fewer clients is always better. Though the approach might appear to be counter-intuitive, yet it is always better to turn down a project or two from time to time. You must analyze your capability first and work accordingly. It is not good to take up a lot of work and then not be able to perform in the required manner.
However, at the end it is all about the work ethics. All you need to do is love your work, irrespective of being a owner.
International Executive Consulting LLC is of the best Cost Reduction Companies in the USA. For further queries and information visit the website https://www.interimcsuiteservices.com/ or follow us on social media.
As a business owner, you are faced with many options. If you are in start-up mode, you throw in just about everything in your business, from bookkeeping to sales, from rainwater management to employee management, and maybe a little HR, just to keep things interesting.
Let’s take a look and see the ins and outs of appointing the Chief Financial Officer (CFO) for your company.
A task most often overlooked in a small business, especially in the start-up phase, is making sure that your financial home is in order. This does not just mean hiring an accountant or accountant. This means being an experienced financial professional, looking at your “big picture” goals and intended outcomes for the company from a financial perspective.
So, the magic question is: “Should I appoint a CFO, or is it better to bring in an outsourced interim CFO?” This is not always an easy answer. You may also ask yourself “What is an outsourced interim CFO anyway?”
Many start-ups decide that hiring a CFO from the beginning is a great way to help them navigate their financial path. Ultimately, it makes perfect sense to get your CFO quickly so that you can capitalize on their expertise, provide strategic financial information, and make projections, budgets, and cash flow forecasts.
But in many cases, hiring a CFO may not be the best fit for your company, at least in the early stages and here are some reasons:
So what is the answer?
The simple answer may be to hire an outsourced CFO.
Here are several advantages of using this potentially powerful strategy:
Hiring an interim CFO is significantly less expensive than hiring the wrong “in-house” candidate. You should not make the leap to full-time pay, or negotiate stock options and other perks and benefits that typically go along with keeping an in-house CFO happy and motivated.
There can also be a downside, but the pros far outweigh the cons. For example, management effectiveness may be limited because the interim CFO can be considered an “outsider” or “short-timer” from the point of view of your employees. But a solid candidate for an interim CFO will also have the ability to recruit your team to their vision.
There are always pros and cons to any executive hire, whether internal or outsourced. The biggest advantage of hiring an interim CFO is that it gives you time. Time to set up the system and test your financial methods. Time to organize your vision for the future of your company. And perhaps most importantly, the time you need to make the right long-term decision regarding your ideal CFO candidate.
Making the right choice to hire an external interim CFO can mean the difference between success and stagnation in your business. Look carefully! Visit us International Executive Consulting LLC & hire the best suitable candidate for your business growth.
“We stop the domino effect.” This sentence perfectly describes the effect of a successful renovation. The sooner you get an expert at your side, the greater your chance of a successful business restructuring. The expertise of the interim managers in the field of reorganization includes, among other things, the operational reorganization and improvement of the corporate structure and processes, the reorganization of controlling, in particular to monitor the success of the reorganization, short- or medium-term liquidity security including working capital management and ensuring sustainable competitiveness.
The Interim Restructuring Manager is also experienced in creating or reviewing independent business reviews (IBR), restructuring and restructuring concepts or IDW S6 reports. Thus, the Interim Manager restructuring takes care of the strategic, financial and operational realignment of your company.
Are you looking for an interim manager with expertise in restructuring?
As one of the market leaders in interim management, International Executive Consulting LLC supports you in finding the right candidate for your job. We will introduce you to the first candidates within 48 hours – for vacancy bridging projects and other topics where you need external know-how as well as for change management processes.
Our Interim CEO offers high flexibility paired with short-term availability and support you with strategic issues as well as with operational implementation support and also bridge possible competence and capacity bottlenecks.
For more information, visit our website now – https://www.interimcsuiteservices.com/!
A Far Sighted Strategy:
The third-generation textile trading company comes – like many other medium-sized companies – from traditional stationary retail. The branch network has been expanded and continuously optimized over many years. The entrepreneur recognized early on that a structural change in the retail landscape was imminent and therefore started developing his own online shops as early as 2010. Valuable know-how has thus been built up in the company over the past few years. The last and consequent step of this multi-channel strategy was the connection to the well-known online platforms with a high reach.
The Challenge For The Interim Expert In The Textile Trade
Coronavirus – the “booster”?
Of course, the coronavirus pandemic and the associated forced closings have also affected textiles companies. In view of the general assessment of the industry, the accompanying house banks had doubts about the supposedly endangered business model. The provision of corona loans was approved under the premise of the appointment of an Interim Manager. The entrepreneur was initially not very enthusiastic about this. However, IEC LLC was able to provide an experienced industry expert who quickly gained trust.
An action plan with a clear distribution of tasks was developed and then consistently implemented. In addition to the “usual” short-term measures for stabilization (short-time work, rent deferrals and waivers, etc.), attention was paid to – further – improvement of operational processes and commercial instruments.
The analysis revealed fields of action for incoming goods management and markdown optimization to be improved. Already in the course of 2021, it was possible to increase the storage turnover rate and optimize the repository. In the platform business, the more targeted availability of goods – despite lower stocks – had a positive effect on sales development. The liquidity was saved by the lower capital commitment.
In order to improve the commercial control, the accounting was converted to a profit centre-oriented view. The planning process was systematized through the use of integrated planning instruments. The external reporting derived from this made the house banks “feel good” thanks to transparent and regular information.
The structural change was countered at an early stage by means of a multi-channel strategy, and with the interim manager from International Executive Consulting LLC, further future-oriented measures to increase earnings and commercial control were implemented.
The company will emerge from this crisis as a winner – in an industry in which there will be few winners.
Would you like to find out more about Interim Management? Visit International Executive Consulting LLC now & follow us on Social Media.
As an executive who has spent his career growing companies, taking companies publicly, and selling businesses successfully, Cyril Moreau says that when he evaluates a parachute in a company, so first of all he does. Whether the company is venture-capital backed or in private or manufacturing, energy, semiconductors, or industrial equipment, it is always the first step to ascertain the current state of operations. Here are 4 stages of interim action for a company to improve growth and stability.
Step 1: Taking Hold
When a company wants to expand into new markets or scale operations to support current and future growth, Cyril takes on the role from an Interim CEO to executive chairman / interim executive, where they are part of the CEO and management team Coach and serve together. He describes how in the holding phase, an interim executive identifies what is broken – even fast-growing companies in need of repair. What’s getting in the way? What is causing trouble? Perhaps a bad product is being shipped, which results in customers complaining. These are real serious problems that you must address within the first 90 days. It is important to take orientation, evaluation, learning, and corrective action on broken things. It was your predecessor’s problem until you arrived, but after 90 days, it’s your problem. You have to do something about it. ”
Step 2: Immersion
The next phase is six months or immersion, where an Interim Executive is collecting a lot of information about what is working and what is not working in a company. For example, evaluating people’s skills is important to determine what people are in the right versus the wrong situation. “What skills does the company not have that are critical to success going forward?” Which often focuses on getting the A-player in the right position.
Step 3: Reshaping
After the immersion, an interim executive will spend a period of time from nine months to 18 months major changes. You start making changes that are really important to the long term success of the company. This is a period of great change. During this phase, an executive head may take initiatives such as:
Step 4: Consolidation
Finally, its consolidation time. You see what’s working, what’s not – then make the necessary adjustments. Till now major changes have not only been identified, but they have been implemented and refined. A company may be ready for an exit point or transaction, or the keys can now be handed over to a permanent executive, who will continuously refine, focus on a new three or five-year plan, new products, new technologies will roll out .
Historically, boards associate interim officers with turnarounds. Today more and more interim executives are asked to help take a company through growth and expansion. A set of skills and experiences may be entirely sufficient at certain stages of the size of the company. Some people are able to hone their skills and grow with the company through various stages and some cannot.
International Executive Consulting LLC consists of an expert team of operations, technology, finance, marketing and sales leaders who have built successful organizations and grown rapidly. To find out how an interim can affect the growth of your company, call 202-258-5376.
Do you know how the world’s top businesses succeed? The answer lies deep within their development strategies. Each employ successful business development strategies that fit with its business goal and ethics. It also complies with their workforce and complies with government rules and regulations.
When each factor is fully in place, a growth strategy can benefit any business. There are many such professional development strategies available and at your disposal. Below is a list of 4 growth strategies you should use for your business:
Often businesses deal successfully with their products in a specific market. To use a market expansion development strategy, a business can tap into previously unexplored markets where they can sell their existing products.
It is not necessary to be domestic in these markets. A business can also tap into international markets. Finding new customers helps a business improve its sales and profits, thereby increasing brand authority.
Market penetration allows you to plan how your business can grow with competitors selling similar products in the current market. It is the lowest risk strategy compared to others.
Here, you will fight to steal as much market share as possible. But this strategy requires a lot of work and will include pricing, product positioning and marketing. There is a way you can understand how many products you are selling compared to the total estimated market for that product.
Market penetration rate = (“Number of customers” should be divided by “Size of target market”) * 100
What do your customers want? Is your product adding value to your customer’s life? These are questions that you will have to answer. Listen to your customers and their needs. If your product is partially fulfilling customer’s needs, you can improve it. If not, you can create a new product with a higher price for your customers because they are willing to pay for it.
For a business to be successful in using this strategy, adequate research, understanding of the customer wants, and requirements are critical.
Also considered as the most risky growth strategy in the matrix, growth can occur through diversification when a business enters a new market with a new product. You can reduce risk by related diversification.
For Example: A car company may start working on stereo systems for vehicles or a leather shoe manufacturer may start selling leather purses in a new market.
Another method of diversification is to sell a new product that has no synergy with your business. The plus point here is that if successful, it will open a new revenue stream for the business.
These are some of the best growth strategies that are important to a business. They help to survive, improve market share + customer base, gain profits and do so consistently.
Need help executing these strategies for your business? With over 20 years of experience in Interim Management, Growth & Expansion, Cost Reduction, International Executive Consulting LLC is an Interim C-Level Management & Business Growth Consulting Firms in the United States with a variety of industries. Get in touch with us!
Do you consider interim management to be a necessary evil mandated by unplanned circumstances? If so, this is clearly a necessary evil with the required ROI. In particular, it is not usually found in your company’s business plan. When you are dreaming of the next gear, you do not expect long for the opportunity to intend to take over your business or investment. Rather, it is what you do when there is a skills gap in your core team, the sudden departure of a chief executive, an otherwise competent sitting executive who lacks all the necessary skills needed to execute a modified or expanded element of your strategic plan. Happen, a business obstacle stands in the way of achieving a performance KPI or price advantage, or a critical life cycle pivot in your company that a project CXO requires.
Value Extends Well Beyond Cost Considerations:
With the stage set for this construct of necessity for Interim Services, it’s worth highlighting that the total price tag for interim management is less costly than buyers of the services might first believe. In fact, the all-in costs can be measurably lower than a full-time executive – given the incremental expenses of bonuses, stock incentives, options, and perks – none of which are typically required for Interim Professionals. The additional expenses of a full-time employee also include what are sometimes underestimated costs, such as executive-level healthcare benefits, car reimbursements and payroll burden (i.e. state, federal and social security taxes). With all that said, the services rendered and their related charges are circumstantial, and the actual cost comparison is heavily dependent on many factors, including company size, industry, employer profitability and the unique circumstances of the scenario in question. In contrast, the all-in costs of an interim manager, inclusive of travel and ancillary expenses is an estimated minimum of 20% less costly than that of a long-term hire.
Positive Outcomes of Hiring a Temporary Senior Professional:
All of these broad categories have a dramatic impact on the bottom line for the company.
The Truth of The Matter:
This is not to say that there aren’t other solutions that can be considered for resolving gaps in the senior ranks and with a lower outlay of capital. Although a “do nothing” approach is reminiscent of the “hope is not a strategy” cliché, sometimes companies can leverage existing team members for project work due to a vacated spot, promote from within on an interim basis or split duties among current executives. However, this approach should be weighed carefully.
Interim Management is not always the right solution, but given its impressive and longstanding track record of return on investment and the ability to validate its value with results in the form of completed project work, departmental efficiency, firm KPI’s and the direct cost comparison as outlined above, its utility as a key tool in the toolkit for owners, boards and investors is likely to be heavily (and happily) leveraged for many years to come.
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* Security and Affiliation! *
As the name suggests, an interim manager is a temporary manager. Ideally, this is a matter of mutual understanding. It is therefore clear to both parties that this is a common path, for a common goal, for a limited time period. In this case, advantages of an interim manager can be fully exploited. At that moment the Interim Manager is only committed to success and is not hindered by securing the “job”. They can therefore concentrate completely on the matter at hand, on the essentials. The question of what needs to be done is never about: how do my decisions and actions influence my future in the company? Admittedly, it contradicts the understanding that generally prevails, namely the striving for security and belonging. However, it is only possible to escape this striving if the interim manager’s (self-) confidence in his or her own abilities and possibilities is high enough. It requires the willingness to constantly analyze the market in order to identify economic and market trends, as well as to adjust to the resulting requirements and adapt flexibly.
On the way to independence I often encountered the lack of understanding for the decision and the supposed uncertainty connected with it. Certainly, this way is also not the right for everyone. Only those who are willing to accept it, will have the chance to take advantage of the opportunities. A permanent position and self-employment are two completely different concepts, which are only partially compatible with each other and are therefore usually largely mutually exclusive.
*Opportunities Through the Interim Manager!*
This is one of the opportunities offered by the independence of an Interim Manager. The actions are geared to the task as well as the goal and keep the focus on the essentials without having to worry about “company politics”.
This is exactly where I see one of the reasons, why many things do not work out the way they should. Most of the people involved are often aware of the necessary actions or changes, but out of self-protection and fear of reprisals or not being part of it anymore, they are not addressed or implemented. Only a few dare to come out of their “cover”. If they do, however, they have to expect considerable difficulties with colleagues and superiors.
In practice, this now means that an Interim Manager should always be called in when changes are desired that require unpopular decisions or even the loss of the actual function or unit. The client does not incur any obligations and costs through the use of an Interim Manager as a result of lengthy separation procedures as with a permanent employee, as there are practically no notice periods and even less so no protection against dismissal. The company can hire specialist and management knowledge as required on a temporary basis. This is also one of the advantages of the interim manager, who after a mandate usually has a more or less long period of time off work, which must be used for further training and the continuous improvement of his/her services.
* Not Possible for One Employee! *
In addition to bridging a vacancy, Interim Management is about the concrete implementation of a goal or goals that are useful and important for the company, committing to one another in the long term. In comparison to consulting, it is about the actual implementation of projects with corresponding added values, rather than simply pointing out potentials. To realize profound changes often requires a high effort, which theoretically can also be done by the employees. However, since this cannot be sustained by them in the long run and thus cannot be achieved, they are forced to adjust their workload until it is sustainable for them over a longer period of many years.
So, who is Interim Management for? Actually, for every company that has temporary tasks or objectives that cannot be realized to the desired extent by internal employees for various reasons.
In these fast-moving times with their rapidly increasing changes, interim management can help companies to meet the constantly demanding challenges and to push ahead with their innovations. Ultimately, as a strategic building block for securing competitiveness.
* Success Through Limited Duration of Employment! *
This is the success that assigns the task to the Interim Manager and not the contract with the company. This results in an interesting opportunity for the company and the interim manager to work together with a variety of advantages and high benefits.
Future of Work:
In the future, this will be even more important for companies to respond and adapt quickly. We believe that interim managers & temporary appointed employee will play an important role.
Readiness for change will be the greatest competitive advantage and thus it is very important to look at the company and consider flexibility in all phase of the business – from production to organization. Already, agility and quick adaptability is required now, but we are working at an even faster pace in the future. Which means, there will be hardly any time to spend 12-18 months to build and implement a strategy. There is a need for skilled people, who can quickly see, know & plan for what to do and then execute their strategy.
A Mindset That Businesses Need:
In previous years, interim managers have been involved in such turn-around cases where they have had to put out fires, act as hangars or clean up the mess of the company. However, they play an important role in dealing with the stages of development, where things happen so quickly that companies cannot acquire enough knowledge in time to deal with rapid growth. It is this type of jobs that will be decisive in the future. Interim managers have a mindset where the focus is on solutions. They know that they cannot change the organization by themselves, but they are not bound by any career ladder, politics and hierarchy. They can look at the problem hands-on without any bias and be action oriented and take executive measures in the organization with them. This way of thinking will be useful for companies in the future. To run a successful business, being friendly will be the essence. Interim managers can ensure in these cases that businesses should not be new to the fact that they need to change direction every time. This is because the interim manager adds the necessary experience and knowledge to the business.
The Best Candidates:
We all need to find out our requirements for what it is & what we are working for. Businesses should find out about permanent employees’ instructions and mobilize them with a transparent & clear strategy. After that interim managers and others should play an important role in the organization as a supplement to permanent employees with flexible contracts.
At International Executive Consulting LLC, we believe that we are heading towards an exciting future. We are experiencing a growing demand for interim services currently. We have top qualified and experienced Interim Executive to give a boost for your business.
Businesses now gain access to one of the best interim managers in the maerim
rket through IE Consulting LLC and we assure that we are more comprehensive and qualified, which goes hand-in-hand with how we estimate that the future of work will look like.
When an organization loses a key member of the management team, it creates a void that can impact care delivery and overall operations in many ways. To avoid passing important duties to others already serving in vital roles, Interim management can ensure very smooth transition while seeking a permanent replacement of team member. Below are some aspects to consider when taking advantage of interim leadership and benefits to your organization.
Evaluating Your Management Needs:
Assessing immediate needs is important when considering bringing in outside leadership. The following are the basic queries to help you identify the needs of your company:
What duties were performed by the person being temporarily replaced?
Do those duties require immediate attention?
Are there projects in motion that need to be completed?
Will this person be responsible for budget, quality or clinical outcomes?
Getting A Smooth Transition and Fresh Perspective:
A common practice created due to losing staff members is to assign tasks to individuals who are already doing important tasks for the company, usually leaving them with very little time to take on these new tasks. Putting a burden on an already busy employee can lead to an unexpected drop in productivity for the current role. Bringing in an experienced executive or clinical manager can keep key processes on track, maintain accurate and consistent operations and help look for a sustainable leader within or outside your organization.
In the constantly changing world of healthcare delivery, Interim Managers can provide a new approach to the “outsider” of the organization’s operations. The Interim Leader can help assess workflows, productivity expectations, and explore areas for quality improvements.