Interim Management – Necessary Evil or Path to Greater ROI? | Know 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.

ROI - IEC LLC

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:

  1. Preventing the loss of confidence in the financial management of the company by board members, bankers and investors,
  1. Assuring that the quality of earnings that drives critical decision-making does not deteriorate,
  1. Management of the entire fund-raising cycle from end to end, inclusive of minimizing gaps, mitigating funding costs and ensuring that timing lines up advantageously,
  1. Interim managers can preclude the cost of failure of key projects in the pipeline that cannot be delayed,
  1. Avoiding losses from a reduction in productivity and prioritization,
  2. Forestalling or reversing lost revenue absent a lead financial strategist (e.g. attending to pricing tactics, modeling key initiatives, capital budgeting, etc.).

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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Why an Interim Manager Should Make Him/Herself Superfluous!

Interim Managers

* 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.

To get the complete details, please visit International Executive Consulting LLC or follow us on social Media (LinkedIn & Twitter).

Future of Business & Work | Interim Managers | IE Consulting LLC

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.

For more information, visit International Executive Consulting LLC or follow us on Twitter & LinkedIn for regular updates.

The Solution For Your Business’ Leadership Needs – Interim Managers

More and more boards and management teams are constantly navigating between leading disruptions in business and improving operations and management to ensure that they are aligned.

4 Questions in the Minds of CEOs:

  • Which are the key strategies that deliver the most impactful outcomes to clients?
  • How do I quickly develop specialized skills the business needs to drive digital transformation?
  • How do I build new mindset and lead behavior change to face new challenges?
  • How do I build strong succession planning in the organization and reduce dependence on international expats?

Interim Managers Can Be The Solution:

For companies requiring industry or functional experts with diverse leadership and management skills, as a stop-gap measure or as a strategy to bring in cognitive diversity of thoughts and experience, hiring Interim Managers can be the solution.

Interim Managers are most often senior leaders who have opted out of the corporate world, to pursue different careers or reached the maximum retirement age. Their new life objective is to inspire and help individuals or companies grow. What they bring is extensive experience in a specific field, often with global or regional exposure bringing the ability to work at all levels, cultural sensitivity and operational expertise.

As they do not have long-term career aspirations, they are motivated by outcomes and results, Interim Managers excitedly bring in wisdom, best practices and coaching skills into the organization. They are also very independent and bring unbiased views and thoughts as they do not have the interest to be in full-time employment or to be in the good books of someone.

Interim Business Solutions

What are the Functions that Require Interim Managers?:

Almost anything. We have provided a listed energy company with an Interim Communications Manager to help them develop their annual report, and at the same time build the skills in the current team. As their Communications Director resigned, they weren’t a dire need to hire someone at such a senior level, considering the poor market sentiments and reduced workload.

You may be running a fin-tech business and require an expert to have an outside-in look around risks and governance, but do not have the bandwidth and budget to hire someone permanently. A former Country Risk Manager of an international bank might be keen to work alongside with you to help you build the framework for risk management and train your team on the governance.

How International Executive Consulting LLC can help you?:

At IE Consulting LLC, we are always available for you and our expert Interim Managers identify the gaps in your business and the necessary leadership and management traits needed and give you the best results and profits with their expertise.

Interim Management Service can be the best short-term solution for a long-term business need.

For more information, please visit us now!

Interim Managers are More than Just Instant Available Candidates

One reason for hiring an interim manager is the speed at which they can be on-board; But this should not be the only reason to hire. We are trying to recruit more permanent candidates to be available in interim roles immediately as this is seen as an effective way to try someone before being given a permanent role. The risks of this strategy are many and should be carefully observed before starting.

The immediately available permanent candidate may be a cheaper resource, but will it be fully committed to the assignment, if it does not proceed to the permanent offer? Will they be totally committed to finishing the project if another permanent opportunity arises elsewhere? Will they have the experience to actually make an impact in the short-term?

Professional interim managers bring direct experience of delivering the issues of the client organization and can quickly adapt to varying cultures, making them highly effective in a very short time. Interim Managers are not focused on staying longer than needed and are not normally interested in taking a long-term permanent opportunity; outcomes and driving value are their key priorities. The costs will be higher but the outcomes and business benefits will be easily visible after the interim has left.

Interim Managers

Interim Executives are the catalyst to positive disruption by offering:

Independence: With no historic attachment to the business, Interim Managers provide independent, committed support to the strategic direction of the business with no personal or political agenda. Many business cases are formulated with common and unclear benefits, making the measurement of delivery almost impossible. In addition, if the senior stakeholders have differing interpretations of the deliverables, there is little chance of successful delivery by Interim Executive.

Fresh Perspective: Organizations can often reduce the scale and complexity of a program and the risks associated for successful delivery on their first encounter with a major business change. Whilst the Interim Managers bring experience, having managed transformations of equal complexity and scale, they are able to highlight areas of potential financial and non-financial benefits & much quicker than internal staff.

Proven Track Record: Using interim managers instead of management consultants or inexperienced internal resources, clients have more control over results, maintain intellectual property and help reduce costs and risk associated with successful delivery.

Legacy: When utilizing any external expertise, there is a risk of losing significant knowledge and intellectual property when the project finishes. Management consultants will often walk away with this intellectual property, although interim managers will always try to transfer this knowledge to current internal staff.

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The Five Times PE Funds Use Interim Executives | IE Consulting LLC

Many private equity funds hear the term “Interim Executive” and think that the only application is turnaround or short-term maintenance. But for PE funds looking for great returns, they look interim for their unique abilities to create and transform companies.

Here are five major use cases for interim executives in PE-owned portfolio companies:

Interim Executives in Diligence:

Most funds are expected to spread their wings – work beyond industries where they have already succeeded in looking at new industries where acquisitions can produce lower costs and higher returns. They move forward, and require expert leadership removed from prior operational teams. While diligence work is not a strict definition of interim, which includes operating roles with the decision-making authority, many interim officials are happy to help for nominal fees to help both investors and sellers make good transactions if circumstances come under warrant conditions. The primary goal for the interim is usually the closing after a leadership role.

Interim Executive In Process Improvement And Upgrade Mode:

When a professional fund acquires a company, it is not necessary for the company to have a lack of process and timely reporting to the required standard. Perhaps it was a family business or a private company that could live with a lot of informality, but the new owners would start upgrading as needed. Funds will look intermittently on a project basis or in some cases to come up repeatedly with bar management.

Interim C Suite Consulting Services Irvine

Interim Executive in Closing Mode:

Although a permanent search can take upwards of six months, one would like to see transactions slowing down for lack of an important role – hence the effective use of interim – to close stronger deals, establish better systems and controls and recruit strong leaders. A good interim will put in place a plan, system, and procedures that can be assigned fundamentally.

Interim Executive in Growth Mode:

While most interim engagements last 18 – 24 months, it is not uncommon to hear that an Interim CEO has decided to make his tenure match the goals of a PE fund, especially if the fund sees a possible exit within three years. In this case, the fund periodically makes an interim demand for their unique skills in manufacturing and selling companies. There are change agents with an interim background that includes corporate spinoffs and successful exits. The CEO is forced into this role when his track record already has multiple wins and already gets out from under his belt.

Interim Executive In Crisis Or Turnaround Mode:

Many funds are familiar with the need for experienced operating executives, when leadership roles occur when things go south with a portfolio company. Perhaps a surprise gave rise to the post acquisition. Perhaps heritage management could not be on board with a larger future. The good news, despite the circumstances, is that the world is now a resource rich with talent who are able to deal with the toughest projects in experienced situations regardless of external circumstances.

Click at IE Consulting LLC and get the best Interim Services to improve your business growth.

Contact us:

Email: info@interimcsuiteservices.com

Phone: +1- 202-258-5376

Know About C-Level Executives & Priorities | IEC LLC

CEOs will occasionally push you down, but mid-level managers will rarely join you. If you do not start at the top, there is a steep climb to get there that puts relationships in your path at risk.

Knowing the employees of the company, their rank and level can prepare you when you start entering the business.

As a sales representative, you should know that you should strive for your C-level decision-makers as soon as possible. That way, you don’t have to put a lot of effort on someone who is not part of the decision-making process to talk about your sale.

Also, it is better to get direct rejection from C-level Executives. If you get one from the lower-level management, you’re always stuck wondering if you can get a yes from the higher-ups instead.

Interim C Suite Services

Forget the Features:

The facilities are great for an operations person, but the higher you climb, the more your interaction should be tied to the benefits of their organization.

People in C-level positions constantly think of ways to improve their company. If you can solve the company’s challenges and offer benefits, these executives will be more accessible and may be more ideal to talk to.

C-suite Executives look at their company’s issues from a more perspective, so you should focus on the solutions you can provide. When you list your features one by one, it is not meant to attract anyone up the corporate ladder.

They are always going to be a lot smarter. Also, these business leaders are thinking: “What’s in it for me?”

Thus, you should answer that question before they ask it.

Understand the Priorities of C-Level Executives:

The performance of an Interim CEO is linked to increasing revenue, improving margins and boosting the bottom line. They will spend their time in conversation which will help them to achieve these objectives.

Remember that you should modify your sales pitch to accommodate for the person you are talking to. Therefore, for those within C-level Management, you should not ask basic questions about their company.

In fact, you should already know enough to get straight to the point. If you ask questions about their company’s goals and background, they probably won’t think much of you.

You have to be armed and ready and able to show your understanding of the company’s goals and needs, before they have to say what it means to you.

Let’s connect and share requirement at info@interimcsuiteservices.com.

It’s Never Been Lonelier At the Top | IE Consulting LLC

“It is lonely at the top” is a common saying between CEOs and business owners.

In many cases, you are the head of the organization and you do not have any peer inside the company with whom to talk. Ironically, once you are in that role, you have things to talk about more than ever – vision, strategy, what you want to do next with the business, personnel issues, major challenges, And the list goes on and on.

There is no question, this issue has never been more prevalent.

At IE Consulting LLC, we have recently seen a very large increase in requests for business advisors. I quite often asked why I think this is happening.

My answer, “As the leaders of a company, we are more alone than ever, we do not have all the answers, sometimes feeling like we don’t have visibility into what the future holds, and just need someone to talk to us, be on top for a while and bring their point of view and vision. ”

Interim-Executive-Consulting-LLC

The next question I get is, “What kind of consultants are CEOs looking for?” My response varies depending on the situation, but below are some examples to help answer that question.

Scenario 1:

A mid-to-large-sized company with a business growth in an industry or business sector is not familiar or comfortable. Interim CEOs are expecting a 50% increase again this year and are unsure what their organizational structure should look like at that point. It has no ratio or compensation benchmark for other companies in the industry as it is a fairly new industry for it. The CEO is looking for someone with a deep industry background to tell him/her what she/he knows and does not do around plans for profitable growth.

Scenario 2:

Small family-owned businesses that seek to focus not just on growth but on business value. The CEO has received an offer to buy the company but it is “not enough to retire.” There are some long-term business relationships that are potential catering. The owners are looking for someone to help them figure out what the roadmap options are, so that an increased assessment can be obtained and they can be trained through the mines.

Scenario 3:

The interim CEO has a long-term employee who aims to help the company manage and reduce its workload. Unfortunately, none of this is happening. S/He knows s/he needs to replace the employee but there is also a long-term connection. S/He is then not sure if s/he needs to move forward and how best to replace the person. The CEO is looking to reduce his/her workload and reduce expenses. She/He is looking for a mentor to help guide in completing both.

In each of these situations, the head of the company had no one who could provide advice  internally and needed someone who could step in in that capacity.

As difficult as it is to get beyond our four walls (metaphorical company walls or office / home office walls), it is now more necessary than ever.

Here are some common options for gaining perspective or finding like-minded people and building a credible relationship with them.

 

Industry Events, Roundtables

CEO Peer Groups

Networking

Growth Consultants

If you feel that you don’t have time for these or are a little too familiar with the above examples, you can bring expertise.

Here are some examples of how to get help within your four walls without hiring someone for long term.

Business Coach

Business Advisor

Advisory Board

Expert Roundtable – Specific to Your Company and Business Issues

Part Time Interim Executive

Interim Executive

There are several options for transferring a conversation from one person to two or more within a trusted and confidential setting. If you do not have it internally with your leadership team, then it is easy to find someone who is suitable for the time you need. Let us know how we can help.

Benefits of Interim Management For Tech Companies? | Know with Us

Is there ever a time when it is the right thing to hire outside senior executives for short term assignments in a software or hardware company? If you are based in the US, technical company boards and senior leadership do not seem to have the most specific response to the question of using interim management.

There are obviously many exceptions to this statement. But in most cases when an executive position opens, the next person in that role hires another permanent executive. Much of the idea of ​​too short the time of reflexion is given to some other possible solution.

In small cases where someone is designated in a role with the tag “interim”, it is usually someone from inside the company. In the case of an interim CEO, it is often a current board member.

Let us look at some areas where a senior interim executive should be hired:

Gaps covered with interim management:

This is probably the most common reason for using C-level interim management. One executive has left the company – voluntarily or not. The team needs leadership. You can try to fill this gap by temporarily putting the team under another functional area manager or more junior executive, but of course this is not optimal. Bringing in an experienced interim can often be a great solution allowing you to move the momentum in the area of ​​concern in the right direction, while allowing the company to take the time and a careful, thoughtful hiring process for the next permanent executive.

Change agents:

There are many different reasons that a company may benefit from the use of a change agent. One of the more common scenarios is a company undergoing financial pressure. Although a new permanent freight may take the necessary steps, sometimes it may be beneficial to use an interim manager such as a fleeting change agent to take these steps. An interim can step in and work fast, while the right permanent fare can take a very long time in situations where time is important.

Interim management can serve as change agents in tech companies:

Sometimes a situation arises in companies where conflict over policy or personality is tearing the company down. In these cases, bring in an interim manager with a previous “dog in the hunt”, who may allow him to be in the role of an impartial, honest arbiter to bridge the divide between the warring factions.

Manage a specific project:

The ultimate common reason for retaining senior interim management executive officers in a technology company is the ubiquitous “special project”. There are many good reasons to bring a temporary senior resource for special projects. Sometimes a project is very, very challenging, and it makes sense to bring the most efficient, experience expertise to lift the odds of success.

International Executive Consulting LLC provides C-Level interim executive services to software and hardware companies, in addition to core management consulting services. If you would like to discuss the potential need for an interim executive, contact us using the information below.

Follow Cyril Moreau and International Executive Consulting LLC via Twitter, LinkedIn. Contact Cyril directly at info@interimcsuiteservices.com.

Our Interim CEO Story: How An Interim CEO Impacted A Non-Profit

The organization was a non-profit that operates more equally for a profit. At that time their problems were spread throughout the organizational structure. Senior managers were concerned about keeping the business alive. They struggled to find the right person to be the new CEO and knew of the existence of many issues but were unable to point to or address them.

This non-profit organization was in dire need of timely and skilled leadership talent. This was the talent he tried to find with a CEO hire that did not go as expected, and the position was open again. The right kind of talent is something that can take a long time to find. The executive may then have on-boarding or training to speed it up. In his position, the demand for leadership was a quick and low-risk decision.

Row of hands making notes during a seminar

The nonprofit hired our interim CEO. He began reviewing the budget and reducing all expenses that were not necessary. They then adjusted the management structure so that department heads were assigned more responsibility and shifted to understanding the entire organizational culture and being part of the bigger picture.

Nonprofits also needed to change how they got closer to new technologies and use them. The Interim CEO revised the software management and organized the new smartphone app. He also improved external communications and opened a new off-site call center.

He anticipated that there should be a decrease in operating staff and an increase in marketing staff – which, once implemented, proved a good sales decision.

The results of the interim CEO’s engagement were:

  • 34% increase in donations (seen annually),
  • 23% reduction in dependence on public broadcasters,
  • Outsourced marketing costs reduced by 60% (the volume of services remained the same),
  • Weekly calls to call centers increased significantly.

The board said it was “hard to believe” how quickly and easily the new interim CEO transitioned. They implemented economical, technological, cultural and operational changes that resulted in maintaining and even improving large nonprofit businesses; All of which happened within just six months. The board decided to offer a long-term role as an interim CEO with the company.

To learn more about how interim management can help and more information about interim officers, please visit our home page by clicking here.