Today, Cyril Moreau, our CEO, shares his experience as Interim Manager. This insightful view gives you interesting and useful tips on how to prepare for the client company’s expectations and interim assignments.
Not for the faint hearted:
For the past 20+ years I have been working as a Management Consultant and Interim Manager in the USA and other continents such as MEA, Asia and Europe. Therefore, it is a practitioner’s view of change management in interim management situations, typically in dire situations.
When you work as an Interim CEO you essentially end up working for companies that have had a problem or two, either their profits and liquidity went south – sometimes over years, sometimes quite rapidly – they have an obvious leadership problem or, in the best case scenario, a vacancy due to illness or accident that has to be filled immediately for a limited period of time.
With substantial experience in the health care sector and the pharmaceutical industry, I liken the company’s position to a patient sitting in a consultant’s hospital surgery, awaiting diagnosis and treatment. Of course the difference is that the company speaks with multiple voices and what’s more, most of those voices have their own hidden agenda. A patient usually has seen a GP before being referred to a doctor specialized for their illness. Therefore, sometimes there is already a diagnosis even if it is wrong. The company also has group of GPs, i.e. auditors, banks and sometimes a strategy consultant who needs a person implementing the strategy change by doing some surgeries. And, the quality of early diagnosis varies widely. Whatever metaphor you use to describe the situation, you need to be a quick adaptor and have a keen survival instinct.
Before the first day:
Preparation is paramount. Apart from gathering information about the situation, there are several issues that need to be clarified:
International Executive Consulting LLC guides the mid- to large sized organization in instituting best management and strategies to improve their growth and scale new heights of success in future.
The CEO is in charge of developing strategies for all of these to meet business objectives. Increasingly, companies are hiring top-tier interim executives to optimize business operations.
An immediate Effect:
Some CEOs operate on the premise that they should only use interim officers for limited purposes. The first impression is that interim officers only fill vacancies. The second is that they come when a company is in trouble. In addition, many CEOs believe that bringing in an interim executive is too expensive.
The reality about interim officers, however, is much different than imagined. They represent a field of accessible, talented professionals who can provide distinguished leadership and innovation at critical points of expansion and change.
Respond to Business Requirements:
Sometimes growth overtakes a company’s management infrastructure. This type of problem is easy to recognize, but it’s hard to know how to respond. Often, the company will try to support one manager, but the rate of change puts pressure on the entire chain of command. Other times, the company will hire a new executive and focus support efforts on a more long-term senior-level position. Meanwhile, stagnation in leadership could cause the company to lose out on innovation. Growth is good, but managed growth is better.
In such cases, an Interim Executive may be just the strategy a company needs. Simply said, an interim executive’s short-term investments can yield long-term dividends. Interim officers can quickly assess a company/division’s disfunction and hit the ground running with a specific objective or set of objectives.
Interim Officers Provide Intangible Benefits:
When one of the interim executives starts his new role, this is a chance to help changing the face of the company. This process requires much more than typical business functions, such as improving IT, expanding product production, or developing a manufacturing system. Changing public perception as a company grows requires objective thinking, creativity, and calculated risk-taking.
An Interim Executive can act as a liaison with outside vendors on a full-time basis, keeping employees informed of changes while also allowing them to fulfil existing orders. He/she can also provide an outsider’s perspective on operations that may be slowing rather than increasing the company’s efficiency and growth.
Interim Working Model Forward Thinking:
Ultimately, hiring an interim executive for specific needs around a company’s growth and development can be an excellent strategy for tangible and intangible benefits. Doing so allows teams to be focused around sales initiatives, and it can create a culture of innovation. Some estimates suggest that about half of the global workforce will be temporary or interim within the next decade. Additionally, about 80% of large corporations will increase their use of flexible staffing.
Thus, hiring an interim executive for a specific staffing need can certainly help a company’s bottom line. But this is not the limit of its benefits. These are priorities for the long-term of the company. They are also points of focus for Interim Executives of IEC LLC’s who work with some of the world’s most forward-thinking companies.
For more information, visit International Executive Consulting LLC today or drop us an email at email@example.com.
Love it or hate it, you need a business plan. Interim executives share the best way to get started.
At International Executive Consulting LLC, we provide the best business plan to our clients. But attracting one is the work done by entrepreneurs in small and medium-sized businesses. Some people either hate it or love it. People in the former category have gone so far as to write blogs and books about why you should not even do a business plan.
Although you can be functioning without one, it is not recommended. The clarity and structure that a business plan gives to your company saves a lot of time and decision making in the long term. It provides direction to all those working in the business and keeps them united in their thought process. Because the advantage is yet out of opposition, it is worth the effort.
Where to Start?
A quick search online for a business plan gives you a stack of templates to get you started. They are a great starting point that help you understand the high level content.
Take a blank document and write everything about your business idea. Starting with the market description, your plans to produce / manufacture, and how you plan to deliver it. Write down all your plans and ideas for the business and then using that content either transform it into a professional looking business plan or import the information into a template.
It is always a good idea to have an extra set of eyes through your plans. Use your network to find contacts who have market and industry experience that you would want to sell to. They can provide invaluable insights on cheap and fast ways to improve business processes and, at the same time, advise on any gaps in your plan.
Octavia Butler once said, “First forget inspiration. Habit is more dependable. Habit will sustain you whether you’re inspired or not.” These words are so true.
The successful C-level Executive NC believes that waiting for motivation or inspiration can keep us stuck. It is having healthy and mindful daily habits that take us closer to our dreams and help achieve our goals.
Consistently doing the right thing over and over again till it becomes a habit needs focus and discipline. Here are five important habits successful executives give credit to have helped them move ahead in their career and life.
When it comes to success, a lot of similarity can be seen between leadership in business and sports. Successful people love to win the battle with their team. Entrepreneurs know the importance of playing in a team. They offer guidance to their team members to keep their morale high and ensure they are fulfilling their roles well.
Having a positive outlook in various situations is great but maintaining positivity all the time can be extremely rewarding yet challenging. Researches have shown that executives who think positively are more effective. Their mind expands to various options and help change perspective. Positivity encourages creativity and drives better performance out of the C-suite executive NC.
The era of emails, social media and text messages, technology has significantly impacted the possibility of face to face communication. However, leaders know that a one-on-one personal communication is a must to increase productivity, build trust, and prevent misunderstandings. Commanding face to face communication, demonstrates leadership and authority that helps in closing more deals.
Exercise is a leader’s best bet. Many studies have shown that effective leadership and regular exercise go hand-in-hand. Executives who exercise regularly demonstrate more prominent leadership qualities in comparison with executives who don’t. Regular exercise prevents the mind from anxiety and frustration. It helps improve memory and brain power. Executives who work out regularly tend to be happier, the impact of which is immediately seen in their workspace.
Mindfulness is the state of awareness and acceptance. This quality helps us to pay attention to our thoughts and feelings without judging them. According to a news release published by Cision PR Newswire, mindfulness help executives in stress management. It allows them to become optimistic, approaching any problem, big or small, with confidence and highest ability.
When the leaders are relaxed, the employees working under them tend to be more stress free. The end result is a highly compassionate and productive workplace.
Contact the best executive consulting for your business growth with highly qualified team and the above mentioned daily habits and many others more.
Interim management has emerged as an impeccable strategy for success. Cost, political impact of engaging an outsider and the extent of involvement of interim executives in the organisations were the negatively perceived factors that make organisations reluctant to use interim management. However, organisations that are able to assess the intangible benefits of interim management open their doorways to become rich.
CEO’s and other top level executives are in charge of developing strategies that includes sales, profits, creating new customer base, selling new products and services to existing customers and long term growth of the organisation. However, their sudden departure can leave the company motionless.
Interim executives are not only hired to fill gaps or temporary vacancies; they are being hired to gain new perspective especially when the company is facing turbulent times. Interim management brings in the knowledge, skills and expertise which were earlier missing in the organisation. These experts have an experience of working with different companies, which allows them to quickly grasp the challenges of your business. They have the knowledge to take up domestic and international expansions. The complete commitment towards the clients allows interim managers to deliver successful projects and increase revenues.
Here are the major advantages of hiring interim executives:
Offers Smooth Transition
Interim managers are often hired during the departure of an existing employee, including the CEO’s. These interim executives are well-versed with the responsibilities of the job they are taking in hand. The growth and development are always the main aim of executives. The quickly get to know the teams, analyse the procedures and develop healthy work relationships. This helps in boosting the morale of employees and increase efficiency, which as a result stimulates revenue.
Provide Fresh Perspective
The interim managers fulfill the specific needs of the company. The experienced interim executives help in changing the face of the company by improving many business functions like IT, manufacturing systems and product output. They help build a culture of newness and innovation which aids the sales initiatives. Their out of the box forward thinking inspires the team to work more inventively and energetically. This helps in growth and development in long run, even when the interim executive has left the organisation after finishing his job.
Much Cheaper than Full Time Employees
Bringing in interim executives was believed to be highly expensive once, which is not true. These talented professionals have the ability to deliver more value than a permanent hire. They are primarily hired on a project basis or to work part time. The work tenure could be 3-6 months. This is highly cost effective for businesses. The interim managers are paid only for the days they have worked in the organisation. Like a full time employee, interim executives are not liable for additional costs like pension payments, employee tax etc.
Find the best interim C-suite services to help assess and improve your business in the highly profitable way.
The CEOs job in an organisation is like no other. They are responsible for action of every employee and every decision in the company. Being a C-suite executive requires strong understanding of business fundamentals, leadership skills and technical expertise. They are the one responsible for creating successful business models, provide competitive edge and develop strong risk management strategies.
The unexpected sudden departure of this C-level Executive for many reasons like a progressive career move, retirement or a personal matter can leave a company shattered. This can impact every level of the company, having a negative impact on company culture. A swift C-suite exit can lead to the departure of other executives, while causing delay of new products and services and loss of revenue.
To effectively overcome such crisis and combat such leadership gaps, businesses need to have a succession hiring plan in place. However, it can take up 2-3 months to get a replacement CEO or other C-suite executive in place.
This is where an interim consultant comes for business’s rescue.
You might be thinking where we can find an Interim Consultant in the USA? Here’s a quick guide.
Way towards Interim Executive Managers
International Executive Consulting is a reputed consulting firm that provides highly qualified executives for short term to effectively fill the unexpected leadership gaps. These interim C-suite executives are much easier and quicker to hire. They come into effect as soon as they join the workforce.
The consulting firm offers short term access to the talented top management, saving business from funding permanently. These result driven interim managers with an independent eye, exude latest thinking with a go-getter attitude. This allows them to fast track a critical project with their strategic capabilities.
Here are some of the most important advantageous features to find an interim consultant:
Advantageous Features of Interim Consultants
Serving a temporary job role, an interim leader mostly set up for the next executive to take charge. They can help the organizations identify what they can look for in their next leader.
Often over-qualified for the role, these interim executives have years of experience of working in different industries on varying projects. Such expertise brings wealth of knowledge that allows interim executive managers help business identify their unique strategy that can help business gain competitive advantage, enter new market or re-evaluate products, services and operations.
They mostly act as third party evaluators. Their take on projects is very different and unique than a permanent hire. Interim leaders serve the urgency of fulfilling a business critical project, needed for long term success.
Having interim managers saves businesses from expensive severance packages and contracts. Contact Interim C-suite consulting service to find interim consultants in the USA.