A mid economic upheaval and increasing challenges, what is the best source of sound, applicable counsel available to the CEO? This is a simple question, but of great importance for the development of small and mid-size businesses (SMEs). At different times a leader may want to use specialized expertise, generate a strategic decision or strengthen discussion around business development. There are many possible sources of professional advice; the executive team, shareholders, peers, professional advisors, family, etc. each have its pros and cons, but an Interim C-Level Executive can certainly provide the kind of results Leaders of small and midsize businesses can expect from their chosen soothsayer.
By working with many CEOs over the years on several specific projects, many clients understood C-Levels to be a higher level and strategic guidance of a more general nature. There seems to be a growing demand for such comprehensive high-level advice, which is not available to any one person. This contemporary body of research was sponsored and shared. This gives a staggering revelation of the kind of impact that experienced consulting business can have on productivity and profitability.
Although large organizations often have a board of directors, many SMEs are not in a position to use the benefits of such a formal structure, for several reasons. However, it is well within the capacity of a small to medium-sized organization to employ the services of an advisory board. It is a relatively straightforward way of accessing expertise, know-how and depth of experience, and yet it is a far more flexible approach, especially if the leader of an organization is focused on getting further perspectives and guidance, as opposed to rear-view oversight which was practiced by most corporate boards.
The outstanding feature of the BDC methodology is their use of metrics to determine the value of the use of advisory boards. Two major highlights of the research found that organizations with an advisory board reported that they enjoyed 24% higher sales and 18% higher productivity than the higher board less’ control group. 86% of these SMEs were also “respondents who benefited from the advice of their advisory board and believe that it had a significant impact on their company”. Those results speak volumes. So far BDC reports that only 6% of American SMEs have formed advisory boards to assist them. The study concludes that “the role, operations and benefits of this governance tool should be highly promoted to American business leaders to help them better manage their company’s success.”
Based on this trailblazing study, and by tapping into the depth and breadth of the talent pool at C-Level, we have developed a consistent approach to help clients actively establish their own advisory board. This approach reduces time, effort, and risk; and provides immediate direction by focusing on upcoming major issues; be it vision, profitability, increased sales, strategic initiatives or enhanced transactions.
Have you considered the benefits of an advisory board? Care to see the findings of the entire BDC research? Potential benefits are indisputable.
No matter what business owners do, businesses will always run into a rough patch where things all seem to go wrong. To deal with this rough patch, you sometimes need someone with a specific skill set to help get your business out of this tough time. This is where interim leadership comes in. Through interim leadership, you can find that specific person with expertise in a certain area to help your company.
What is Interim Leadership:
Now as the name suggests, interim leadership is leadership on a temporary basis. These executives are usually brought in for a short time period or on a project basis. The reason is these executives are highly specialized. Not only do they have the specific skills needed to fix the problems, they also have years of experience to back these skills up. You may be wondering if this form of leadership is another form of consultants. That is not the case. The main difference between a consultant and an interim, is that not only does interim leadership advise your company, but they also can execute on the solutions to assist your company.
When comparing an interim to a full-time hire, there are 2 main benefits in choosing the interim route. One benefit is the flexibility they provide. A full-time hire may not have the background expertise in each of the areas needed the company may encounter. With interim leadership, you can hire one executive who has the expertise for a specific project or situation the company is facing such as new channel expansion. Once this is launched, another set of expertise may be needed to achieve the company’s goals. The second benefit of an interim is the cost. There are no hidden costs with an Interim Executive such as pension or paid vacation. Interim leadership is a more flexible model where you can pay as you go, only for what is worked on.
For the various challenges your company will face throughout its life, it may not make sense to hire a new full time executive. This is where an interim comes in. Interim leadership is flexible and highly specialized, so whatever the challenge your company may face, an interim can be the superhero that saves the day!
To learn about how International Executive Consulting LLC can help you and for more information on interim executives, please visit our home page by Clicking Here.
Not only do we as individuals try to improve our productivity to become hyper efficient, but it is also the goal of any company in any industry.
When your company brings in interim management, you can expect this new executive to implement specific changes to help improve your company’s productivity. Today we will go over some of those changes that you could expect to see.
You would be surprised to hear that there are many companies who still do things the old fashioned way like taking inventory with a pen and paper. Though this method may be “tried and true”, we all can agree that using things like a pen and paper is time consuming. Technology may have a steep learning curve, but the amount of time that is saved with technology is invaluable. Our Interim Executives may implement things such as company-wide communications through applications like Slack or changing the way customer service works through social media.
Becoming More Proactive:
There are some companies who are proactive, and some that are reactive. For the most part, the most successful companies are those who are always proactive. They become the innovator rather than the follower. You may be wondering how being more proactive can improve productivity. A good example to explain this is the stock market. When investors do their research and can find that one under the radar company who had great earnings or developed new product and invests in that company then they obviously will make more on that investment then an investor who invests when that stock becomes more mainstream. Interim management can change the way your company acts to market changes or technological developments by becoming proactive. This “proactivity” can be that one change which not only helps to improve your company’s productivity, but it can also put it in the forefront of innovation.
Not only can interim management help solve your company’s problems but they can also implement new ways of getting things done in your company, which can help to improve your company’s productivity.
To learn about how International Executive Consulting LLC can help you and for more information on shot an email or give us call today – +1-202-258-5376!
Interim management is the supply of an individual with business management abilities. These people will ordinarily be experienced business pioneers who can deal with an association through changes or times of progress, give soundness to a business after the abrupt take-off of a senior executive, or a profoundly specific range of abilities a business might be lacking.
Interim for Finance
Finances is always a challenge for small firms competing with large firms, and especially right now. Business costs have risen above the rate of inflation, and the impact of Brexit on exchange rates has led to further increases for firms importing goods.
Why turn to an Interim?
According to a recent survey by the Interim Management Institute, 80% of interim managers will use interim service providers at least some of the time. International Executive Consulting LLC is best at managing turnarounds, accelerating change and helping businesses change in times of demand. They bring intelligence, exertion and rigor that can differentiate between a bust or a boom.
The obvious advantage of interim over alternative routes is that it allows an to use knowledge together with your existing team and implement change quickly. The immediate result leaves a lasting positive impression. In addition, interim are a flexible and variable cost option, not a fixed overhead. This gives organizations considerable flexibility with the nature of interim contracts.
Interim managers are experienced professionals who bring industry knowledge and expertise that is independent and as a result is able to provide insight and value to a specific goal, with a quickly realized ROI. The main benefits are:
Interim CEOs are available to start at very short notice with minimal recruitment or termination formalities
Interim managers are experienced professionals who are used to working completely autonomously, and require very little direction to start and make a real difference to their business
Interim managers are judged by the results and know that they have to deliver
The skills, contacts and knowledge that brings an interim to your business will transfer to your team and stay for a long time after they are gone.
Being sensitive to company values and culture, having no previous history with your business means that they can view the situation objectively and clearly. Personality and politics did not influence the best decision for business.
An Interim Manager can act as a adviser for the board, with an ace up his sleeve to help carry out the strategy.
Day by day, the business world is becoming highly competitive. Therefore, businesses must ensure that they have the latest technologies and software to meet the needs at the workplace, to provide quality solutions to customers, and must definitely be ahead of the competition.
With the constantly changing technological trends in the industry, it is quite difficult for businesses to make strategic plans and adopt these technologies. This is where the role of an IT consulting firm comes into play. Interim Executive Consulting LLC helps in making informed decisions with proper and effective management of all the components while handling all deadlock in companies, especially in times of disasters. Therefore, companies hire an IT Consultant to monitor and maintain your company’s network for system upgrades and network-development.
In an increasingly competitive market, many companies are turning to business change consultants to help them keep their business ahead of the competition. These business advisors have the expertise and knowledge to get into a business and recommend the best ways to achieve the goals that will improve the business.
The following are the methods of imposition of business transformation consultancy:
Business Analysis Process – Each leading management consulting performs the following steps while inspecting the company’s existing business processes.
Analysis of Situations or Challenges – During this move, the company analyzes its internal and external industry challenges. Based on these challenges, business change consultants suggest how a company’s strengths can be deployed to meet each of these challenges.
Identifying Opportunities – After analyzing the challenges, business change consultants conduct research on areas where the company can experience growth. In addition, external partnerships, internal improvements and maintaining alliances (to enhance the company’s stance) promote the company’s growth.
Determination of Weaknesses and Gaps – Now, consultants determine all areas where the company is lacking. Once a company’s weaknesses and shortcomings are analyzed, only a consultant can create a road map to improve the internal processes of the business.
Strategic Cancellation – The company’s current strategic positions need to be determined. Later, the advisors suggest to the company how and why it needs to strategically transform itself. For strategic recycling, the company must prioritize its efforts; Management consultants also assist the company’s leadership to prioritize its efforts.
Implement and Evaluate – After formulating the strategies, the consulting firm with the client company implements strategies, initiatives and newly formed processes. Once the strategies are implemented, their performance is evaluated. These consultants have a range of tools and methods to measure the performance of these implemented strategies and initiatives.
As an often-underutilized resource, interim executives for portfolio companies and CEO’s should be used in ways that further your company’s goals. In our final part, we will discuss where to find interim CEOs when you’re in need and what to ask in the interview to ensure everyone’s on the same page.
Where to Look
If your business is in a bind, you have options. There’s a variety of spots on the web and services you can employ to ensure that you get the help you need quickly and efficiently. Maybe you’re new to this and need some guidance. Below are just some options and ideas that you can look at when you’re in need of an interim CEO.
Social media is no longer just a way for old friends to connect over the internet. Businesses use social media to promote themselves. Professionals use social media to get jobs. LinkedIn, in particular, is one of the top most popular social media platform.
Specialized Staffing Companies:
If you do a Google search, this is likely the most common way that you’ll be able to connect with interim CEOs or interim management. Specialized staffing companies like the three listed below work directly with qualified candidates to ensure they are matched with a suitable company.
What to Ask
Past performance is the best indicator of future performance, and as a result, you’ll want to ask your potential interim executive the right questions to ensure that they have the correct experience to help you. Here are some of our recommended questions to ensure you select the best interim executive for you.
In your own words, can you tell me what we do?
This question will not only catch a serious candidate but will also catch candidates who know what they’re doing. You want a candidate who has done research on your company, not only because that’s good practice before an interview, but also because the interim executives for portfolio companies CEO who is quick to learn, understand, and analyze your company’s situation will be more apt to help your company succeed.
What is the most grounded quality that you bring to the table given our current situation?
This is as much a strength question as it is a culture question. You can have a great interim executive who doesn’t fit with your company culture and it won’t make much of a difference. Depending on what the candidate names as their strongest attribute will determine what their impact on the culture is, what approach they will take, and how effective they will be.
What do you offer to us that we cannot do ourselves?
Most companies require a fresh set of eyes and ears as well as stability in order to be successful. The next level of growth comes with something different than what you already possess as a company. What makes this candidate unique from your management’s current skillset? This is your potential interim executive’s opportunity to show you what they can do for you.
Tell us about a time that you resolved a situation?
If your interim executive doesn’t have the necessary skills to navigate the challenges of your specific company, they’re likely not the best fit. You’ll be able to tell which candidate stands out if someone has specifically dealt with a situation like yours before. Someone with a proven track record will be able to jump in and assist your company immediately unlike someone with no experience.
Describe your exit strategy in an interim role like this one?
The nature of an interim role is that your CEO will be there for the short-term only. Having an individual who understands what their presence means and how they will potentially extract themselves will be an asset to your company. How they enter and exit the company will impact your company culture and your business success. Neither of you should forget about how transition plays a part in this period of time.
Visit us for more information at International Executive Consulting LLC or give us a call at +1 202-258-5376!