Even before the pandemic forced businesses to be more nimble and forward-thinking than ever, the need for Interim Executives was growing. By 2021, we asked 500+ executives to shed light on Interim Executives Roles, a comprehensive survey that included the who, what, and why behind the growth of this category. And now as the world is finally defeating COVID-19, businesses continue to adapt and re-strategize with a new set of challenges, only increasing the need for experienced, “do this” interim executives even more.
To better understand how the current market is determining the need, according to the research, 125 executives answered the same question: “What trend do you expect to have the biggest impact on the interim attribute in the coming year? Guess what?”
The conclusion was clear: Interim Executives are needed now more than ever. Here, we break down five reasons why more organizations are drawing on interim executive leadership:
It is no secret that the pandemic, the ensuing recession and global supply chain challenges have caused losses for many medium-sized and lower-middle market companies. Add to this the laundry list of challenges that already exist – such as disruptive technology, global dynamics, fierce competition and changing consumer preferences – and the most finely capitalized and poorly managed businesses felt the heat.
But the market waits for no one. It demands growth, and development with value requires the right strategy, a clear and actionable plan, and adequate resources. To find this, leaders are looking for C-Level Executives in Irvine with a proven track record who can reverse crises, navigate potential bankruptcy, drive rapid growth and contingency plans for worst-case crises. can make. And as businesses continue to reduce expenses, hiring an interim role also offers the additional benefits and severance that comes with expertise and permanent hires without the long-term costs.
Several executives surveyed cited the rise of non-traditional employment in everything from technology to financial services to marketing. The interim specialty has followed suit, due to the greater acceptance of outsourced C-suite Executives, increased ability to work remotely, and the need for flexibility within an organization. More CEOs and business owners have become comfortable with key personnel working virtually, which has led them to focus more on the specific skills and expertise that are needed in a role rather than a single one.
The shift towards technology-driven everything was already underway, but the pandemic pushed it towards a non-negotiable one. Employees are still working from home, customers cannot accommodate in-person meetings and organizations need tools to facilitate remote transactions and manage remote teams effectively. This means a greater reliance on web-based platforms, data science, artificial intelligence and digital marketing initiatives. Organizations must also modernize and transform to use data as corporate assets.
As more CEOs and senior executives plan their exits — think baby boomers and the leaders behind family-run businesses — owners need help with strategy and development to prepare for successful transitions, whether it’s those people. Those who grow senior management teams with experienced executives, or are selling the company.
Lack of succession planning and failure to provide leadership training for less experienced executives will also hit the market and demand for experienced executives. As Baby Boomers retire and new skills are needed, interim leadership will be called upon to rapidly coach and develop the next generation of leaders, while easing the transition to full-time hires. It is all about bringing a fresh perspective and in-depth operating experience from a trusted source.
Despite the slowdown in early 2020, M&A deals have not only recovered or bounced back, but are expected to continue growing throughout 2021 and 2022. Officials pointed to private equity acquiring distressed businesses, an increase in private credit and direct lending to the middle market. , and the ability to provide liquidity as key factors in the continued growth of the interim specialty for banks where specialist talent is required to lead M&A and acquisition efforts.
Businesses with an adaptable, future-proof infrastructure have weathered the storm and have been able to buy out smaller companies, thanks in large part to consistently low interest rates, access to capital, and an effective vaccine that, despite some hiccups, Running across the country.
For more information, give a quick call at +1- 202-258-5376 & visit us today – International Executive Consulting LLC.
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.
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:
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.
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!
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 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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CEOs were already facing challenges before the outbreak of COVID-19. The world’s 20 largest economies then went into lockdown at an eight-week window. The optimism for a quick recovery has evaporated and a big question is: how do we prepare for a future that will change forever, but is still not fully known?
The actions you take to protect your business are critical to your future success. But what are those verbs?
Discover how, together, we design and implement commercially viable plans that produce quick results for your business.
How IE Consulting LLC Can Help You?
We bring a strategic approach to cost reduction. We have both compelling drivers and practical tools that make strategic cost reduction real and transformative.
We leverage our proprietary analytical and benchmarking tools and techniques to develop a clear cross-organizational cost agenda, making deliberate choices from front line to back office.
For more information, please visit International Executive Consulting LLC today and follow us on social media now!
Companies struggling to generate growth and remain relevant amid rapid change often see new leadership. A growing number of companies are also looking for a different kind of leader – one who specializes in change and embraces the challenge of helping companies solve their biggest issues. Enter a new breed of Interim Executive, on-demand leadership that brings an outside perspective, cutting-edge thinking, experiential experience and a laser focus on results.
An interim executive is a full-time C-suite rental option. Bringing interim executives into companies because change is needed. They may need to grow to the next level, help with declining revenue, revive the business, prepare for mergers or acquisitions.
Interim officers are able to deploy within a few days and have an impact from day one. They are like special forces of the executive world, parachuted in a difficult situation and solving specific problems.
Why you choose the path of interim management? What sets it apart from permanent executives?:
“Good interim leaders embrace and execute change. They manage transitional change situations positively. They have situational experience that others do not have or avoid others. “
“An interim executive is more goal-oriented and focused on accomplishing the mission with no interest in job longevity.”
“The company is hired for an interim for a specified time to get through a specific issue, while being focused on sustainable long-term and profitability.”
“Looking to set, establish and transition. Watch the system work its magic based on what you helped build.”
“Independent, unbiased, efficient, highly-qualified and experienced, focused on getting things done, immune to hierarchy and politics.”
Benefits of Interim Managers:
In addition to a faster business cycle and higher employee turnover, trends driving the expansion of the interim specialty include global competition, disruptive technology, a growing economy and recessionary fears.
The benefits brought to the table by an interim manager for what type of weight leaders the organization needs are:
Cross industry skills and expertise:
Interim officers are compared to a rolling stone that is no moss. Always moving from company to company, they do not develop institutional blind spots that can set in after years with the same organization. The heart does not stop. They are always at the cutting edge. They have access to the latest skills, thinking, talent and technology, and in many cases, cross-industry expertise that allows them to implement best practices from one business to another.
Interim officers are measured on results. They are not advisors that give a clear sound and have impressive-looking PowerPoint slides but have never led to successful operations. They do not even have a temperature there to keep the seat warm. They make intimate things.
Good leaders inspire others and improve the people around them. Interim officers grow up on team building and mentorship. They excel in assessing talent within the organization and placing people in positions where they can excel.
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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.
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:
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.
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The interim talent — the “gig economy” —is one of the best kept secrets at every level and all successful companies know it. These days, the size of a company is not judged by its workforce. Big companies like WhatsApp and Instagram can be valued in the billions. With this small size, this team is still paying money to the company.
How Interim Executives Increase Company Worth:
We urge you to explore the possibilities of interim, part-time and project-to-perm models next time you find yourself staring at a problem that seems absolutely impossible. You should not always hire a full-time VP to gain VP expertise. You can get all the knowledge, skills, qualifications and qualifications of a Big Six consultant or (top-tier competitor) in a small package, depending on when you need it, a few days a week or a few months at a time. your needs.
International Executive Consulting LLC offers contract executive on a part-time, temporary, interim and project basis. IEC has a network of thousands of executives from operations, finance, sales, marketing, manufacturing, IT, human resources and more. They are available to step into companies in a wide variety of industries and sizes on short notice to fill a sudden gap in leadership, run an important initiative or impart specialized skills and knowledge for a temporary period. IE Consulting LLC serves clients of all sizes from virtually every industry.
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.
Interim executives are the best to transform an organization which is why they depend on building strong teams & strategies.
Knowing how to leverage the collective talents and skills of a team is the mark of a good leader. Interim executives have the quality to achieve their goals. For that reason, they depend on their team to help them reach their targets quickly and effectively.
Teams work well when individual members get along. But with multiple personalities and preferences, issues are bound to arise. To avoid that, Interim Executives focus on building and fostering strong teams that can weather any storm.
Interim Executives Allow Mistakes:
Managers should always remember and cut team members some slack if they make a mistake. By stepping back and allowing them to own their errors, they give them space and support to correct it.
Interim Executives Reward:
Employees perform better when their efforts are appreciated. Good leaders publicly recognize and applaud the work of individual team members, and reward those who make the most contribution. It can be done in small ways like a mention in an internal memo or meeting, or by awarding them financial compensation or free lunch.
Interim Executives Are Specific:
Generalized statements of encouragement don’t work all the time. Pay attention to the details of the work contributed by everybody on the team and comment on that. Because knowing that their manager is interested and involved in their efforts will encourage and motivate teams to perform better and not compromise on quality.
Interim Executives Emphasize Communication:
Open channels of communication make teams stronger. Team members should be able to access each other easily and be available to answer queries. Applications like Slack allows workspaces to communicate in an open and quick environment. Furthermore, in-person meetings every week or month helps provide a platform for members to share ideas and their progress.
Visit us for more information at International Executive Consulting LLC or give us a call at +1 202-258-5376!