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!
* 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.
Healthcare spending was projected to increase 5.4 percent annually from 2017 to 2022 according to the US and Global Health Care Industry Outlook. This is more than $10 trillion by 2022.
The United States continues to outpace other countries at projected spending – in both public and private health services – from 2017 to 2026, estimated at a total of $ 5.7 trillion. Yet positive health outcomes are worse, with spending almost double that of similar countries.
Healthcare organizations that want to remain competitive must deliver positive results while running sustainable, profitable businesses. Many healthcare providers are now outsourcing the expertise of Interim CEOs to try to lead them towards a healthier financial future.
“Many organizations bring me in to provide an unbiased view and make recommendations before bringing in a permanent CEO or controller,” explained an interim CEO, who has worked with many health systems, critical access hospitals and clinics around the US . For him/her, which often means meeting and learning from everyone in the department, looking at production, completing monthly statements and addressing issues in the underlying financials to ensure consistent reporting to the board.
An Interim CEO is a proponent in strategic planning and brings hands-on experience to the table. They first help healthcare organizations understand their current financial situation and then guide them in making informed accounting and investment decisions about their healthcare practice or business.
Every healthcare organization faces financial challenges, from hospitals to clinics, from health tech companies to laboratories. Whether their financial problems are revenue-driven, competitively based, or revolve around patient outcomes, it is difficult to prioritize which issues to solve. An interim CEO knows how to understand all those moving parts, and to take swift action.
Interim CEOs are no strangers to challenging situations. The interim CEO helped a small-town hospital that had terminated its full-time CEO by training its controller.
Some healthcare providers simply require basic guidance with their financial statements, while others require an in-depth analysis of how well or how their financial systems operate. Other organizations need to determine if their financial capabilities are on par with their new business goals, does that mean improved levels of care, expansion or merger due-diligence and integration. In any case, an experienced interim CEO can quickly identify what financial issues should be done first, and whether the fire should be put out immediately.
An interim CEO empowers healthcare providers, not only to develop and implement a strong financial plan, but also to ensure that the healthcare provider is well positioned for development. In turn, health organizations can then make confident decisions that enhance financial stability in the future.
Interim executive tips to grow your platform, product or service.
Understanding Network Effects:
You buy a toothbrush and use it to clean your teeth. You got what you paid for. Most products are like this. But in the last decade, a new kind of work is taking place whose value actually increases as the number of people using it increases. Otherwise known as network effect.
Facebook, AirBnB, Uber, and eBay are popular examples of companies that have only grown more powerful and useful as their user base. This is not to be confused with development as it does not always translate to a large network.
Focus on Business:
Seeking to grow quickly, businesses can often lose touch with their existing user base. This is not good before branching out to new markets and cities, focus on increasing engagement with people using your product or service.
If you don’t focus on busyness in the early days, you can grow very quickly and lose your old user base. And so you’re not really focused on products and improvements that help the overall network. It’s very important to focus on your growth, how strong your engagement is and how much of your existing users are serving you. Ready to use more.
Interim Executive Tip: An Access Strategy
Sometimes the best way to develop your network is to use other networks. Integration with social media apps and platforms is great for getting your product out there. Focus on users tweeting or sharing your product. This may just be your ‘something special’.
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!
For a business, profitability is vital. However, most organisations lack the expertise and intellect to achieve success, since it requires them to look three or maybe five years ahead of time.
To develop a unique growth strategy, companies need fresh perspective every now and then. For instance, the managers who are accustomed to working in a business environment for a long time may not be able to see the negative aspects of it. If they somehow managed, implementing new strategies may affect the relationship with the staff.
Benefits of Hiring Growth Consulting Firms
To get an outer perspective in the highly competitive market, large number of businesses is resorting to the growth consulting service to lookout for unique strategies to increase sales, minimize operational costs, innovation, restructure business and bring novelty in service offerings. These firms are hired mostly on project basis.
Growth consulting firms have shown higher growth in last few years, in comparison with other professional services. This is due to the extended roles of consultants in the leading companies as C-suite executives and interim managers. According to the data published by Statista, the global management consultant market is expected to reach 344.38 billion by 2025.
Here are some of the major advantages of interim growth consulting firms that will contribute in this growth.
The demand of management consultants tends to be higher during strategic decision work or cutting budget costs. A deeper knowledge of the ins and outs of the industry allows consultants to give advice that works.
Famous American businessman Sam Walton who’s known as the founder of Walmart, once said, “There is one boss, the customer. He can fire anyone in the company from the chairman on down, simply by spending his money somewhere else”.
In the era of infinite product choices, brand loyalty seems to be dying. Modern consumer has grown more demanding. They are becoming intolerant to poor services. Customers are most likely to switch the brand choice after an unsatisfactory experience.
Customer Is King:
Needless to say, there is no business without customers. The perception of a customer becomes a business’s reality. Brands that aren’t able to respond to their customer’s needs, loses them. It has become more than important for businesses to put themselves in customer’s shoes and tailor the approach accordingly.
Organizations face the biggest challenge to create business capabilities that helps them meet the ever exceeding requirements of the customers in the highly competitive market. A unique strategy is required to ensure customer retention and derive more value from a product.
Here’s where reliable strategy and operations consultants can help.
What is Strategy and Operations Consulting:
Generation of new revenue streams through existing or new services and products is the major aim of businesses. However, it is impossible without a unique strategy. There are dedicated services that help in business transformation. They develop strategy that work and connect that strategy to operations. The experts help in building opportunities to create value.
Both existing and new customers are mandatory for increasing sales. However, new customer acquisition is far more expensive that existing customer retention for a business. Strategy consultants help in enhancing the experience of existing clients, so that they buy from the business again. They will provide tactics to save on marketing costs. Customer loyalty programs are implemented to reward customers for their ongoing loyalty.
The consultants take into account your business’s visions and goals and key differentiators of your products and services to come up with a full-proof strategy. The action plan is developed keeping in mind the target audience. Afterwards, they also help in executing the strategy and measuring its success after pre-defined time frames.
Now that you know that what is strategy and operation consulting, its time you collaborate with the best one.