Having a qualified and competent executive management team is integral to the success of any organization. Problems arise, however, when an executive suddenly vacates a position or there is a mismatch between the internal capabilities of a leadership team and the actual skillsets needed for a specific stage of a company’s growth.
The world of interim management, a specialty that has grown significantly through the years, has offered an alternative route for companies wanting to maintain forward motion while re-evaluating what is needed to take them into the future. As opposed to a full-time executive search, interims can be on board in a matter of days and come with flexible contracts and pricing models.
Is interim management right for your company? Here are five common situations where hiring an Interim Executive may be appropriate.
Whatever the reason is, it’s rarely beneficial to keep their role vacant for too long. You risk disrupting workflow. You risk losing operational momentum. You risk decreasing employees’ morale. When there is a collective misunderstanding for the absence of executive leadership, this can lead to underlying anxiety, uncertainty, and demotivation.
Before reaching this point, interim management can be a solution. While sourcing a replacement for the executive position, an interim exec can keep things running as the business transitions. An Interim Executive steps in to move the organization forward while helping to re-evaluate what is required long-term for a leader to be successful.
Some executives can keep up with the demands of a growing business. They evolve and manage to lead their companies to reach greater heights. But for others, the growth can be overwhelming, and it demands different skillsets and expertise.
Our Interim Management Service provides on-demand, specialized executive leadership to help through these different growth stages. Maybe a division CEO is needed to establish and expand operations in a different country, or an Interim CEO is required to implement or streamline systems and process for a more efficient operation.
Companies may find themselves preparing for a sale or other similar milestone events. These are usually one-time events that require a specific skillset or expertise where interim management can be a huge asset. Interim executives may be called on to head up business development or even supplement management when there is no deal experience internally. The CEO, for example, serves an important role in the M&A process and if the permanent CEO has not been through a deal process before, looking to outside help can be a great solution. An interim Executive can be engaged on a project-basis to manage everything from due diligence, to interfacing with potential buyers or acquisition targets, to focusing on a post-deal integration plan.
If your business is in trouble it may be time to rethink your approach. Interim Executive provides a fresh, unbiased perspective from experts who have seen and helped companies emerge from seemingly worst-case scenarios. Bringing in an outside executive who can apply vast experience to assess the root of the problem and make the tough decisions, is often necessary to get a company back on a positive track. Once the fix is complete, interims move to their next challenge, handing the keys back to the company or new permanent executive to run with.
High-level and technical projects such as ERP implementations, product launches, or new manufacturing facility rollouts can be quite challenging. They often need people who have validated experience of operationalizing them successfully. A management team trying to embark in a business transformation for the first time can risk making common mistakes that could easily be avoided with experience.
As such, companies that are exploring implementing specialized projects can hire interim executives that have required technical experience to enable their successful execution.
Whatever stage your company is at, interim management can serve as an on-demand solution to draw on the best executive leadership for your most unique and pressing needs.
Get to know more, please visit us International Executive Consulting LLC or drop us an email at firstname.lastname@example.org.
What is interim management?
A few words for those who do not know the business of interim management. It is an activity that involves integrating experienced managers into organizations for a period of a few months to approximately 2 years, leading a major change, a strategic project, supporting a manager in difficulty or an immediate replacement. . All managerial positions may be the subject of Interim Management Services, with the most relevant being managing director, finance manager, human relations manager and operational positions.
What is Impact Interim Management?
Could interim management not be effective by definition? Yes, of course, but the notion of impact here is the same as that given for impact investing or impact companies.
Impact Interim Management is based on the notion of overall performance of an organization, which integrates economic, social and environmental performance. Therefore an IIM assignment is defined as a temporary management task that involves significant social or environmental improvements.
Is Impact Interim Management Relevant?
Interim management professionals and my practice as part of my interim manager assignments for 20 years shows that the answer is no, it will not be relevant. In fact, apart from a few rare assignments for specialists in ISO, the concepts of overall performance, sustainable development or CSR appear very rarely in the assignment’s specifications. And emphasizing your commitment to this area can leave the impression of a lack of commitment in the economic dimension, the priority of almost all assignments.
Examples of Impact Interim Management Assignments:
Assignment that includes an objective in its definition and an assessment of progress:
Developing a non-harmful activity to society by integrating approaches such as eco-design or circular economy or carbon footprint
An effect is not “to change the world” in an interim management Services. It can be a simple mission, just integrating a priority like “staff safety” and without negative impact on other dimensions of overall performance.
The rapid development of Impact Interim Management or something equivalent would indicate that the business world has aligned itself with the social and environmental challenges facing our society.
International Executive Consulting LLC is one of the known Interim Management Services provider company in USA and provide the Best Business Growth Consulting Services to our clients as per their need. Let’s have a quick call – +1-202-258-5376 get the best business consulting services.
“We stop the domino effect.” This sentence perfectly describes the effect of a successful renovation. The sooner you get an expert at your side, the greater your chance of a successful business restructuring. The expertise of the interim managers in the field of reorganization includes, among other things, the operational reorganization and improvement of the corporate structure and processes, the reorganization of controlling, in particular to monitor the success of the reorganization, short- or medium-term liquidity security including working capital management and ensuring sustainable competitiveness.
The Interim Restructuring Manager is also experienced in creating or reviewing independent business reviews (IBR), restructuring and restructuring concepts or IDW S6 reports. Thus, the Interim Manager restructuring takes care of the strategic, financial and operational realignment of your company.
Are you looking for an interim manager with expertise in restructuring?
As one of the market leaders in interim management, International Executive Consulting LLC supports you in finding the right candidate for your job. We will introduce you to the first candidates within 48 hours – for vacancy bridging projects and other topics where you need external know-how as well as for change management processes.
Our Interim CEO offers high flexibility paired with short-term availability and support you with strategic issues as well as with operational implementation support and also bridge possible competence and capacity bottlenecks.
For more information, visit our website now – https://www.interimcsuiteservices.com/!
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!
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.
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:
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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* 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.
“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. ”
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.
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.
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.
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
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.
Expert Roundtable – Specific to Your Company and Business Issues
Part Time 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.
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’.