interim chief financial officer

Interim Management | Interim CEO – Part I

Part 1 of 3: interim management services/Interim CEO

 Many of you have heard me bang my drum on outsourcing so I wanted to focus on a growing segment that is often underutilized.  We see it a lot in health care and even more so in the UK, so this is Part 1 of a 3-part series on interim management services.

Sometimes life and business doesn’t go as planned and you might find yourself facing an unexpected opening in the leadership at your company. While it’s a tough situation to face, look at interim management provider as an opportunity to create consistency for your company. In the meantime, you can use a pro to help improve efficiency and cost-effectiveness. Let’s look at how your outsourcing can actually improve business.

Time. Interim executives allow you to take your time in the selection process. When you employ interim management services, you have the ultimate flexibility and don’t have to rush for the sake of having a body in the position. This individual knows and understands that they will be with the company for only the designated period of time. Yet, they also understand the role. interim management provider isn’t a tyrant waiting to happen (thank goodness). Rather, they’re an exec who you can partner with to navigate through these rough waters. You also avoid a vicious cycle of trial and error due to the pressure of timing.

Perspective. If you’re looking for someone whose loyalty won’t be compromised, you can often find that in an interim executive. Outsourcing is a great way to guarantee that you’ll get a true opinion. With a fresh set of eyes coming in, you can understand how your company appears to an outsider. This perspective is priceless, and you feel confident that no one is looking to climb any kind of ladder in the meantime.

Continuity. Sometimes, in the midst of trials, you just need some continuity. If an interim executive is going to do that for you, then, by all means, you should outsource. Stabilizing the company—both internally and externally—is valuable. It helps to keep your image steady in both the public eye as well as with your employees. After all, the last thing you want is to instill fear in your employees. Bringing in some interim management services, even if the individual is just a figurehead, can be incredibly helpful to you.

Make changes. On the other hand, maybe your previous management left for a more specific reason and you’re not too hot on the status quo that was being maintained. If you’re not looking for anymore continuity, you may consider bringing in an interim exec to make specific changes. They’ll be able to implement your ideas and start your company on the path of progress. While they may not be around for the long-term, outsourcing this progress can help to create direction and a sense of purpose for the business and employees. And, during this interim period, what a great time to test some new approaches or different strategies with a qualified executive at the helm. The interim may provide some unique insight that is cost-effective to try out.

 

The latest Providers’ Survey by the Institute of Interim Management, shows that a specialized Interim Service Provider is the preferred partner, closing about 45% of all interim positions.

 

Return on investment. While it may feel as if outsourcing could really put a dent in your wallet, an interim executive is often worth their cost. Put simply, if the company’s previous management left or was fired due to an issue that requires change, failing to deliver that change will end up being costlier than not shelling out the cash in the interim. Don’t be cheap – pay for the outsourcing! It’s worth it save your time and your money for the future. Interim executives will return on your investment and improve the efficiency of your company while you get it back on track. Hiring interim executives not only keep the company on track but must be viewed as an investment with a viable return – not an expense.

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