When should a management team and Board of Directors engage an interim manager and what determines the type of interim manager they should hire? It is often difficult to identify situations that demand executive interim management services.
When do you need interim management services?
Here are five such situations where you should look for interim management services. One common thing among all these situations is that they happen abruptly, and they need speedy resolutions.
Leadership vacancy without a succession plan
All organizations plan for their next set of leaders but what do you do if someone meets with an unfortunate event or resigns suddenly? Such leadership vacuums are the most problematic. It becomes difficult for organizations to find a successor, both internally as well as from outside. This is where an interim executive leader can hold the reins and bring stability. Typically, such appointments last longer than other interim managers as the person has to stabilize the entire organization, and potentially it opens opportunities to become a long-term CEO.
Managing a financial crisis
When you are facing a financial downfall and you are at a loss for strategies, then you need handholding from a competent interim manager. The role of this leader is very critical since they have to bring the company out of bankruptcy and put it back on the profitability track. Sometimes, these leaders are also called Chief Restructuring Officers (CROs), as they try to put things together to bring profitability to the company. It is very difficult to hire someone who can turn around the tables in a minimum time and hence you should partner with executive interim management services to hire the best.
A company is also a living entity, and it relies on the trust of its managing directors, investors, suppliers, and customers. Sometimes, due to bad performance or negative market rumors, you might lose credibility and hence the confidence of your stakeholders. Now an interim manager comes into the picture and helps you rebuild that confidence and trust. The interim manager brings in an impartial view and works with the team to align with the vision and mission of the organization.
Bringing stability during and after M&A
M&A activities are very common as business houses build on an inorganic pathway. When an organization goes through a merger or acquisition, it brings in a lot of stress for the leadership and the employees. Sometimes C-suite leaders resign, the entire investor support falls, or even it leads to financial downfall. To keep things stable and hold the reigns steady, you need a sharp interim manager who can manage the M&A processes, keep the team intact, and bring stability to the entire organization.
Manage special requirements
New product launches and geographic expansions are some examples where you might need niche/localized skills that are not present within the leadership. An interim manager can bring in this expertise and manage the projects smoothly. They would act like local guides who are extremely knowledgeable about their domain and can manage everything in a successful manner.
Tough times call for tough people; our interim executive management services are known for the leaders we provide and the results that follow! Connect with us today and feel the difference for yourself.
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