Better Business Through Interim Management
Your company is headed in a new direction and it’s time for an organizational pivot. But, you and your leadership team need some help ironing out the details to implement change.
You’re probably asking questions like:
- Who should be responsible for organizing a company-wide transition?
- What steps are involved in adopting organizational change across departments?
- Do we need additional support to navigate shifts across the corporation?
Finding experts to walk you through the interim management process can make a big difference in the complex task of business transformation.
Aside from periodic pivots, there are a few reasons that companies opt to make large-scale changes, like not hitting the profit margins, or not reaching established metrics and goals. Usually, the decision to make a company-wide shift is driven by a few factors:
- Outdated strategies
- Missed benchmarks
- Mergers or acquisitions
- Lack of internal infrastructure
Companies in any of these situations, established companies and start-ups alike, often seek the help of interim managers to evaluate and recalibrate their internal structures. Then, they can redirect the company to meet goals and reflect their values.
The challenge here is finding the right temporary staff and ensuring that they are prepared with the skill sets your business needs to succeed. That’s where interim management and operational support services come in.
The Goal of Interim Management
Interim management involves bringing in a temporary consulting team to navigate through the period of transition or change.
In this temporary process, the interim management lays a new path forward by:
- Addressing complex challenges
- Achieving specific goals
- Identifying weaknesses within personnel and processes
- Introducing changes to departments and teams
The goal is to establish a well-trained team and a tailored set of processes to drive the company to long- and short-term success.
CFOs consider interim professionals a valuable resource for businesses because it cuts down the time and effort required by core teams so they can redirect their focus to the organization’s larger obstacles.
You’ve Hired an Interim Management Service, Now What?
Interim management service should help you with everything from identifying roles and processes to sourcing, scouting, and assigning talent to tackle projects.
Through Hunter Stevens specialty consulting, we work to identify key new hires, including CEOs, CFOs, or COOs that can successfully guide your company in a new direction. These experienced C-suite executives will redefine strategic initiatives by bringing fresh perspectives and new ideas to the table.
Ideally, your new talent will bring a diverse set of competitive skills, like:
- Dynamic strategic thinking
- Effective communication
- Project management
- Leadership
- Swift decision-making
These competencies foster growth and help you complete the transition successfully before the one-year mark post-transition.
Often, interim managers are tasked with goal setting and establishing OKRs for the company or their department. Then it becomes their responsibility to monitor progress and ensure that those goals are being met. This may involve implementing new systems and processes or making changes to existing ones. This is also why you’ll want to work with experienced consultants throughout the interim management process, to ensure that the new CEO, CFO, and COO assignments possess the skills necessary to carry out the role.
Terminate and Replace Ineffective Management
One focus of interim management is to evaluate and replace ineffective management, especially before corporate restructuring. This entails assessing the performance of existing managers and leadership team members, identifying areas where improvements can be made, and supplying the necessary tools or training to fulfill the new needs of the company.
Introduce change management
Introducing change management is another focus of interim management. It is the role of the interim manager to ensure that the company can adapt to the new changes and plan the transition to permanent management.
This preparation for change may include:
- A revision of the operational budget
- Working with human resources to select and onboard new employees
- Fostering a collaborative environment among existing employees
- Align processes with the organization’s mission and vision
Monitor progress to achieve desired results
While implementing new leadership, new processes, and making a monumental shift to your corporation, you’ll need a system in place to assure the company is reaching new goals.
Monitoring progress to achieve desired results is a crucial aspect of interim management. This is to ensure that the organization can stay on course to the completion of its objectives following the exit of the interim manager or interim CEO.
What to Look For in an Interim Manager
When looking for interim management, it is important to find a professional or company with a proven track record of helping organizations successfully reach their transitional goals. It will also prove useful to focus on companies that have experience within your industry and vertical.
The experienced team at Hunter Stevens has supported companies across the country to source, hire, and prepare interim CEOs and CFOs to successfully lead through a shifting market.
We bring expertise in the execution of board-directed strategies, facilitate evaluations of market conditions, and work with you to find the appropriate course of action for optimum growth. Visit our services page to learn more and schedule a consultation with us here.