As an often-underutilized resource, interim executives for portfolio companies and CEO’s should be used in ways that further your company’s goals. In our final part, we will discuss where to find interim CEOs when you’re in need and what to ask in the interview to ensure everyone’s on the same page.
Where to Look
If your business is in a bind, you have options. There’s a variety of spots on the web and services you can employ to ensure that you get the help you need quickly and efficiently. Maybe you’re new to this and need some guidance. Below are just some options and ideas that you can look at when you’re in need of an interim CEO.
Social Media:
Social media is no longer just a way for old friends to connect over the internet. Businesses use social media to promote themselves. Professionals use social media to get jobs. LinkedIn, in particular, is one of the top most popular social media platform.
Specialized Staffing Companies:
If you do a Google search, this is likely the most common way that you’ll be able to connect with interim CEOs or interim management. Specialized staffing companies like the three listed below work directly with qualified candidates to ensure they are matched with a suitable company.
What to Ask
Past performance is the best indicator of future performance, and as a result, you’ll want to ask your potential interim executive the right questions to ensure that they have the correct experience to help you. Here are some of our recommended questions to ensure you select the best interim executive for you.
In your own words, can you tell me what we do?
This question will not only catch a serious candidate but will also catch candidates who know what they’re doing. You want a candidate who has done research on your company, not only because that’s good practice before an interview, but also because the interim executives for portfolio companies CEO who is quick to learn, understand, and analyze your company’s situation will be more apt to help your company succeed.
What is the most grounded quality that you bring to the table given our current situation?
This is as much a strength question as it is a culture question. You can have a great interim executive who doesn’t fit with your company culture and it won’t make much of a difference. Depending on what the candidate names as their strongest attribute will determine what their impact on the culture is, what approach they will take, and how effective they will be.
What do you offer to us that we cannot do ourselves?
Most companies require a fresh set of eyes and ears as well as stability in order to be successful. The next level of growth comes with something different than what you already possess as a company. What makes this candidate unique from your management’s current skillset? This is your potential interim executive’s opportunity to show you what they can do for you.
Tell us about a time that you resolved a situation?
If your interim executive doesn’t have the necessary skills to navigate the challenges of your specific company, they’re likely not the best fit. You’ll be able to tell which candidate stands out if someone has specifically dealt with a situation like yours before. Someone with a proven track record will be able to jump in and assist your company immediately unlike someone with no experience.
Describe your exit strategy in an interim role like this one?
The nature of an interim role is that your CEO will be there for the short-term only. Having an individual who understands what their presence means and how they will potentially extract themselves will be an asset to your company. How they enter and exit the company will impact your company culture and your business success. Neither of you should forget about how transition plays a part in this period of time.
Visit us for more information at International Executive Consulting LLC or give us a call at +1 202-258-5376!
Operating a Small business can be an immensely rewarding experience, both personally and financially. However, there is always the risk of making mistakes that can impact your bottom line or even tarnish the reputation of your business. Below are some strategies from International Executive Consulting LLC that every entrepreneur should know in order to push through major setbacks and even turn them into opportunities for future success.
Own Up Right Away:
Transparency is important, especially when it comes to making mistakes. If you don’t own up to them, you risk alienating clients or customers and harming your reputation. At best it will seem like you didn’t notice the error, which makes your business appear incompetent. At worst, you may be accused of deliberately covering up the mistake or withholding information. Confessing to botches immediately lets you approach the issue on your own terms while doing harm control, and clients will be bound to move toward you again in the event that you are transparent from the earliest starting point.
Make Personal Connections:
Behind every product, service or business is a team of human beings and sometimes it’s important to make a personal connection when things go up. Reaching out to consumers and putting a human face to the business can go a long way toward remedying a bad situation.
Factor in Failure
No matter how large a business may be, it is vitally important to factor mistakes and even large-scale failures into the budget. Some companies go so far as to set aside line items specifically for such eventualities and while that may not be a feasible option for small business management consulting. Repeat business and reputation are especially important for fledgling businesses and being able to issue refunds or aggressively react to mistakes without putting yourself at major financial risk may make all the difference when the time comes.
Learn When to Say No:
While it may be tempting to tackle every single order, project or event that comes your way, it’s important for small management consulting firms owners to realize that biting off more than you can chew may have serious repercussions, especially early on. Growth is important for any business but taking on projects that can’t be properly managed or resourced risks complications or even major failure, which can spell doom for a business that hasn’t established itself yet.
Take Action:
When it comes to big mistakes, take initiative and be proactive instead of reactive. Remember that failure can be a learning experience; get back to the drawing board and figure out exactly what went wrong, so that you can either correct it or ensure that it isn’t an issue in the future. Create a plan of action to reassure clients or customers and restore confidence in your product. Having the fortitude to bounce back and carry on is one of the things that separate successful small business management consulting services from the ones that flounder and fold.
Consider a Consultant:
Sometimes there is no simple way to recover from a mistake or to prevent backlash. In these worst-case scenarios, it may be wise to consider courting outside opinions. If you’ve put time into networking and building relationships, it’s possible that there are other business owners or professionals in your field that would be willing to provide advice or put you in touch with people that can help. In serious cases, when the reputation of your business or brand is jeopardized, professional reputation management consultants might prove necessary in order to protect your business.