The rapid movement of today’s business world has created the need for a new type of leadership. This leader would focus on flexibility, results and innovation but without compromising on expertise. We are talking about an interim technology leader.
Interim Leadership addresses a wide variety of organizational needs, yet many companies are unaware of their options when it comes to Interim Leadership or the capacity of such a role.
Interim Leadership is not the same as consulting — interim executives sit at the table with the management team, integrating themselves into the business and forging exceptional results.
Four Signs Your Business Needs an Interim Technology Leader
While there are many reasons why an organization might hire an interim leader, here are a few examples:
1. Mergers & Acquisitions
According to the Harvard Business Review, 70% of acquisitions fail or fall below expectations. The primary cause of failure is due to poor integration — the strategy is there, but the execution is severely lacking.
An interim executive comes in during massive upheavals in company structure, to ensure the integration strategy is followed through with.
Not only will an interim leader remain on-staff during the merger or acquisition, but will also stay on after the fact to manage and resolve potential “hiccups” down the line.
If your business isn’t growing, it’s dying. Technology has changed the pace of the world and business environment forever, and it’s only going to get more advanced.
Businesses need to not only keep up with the rapidity but also stay ahead of the curve, anticipating the “next big thing” and acting before their competitors.
A fresh set of eyes can bring an entirely new perspective to your team, giving your organization the innovative edge needed to stay competitive.
Interim executives help organizations determine the viability of an innovation, as well as the speed and implementation of the strategy.
Companies often get caught up in their own innovations, that they develop “blinders” and lose sight of what the consumers actually want. An interim leader can explore the details of the innovation with the leadership team to understand if it’s really what their customers want and need.
3. Fast Growth
While growth is the goal of every organization, it certainly comes with its own set of hurdles. One of the biggest challenges during a period of rapid growth is lack of bandwidth — there simply are not enough hands on deck.
Furthermore, current leadership may not be equipped with the skills to manage and survive growth.
Interim leaders are expert executives — they have decades of executive-level leadership under their belts, often spanning an array of industries. Interim leaders understand the processes and systems required to facilitate rapid growth so that businesses don’t crumble under the pressure.
4. Succession Planning
Whether an executive abruptly leaves an organization or is planning to step down, the business doesn’t slow down. In family-owned businesses, succession planning is even more profound.
Serial entrepreneurs looking to start their next business, are another example of needing an executive replacement in their absence.
The best time to hire an interim leader is before the departing leadership moves on. Doing so will ensure a smoother transition and can be helpful in the subsequent vetting and hiring process of a permanent replacement.