Challenging “Best Practice”: Are You Using It to Signal Authority or Drive Real Value? During a recent assignment, I attended a presentation from a CTO who was outlining the company’s technology strategy. Midway through his slides, he mentioned that certain processes were “aligned with Best Practice”—a phrase he seemed confident would solidify his position. However, as […]
Navigating the Winds of Change: Shifting the CEO and Senior Management Mindset in Distressed Situations In a previous post, Navigating turbulent waters, , I explored how a CEO coach or interim leader can support management teams through turbulent times by offering structured guidance and fostering a mindset shift. My own experience as a CEO in […]
Humans have evolved to naturally spot danger, we have a bias toward negativity which is a key survival tool
When businesses encounter turbulent times, it’s tempting to bring in an experienced Interim Finance Director (FD) to steady the ship. With cash flow under pressure and bottom-line metrics needing scrutiny, who better than a finance expert? But here’s the twist: if the issue is operational, a finance-focused leader may only scratch the surface without getting […]
A Quick DIY Guide to Driving Operational Efficiency and Growth For business leaders, the challenge of balancing operational efficiency with business growth can feel relentless. Market conditions shift, competition intensifies, and inefficiencies creep into even the best-run organisations. The key is to take proactive control—before external forces make the decisions for you. While expert operational […]
Bridging Operational Gaps: The Power of Focusing on Gains, Not Just Gaps In leadership, especially in operational management, the pressure to close gaps can be overwhelming. Leaders are often tasked with achieving ambitious goals, fixing underperforming areas, and driving continuous improvement. It’s easy to fall into the mindset of constantly measuring yourself or your organisation […]
We’ve all heard (or even said) it before: “I always give 110%!” That’s The 110% Myth. This familiar phrase might sound motivational, but it’s fundamentally flawed. You can’t give more than 100%, and most of us don’t even have that to spare once life’s other demands are factored in. So, let’s dive into a more […]
As a professional interim, I firmly believe in applying basic business principles during interim assignments.
During a recent assignment for a family office that had recently acquired the business I was assigned to, I encountered a profound insight that reinforced this perspective.
As we discussed how previous ownership had mistreated the business, causing its decline and subsequent sale, the family office owner shared an analogy that struck a chord with me. He said, “I see a business like a person. You wouldn’t mistreat a person; you would treat it respectfully and do the right thing by it.” This simple yet powerful analogy eloquently describes the basic building blocks for my interim leadership approach to the interim stewardship of businesses, especially those under stress.
Of course, the starting point of a fair proportion of my assignments involves generating positive cash flow through cost control and sales, without which they would not be able to survive without ever-greater levels of debt.
However, following this initial phase, a good interim will migrate into a stabilisation phase and prepare to hand over to more permanent leadership.
At this point, viewing a business as a living entity rather than a mere economic construct and shifting the focus from purely transactional management to a more holistic, empathetic approach has merit.
Like individuals, businesses have needs, potential, and vulnerabilities. They thrive when nurtured and falter when neglected. This perspective encourages us to consider a business’s emotional and psychological well-being, fostering a culture of respect and care.
Ultimately, I am an interim leader, and applying this style is undoubtedly better for the long-term good of the business and especially important for the benefit of any long-term leader who will ultimately inherit the fruits of my labour. So, let’s run with it.
As a professional interim, many businesses I get involved with exhibit signs of neglect akin to those of a mistreated person. These signs include:
Erosion of Core Values: Just as a person might lose their sense of self-worth when mistreated, a business can stray from its core values and mission. This misalignment often leads to a loss of identity and purpose.
Demotivated Workforce: Employees are the lifeblood of any business. When a business is not treated with respect, it often manifests in poor employee morale and high turnover. Sensing the lack of respect and care, employees become disengaged, further exacerbating the business’s problems.
Customer Dissatisfaction: A neglected business fails to serve its customers effectively. Just as a person in distress might struggle to maintain relationships, a business under stress will find it challenging to meet customer expectations, leading to dissatisfaction and loss of loyalty.
Financial Strain: Financial health reflects the overall well-being of a business. Chronic neglect often results in mismanaged finances, leading to cash flow problems, mounting debts, and, ultimately, the risk of insolvency.
Addressing the issues of a stressed business requires a comprehensive, empathetic approach akin to rehabilitating a person in distress. Here are some strategies to consider:
For a professional interim, recognising when to switch from a transactional approach to a longer-term approach is a judgment call. The analogy of treating a business like a person is not just a poetic notion but a practical guide to fostering healthier, more resilient organisations. By recognising and addressing the needs of a business with the same care and respect we would afford a person, we can create environments where businesses thrive. This approach not only mitigates stress and conflict but also paves the way for sustainable growth and success. As stewards of companies, albeit interim, we are responsible for nurturing them with the respect and care they deserve, ensuring they are well-positioned to achieve their full potential under longer-term leadership.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
In business, the term “tip of the spear” is a metaphor borrowed from military jargon. It refers to the leading edge of a military operation, the first and most critical element in an assault. It also implies those operating at the front are taking on the most risk and facing the most danger.
In the business context, it signifies the forefront of an initiative, the most advanced and crucial part of a company’s efforts to achieve a strategic objective. Similarly, they are open to the most scrutiny because their efforts, good and bad, almost immediately affect the business.
Recruiting and Developing ‘tip of the spear’ operational leaders is paramount for organisations aiming to maintain a competitive edge and drive impactful results. These individuals are not only the pioneers in operational execution but also catalysts for transformation and innovation.
At NorthCo, we specialise in recruiting operational management, those at “the tip of the spear.”
The “tip of the spear” mindset is more than a set of actions or strategies; in a former life, we would say “it’s a state of mind”.
Operationally focused ‘tip of the spear’ leaders are defined by their operationally oriented approach, proactive nature, strategic insight, and ability to execute critical operational tasks. They can foresee market trends, identify opportunities, and implement strategies with precision. These leaders are adept at navigating through complexities, making swift decisions, and driving initiatives that propel the organisation forward.
In short, they are experts in “getting stuff done.”
It is a common misconception that ‘tip of the spear’ roles are reserved solely for senior executives or those in top-tier management positions. In reality, these qualities are just as essential at all levels of management. Whether it’s a team leader, a mid-level manager, or a department head, having ‘tip of the spear’ individuals throughout the hierarchy ensures that the organisation remains agile, innovative, and resilient from top to bottom.
At the junior management level, ‘tip of the spear’ individuals are those who consistently push boundaries and drive their teams to exceed expectations. These leaders:
Mid-level managers who are ‘tip of the spear’ are pivotal in bridging strategic goals with operational execution. These leaders:
Senior management ‘tip of the spear’ leaders are visionary strategists who shape the company’s direction and inspire the entire organisation. These leaders:
Creating a clear and effective role profile is pivotal for ensuring alignment and productivity within an organisation. I use the MOST format, which comprises Mission, Objectives, Strategy, and Tasks and provides a structured and comprehensive approach to defining roles, enhancing clarity, and setting actionable goals.
Definition: The mission defines the core purpose and overarching aim of the role. It encapsulates the essence of what the role seeks to achieve in alignment with the organisation’s vision and values.
Importance: A well-articulated mission statement serves as the guiding star for the role, offering direction and inspiration. It helps the incumbent understand their primary purpose within the organisational ecosystem.
Example: “To lead the digital transformation initiatives, enhancing operational efficiency and driving innovation across all departments.”
Definition: Objectives are specific, measurable goals that the role aims to achieve. They should be aligned with the mission and contribute directly to the broader organisational goals.
Importance: Objectives provide clear targets for performance and success. They enable the incumbent to focus their efforts on critical outcomes and facilitate performance assessment.
SMART Criteria: Objectives should be Specific, Measurable, Achievable, Relevant, and Time-bound.
Example:
Definition: Strategy outlines the plan and approach the role will take to achieve the set objectives. It includes the methods, processes, and tools that will be employed.
Importance: A well-defined strategy ensures that there is a coherent and practical plan in place to meet the objectives. It helps in identifying the most effective pathways and resources needed to achieve the desired outcomes.
Example:
Tasks are the specific actions and activities that need to be performed to execute the strategy and achieve the objectives.They are the day-to-day responsibilities associated with the role.
Importance: Clearly defined tasks ensure that the incumbent knows exactly what is expected of them on a daily basis. They provide a concrete roadmap for action and help prioritise workload.
Example:
Clarity and Focus: The MOST format provides a clear and focused role profile, ensuring that the incumbent understands their purpose, goals, and the steps to achieve them.
Alignment with Organisational Goals: By aligning the role’s mission and objectives with the broader organisational vision, it ensures cohesive progress towards common goals.
Enhanced Performance Management: With well-defined objectives and tasks, performance can be easily trackedand managed, facilitating continuous improvement and accountability.
Effective Communication: A structured role profile enhances communication within the team and with stakeholders, as everyone is clear about the role’s purpose and contributions.
Using the MOST format to craft role profiles can significantly enhance organisational efficiency and employee satisfaction. It ensures that everyone is aligned, motivated, and working towards common objectives with a clear understanding of their contributions and responsibilities.
Recruiting ‘tip of the spear’ operational leaders at all levels of management is a strategic imperative for organisations seeking to stay ahead in a competitive landscape. These leaders, whether junior, mid-level, or senior, are instrumental in driving innovation, executing strategy, and achieving transformative results. By identifying the right qualities, implementing targeted recruitment strategies, and ensuring effective onboarding, organisations can build a cadre of operational leaders who will lead them to new heights of success. Embrace the challenge of finding and nurturing these exceptional individuals, and your organisation will undoubtedly benefit from their expertise and vision.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
In a recent meeting that initially seemed poised to bridge the gap between sales and marketing strategies, I immersed myself in a discussion led by a seasoned marketing manager and her team, solely focused on marketing metrics and digital strategy. The objective? Finalising the quarter’s marketing budget, yet noticeably absent were the voices of our sales team. The business is outside FMCG and relies on a dedicated sales team. It requires customers to book a telephone appointment with sales specialists.
Throughout the meeting, conversations orbited around digital metrics: website traffic, engagement rates, SEO standings, and the fixation on keywords and search terms—critical elements for enhancing online visibility and bolstering brand awareness. Undoubtedly, these metrics are pivotal in today’s digital landscape, where businesses strive to capture consumer attention amidst a sea of online content.
However, what struck me was the singular fixation on these metrics to the exclusion of other critical aspects. As discussions progressed, I raised a fundamental query: where would the lion’s share of the budget be directed, assuming it would naturally align with our overarching goal of driving appointments for the sales team to convert to sales?
The unanimous response was unexpected: “Content creation and link building to drive more traffic.” While these strategies are undoubtedly crucial for building an online presence, the focus on traffic growth, without a specific plan for driving the “right” traffic, appeared to miss the core purpose of marketing within the business – to facilitate sales opportunities.
Intrigued by this emphasis, I delved deeper, probing how many sales were directly attributed to our previous quarter’s marketing efforts. Astonishingly, the team could not provide a definitive answer. This revelation underscored a concerning trend: amidst the pursuit of digital metrics, including SEO keyword rankings and search terms, the direct impact on revenue generation—the ultimate measure of marketing success—had been overlooked.
Further investigation revealed that some keywords and search terms targeted by our SEO efforts were no longer relevant to the current product offerings. Moreover, they differed from terms aligned with how our customers typically search for the firm’s products or services. This disconnect highlighted a critical oversight: while the marketing team and the agency they employed were striving to rank for specific keywords, those efforts could translate into something other than meaningful customer engagement or sales conversions.
What also struck me was that all the metrics and reports presented in the meeting had been created by the outsourced marketing agency, whose evaluations heavily leaned on the gospel of Google. It became evident that many of the agency’s conclusions led to recommendations for increased marketing spend and justified their success. Call me cynical, but aligning agency metrics with spending proposals raised questions about true ROI and strategic alignment with sales objectives.
Statistics corroborate this disconnect. According to HubSpot, 40% of marketers identify proving the ROI of their marketing activities as their top challenge. Moreover, only 22% of businesses report alignment between their marketing and sales teams (Marketo). This lack of alignment can lead to disjointed strategies, where marketing efforts may not effectively support sales objectives.
Let’s consider a practical example of a pay-per-click (PPC) campaign to illustrate how a minor tweak to the marketing team’s metrics could change the tone of the meeting.
Suppose I am trying to determine how much money in pounds I need to spend to sell 100 units of my product. If we know the product demo-to-sale conversion rate is 20%, and we also have data on the click-through rate (CTR) and conversion rate from website visitors to demo sign-ups, we can calculate the necessary traffic and associated costs.
By incorporating this calculation into planning, we shift the focus from abstract metrics like traffic growth to concrete metrics directly correlating with sales outcomes.
This change provides clearer insights into how marketing spending drives revenue, enhancing strategic alignment and ensuring marketing efforts effectively support sales goals.
Moreover, the digital marketing mix encompasses various channels, including direct traffic, optimised content, social media, and other avenues. While I acknowledge that some sales likely stemmed from these channels, the team only had top-line traffic stats courtesy of Google. They lacked concrete data on how many sales directly drove by their specific efforts across these channels. This gap in understanding highlights the need for more precise tracking and analysis to ensure that every marketing pound spent contributes effectively to sales.
Consider the case of a B2B software company that realised its marketing efforts were not translating into sales. By incorporating sales team feedback and shifting focus from pure traffic metrics to lead quality and sales conversions, they achieved a 30% increase in qualified leads and a 20% boost in sales within six months. This case underscores the universal importance of aligning marketing efforts with sales objectives.
Effective sales and marketing alignment is not just about shared objectives but also about collaborative strategy development. Research from SiriusDecisions highlights that tightly aligned organisations achieve 24% faster revenue growth and 27% faster profit growth over three years.
Moving forward, it is imperative for organisations to recalibrate their approach.
This involves not only integrating sales considerations into marketing strategy discussions but also fostering a culture of collaboration where both teams work towards shared revenue goals. Investment in training and technology integration, addressing the perception gap between sales and marketing functions, and prioritising measurable outcomes over vanity metrics are crucial steps towards achieving this alignment.
In conclusion, while digital metrics, including SEO and keyword rankings, are invaluable for tracking online performance, their true value lies in their ability to translate into tangible sales results. By bridging the gap between marketing metrics and sales realities, organisations can unlock untapped potential and drive sustainable growth in today’s competitive landscape.
If you are a Head of Sales, Sales Director, Managing Director, or an Interim CRO, and sales is a concern, sit in on your next marketing meeting. The insight might just prove illuminating.
These sources provide the foundational statistics and insights used to highlight the disconnect between marketing metrics and sales realities, the importance of aligning marketing and sales teams, and the broader implications for business growth.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
While recent headlines in the UK have been dominated by the new Government’s push to improve productivity, with ministers making high-profile statements, this is not a new phenomenon. Top HR leaders have long been grappling with low productivity, often exacerbated by voids in leadership, and have developed pragmatic strategies to address these gaps.
Despite the buzz around new policies and government initiatives, many businesses have struggled for years to mitigate productivity losses caused by leadership voids. This ongoing challenge highlights the need for the Government to draw inspiration from the approaches of successful business leaders and learn how to tackle productivity issues effectively.
Decreased Productivity: Leadership voids lead to significant productivity losses. Without effective leadership, teams lack direction, reducing efficiency and output. Research from the Institute of Leadership & Management suggests poor management costs UK businesses up to £84 billion annually. This figure includes losses from decreased productivity, poor decision-making, and lack of strategic direction.
Employee Morale and Engagement: A lack of leadership can lead to low employee morale and engagement. Employees may feel unsupported and uncertain about their roles, leading to increased turnover and absenteeism. The cost of replacing employees can be high, with estimates suggesting that replacing a manager can cost up to £30,000, factoring in recruitment costs, training, and lost productivity during the transition period.
Operational Disruptions: Leadership voids can disrupt daily operations. Decision-making processes slow down, strategic initiatives stall, and the organisation’s overall efficiency suffers. This can result in missed operational and financial opportunities, affecting the bottom line.
While exact figures can vary, the financial impact of leadership voids is substantial. For medium—to large businesses, this could easily translate into hundreds of thousands, if not millions, of pounds annually. Addressing leadership voids promptly through effective interim management can mitigate these losses and maintain organisational stability.
HR leaders understand that there is no simple, one-size-fits-all solution to bridging leadership voids. A comprehensive, adaptable, multi-layered approach is required to effectively address the unique challenges each organisation faces. Traditional recruitment firms often fall short in this regard, as they may not possess the specialised expertise needed to navigate the complexities of leadership gaps. Instead, a more nuanced approach is necessary—one that considers the specific needs of the business, the intricacies of the vacant role, and the strategic objectives of the organisation.
Since 2012, NorthCo has provided Operational Management solutions for businesses where people, specifically management, affect operational productivity and performance. NorthCo’s approach to addressing leadership voids is comprehensive and tailored to each business’s unique needs:
NorthCo excels in headhunting skilled and effective managers who can seamlessly fit into the organisational structure and bring immediate value. By identifying candidates with the right experience and leadership qualities, NorthCo ensures that businesses quickly regain direction and momentum.
During turbulent trading periods or significant organisational changes, NorthCo provides interim management solutions. These interim leaders are equipped to maintain stability, drive performance, and guide the organisation through transitions, ensuring minimal disruption and sustained productivity.
For major projects or when specific skills are temporarily unavailable, NorthCo sources professionals to fill these gaps. These individuals bring specialised expertise that ensures projects remain on track and operational goals are achieved without delay.
NorthCo offers operational coaching to new leaders, ensuring they are well-prepared to take on their roles effectively. This coaching focuses on enhancing leadership skills, strategic thinking, and team management, enabling new leaders to contribute positively from the outset.
The financial impact of leadership voids in UK businesses is significant, with estimated costs reaching £84 billion annually. However, this impact can be mitigated through swift and effective recruitment and interim management solutions. NorthCo’s proven track record in providing operational management solutions highlights the importance of addressing leadership voids promptly to maintain organisational stability, productivity, and performance. By sourcing the right people for the right roles, NorthCo helps businesses navigate challenges and achieve their operational goals.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
The decision to change a company’s CEO is a critical juncture that can significantly impact an organisation’s trajectory. Often, this decision arises from perceived leadership deficiencies, market challenges, or the need for fresh perspectives. However, an alternative approach gaining traction in the business world is the addition of Operational CEO Coaching to augment the management team’s capabilities. This article explores the significance of Operational CEO coaching as an alternative to CEO replacement and its potential to bring about positive organisational transformation.
To clarify, when I refer to Operational CEO Coaching, I’m not referring to the typical “how does that make you feel” style of coaching. Instead, I’m talking about Operational Coaching, akin to what you’d experience in a sports team where seasoned advice rooted in extensive operational experience is readily shared and ideas are openly discussed.
In many organisations, the decision to replace a CEO is often made under duress. Whether due to declining financial performance, internal conflicts, or an inability to adapt to market dynamics, the incumbent CEO’s shortcomings can prompt the board to seek a new leader. However, this approach, while sometimes necessary, comes with inherent risks and challenges that can disrupt the organisation’s stability and growth.
Transitioning to a new CEO can lead to uncertainty, affecting employee morale, investor confidence, and stakeholder relationships. Moreover, finding a suitable replacement takes work and can be time-consuming and costly. Even with an extensive search process, there’s no guarantee that the new CEO will perfectly fit the organisation’s needs and culture.
Amidst the challenges of CEO turnover, many organisations are turning to Operational CEO coaching as an alternative or complementary approach. Operational CEO coaching involves the engagement of an experienced executive coach to work closely with the CEO, providing guidance, support, and feedback to enhance leadership effectiveness.
The rationale behind Operational CEO coaching lies in its ability to address the root causes of operational leadership deficiencies while allowing the incumbent CEO to remain in their role. Rather than immediately seeking a replacement, organisations invest in developing the existing leadership talent, recognising that leadership effectiveness can often be improved through targeted operational coaching and development.
In an Operational style of coaching, the coach plays a pivotal role. You need an operationally experienced coach who has walked the walk, someone who has a proven track record of success in operational roles, preferably at the executive level, an experienced Interim CEO, or Interim CRO would be a great option. This type of coach brings not just theoretical knowledge but practical insights gained from real-world experience. They understand the intricacies of running a business, navigating challenges, and driving operational excellence. A coach with this background can offer valuable guidance tailored to your specific industry and organisational context.
Conversely, you wouldn’t want a coach who lacks operational experience or who relies solely on textbook knowledge. While traditional coaching methods may have their place in certain scenarios, they might not be as effective when it comes to addressing the day-to-day operational challenges faced by CEOs. A coach who focuses primarily on emotional intelligence and introspection, without a solid grounding in operational know-how, may struggle to provide actionable advice that directly impacts business performance.
Operational CEO coaching offers several benefits that make it an attractive option for organisations facing leadership challenges:
Several high-profile companies have successfully leveraged CEO coaching to drive organisational change and improve performance:
It’s important to acknowledge that not every incumbent executive is open to being coached. Some may even be hostile to the idea, viewing it as a challenge to their authority or expertise. Additionally, there are those who might appear open to coaching initially, but when it comes down to it, they are equally closed off. Therefore, I’m not suggesting for one minute that an operational coach is a panacea for all leadership challenges. It’s possible that coaching may be a non-starter or ultimately fail to produce the desired results. However, by at least considering the option, making it available, and doing our best to provide support, the board demonstrates its commitment to doing the right thing for the executive and the organisation as a whole.
When broaching the subject of operational coaching with your executive team, it’s crucial to approach it thoughtfully and positively, especially considering that not all executives are initially open to the idea. One effective approach is to start with a short operational review, commissioned independently. This review can be conducted by an executive who might potentially serve as the coach. Its purpose is to identify coaching opportunities, assess operational competence and structures, and determine whether coaching is a viable option.
By starting with this operational review, the topic of coaching is introduced in a non-threatening manner, focusing on the organisation’s objectives and the potential benefits for both the executives and the company as a whole. This approach allows for a more organic and constructive discussion around the role of coaching in achieving operational excellence and fostering leadership development within the executive team.
If the potential coach has performed the job well, they will have built credibility and established sound professional relationships with the executive team and the wider business, making an extension to the initial brief a natural next step. This extension could involve a deeper, ongoing coaching relationship aimed at addressing specific challenges and fostering continuous growth and improvement within the organisation.
Of course, if the coaching doesn’t work out and you ultimately decide to change the CEO, there are several upsides. Firstly, you have done the right thing by providing the CEO with support and the best chance of success. Secondly, the coach will have established solid relationships across the business, allowing them to effectively hold the fort until a new CEO is found. Additionally, the coach will have identified potential internal talent which might serve as a natural replacement for the CEO. Moreover, the coach will be in a better position to identify the skills and qualities the new CEO requires, helping to streamline the recruitment process and ensure a smoother transition.
The decision to change a company’s CEO is undoubtedly significant, with far-reaching consequences for the organisation. However, before embarking on the CEO replacement path, it’s essential to consider alternative approaches such as operational CEO coaching. By investing in developing existing leadership talent, organisations not only mitigate the risks associated with CEO turnover but also foster a culture of continuous learning and improvement, instilling a sense of optimism and hope for the future.
Operational CEO coaching offers a personalised and sustainable solution to address leadership deficiencies, enhance performance, and drive organisational success. It is a proven method that can empower CEOs to unlock their full potential, lead confidently, and navigate the complexities of today’s business environment. In a world where effective leadership is more critical than ever, CEO coaching represents a valuable tool for organisations seeking to thrive in a rapidly evolving landscape.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
Making the argument for Portfolio Managers to employ the services of a CEO Coach before management teams begin to struggle under the weight of economic headwinds.
Managing a portfolio of investments is a formidable task. The ever-changing economic trading conditions are introducing a growing number of businesses that are not aligning with the original investment thesis, thereby amplifying the complexity of the portfolio manager’s role.
It is likely, the trading landscape has changed since your original investment thesis.
Due to economic conditions, the trading landscape when you crafted your original investment thesis may have changed. You likely built some resilience, but conditions may have diverged significantly from those prevalent when you crafted that initial investment thesis, posing new challenges to your trading strategies.
Amidst wildly differing trading conditions, the management team you backed likely had a solid track record of running the business during relatively stable times. However, they may not have the necessary experience running that business in adverse trading conditions.
Adverse trading conditions present an opportunity for growth and learning, as the style and skills required of a leader must evolve accordingly. It’s not uncommon for an investment firm to select a CEO who appears to be a perfect fit based on the prevailing conditions at the time, only to find them struggling to adapt when faced with a dramatically different trading landscape.
Management and Leadership adaptability.
I often speak about the art of adaptability of leadership style and adopting and appropriate leadership style. And the ability for leaders to demonstrate adapatability of leadership style is perhaps more important during tough economic conditions. If a management team struggles during a downturn, it doesn’t necessarily follow that the management team is inherently incapable; instead, it underscores the necessity for adaptability.
Leaders who lack experience in turbulent times can still thrive with the right support. Recognising the need for this support early on is not just important; it’s empowering. It enables proactive measures rather than waiting for the situation to worsen. Ultimately, a leader’s ability to adapt and seek appropriate support in the face of changing trading conditions can be the key to success.
A job for the in-house value creation team.
A report by McKinsey & Company pointed out that private equity firms with dedicated value-creation teams (teams that work exclusively on the companies in the portfolio and not on sourcing, due diligence, and transactions) did not manage to outperform peers by a significant margin during regular cycles. According to the article, the return differences were only slightly improved leading up to 2008 and even more negligible from 2014 to 2019.
But the report goes on to say that these teams did seem to add real value during a recession. McKinsey found that firms with value-creation teams “meaningfully outpaced the others, achieving a full five percentage points more in IRR (23 percent) than firms without portfolio-operating groups (18 percent).”
But we don’t have an internal value creation team!
Introducing the CEO Coach, a seasoned coaching advisor for your CEO and senior management team. The CEO Coach serves as a beacon of guidance, helping these leaders navigate through turbulent times and steer the ship towards calmer waters.
A CEO Coach is a seasoned professional who works closely with the CEO and other top executives to enhance their leadership capabilities and help them navigate the multifaceted landscape of running a private equity-backed company. Their primary focus is supporting operational improvements aligned with the value creation plan, especially when turbulent times threaten to disrupt the status quo.
The roles of a Non-executive Chairman and a CEO Coach are distinct yet complementary, each contributing unique perspectives to the leadership landscape. A Non-executive Chairman, often a member of a company’s board of directors, holds a governance-focused position, providing oversight, strategic guidance, and ensuring effective board functioning. Their role is rooted in a broader perspective on the company’s direction and shareholder value. On the other hand, a CEO Coach, while also concerned with strategy, operates at an individual level, working closely with the Chief Executive Officer, and often the executive team. A Coach is akin to a mentor, offering personalised guidance to the CEO, helping them navigate challenges, enhance leadership skills, and optimise their decision-making. While the Non-executive Chairman contributes to the overall governance and strategic vision, the Coach nurtures the personal and professional growth of the CEO, fostering a symbiotic relationship that can significantly benefit the organisation.
A critical aspect of a CEO coach’s role is assisting management teams in executing the value plan crafted by the private equity firm. This plan outlines the strategies and objectives aimed at enhancing the company’s value during the investment period. Operational excellence is at the core of this process, as it involves improving the company’s efficiency, reducing costs, and maximizing profitability.
Turbulent times, such as economic downturns or unexpected market disruptions, can throw even the best-laid plans into disarray. This is when the guidance of a CEO coach becomes especially critical.
Consider a hypothetical scenario in which a private equity-backed company in the retail sector faces a turbulent market disrupted by rapid changes in consumer behaviour. The CEO coach would play a pivotal role:
A CEO coach is a trusted advisor and guide for management teams. Their expertise in operational improvement, crisis management, and leadership development can be a game-changer during turbulent times. By working closely with CEOs and their teams, CEO coaches help ensure the successful execution of the value plan and create a path to sustainable growth, even in the face of uncertainty. As private equity continues to be a driving force in the business world, the role of the CEO coach remains as critical as ever in supporting private equity-backed companies in achieving their goals.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
Let’s face it—times are tough. More and more companies are facing financial distress, operational inefficiencies, or other challenges threatening their viability. Organisations may turn to an Interim CRO during such tumultuous times to steer them through troubled waters, make tough decisions, and catalyse rapid change. These seasoned professionals bring unique skills, helping companies stabilise quickly, restore order, and pave the way for sustained growth.
An Interim CRO is a high-level executive appointed by a company’s management or board of directors to lead the financial and operational restructuring efforts during periods of distress or crisis. The primary goal of an Interim CRO is to restore the company’s financial health, enhance operational efficiency, and ultimately guide it towards a sustainable and prosperous future.
Interim CROs are appointed with a specific mandate: to bring about swift and effective change in organisations facing financial or operational crises. Unlike traditional leadership roles, CROs operate with a sense of urgency, understanding that time is of the essence when a company is on the brink. Their primary objectives include :
One of the hallmark traits of Interim CROs is their ability to make tough decisions swiftly. Whether it involves restructuring debt, streamlining operations, or cutting non-essential costs, these leaders understand that decisive action is crucial for stabilising the ship. By identifying and addressing the root causes of the organisation’s challenges, they create a foundation for sustainable recovery.
When organisations face turmoil, it’s often a result of losing sight of core business principles. Interim CROs focus on getting back to basics, revisiting the fundamentals that may have been neglected. This could involve redefining the company’s mission and vision, reevaluating product or service offerings, and reaffirming commitment to customer satisfaction. CROs lay the groundwork for a more resilient and adaptive organisation by emphasising fundamental principles.
Stability is not the end goal; it’s the stepping stone to growth. Interim CROs understand that their role extends beyond crisis management. They work to create a strategic roadmap that positions the organisation for long-term success. This may involve identifying new market opportunities, investing in innovation, or fostering a culture of continuous improvement. Through strategic planning and execution, CROs set the stage for sustainable growth.
The challenges faced by Interim CROs are not limited to internal organisational issues. External factors such as economic downturns, regulatory changes, or global crises can further complicate the restructuring process. Successful CROs demonstrate agility and resilience, adapting their strategies to navigate internal and external complexities. Their ability to anticipate and respond to these challenges is instrumental in ensuring the organisation’s survival and future prosperity.
Financial Diagnosis: The CRO begins by comprehensively analysing the company’s financial situation. This entails reviewing cash flows, financial statements, debt obligations, and other critical financial data. This assessment helps the CRO identify the root causes of the distress and formulate a recovery plan.
Developing a Restructuring Strategy: Based on the financial diagnosis, the CRO works alongside the company’s leadership to develop a restructuring strategy. This strategy often includes debt renegotiation, asset sales, cost reduction measures, and revenue enhancement initiatives.
Stakeholder Communication: Effective communication is a cornerstone of the CRO’s role. They engage with various stakeholders, including creditors, employees, customers, and investors, to inform them about the restructuring process, address concerns, and maintain trust.
Operational Improvement: Besides financial aspects, a CRO optimises the company’s operations. This may involve streamlining processes, identifying inefficiencies, and implementing changes to improve overall efficiency.
Legal Compliance: CROs ensure the restructuring process meets all legal and regulatory requirements. This includes insolvency proceedings, if necessary, and ensuring that the company complies with its obligations to creditors and other stakeholders.
Negotiation and Mediation: CROs play a crucial role in negotiating with creditors, suppliers, and other stakeholders to reach agreements that are beneficial to the company. They may also mediate disputes and find common ground among conflicting interests.
Change Management: Managing the organisation through change is integral to the CRO’s role. They must lead the company’s workforce through difficult transitions, maintain employee morale, and ensure that the team remains focused on the restructuring objectives.
Measuring Progress: CROs continuously monitor and assess the progress of the restructuring efforts. They track key performance indicators, financial metrics, and milestones to ensure the company is moving in the right direction.
Expertise: CROs typically bring a wealth of experience in handling distressed situations, making them well-equipped to navigate complex financial challenges.
Impartiality: CROs can offer an objective perspective, unburdened by existing relationships or biases within the organisation.
Efficiency: Their focused attention on restructuring allows the company’s existing management to concentrate on day-to-day operations.
Crisis Management: CROs help manage the company through a crisis, mitigating risks and preventing further deterioration.
Cost-Effective: In the long run, the appointment of a CRO can lead to cost savings by avoiding expensive mistakes and streamlining operations.
Interim Chief Restructuring Officers (CRO) can be pivotal in helping companies weather financial storms and emerge stronger. They play a pivotal role in the corporate world, especially during times of crisis. Their swift decision-making, focus on fundamentals, and commitment to building a platform for growth make them invaluable leaders in turbulent times. As organisations continue to face challenges in an ever-evolving business landscape, the role of CROs will remain critical in guiding companies toward stability, resilience, and, ultimately, sustainable success.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
In the dynamic business world, companies often face unforeseen challenges and changes in leadership. Whether due to sudden departures, operational crises, or a fresh perspective, organisations may need a temporary chief executive officer (CEO). This is where an interim CEO can be the perfect solution. In this article, we will explore situations and scenarios where hiring an interim CEO is the best option for a company.
One of the most common reasons to hire an interim CEO is the sudden departure of the current CEO. This can happen for various reasons, such as health issues, personal reasons, or a new career opportunity. In such cases, companies may not have a suitable replacement readily available, making an interim leader an ideal choice to steer the ship temporarily.
In times of crisis, an organisation requires swift and effective leadership to navigate troubled waters. This could be financial instability, a PR disaster, or a sudden market downturn. Interim CEOs often have experience in crisis management and can quickly step in to stabilise the situation and provide a clear path forward.
Sometimes, a company is in dire need of a turnaround. In these situations, an interim CEO with a proven track record of reviving struggling businesses can be a valuable asset. These seasoned professionals are equipped to make tough decisions, cut costs, and implement strategic changes essential for a company’s survival and recovery.
Sometimes, a company may be between CEOs searching for a suitable permanent replacement. An interim CEO can bridge this leadership gap, ensuring that the company continues operating smoothly while searching for a long-term CEO. This ensures that critical decisions are not postponed and that the company remains on course during the transition.
Companies often need to pivot or redefine their strategic direction to stay competitive. When there’s a need for a new vision or a fresh perspective, an interim CEO with a specific skill set can be brought in to drive the change. They can implement new strategies and offer insights without the long-term commitment of a permanent CEO.
During mergers or acquisitions, it’s common for companies to experience significant transitions in leadership. An interim CEO can help navigate the complexities of integration, bringing together different corporate cultures and ensuring a smooth transition for employees and stakeholders.
In family businesses, succession planning can be incredibly challenging. Hiring an interim leader from outside the family can provide an objective and unbiased perspective on the business. This can be crucial for maintaining family harmony and ensuring the company’s long-term success.
Sometimes, a company’s board of directors may initiate changes at the executive level, including replacing the CEO. In such instances, an interim leader can help manage the transition and keep the organisation running smoothly while the board selects a permanent CEO.
Conclusion
The role of an interim CEO is not limited to crisis management; it encompasses a wide range of scenarios where a company requires a skilled leader temporarily. Interim CEOs can bring stability, expertise, and fresh perspectives to organisations during change or challenge. When selected strategically, they can serve as a bridge to a brighter future for a company, helping it adapt to evolving circumstances and thrive in the face of adversity. Ultimately, the decision to hire an interim CEO should be well-considered, tailored to the specific needs and circumstances of the company in question.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
In the dynamic world of business, change is a constant. Organisations often need interim leadership to address challenges, seize opportunities, or navigate transitions. Traditionally, interim finance directors have been the go-to solution for companies seeking temporary leadership. However, a new breed of leaders, known as operational interim leaders, are emerging as powerful agents of transformation. This article will explore the benefits of an operationally focused interim leader over a more traditional interim finance director, emphasising their unique ability to influence improved performance rather than just spotting opportunities.
Operational interim leaders are different from their finance-focused counterparts in approaching their roles with a broader, more holistic perspective. While interim finance directors often focus on financial matters such as budgeting, cost control, and financial analysis, operational interim leaders take a 360-degree view of an organisation. They understand that financial performance is intricately linked to operational efficiency and prioritise addressing the root causes of performance issues.
One of the key benefits of an operational interim leader is their problem-solving prowess. They diagnose operational bottlenecks, process inefficiencies, and cultural issues hindering performance. By identifying and addressing these underlying problems, operational interim leaders can significantly impact an organisation’s overall performance.
Operational interim leaders bring a unique skill set, focusing on streamlining processes, improving workflows, and optimising resources. They work closely with various departments to implement changes that enhance productivity and drive operational excellence. Their influence extends beyond financial numbers, ensuring an organisation operates more efficiently and effectively.
In today’s fast-paced business environment, adaptability and change management are crucial. Operational interim leaders are well-versed in leading organisations through transitions and change initiatives. Their ability to inspire and guide teams in adopting new processes or technologies is invaluable in improving performance.
Another strength of operational interim leaders is their exceptional ability to engage with stakeholders at all levels of an organisation. They build trust and collaboration among teams, aligning everyone towards common goals. This people-centric approach fosters a positive organisational culture and is instrumental in achieving lasting performance improvements.
Operational interim leaders are not content with merely identifying opportunities for improvement; they actively monitor and measure performance in real-time. Implementing key performance indicators (KPIs) and dashboards ensures that the organisation’s progress can be tracked and necessary adjustments made promptly.
Operational interim leaders are not just consultants or advisors. They take on roles with a sense of accountability and ownership, ensuring that recommendations are made and implemented effectively. This hands-on approach results in a much higher likelihood of achieving tangible results.
The most significant benefit of an operationally focused interim leader is their potential for creating lasting impact. While interim finance directors may spot financial opportunities, operational interim leaders drive changes that lead to continuous performance improvement. Their contributions can extend well beyond their interim tenure, leaving a legacy of positive change within the organisation.
The modern business landscape demands leadership that goes beyond financial acumen. Operational interim leaders bring unique skills and a holistic approach that can significantly influence improved performance. They are pivotal in driving organisational success by addressing underlying operational issues, implementing change initiatives, and fostering a culture of accountability and ownership. Organisations should consider the benefits of an operational interim leader who can transform their business from within rather than relying solely on traditional interim finance directors when seeking interim leadership.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
In corporate leadership, the roles of an Interim Chief Operating Officer (COO) and an Interim Chief Financial Officer (CFO) are often significant, each contributing unique expertise to a company’s success regarded as equal. However, when a struggling business grapples with operational challenges during turbulent times, a seasoned Interim COO can be more valuable than an Interim CFO in supporting incumbent management teams. Their specialised set of skills and perspectives can make a significant difference in steering the company toward recovery and sustainability. This article explores why an experienced Interim COO can be more valuable in challenging situations.
An Interim COO can add additional bandwidth to a business turnaround effort. In turbulent times, when a struggling business is overwhelmed with operational challenges, the Interim COO’s presence significantly bolsters the management team’s capabilities. They act as a force multiplier, spreading the workload and enabling the incumbent management to focus on their areas of expertise. The Interim COO can tackle the day-to-day operational intricacies, allowing the CEO and other leaders to concentrate on the bigger strategic picture. This division of labour ensures that operational efficiency and strategic financial management are addressed concurrently, which is crucial for a successful business turnaround. In essence, the Interim COO brings their operational expertise to the table. It relieves the management team of some operational burden, enhancing overall efficiency and productivity during challenging times.
As well as being able to read the numbers, an Interim COO is a master of overseeing a company’s day-to-day operations. They possess an in-depth understanding of how an organisation functions at the ground level and excel in optimising processes, streamlining operations, and ensuring efficient business functioning. In turbulent times, operational improvements can lead to significant cost savings, heightened productivity, and appropriate resource allocation, which are crucial for a struggling business.
Interim COOs are often experienced in managing change and adept at adapting to evolving market conditions. Their ability to swiftly pivot the company’s operations to align with shifting customer demands, supply chain disruptions, and economic uncertainties is invaluable when business environments are in constant flux. A good Interim COO should also possess high emotional intelligence, which can help them navigate any internal political roadblocks swiftly and effectively.
Known for their hands-on approach, Interim COOs are adept at identifying and addressing operational challenges and bottlenecks. They work directly with incumbent management teams to implement solutions, a capability that is just as crucial as financial restructuring in a struggling business.
Interim COOs excel in leading cross-functional teams and aligning them towards a common goal. They can motivate and inspire employees during challenging times, vital for maintaining morale and productivity. This leadership is essential for ensuring the organisation works cohesively to overcome difficulties.
An Interim COO’s role is closely tied to execution. They are responsible for taking strategies and plans and translating them into action. This is crucial during turbulent times when there may be a need for rapid, effective implementation of changes to stabilise the business.
Interim Chief Operating Officers are skilled at optimising resource allocation, ensuring that the company’s assets, including personnel and capital, are directed toward the most critical areas. This is especially important in a struggling business, where resource efficiency can make or break the company’s survival.
A seasoned Interim COO often has a strategic mindset and can help the management team develop and execute a clear, actionable plan for navigating turbulent times. This complements the Interim CFO’s financial expertise by focusing on broader business strategies.
While Interim CFOs play a critical role in financial management, providing insight into budgeting, capital allocation, and financial strategy, an Interim COO’s emphasis on operational excellence and their ability to translate strategies into action can be indispensable in challenging business circumstances. In many cases, the Interim COO can drive the necessary changes and ensure that the organisation operates effectively, setting the stage for the Interim CFO’s financial strategies to yield the desired results. Therefore, when incumbent management teams face turbulent times, an experienced operational COO can provide the hands-on leadership and operational insight necessary for the business’s stability and growth.
In conclusion, the operational prowess of an Interim Chief Operating Officer is an invaluable asset for a struggling business during turbulent times. Their ability to enhance efficiency, adapt to change, and lead teams in overcoming operational challenges can often be the key to navigating a company through troubled waters and toward a brighter, more sustainable future. While Interim CFOs provide crucial financial expertise, the Interim COO’s operational insight and leadership drive stability and growth in challenging circumstances.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
An Interim CEO and a CEO coach or mentor are distinct roles in business, each serving different functions and purposes. Here are the key differences between them:
“To build a strong team, you must see someone else’s strength as a complement to your weakness and not a threat to your position or authority.”
In summary, the key distinction between an interim CEO and a CEO coach or mentor lies in their role, duration of engagement, scope of responsibility, and expertise. An interim CEO is a temporary replacement with full operational authority, while a CEO coach or mentor provides ongoing guidance and coaching to the existing CEO without assuming operational responsibilities. Both roles can be valuable in different situations, depending on the company’s needs and goals.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
In times of turmoil and crisis, struggling businesses often grapple with numerous operational challenges. These challenges can overwhelm the existing management team, hindering their ability to focus on strategic planning and business turnaround efforts. This is where an interim leader can play a crucial role. An interim leader brings additional leadership bandwidth to the organisation, acting as a force multiplier that empowers the incumbent management team to navigate the complexities of business turnaround more effectively.
A distressed business often requires swift and decisive action to reverse its fortunes. Operational challenges, financial constraints, and the need to restructure can strain the resources and capabilities of the existing management team. During such challenging times, an interim leader’s presence becomes invaluable.
The Interim Leader takes on the day-to-day operational intricacies, relieving the existing management team of some of their burdens. This strategic division of labour allows the CEO and other leaders to concentrate on their areas of expertise and the bigger strategic picture. The interim leader’s primary function is to ensure that the business’s operations run smoothly, thus allowing the CEO and other leaders to focus on strategic decisions.
Interim leaders typically bring a wealth of experience and operational expertise. Their role is not just about managing daily operations but optimising them. They can identify inefficiencies, implement process improvements, and streamline the organisation to make it more agile and responsive to market changes. This expertise is critical for a struggling business to regain its competitive edge.
One of the key benefits of having an interim leader is the simultaneous attention to operational efficiency and strategic financial management. While the interim leader addresses operational intricacies, the CEO and other leaders can strategise to stabilise the business’s financial health, explore new revenue streams, and develop a comprehensive turnaround plan. This synchronised approach ensures that the business is efficiently managed and on a path toward sustainable recovery.
An interim leader’s presence enhances the organisation’s efficiency and productivity during challenging times. Their operational expertise allows for quicker decision-making, improved resource allocation, and removing bottlenecks that may have hindered the business’s progress.
In times of crisis and business turnaround, an interim leader can be a lifeline for a struggling organisation. Their ability to bring additional leadership bandwidth and operational expertise to the management team can significantly accelerate the recovery process. By dividing responsibilities, focusing on efficiency, and enabling strategic planning, an interim leader plays a crucial role in ensuring the successful revitalisation of a business. So, when turbulent times strike, consider the value of an interim leader to steer the ship toward calmer waters and sustainable growth.
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
I’ve led and guided organisations through critical transitions during Interim Leadership roles. My approach combines a deep commitment to a mission-focused and people-oriented strategy underpinned by an adaptive leadership style inspired by the principles of Prussian General Helmuth Karl Bernhard Graf von Moltke and the Art of Action by Stephen Bungay. In this article, I will touch on the significance of these approaches and why they are essential for driving transformation and preparing the groundwork for new permanent leadership to thrive.
I embed a mission-focused approach at the outset of an assignment; it is the bedrock of my interim leadership strategy. It starts with a clear understanding of the organisation’s purpose and goals. The core mission guides every decision and action, ensuring the team is aligned towards a common objective. Inevitably, not everyone enjoys being “aligned”, but this alignment cultivates a sense of purpose and unity, fostering a motivated and engaged workforce that’s essential for achieving results.
Mission-focused leadership provides clarity not only for the leadership team but also for all employees. This clarity lets everyone understand how their roles contribute to the larger mission, resulting in a more productive and accountable team.
Any organisational transformation can only succeed if rooted in a people-first approach. My role as an interim leader often involves navigating through change and uncertainty, inevitably leading to changes in direction. During these times, prioritising the employees’ well-being and professional development is crucial.
Of course, my purpose is invariably that of change leadership, which means I don’t always manage to inspire everyone; however, I endeavour to lead a people-oriented approach that involves active listening, empathy, and the creation of a supportive environment where employees feel valued and heard. Engaging with the team, understanding their needs, and encouraging them to share their insights are crucial to nurturing a productive and motivated workforce.
Change is the only constant in today’s business world, and an adaptive leadership style is essential. It’s not about imposing a rigid set of strategies but about being flexible and responsive to the evolving landscape. This involves assessing and reassessing the situation, making timely adjustments, and continuously learning from the results.
The adaptability and agility embedded in my approach ensure that the organisation can respond to unforeseen challenges effectively. It also provides the groundwork for incoming permanent leadership to build upon a solid foundation that can withstand the tests of time.
Two key influences on my interim leadership approach are Prussian General von Moltke’s theory of military strategy and Stephen Bungay’s “The Art of Action.” Moltke’s emphasis on focusing on the objective while being flexible in execution aligns perfectly with an interim leader’s mission-driven, adaptive approach. Bungay’s insights into the importance of making rapid decisions and implementing them effectively resonate with the demands of the modern business landscape and, as such, interim leaders.
Of course, as an interim leader, CEO or CRO, the immediate priority is stabilising the business and restoring profitability. However, interim leaders are interim and must remain future-oriented and successfully prepare the organisation to transition to a new permanent leadership. The combination of mission-focused, people-oriented, and adaptive leadership ensures results are achieved and sustained. By incorporating the wisdom of Moltke and Bungay, interim leaders can create an environment where the incoming leader can build upon a robust and adaptive foundation, propelling the organisation to even greater heights.
In conclusion, a mission-focused and people-oriented approach and adaptive leadership are essential for driving transformation and preparing an organisation for future success. By following these principles and drawing inspiration from leaders like Moltke and Bungay, we can achieve meaningful and lasting results while ensuring a seamless transition for the organisation and its new permanent leader.
Read about The Four D’s of Interim Leadership
Trevor is the Managing Partner of NorthCo, a fellow of the Institute of the Motor Industry and a member of the Institute of Interim Management. Trevor is a respected C-Suite leader, Chairman and professional Interim Leader. For over a decade, he has provided interim leadership solutions to private equity, venture capital, and asset-backed firms. Whether it’s to stabilise a business during a turbulent trading period, fill a temporary skills gap or support a management team to navigate challenging situations, Trevor’s wealth of experience and proven track record in delivering value creation and retention plans demonstrate his ability to lead and support operational management teams effectively. To find out more about his approach, explore his LinkedIn profile and read what others say about Trevor.
Ideas on Strategy, Operations and Leadership.