The Role of Interim Executives During Business Challenges

All companies face periods of significant challenges, major transition, or even debilitating crises. Whether it’s a leadership change, a merger, an acquisition, a strategic pivot, or a fresh perspective on challenging issues the organization is facing, an Interim Executive can be the answer to navigating these challenging business trials and obstacles. During such critical times, the role of Interim Executives can be a lifesaver. Interim Executives are experienced leaders who step into organizations on a temporary basis to provide stability, guidance, and to execute when it’s needed most. In this blog, we’ll explore the key roles that Interim Executive should play and why the word ‘interim’ is no longer a bad word.

Your next Interim Executive SHOULD….

1. Stabilize

One of the primary roles of an Interim Executive during times of uncertainty is to provide stability. Business challenges often bring uncertainty, and the absence of clear leadership can exacerbate this feeling among employees, stakeholders, and customers. An Interim Executive should step in to fill the leadership gap and offer reassurance and continuity. Interim Executives have years of experience in running organizations and have most likely seen the exact challenge an organization might be facing. Their experience in managing challenging business situations should allow them to quickly assess the situation, identify potential challenges, and implement strategies and solutions to maintain business operations without disruption and often keep momentum going!

At CxORE, we understand that stabilization is essential before any progress can be made. Consider the following case: A corporation was operating at a loss, and its CEO struggled to make the necessary decisions for the company's benefit. Upon engaging CxORE, our Interim CEO stepped in to stabilize the organization, streamline financial reporting, and address critical challenges. With the support of our business solutions team, the company regained its footing, allowing the CEO to return and lead a now-profitable organization. Our flexibility and adaptability were key in navigating the various challenges that arose.

2. Guide

An Interim Executive plays a vital role in guiding an organization toward success by navigating its unique terrain with fresh perspectives. Coming from outside the company, they provide objective assessments free from the biases that may be entrenched in the existing culture, allowing them to identify strengths, weaknesses, and opportunities that internal leaders might overlook. During challenging times, when strategic change is often necessary—be it streamlining operations, restructuring teams, or redefining direction—Interim Executives leverage their expertise in change management to guide the organization through these transitions, ensuring it emerges stronger and more competitive. They actively implement strategic initiatives, ensuring effective execution and timely delivery, while also serving as mentors to the existing leadership team, preparing them for the future and supporting them as the organization transitions to a permanent executive. 

With CxORE’s expertise in change management, our Interim Executives guide organizations toward success by leading strategic initiatives and enhancing overall performance. In a recent assignment, a nonprofit faced a critical transition as their CFO stepped down. CxORE provided strategic and operational leadership, dedicating 70% of total available time. This approach, supported by our unique team model, enabled us to drive the organization forward, ensuring continued progress and success while assisting the CEO with pivotal strategic initiatives.

3. Execute (Do)

Hiring an Interim Executive shouldn’t feel like hiring a babysitter, and operations shouldn’t come to a halt upon their arrival. Instead, Interim Executives should dive into your company and actively engage in the work. As hands-on practitioners, they implement strategic initiatives and ensure effective execution of plans. By immersing themselves in the business, they gain valuable insights into challenges and opportunities, identify inefficiencies, and propose practical solutions that create immediate impact. Their involvement fosters accountability and motivation among staff, as they see leadership actively participating in improvements. Rather than advising from a distance, Interim Executives should collaborate with teams, facilitate discussions, and align everyone toward common goals. This proactive approach builds trust, encourages teamwork, and sets a positive example for others, demonstrating the importance of adaptability and resilience in a changing landscape. Ultimately, their willingness to roll up their sleeves establishes an environment where everyone feels empowered to contribute to the organization's success.

At CxORE, we pride ourselves on our ability to lead from the trenches. When a nonprofit lost its CFO and engaged us for interim support, we stepped in swiftly.  Once engaged, we realized that the role and needs were much broader than what a CFO typically delivers prompting us to expand our role and provide an interim CBO. Working together, the interim CFO and CBO focused on rebuilding the business team and upgrading the technology stack to a cloud-based virtual application, with support from our business solutions team. Our interim executives effectively executed these changes, revitalizing a nonprofit struggling internally and steering it toward recovery and success.

Partner with CxORE to Work with an experienced Interim Executive  

Business transitions are inevitable, and while they can be challenging, they also present opportunities for growth and improvement.  Interim Executives can play a critical in ensuring that these transitions are handled effectively if you hire the right interim leader. At CxORE, our executives are dedicated to ensuring that your next trial ends in triumph.   

Facing a business transition? Discover how our Interim Executive services can guide your organization through change with confidence and success.