It’s not always black and white whether a company is running optimally or properly positioned for a healthy future. In a rapidly changing world, company owners and management teams should consistently ask themselves how they should expand their business or improve business performance — even if their company financial performance looks great at the time.
We often get calls from companies looking for an executive when trouble hits. Usually, it becomes apparent that the signs of peril ahead occurred much earlier. It’s common that months or even years prior to a business crisis, there are critical areas that aren’t identified or measured. Unfortunately, this blind eye to crucial business factors is the very culprit that contributes to the demise of a business’ future performance.
In an interview with Marketplace reporter, Nancy Marshall-Genzer, InterimExecs’ CEO Robert Jordan, shared his insights on the increasing use of interim executives in public companies, privately held companies, and nonprofit organizations.
The piece discussed how in many cases interim executives are brought in during critical transitions – both in times of crisis and rapid growth. A good Interim CEO or other C-suite executive builds trust within the organization, and often serves as a mentor to set up the team for future success.
May 6 and 7 marked the fourth InterimExecs’ RED Roundtable (Rapid Executive Deployment), a gathering of top interim executives in Chicago. Executives across a range of specialties from CEO to CFO, COO, CIO, CMO, and CRO met for a mix of speakers, discussion, and sharing best practices on creating high performing companies.
The event kicked off Monday morning at William Blair’s headquarters where innovation expert, Jeff Leitner, drew on extensive research and 20 years’ experience improving operations to share why most change initiatives fail and what we can do about it. Interim executives discussed how Jeff’s findings applied to assignments they jump into where they often are called on to drive disruption, innovation, and powerful change.
It used to be that business was for-profit or non-profit, and never the twain shall meet. Companies were profit-driven or purpose-driven, but not really both. A survey of Fortune 1000 CEOs and C-suite executives found that 51% believe there is an inherent tension or conflict between a company being profit- or purpose-driven. Such thinking is now becoming outmoded and has reached something of a turning point.
This departure from long-held economic thinking could be a revolutionary change for shareholders, however, many investors are coming to see greater employee purpose and personal “why” working to support long-term success for the company, and in an altruistic sense, the world. Corporate America has taken a look around and some conscientious players noticed that resources were being stripped at an unsustainable rate and decided to alter the way they were doing business. Now, it’s commonplace for a company to have a defined corporate social purpose beyond generating a profit.
The great thing about playing the board game Monopoly as a kid was that you could buy up everything, collect rents all over the place (or get slaughtered if say your older sister was just a better player) but when the game ended, it was over.
We’re now living a real life monopoly game that’s crept up on even the strongest free markets.
In 2017, 75% of the beer market was cornered by three monopoly companies and one, Anheuser-Busch, held more than 40% alone. In the online search industry, one company monopolized the market and held 91% of market share and 98% of the cell phone market is concentrated among the four largest companies, with 70% being split between Verizon and AT&T alone. Even seemingly trivial things like peanut butter, coffins, and adult websites are all controlled by only a couple of firms.
After spending years or even generations building a successful family business, some of the toughest conversations circle around succession planning. What happens when an owner steps down from the business? Will it be passed down to family members, and is that individual ready to lead? Will it be prepared for sale, and will an owner get the value they want from an exit? What are the benefits of succession planning and are they worthwhile? How do you write a succession plan? The list of questions can make your head spin.
Family-owned businesses in the US generated 64% of the national GDP and created 78% of new jobs in 2018 while employing more than half the country. Family businesses of all sizes are vital to our economy yet in a 2016 PricewaterhouseCoopers survey, only 23% of family businesses had a full succession plan in place.
Modern-day CEOs are taking on a barrage of new responsibilities in the age of rapid technological advancement and global expansion. Industry disruption seems to be an everyday occurrence and businesses are transforming at the speed of light. These new realities can pile never before seen challenges on a CEO’s plate that already runneth over.
How does a CEO conquer a growing list of to-do’s from establishing a strong organizational culture to developing growth strategies, and managing delicate political and stakeholder relations while forging ahead in this modern era? Opportunities to enter new markets and continuously innovate are top of mind in this day and age where technology has led to more competition and rapid change. The catch-22 is that a CEO is an army of one yet still are, charged with responding with agility and confidence to seize growth opportunities while ensuring organizational stability.
Modern healthcare is as complex as physiology inside our own bodies. The healthcare industry is now waist deep in an era of extreme disruption. The breakneck pace of technological innovation coupled with the increasing aging population and chronic diseases is a recipe for historic changes in healthcare.
In the healthcare ecosystem, some organizations will sink, and some swim as disruption occurs. From hospitals to clinics, to patients to pharmaceutical companies, to insurers to medical technology businesses no entity will be unaffected.
Leaders in healthcare say legacy providers must respond swiftly to the changes. The abrupt exit of critical leadership, gaps in capacity and expertise, or old systems that no longer work can quickly become problems. Because these factors are interwoven, health care organizations can find themselves unraveling if they don’t act fast.
It is likely that every organization will reach a crossroads where they must decide to grow, transform, or stagnate. No business opts to stand idle but by default, many do. In fact, when it comes to achieving sustainable growth, only 20% of organizations find success. How do organizations find themselves in a standstill? Usually, leadership has their hands tied — whether they are at a loss as to which direction the organization should go, are bound by layers of bureaucracy, or do not have the capacity to drive much-needed organizational change.
Native American economic development is critical for tribes seeking to effect a positive long-term impact on their communities. Federal 8(a) programs have been a great resource for Native American owned business, but tribal communities have evolved with an increasing focus on sustainable strategic economic development.
Tribal nations not only focus on the importance of cultural preservation and protected lands, but aspire to overcome big challenges facing their communities. From poverty to limited access to high-quality education, minimal healthcare resources, and inadequate workforce development, tribes work to solve these problems through economic growth. Tribes that thrive economically can better support funding for education, housing, and a multitude of crucial basic services.
Some tribal nations have excelled in the face of these challenges. Tribal economies have had a profound economic impact by growing Native American enterprises, increasing revenue, and acquiring operating companies. Prosperous tribes have also developed strong internal and external business partnerships.