Tag Archives: BusinessWeek

Rent an Executive

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Interim ExecutivePeople rent movies, moving vans, apartments, and tuxedos. Why not an executive?  The executive for rent concept has gained momentum in a business culture that is encouraged to downsize and reengineer to compete in the current economy. Not a Consultant, an Interim Executive, an article from Bloomburg BusinessWeek, explains that it takes a pragmatic executive to listen effectively, quickly diagnose problems, and implement solutions. An interim executive can bring a hands-on approach as well as external expertise and creativity.  Below we have listed a few benefits our clients have experienced while using an interim executive:

  • Quick learners: Interim executives are different from more traditional, temporary employees. They give you someone with the experience you need and require very little training to acquaint them with the task.  You are able to establish an immediate relationship because the interim executive can hit the ground running.

 

  • Expertise: Interim executives are often former corporate leaders and functional business practitioners. This allows a company to expand beyond its internal talent and gain insight from the superstars in the marketplaces. In addition, while consultants are often hired to make recommendations, interim executives are hired to make decisions and implement new policy.

 

  • Accountability: In hiring an interim executive, a business gets a practitioner. Consultants and advisors typically come into a business environment, observe the operations of the organization, and compile a report that outlines a series of recommendations.   Interim executives are immediately immersed and become part of the existing team with a primary focus on implementation.  As a result, there is more accountability for an interim executive to contribute high quality results to the organization.

 

  • Objectivity: Sometimes, full time employees are hesitant to bring up potential problems or objections in fear of being penalized. An interim executive is not under as much pressure. There is no fear to respectfully address potential problems that could cost the organization both time and money.

 

  • Test Drive: The interim executive performs the duties of a full-time executive on a trial basis. This allows an organization to “test drive” a candidate for culture fit and necessary expertise beyond what could be determined in a standard interview.

 

Has your organization considered hiring an interim executive? Do you see any additional benefits?

 

The Benefits of an Advisory Board

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Advisory BoardToday’s entrepreneurs are challenged to make more financial, tactical, and technological decisions every day.  As their organizations grow, so do the costs of making a wrong decision as well as the rewards of making the right one.  As a result, small to mid-sized business owners are recognizing the value of tapping the expertise of executive advisory boards. “You need advisors to bounce ideas off, to provide a reality check, to tell you when you’re about to mess up, to confide in when you’re alone at the top,” says BusinessWeek article, Don’t Go It Alone: Create an Advisory Board.

CEOs who seek the advice of a few well-chosen individuals have the advantage of an honest, objective sounding board that provides confidential counsel and penetrating insights which will bring solid value and return on investment.  These boards can also be instrumental in helping a CEO communicate his or her strategic thinking into a formal plan to be shared with the management team.  At Dinte Global Executive Search, we have seen advisory board members’ wisdom and experience become invaluable when organizations are evaluating IPOs, exit strategies, mergers, acquisitions, succession planning, and new market development.  Yet, an advisory board has no power base or decision making authority.  It serves as an adjunct to the CEO and management for the exclusive purpose of advice, guidance, and support.

However, as it is the case with any senior executive, selecting an advisory board must be done with great care.  It isn’t just a simple matter of assembling the biggest names you can find, dubbing them board members, and expecting success.  You need to be personally committed to the necessity of sharing in depth company knowledge with non-shareholders, to the concept and purpose of an advisory board, and to the search process required to establish a strong group of advisors.

After a thorough analysis of your business situation and requirements, appropriate board members should be selected based on their general management expertise and areas of specialty. It is also important to ensure that board members balance and complement one another in terms of style and background.

Over the years, Dinte Global Executive Search has had remarkable success helping clients assemble advisory boards consisting of the kind of top-drawer executives they may not have otherwise been able to attract. As a result, they are making better decisions, reaching their goals faster, and running more efficient organizations.

How does your organization benefit from advisory boards?