Research estimates that a company can lose over $1,000,000 in lost opportunity costs by a missing senior executive. That can severely impact the organization and set them back several months or even years. However, there is a remedy and that is an interim executive.
A company that suddenly finds itself without an executive in charge is in trouble. Because if there is no one to continue fulfilling the responsibilities of the lost COO, CEO or CFO, that business becomes unstable. And inevitably, instability leads to loss – financial loss.
The financial savings an interim executive brings to your company can not only save you from loss, but help you grow. By reducing risk and turnover, as well as, increasing time flexibility, companies can save thousands, if not millions, of dollars.
An interim executive saves risky costs
Hiring a new person to help run your company is a big risk. Because no matter how talented and qualified they are, you can’t get insurance to cover costs in their failure to deliver. However, you can reduce that risk significantly by hiring somebody who’s been there and done that all before. That person is an interim executive.
They know what to do and what to avoid because of their experience working with companies in similar situations. Thereby, the knowledge that they bring with them can lower risks and increase savings.
An interim executive provides maximum flexibility
Interim executives don’t need to work the usual nine to five, five days a week, like your full-time executive. If you have a short-term project like a marketing campaign, you can hire an interim executive for those days only. As opposed to a contract of a permanent executive that lasts several months to a year, billing them for the entire duration.
Since they work for a shorter time period – while delivering the same output a permanent one would produce in weeks – they are cheaper. Not only are they flexible to work at a schedule that suits your needs, they charge only for the amount of time they work.