Jump Into Action With a Top RED Team Interim COO
InterimExecs RED Team of rock star Interim Chief Operating Officers have been hand-picked for their excellent track record serving as change agents to achieve big results. There is no long executive search, no employment contract, severance, or benefits. InterimExecs can have a highly qualified Interim COO on site within days. This is Rapid Executive Deployment.
What Is an Interim COO?
An Interim COO is an executive change agent who helps companies execute on business strategies focusing straightaway on aligning resources, people, and assets to get that mission accomplished.
At InterimExecs, our team of Interim Chief Operating Officers are engaged on a contract basis to arrive at your organization ready to work with the team to tackle inefficiencies, streamline processes, improve productivity, and increase profit margins. That is designed to ensure your company is reaching its full potential and delivering maximum value to customers and shareholders.
How is an Interim COO Different from a Permanent COO?
An interim COO is typically appointed when a COO position is vacant or when a company is going through a significant transition or change. Some big differences between an interim COO and a permanent full-time COO are:
● Contract: an Interim COO is contracted for a defined period or for a specific project – as little as a few months or as long as a few years – while a permanent COO comes on indefinitely
● Wiring: an Interim COO is expert at addressing major change, growth, or turnaround, setting the groundwork for a permanent COO to step in and be successful
● Compensation: An Interim or Fractional COO is compensated on a flexible contract or project basis while a permanent COO has a fixed salary, severance, and benefits
Discover the Power of an Interim COO
As organizations evolve, they are likely to undergo significant challenges or become more complex. When these changes occur, a new Interim COO can help:
- Oversee all operations including manufacturing, supply chain management, HR, marketing, business development, customer service, and strategic planning initiatives, giving your executive recruiters more time to find the right full-time permanent COO
- Improve efficiency, productivity, and profitability
- Streamline processes and internal communication
- Implement policies and procedures
- Set KPIs to evaluate the company’s progress against its goals
- Develop and launch new products or expand into new markets
- Implement new technologies and systems to improve operations
How We Work
We match you with an Interim COO from InterimExecs RED Team which is comprised of vetted, highly skilled, and experienced executives from around the globe
Business Health Checkup
When you bring on an executive they will immediately assess what’s working, and what’s not, and then will make a roadmap and action plan to move forward
Your Interim COO takes an active, decision-making role, working closely with the board of directors, chief executive officer, and the other c-suite leaders to implement the plan, with a focus on results.
"She was far more than an interim COO; she was a true part of the leadership team and helped create cohesion and focus that enabled staff to rise to their best selves...She was integral to our not only surviving a very tough year, but emerging stronger than ever and with a sense of collaboration and commitment to success.”
-Angela Kimball, National Director, National Alliance on Mental Illness
When Should You Bring in an Interim COO?
1) When You Need a Change Agent
Whether the company is underperforming and needs big changes fast, or is faced with launching a new product, service or organizational improvement, a RED Team Interim Chief Operating Officer brings the fresh perspective, new ideas, and experience you need to rev up the team and put your organization on the path to operational excellence.
2) When the CEO Needs Support
The right RED Team Interim Chief Operating Officer complements the CEO’s experience and knowledge and can serve as a partner in leadership. Our roster of rock star COOs is filled with leaders who naturally connect and inspire staff, vendors, and stakeholders – guiding people toward the vision of the CEO and board.
3) To Implement Best Practices
On the upside, a team that’s been together a long time can be cohesive. On the downside, they can suffer from groupthink. An expert interim COO can be the trigger you need to inject new ideas into the organization, identify and mentor leaders within the team, and establish best practices for a well-functioning organization.
4) To Expand Your Global Footprint
A veteran Interim Chief Operating Officer with years of experience dealing with cultural differences, new channels, distributors, suppliers, and expanded partnerships, can easily step in to take on the challenge of global expansion. Whether you need help moving production overseas, forming a global partnership, or expanding marketshare to or outside the US, there is a RED Team Interim COO who can both put strategy in place and take action, providing execution and results.
5) For System & Process Improvement
Designing and implementing large-scale operational improvements requires new perspective. A RED Team Interim COO can quickly assess an organization’s strengths and weaknesses, company culture, staffing needs, internal communications, business processes, and project management, and quickly mend any holes. The right interim COO might be hired on a project basis with a specific operational goal, or a part-time or fractional basis over a longer time frame. Our RED Team COOs have experience across industries as varied as financial services, healthcare, nonprofit organizations, and business administration.
6) To Set Up a Program Management Office (PMO)
An Interim or Outsourced COO can optimize or set up the Program Management Office (PMO). A COO will first assess an organization, making sure standards are in place to run projects, and ensuring programs are aligned with business goals, requirements, and compliance. With a broad, yet intimate view of departmental functions, a COO can increase program effectiveness and efficiency.
7) For Business Process Outsourcing (BPO) & Vendor Management
An interim COO oversees vendors, partners, and business process outsourcing (BPO), while ensuring contracted third-party service providers and vendor partnerships are beneficial to operations. The Interim COO uses data and metrics to make decisions about the most efficient way to run the organization and how outside resources across human resources, accounting, information technology can best be leveraged.
8) For Supply Chain Management
When a wide array of processes are in motion, an Interim COO can ensure an organization runs efficiently and profitably. Updating products, software development, compliance, safety on the manufacturing floor, automation, and increased productivity are just some of the areas where a high-quality RED Team Interim COO can transform an organization.
9) To Tighten Governance and Internal Controls
As organizations expand or transform, it is crucial to reevaluate internal controls to protect assets, avoid fraud, and optimize operational efficiency. An Interim COO can develop sustainable methods for internal governance controls throughout the broader organization. From the development of products or services to day-to-day staff activities, an interim COO ensures policies and reporting are held to the highest standards.
"An Interim COO brings a fresh, unbiased review of the factors driving operational results. The client and their customers can expect immediate improvement in delivery, quality and cost while they search for the permanent person for the position."
-William Mince, Interim Chief Operating Officer
FAQs: Interim, Contract, or Part Time COO
InterimExecs RED Team includes top interim COOs, part-time COOs, and fractional COOs who specialize in helping organizations through periods of change. We have screened thousands of executives to hand pick the best of the best. Our RED Team COOs can parachute into a company in as little as 48 hours.
Q: What types of companies would an Interim COO work in?
A: Our RED Team Interim Chief Operating Officers have experience across multiple industries and organizations. They are able to quickly analyze an organization’s needs. Then, they develop and implement a plan. That ability to optimize operations translates into COO assignments anywhere, from startup to Fortune 500, distressed to rapid growth, and across industries from manufacturing to technology, business services, consumer goods, healthcare & hospital, and nonprofit organizations.
Q: How much does an interim COO cost?
A: The cost varies with the assignment and can be structured in a monthly retainer, hourly fee, day rate, or with a blended performance component. But, in all cases, it’s far less than the cost of recruiting, hiring, and contracting with a new full-time COO that comes with long-term commitments. Interim COOs will not need benefits, severance, or paid time off and there is no risk of having to buy out the contract of a COO who isn’t working out. A RED Team Interim COO contract can be terminated with 30 days’ notice.
Q: How do you select the right interim COO for your organization?
A: A search for an interim executive is much different than a permanent COO search. At InterimExecs, we take multiple factors into account when taking an organization through our unique executive matching process. Call us to discuss your needs and we will match your business with one of our vetted, experienced, and highly qualified COOs.
Q: How does an interim COO transition out of the role?
A: True interim executives know that the goal is to work themselves out of a job. In some cases, that will happen at the end of a defined period, when the organizational goals have been achieved. In other cases, it will be when the new permanent COO hire is identified, onboarded, and ready to take the reins. RED Team Interim COO contracts can be terminated with 30 days’ notice, so there is never an uncomfortable or expensive transitional period.
Q: Can I hire a COO part-time?
A: Yes, outsourcing a COO on a part-time basis allows organizations to punch above their weight. Perhaps you cannot afford a full-time COO whose skills and experience are at the level your organization needs. Bringing on a part-time or fractional COO allows companies to reap the benefits of a rock star executive at a fraction of the cost. Read more on the fractional model here.
Q: How long is a typical Interim COO contract?
A: Interim COO assignments can be as little as 3 months spent overseeing a particular project. On the longer end, an interim COO will work for two years more during the search for a new permanent COO or in organizations that need the interim COO to overhaul operations. The average interim assignment is 8-9 months. The timing depends upon the needs of an organization.
Q: How are contracts with a fractional or interim COO structured?
A: RED Team executives are deployed through InterimExecs’ placement arm. That means there is never an employee/employer relationship created and the assignment is focused on specific deliverables and results. Bringing on an interim executive is low risk and with a standard 30-day cancellation clause, you can scale up or scale back services as need be. We stand for happy executives, happy clients.
When is an Interim COO the Right Answer?
An interim COO role can be custom-fit to address the unique issues an organization wants to solve. One size doesn’t fit all.
FILL LEADERSHIP GAPS
Your COO suddenly left, retired, or was not performing up to par, and an Interim COO can stabilize the organization and set the stage for a permanent replacement.
DRIVE OPERATIONAL IMPROVEMENT
You need to tackle inefficiencies, streamline processes and operations, improve productivity, and increase profit margins
You need strong leadership to align the team around transformation while overseeing strategy, operations, and performance