Navigating the Complex World of Interim Management: Insights from Bo-Inge Stensson
In today’s business environment, the role of an interim manager is more critical than ever. With the responsibility of steering organizations through transitions, interim managers must possess a unique blend of skills and experience. Bo-Inge Stensson , a seasoned professional with over 30 years of international business experience, shares his invaluable insights into the intricacies of interim management. Currently residing and working in Lagos, Portugal, Stensson brings a wealth of knowledge from his extensive career across the globe, including the US, Europe, and Asia.
Bringing Decades of Experience to the Table
Bo-Inge Stensson’s career spans across multiple industries such as automotive, industrial, consumer goods and packaging, Health-tech, and Med-tech. His roles in C-level executive management and board positions have equipped him with a comprehensive skill set. “The specific skills include how we develop strategies for profitable growth and how to implement and execute with speed and high performance,” says Bo-Inge, who also emphasizes the importance of leveraging best practice tools and processes to drive transformation and change programs effectively.
Effective Management of Multiple Projects
Managing multiple projects simultaneously is a feature of interim management. Stensson advocates for a rigid governance structure, highlighting the necessity of setting up a Steering Committee and a Program Management Office (PMO). “To manage the different project streams, because it’s always very important to link the programs you are responsible for to the company’s strategic goals,” Stensson explains. Weekly pulse meetings play a crucial role in maintaining the drumbeat, ensuring timely delivery and prioritization.
How to build Trust with Stakeholders
Trust is the foundation of a successful interim management mission and Bo-Inge outlines five key strategies for building trust with stakeholders:
– Stakeholder Management to ensure all different views are captured and discussed;
– Involvement And Engagement through all project steps to involve and engage stakeholders to enable execution-power and speed;
– Communication, to ensure the project’s progress, key achievements and the main next steps;
– Governance to set up a Steerco, PMO and weekly pulse meeting for an efficient project management;
– Performance indicators that build the business case, customer and shareholder value.
Bo-Inge Stensson stresses, “When you come in as an interim manager, it’s very important that you have a solid communication plan.” Engaging stakeholders through all project steps fosters strong execution and motivates team members, ensuring a cohesive and efficient delivery process.
Adapting to New Organizational Dynamics
Adapting quickly to new organizational environments is a common challenge for interim managers. Stensson’s experience with significant events such as the COVID-19 pandemic, semiconductor shortages, and new technological advancements has shaped his approach. He advises, “What you should do to handle this, is to really understand the new strategic directions and the impact of these significant events.” Developing mitigation plans and maintaining strong communication channels is essential for managing these types of changes effectively.
The balance between Short-Term Results and Long-Term Strategy
Achieving a balance between short-term results and long-term strategic planning is critical in interim management. Stensson underscores the importance of clear alignment with key stakeholders and a robust communication plan. “There will always be a little bit of conflicting messages, but if you could align and bridge these you will solve the problem,” he notes. By establishing key performance indicators (KPIs), interim managers can seamlessly connect short-term actions with long-term goals, ensuring sustainable success.
In conclusion, Bo-Inge Stensson’s extensive experience and strategic insights offer a valuable roadmap for navigating the complex world of interim management. His emphasis on governance, stakeholder engagement, and effective communication provides a solid foundation for achieving both immediate and long-term business objectives. As Stensson aptly puts it, “The combination of strategic and execution duties/experiences is a differentiator…meaning you have been on the battlefield before, and you can easily manage the events.” His advice serves as a testament to the power of seasoned expertise in driving organizational success.