What does an interim executive business look like?
Most independent executives spend much of their time doing business development and securing opportunities. Though the independent executive concept is being adopted by more and more companies in the United States, there is still a percentage of the SMB (small and medium-sized business) market unaware that this option exists.
When asked about their top sources for securing engagements, the executives in our survey said networking was at the top of their list at 84.7%, with referrals coming in second at 62.8%. However, the Internet is fast becoming a substantial resource for many independent executives. From online talent marketplaces (like Cerius) to social media, more than 36% of the executives use the Internet as an effective source of opportunities.
Though there is an extensive range of remuneration rates for independent executives, more than 70% of the executives reported client rates between $100 and $250 per hour, with the median at $150 to $200 per hour. There does not seem to be a connection between a lower or higher rate and the amount of time an executive has been working independently. For example, there is no correlation between what an executive who has been independent for one year charges per hour compared to those who have been independent for five years.
How busy an independent executive is depends primarily on two factors: how busy they want to be, and how long they have been developing the independent executive business.
As quickly as the weather can change, so can the life and career of an executive. The good news is, an executive’s career now comes in every shape and size, from corporate executive, business owner, startup entrepreneur, interim executive, management consultant, coach, advisor, board member, and the list goes on.