The cost of doing nothing: 6 reasons to use an Interim Manager
Interim management is the temporary supply of an individual with management expertise into an organisation. These individuals will typically be experienced business leaders who are able to manage an organisation through a period of change or transformation, provide stability to a business following the sudden departure of a senior leader, or provide a highly specialised skill set which a business may not have internally.
Interim for Finance
Financial struggles are always a challenge for smaller firms competing with larger companies, and especially so right now. Business costs have risen above the rate of inflation, and the impact of Brexit on exchange rates has resulted in further hikes for firms that import goods.
Sound financial management is needed regardless of market conditions, but even more so when navigating what’s currently quite a volatile environment. Whilst firms may not necessarily need a permanent CFO, it may pay to employ a temporary finance leader who can bring new perspective and ideas.
Why turn to an Interim?
According to a recent survey by the Institute of Interim Management, 80% of interim managers will use interim service providers at least some of the time. Our network of interim managers is best in class at helping to manage turnarounds, accelerate change, and transform businesses in demanding timescales. They bring intelligence, diligence and rigour which can make the difference between bust or boom.
The clear advantage to Interim over alternative routes is that it allows an organisation to access knowledge and implement change immediately, in conjunction with your existing team. The instant results that delivers leaves a lasting positive impression. In addition, Interims are a flexible and variable cost option, not a fixed overhead. With the nature of Interim contracts this gives organisations great flexibility.
Interim managers are experienced professionals who bring industry knowledge and expertise that is independent and as a consequence able to offer insight and value towards a specific goal, with quickly realised ROI. The main benefits are:
Interim managers are available to start at very short notice with minimum recruitment or termination formalities
Interim managers are experienced professionals, used to working completely autonomously, and need very little direction to get started and make a real difference to your business
3. Results Driven
Interim managers are judged by results and know that they have to deliver
4. Learning Curve
The skill, contacts and knowledge that an interim brings to your business will be transferred to your team and remain long after they have left.
5. New Perspective
While sensitive to the company’s values and culture, having no previous history with your business means they can look at the situation objectively and with clarity. Personalities and politics won’t affect decisions on what’s best for the business.
They can act as counsel to the Board while rolling up their sleeves to help deliver the strategy too.
The ROI of Interim
The return on investment when hiring the right interim manager for your business can be substantial. When a company is in crisis, often the cost of failure to deliver change far outweighs the cost of hiring an interim manager. Their skills and experience can be applied to many different scenarios. The use of interim managers is increasingly being considered as an effective and positive way for companies to achieve their business objectives and obtain highly specialised leadership skills at crucial times. Can you afford not to?
Get started today and speak with our Head of Interim Services.