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c Worth their weight in gold?Exploiting the expertise and experience of an interim manager is a smart move in these uncertain times – and may give a significant competitive advantageDerek Soper bling companies to improve their competitiveness important to them to maintain their professional without incurring high permanent fixed costs by reputation, any concerns about engaging external CEOs manage resources to achieve results. If this bringing in specialist skills as and when they are assistance should be immediately dismissed.were easy, every asset finance company would be a needed. Interim management is generally synony- Engaging an interim manager might seem expen-success story. The reality is that CEOs are often con- mous with business change. The scope to mismanage sive, but securing the right person for the job will strained by shortcomings in their armoury or by change is enormous and interim management is mean that the cost is repaid, frequently many times time. The ability to improve the with the increasingly acknowledged as a successful means of over, making it a wise investment. right additional weapon or engage extra value-added helping to fill the capability hole. With an interim manager the company has a fixed resources can deliver impressive business benefits. Interim managers can be attractive to clients for overhead. He is contracted to deliver a fixed assign-Tapping into the expertise of interim managers is numerous reasons, such as their ...
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Worth their weight in gold?
Exploiting the expertise and experience of an interim manager is a smart move in these uncertain times – and may give a significant competitive advantage
Derek Soper importantbling companies to improve their competitiveness to them to maintain their professional without inc reputation, any concerns about engaging external CEOs manage resources to achieve results. If this urring high plesr amsa anenndt wfihxeend tchoests by were easy, every asset finance company would be a bringingI ninte sripmec imalaisnta sekimley are assistance should be immediately dismissed. success story. The reality is that CEOs are often con-nmeoeudse dw.i th business chagnge. Tnht ei ss cgoepne etroa lmlyi ssmyannoangye-Engaging an interim manager might seem expen- sive, but securing the right person for the job will strained by shortcomings in their armoury or by mana ement is time. The ability to improve the armoury with the change is enormowulse daned interim gmean that the cost is repaid, frequently many times right additional weapon or engage extra value-added increasingly acknogitd as a successful means of over, making it a wise investment. resources can deliver impressive business benefits. helIpnitnegr itmo fimlla tnhaeg cearsp acbainl bye haotlter.active to clients for overWhiteha da.n Hinet iesr icmo nmtraancategedr t toh ed ecloivmerp aa nfiy xheads aas fsiixgend- Tapping into the expertise of interim managers is umerous reasons a smart move in these challenging and uncertain nr, such as their experience and ment for a fixed fee and fixed duration. times – making use of a hands-on person with sig-spiboiven success, speed of response, flexibilitny, aacctcieosn-Straightaway, the company receives the benefit of the interim manager’s experience and skills. The fees nificant experience and a proven track record of andl irteys,uilntds,e rpeesnoduerncceef,u lonbejsesc taivnidt y,e nftohcuussi aosm. The charged for an interi m manager represent excellent delivering results. ability to be up and running immediately is a signifi- value when flexibility and the comparative cost of cant asset for the c permanent employment are brought into the equa-Evolving roles ompany.Interim m Interim managers were traditionally used by asset com a anagers may be engaged to help steer a tion. finance companies in times of distress, perhaps to a nepw-sntya trth roor uag nh eaw minaijtoira tcivhea,n agce,h iseuvcihn ga sa lna uacnqchuiisnig- A wealth of ex erience cover the unexpected or sudden departure of a senior tion or merger, integration, downsizing or disposal, Interim managerspare often over qualified for the job executive, and primarily to hold the fort. turning a business around or, worst-case scenario, and it is probable that there is nothing that they have Tday, interim management has evolved to the in surv extent that experts are available to cover a wide and ensurgival. ed to imlement not seen before. They do not need a learning curve diverse range of roles and specialist areas. Interim ingT ohre tyo mchaay nbgee rbeuqsuiinress culturpe, to helpa bruessitrnuescst uorr- aeanrdl yc iamn pstaacrtt otro dceolinvtreirb ruetseu lrtisg.ht away, and make an management has great potential for companies to team development, for crisis management, for men- An interim manager can provide a fresh, unbiased make the most of the fast-moving business environ- toring or to lead specific projects. They may step in view and is focused on the objectives set him. He ment. cted e As companies have come to appreciate the benefits faogre an unexpe dparture or to ease a skills short-sbheocauluds e bhee tias kiemn pianrttioa l maannda ghies maesnset’sss cmoenntf iodfe tnhcee . of using interim managers, they are now making Some interim managers offer general advice and business may prove invaluable. Indeed, he may be greater use of them on a plann i usiness’ ly when something unforeseng botaanrtd sfoour a bthe only person that management knows who has may be limited by not having imporrhcee of fresdhe previously undertaken the task or project in ques-skills, or they may be too briesnist ttehaeym ctahnr oulgph gduiiffi-tiitoy nt.o Atasspe it nftion amncaen caogemmpeannti etsa ltehnatt olenv aerna ignet etrhiemir baabsilis- commitments to achieve th ions. are now realising that this may help to give them a tives. competitive advantage. Although the term useh the costBein results describe people engaged on st m ers know when g -driven, an interim manager is as interim basis is ‘interim manateo tap ainntaog external exper-ombojeticvtiavtee.d Wase tchae nc eoxmppeactn yi nttoe raicmh imevaen tahgee mdeesnitr etdo many of the assignments a tise or supplementary increase in popularity, particularly in today’s volatile director level. resources to add value. and demanding times. Given that interim man-Valuable benefitshand- ic Interim management is ena-faogr etrhse atarse k and thpat ikteids hTA tlT eh fomrnachai is thore au ehtessAsros ot yr ’e Industt Financya Group, ‘Advi-
42I September 2008
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