What can you do when a crisis hits your business? While you are trying to put the pieces back together, you may fantasise about bringing in a highly-experienced executive who has extensive knowledge of the type of crisis that your company is facing, for a short time, to help you get through. This is not a fantasy. This is a real option.
Interim management is one of the newest management techniques for troubleshooting that has emerged in recent years. It’s similar to hiring a consultant but has many advantages.
The Interim Management Association states that “Interim Management” is the provision of senior executives quickly to manage transition or change. An interim manager can be defined as a highly qualified executive with extensive experience and specialisation who you can hire for a limited time to solve specific business problems. The interim manager is an expert project manager, who not only gives you advice but will also implement the solution. For Interim Management, contact https://iim.org.uk
Consider, for example, a company run by a family that has lost its competitive advantage in the last five years because of internal politics between family members. The situation is made worse by the sudden resignation of the managing director and the realisation that the current management team lacks the experience to manage the company.
The chairman has two options. He can hire a senior executive from another firm as a permanent employee. This drains resources and can destabilise a company as family members may feel threatened and decide to leave. Even worse, it will be hard to remove the new executive if they make the wrong decision.
Another option is to hire an interim manager who has experience in troubleshooting short-term problems and maximisng company efficiency. It’s a no-brainer. The hiring of an interim manager is a good way to get someone into place quicker and avoid aggravating internal politics that are currently stifling the company.
