Author: Alexandre Palma
Interim Management
Interim Management is a rapidly growing field that provides short-term leadership and strategic guidance to organizations in crisis, transition, or significant change. Interim Managers are experienced professionals with deep expertise across many areas, ranging from finance and accounting to operations, supply chain, and marketing. Interim Management aims to provide tailored solutions to any given situation and rapidly implement the changes and strategies necessary to bring about positive and sustainable outcomes. Interim Managers typically provide a range of services to their clients, such as:
- Developing and overseeing financial and budgeting processes
- Identifying opportunities for cost savings and efficiency improvement
- Assessing and managing risk
- Creating, implementing, and evaluating strategies for growth and organizational development
- Supervising the successful completion of projects
- Led turnarounds and restructures
- Enhancing employee engagement and morale
- Managing transitions to new business models
- Working collaboratively with other stakeholders
- Implementing effective change management plans
- Troubleshooting operational or financial problems
To be a successful Interim Manager there are some things to consider as you prepare for this new role.
Reflect
Establish your value proposition. As an interim, you must be able to quickly demonstrate the value you bring to the organization. Use your skills, qualifications, and previous experience to highlight the value you can offer. In addition to the value, you can add, remember to think about whether you really want that status and whether it will be something you would like to do temporarily or look at it as a permanent full-time. If that role isn’t for you, it’s important that you inform your boss even before you take the job/role.
Communicate
Engage with stakeholders. Communicating and engaging with stakeholders is important for driving progress, collaboration, and support for your plans. Stakeholders are not the only side you should talk to, you really need to have a conversation with your new boss (presumably your old boss’s boss) about what’s expected of you. It is important that there is a “supported” integration into the company, and that other senior leaders are presented, in a way to boost your credibility among the ranks. These people might not know you, so you need to work on establishing these key relationships.
Make “modest-sized” decisions
You need to “take some time to formulate your vision and strategy” for the organization and then decide where to concentrate your attention and energy. Develop a timeline and set goals. Setting a timeline and specific goals is essential for both short-term and long-term success. Once you have identified the organization’s needs and objectives, you must develop an actionable plan that will help to meet those objectives.
Build trust.
Managing relationships with your former peers — now your subordinates — might prove challenging. We suggest you have individual conversations with each of them where you ask: What are you working on? And what are you worried about? “Say, ‘This is unexpected, and it may be a little awkward. But I hope to gain your trust.’” You want to “be collaborative rather than directive,” she says. Whatever you do, don’t get drawn into the office drama — and don’t do anything to jeopardize or compromise your relationships. Instead, focus relentlessly on what’s right for the business. Be hard on the business and soft on the people. Importantly, “Don’t be ham-handed.”
The key benefits of interim management include:
- Increased operational efficiency and cost savings
- A timelier response to urgent issues and challenges
- Temporary flexibility that allows for longer-term planning and decision-making
- A fresh perspective from outside the organization
- Access to a team of experienced professionals
- Less risk and greater insight into the organization’s operations
- Improved morale and productivity
- Greater success in achieving desired outcomes
By implementing these tips, you’ll avoid some of the common pitfalls of interim leadership and increase your success in this role. You may be viewing this as an opportunity to be a team player in the organization or to advance your career by demonstrating that you’re ready for increased responsibility