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There are so many concepts arising on a daily basis in this fast-paced business world, that sometimes we do not really understand exactly what they are refering to. With this in mind, we’ll explain one concept you might not know about it (or yes): Interim Management
Take notes cause, there we go!
What is Interim Management?
Interim Management is a service of Business Management for a limited period of time. This means, that a manager is hired by a company for a specific period of time with an assigned goal to achieve in order to manage the business throughout a transition period of time.
Interim Management is a management service hired by a company to manage a project or a specific circumstance
As we have mentioned, this new concept started to give answers to the needs that some companies might have to overcome certain situations, such as: internal restructuring, relaunching businesses, mergers, business crisis, etc. At the same time, it can be a great advantage for those companies with a small management structure that need a manager to run a specific business.
And, who is the Interim Manager?
The Interim Manager is a professional with a long professional career in business management and administration’s matters, who is hired by another company to manage, in general, exceptional and urgent situations. We could summarize it in someone that is an expert guiding change processes within companies.
Interim Manager is a professional who joins a company to guide a specific change process
Some of the value added factors brought by Interim Managers to the companies they are hired by are: objectivity, effectiveness, rapidity, return of investment, experience, quality, responsibility and commitment.
Take into account that if your company has a small management department and you need at some point a stronger support in managing a specific project, you could solve it by hiring an Interim Manager for a limited amount of time.
Key characteristics an executive Interim Manager must fulfill
Professional profile
An Executive Interim Manager should possess a strong professional profile that includes extensive experience in managing companies or projects. They must have a proven track record of leadership in executive roles and the ability to quickly adapt to diverse business environments. Additionally, they should have a good understanding of the industry they work in and a solid professional network that enables them to make informed and effective decisions.
Personality
The personality of an Executive Interim Manager is essential for their success in the role. They should be a highly motivated individual with a strong work ethic and a proactive mindset. The ability to communicate effectively and build strong relationships with employees and other team members is crucial.
Experience and skills
In addition to having extensive experience in management and problem-solving, an Executive Interim Manager must possess strong leadership skills, including the ability to make strategic decisions, plan and execute changes, and effectively manage teams and resources. They should also have the ability to identify improvement opportunities and implement effective solutions.
Roles to be performed by an Interim Manager
Areas of influence where an Interim Manager can intervene
Interim Managers can operate in various areas within an organization. This includes human resources management, finance, operations, marketing, information technology, and more.
They can also be particularly valuable in a company’s international expansion or entry into new markets, as they bring a fresh perspective and a pragmatic approach to addressing complex challenges.
Examples of projects and situations where an Interim Manager is useful
Some projects and situations in which an Interim Manager can be helpful include:
- Business restructuring: When a company needs to make significant changes in its operations, an Interim Manager with experience in change management can lead this process.
- International expansion: When a company is entering new markets or acquiring operations abroad, an Interim Manager can manage this transition.
- Digital transformation: Companies often require experienced leadership to implement digital transformation strategies.
- Business crises: During crisis situations, bankruptcies, financial problems, or legal challenges, an Interim Manager can stabilize the company and work on its recovery.
- Startup launch: An Interim Manager’s experience can be beneficial for new projects.
- Retirement of key leaders or leadership changes: During the transition of an experienced or critical leader, an Interim Manager can provide stability and ongoing leadership until a new permanent leader is hired.
Collaboration with Key Departments
In their role as temporary leaders, Interim Managers also closely engage with key departments within the organization, such as Human Resources, Finance, Operations, and Sales. They collaborate with these departments to align strategies, streamline processes, and ensure the successful implementation of projects and organizational changes.
This ability to build bridges and manage interdepartmental relationships can be crucial in achieving project objectives or resolving critical situations.
Benefits of hiring an Interim Manager
Arguments in favor of approving the hiring of an Interim Manager
Need more reasons to consider the idea of hiring an Interim Manager? Here are several compelling points in favor of this decision:
- Specialized experience: They typically have a wealth of experience in their field, allowing them to bring specific knowledge and skills to the table.
- Quick action: They can onboard swiftly and assume management responsibilities, which is crucial in crisis situations or projects that require an immediate response.
- Flexibility: They do not create long-term commitments for the company, which can be advantageous in situations of uncertainty or unforeseen changes.
- Objectivity: With no long-term ties to the company, Interim Managers can make objective decisions.
- Cost-efficiency: Hiring an Interim Manager can be more cost-effective than maintaining a full-time executive.
- Network of contacts: Their extensive network of contacts and business relationships can be a valuable asset for the company.
Possible points of friction
Some potential points of friction can arise when there is inadequate collaboration from middle management with the Interim Manager, a lack of flexibility within the company to implement changes, or resistance to the proposals made by this role.
But don’t worry, because now that you’re well aware of the benefits of this role, understanding and leveraging this individual can make the difference between survival and success in the business world.
If, in addition to a role like the Interim Manager, your company is looking for a flexible office to carry out projects or strategic meetings, consider our customized workspace solutions. Lexington offers fully equipped and flexible offices that adapt to your needs, providing a professional and productive environment to efficiently achieve your business objectives.
With Interim Management leading your projects and a flexible office ready for any situation, you’ll be well-prepared to tackle any business challenge successfully. 🚀