4 Ways Interim Managers Can Help a Business

Valtus

Interim managers are hired for many different reasons. Here are four key areas they can help a business to succeed.

1. Deliver key projects

There are times when businesses find they don’t have the resource they need to pursue their goals. This could mean launching a new product, opening an extra division or reaching a new market.

Sector, country or project-specific knowledge can be gained in several ways. Consultancy, market research and training are all valuable options. However the advantage of interims is that they bring insight and have the capacity to deliver. This well-rounded approach makes them a time-saving and cost-effective choice.

The right interim manager can fast-track the success of your project and leave you with the tools to make it an ongoing success. Interims are hired solely to deliver a specific assignment, so are free from distraction and will embed themselves in the project until its completion.

2. Transform processes and systems

Let’s face it: few businesses like the idea of going through a transformation programme. They can be costly and time consuming, and cause disruption to day-to-day work. But if they weren’t necessary, it would mean we lived in a stagnant world. And when the technological, social and environmental landscapes are changing as fast as they are now, we know that’s not the case.

Digital transformation is an area where interims can be particularly useful. Companies often prioritise what the customer sees: website, social media and e-commerce. These areas rightly deserve attention; they are the forefront of the business.

But digital transformation must also take place behind the scenes. Systems and programmes are getting better and better, so making use of them properly will make your business work more efficiently. The right technology will have a positive impact on everything from service standards to staff retention.

3. Trim costs

Money and resources can always be used more effectively. Spending is easy and costs build up quickly, so both should be regularly assessed.

Interim managers have different areas of expertise, and some are very experienced in trimming costs. This may be the sole reason you are hiring them, or it could be part of a larger goal.

It is often useful to have an outside perspective when deciding which costs to cut, especially if staff changes are needed. Interims can examine a budget to determine which divisions, services and teams generate the most profit, then advise on where savings can be made. They can also identify what should be invested in to increase revenue and profits.

4. Finance: growth funding

Money is still, relatively speaking, cheap. Using finance can enable organisations to grow or invest in improvements.

Interims can play a useful role in this, as they can assess assets, cash flow and forecasts more objectively than senior staff. This can also help leverage existing capital to secure external financing.

Finance interims bring specialist knowledge to companies looking for growth funding. They can use their contacts, sector knowledge and experience to determine the best sources and even apply on their behalf.