Written by: Susan Moor, Head of Vantis Interim Management & Placement Services, a division of Vantis, the UK accounting, tax and business advisory group

1. No-one on the management team was in business during the last recession – a lack of experience means decisions have been reduced to a series of fire fighting, knee jerk reactions
2. Decision-making paralysis at a strategic level has set in – fear of making a wrong move or a reluctance to make tough decisions has caused the Board to take a “wait and see” approach
3. The Finance Director’s (FD) workload has gone through the roof or worse, there is no FD – a benign economy has enabled the business to function with an accounts manager, but the company lacks a safe pair of hands in an experienced FD
4. Cost-cutting has become random – the Board lacks the experience necessary to understand how best to trim costs, while safeguarding the core business operation
5. Board level disagreements – the pressure of a tough trading period has led to fundamental disagreements between Board members, making collective decisions impossible 

For managers and directors, reaching the stage where the need for an interim manager is acknowledged is tough enough. Many see it as a sign of weakness, though experience tells us that this is not the case.  Those who seek help early enough stand a greater chance of steering their business through these troubled times. But, what qualities should an interim possess and what remit can they fulfill? 

Used in a variety of roles, the interim manager is contracted to assume responsibility for a specific project, often involving significant strategic, financial or operational change in stressed or distressed situations. 

Each interim has honed their skills within a variety of companies, gaining valuable experience along the way.  By drawing on specific sector knowledge and wider business experience, the interim can then manage the client’s specific needs. 

The interim manager should always possess greater skills than the project requires, as this guarantees a proactive approach from day one.  Because of their independent status, interims do not get involved in the politics and protocols that can often ensnare staff and management.  The interim can either complement, mentor or replace current management in difficult or stressed circumstances.  At the end of the assignment, an interim should have passed to management the key skills needed to take the business forward. 

For the associate, interim management is not a stop-gap measure; it is a preferred career path.  As such, they will be focused on the assignment and committed to achieving results – this is the very nature of the interim role. 

Interims assume a senior management or board level position within a company and the fees are charged accordingly. It should be noted, however, that by employing a highly experienced executive at short notice, who offers skills not available within the company, the remuneration is far more cost effective than employing a full-time executive. 

Many companies and financial institutions use agencies to help identify a suitable interim associate. The aim of an interim management placement agency is to best match the skills of the individual interim to the needs of the client and to affect a close working relationship.  As speed is of the essence, it is important to ensure that the agency has a network of highly respected interim managers available in a matter of days. 

Vantis Interim Management & Placement Services finds suitable interim managers for companies of all sizes from plc’s, public sector bodies, SME’s and not for profit organisations. The team is entrusted by banks, trade insurers and venture capitalists to help their clients find the definitive interim. Vantis Interim Management & Placement Services is able to find interim managers for companies that may be suffering due to skills shortages, require project management, are dealing with the sudden departure of a key member of staff, a fundamental change in the structure of the company or are experiencing turnaround and restructuring issues, or simply require change management skills. 

For more information visit http://www.vantisinterim.com/ 

Vantis Interim Management & Placement Services is a trading division of Vantis Group Ltd, which is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Vantis Group Ltd is a Vantis plc group company. 

Vantis is the AIM listed UK accounting, tax and business advisory group.