02 Nov 2023
Table of contents
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!
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.
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.
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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.
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.
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.
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.
Some projects and situations in which an Interim Manager can be helpful include:
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.
Need more reasons to consider the idea of hiring an Interim Manager? Here are several compelling points in favor of this decision:
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. 🚀
