Interim Management Views

Beware of Wolves in Sheep's clothing

2009-07-15T14:09:00.003Z

My views on which segments of the interim sector are doing well are well known. It is highly likely that if you have anything to do with change management, turnaround and business recovery you are probably gainfully employed at present. However the generalist stereotypical interim segments of Finance, HR and IT are suffering at present as a result of a hug influx of executives looking for work as a result of the recession. I feared this might happen at the beginning of the credit crunch and it would now appear that this is what is happening at present.

Career interim managers are being gazumped to roles because the ‘between-jobs’ executive will work more cheaply and will accept lower contractual terms. Whilst clearly I do not hold it against anyone trying to make ends meet it has led to a shift in the interim market with several senior HR interim managers on our books who have worked continuously for years now being out of work for between 3-6 months at a time.

In particular, HR and IT professionals are feeling the strain at present and whilst the public sector is inundated with professional interim managers (in local government and the NHS in particular) these sectors will undoubtedly see cuts in the future once the next election is out of the way and the government of the day is forced to tackle the growing public sector cost.

Career interim managers will always give better value for money than executives ‘resting’ or ‘between jobs’. I have listed a number of reasons below why potential clients should select career interim managers ahead of their permanent counterparts:-

Career interims are objective biased and not time biased, they will complete the task in hand more efficiently rather than spin it out to suit their personnel circumstances
Professional interim managers will not up and leave when they find a permanent role
Career interim managers work to a ‘code of practice’ and have professional indemnity insurance in place to provide ‘peace of mind’
Career interim managers are likely to be more rounded individuals able to offer advice and experience on topics unrelated to their assignment

I would strongly encourage potential clients to closely check the credentials of the ‘interims’ the might be engaging on assignment to ensure they are real deal.

UK Manufacturers use Interim Managers to Beat the Monkey

2009-07-08T14:48:00.005Z

UK manufacturers are turning to interim management providers like Aster Interim to help them free up cash and improve liquidity during the current recession. Many manufacturing companies are reducing their headcount to cut costs, but a number of others are using interim managers to make their business processes 'leaner' and maximise margins on existing sales.

Global Market Pressure

The UK manufacturing sector has long been under pressure from global market forces and the recent figures published by the UK Government would seem to bear this out.

Gross Domestic Product (GDP) contracted by 1.9% in the first quarter of 2009. Output from the production industries fell by 5.3% compared with a fall of 4.5% in the previous quarter.

These statistics were driven by manufacturing output which fell by 5.5%, leading many manufacturing companies to ask their staff to accept shorter working hours, pay cuts and even redundancy. This is clear evidence that UK manufacturers are really suffering in one of the worst recessions, if not the worst on record.

Beating the Cash Monkey

Companies are currently looking for ways to beat the ‘cash monkey’. This is a metaphorical term for the lack of liquidity many companies are suffering from at present, as a result of reduced sales, bad debts, increasing inventories and rising costs.

All companies know that cash is king and the finances of the indigenous manufacturing sector cannot be helped at present with the further difficulty of getting loans and extensions to credit facilities. As a result, SMEs and multi-national OEMS alike need to find other ways to free up cash in their businesses to improve liquidity.

Using Interim Managers

There are two ways to make money from manufacturing: making more with the same resource or making the same with less resource.

Many companies have chosen exclusively the second option and cut their cloth accordingly by reducing their headcount, but a number of other manufacturing companies are choosing interim management providers to help them through the worst of the recession.

The need to increase efficiencies and reduce costs has led to a fillip for interim management providers like Aster Interim. In particular, those interim managers with experience in change management, business turnaround and using continuous improvement techniques such as lean and six sigma are finding their services very much in demand at present.

This recession has catapulted interim managers with these skills to the forefront of the recruitment sector. Companies are on a drive to make their business processes ‘leaner’ and maximise margins on existing sales. Every effort is being made to ensure any amount of inefficiency is identified and eliminated.

Lean Business Techniques

By working ‘smarter and not harder’ many organisations are hoping to last out the recession and come back leaner and fitter when the economic tide turns. Lean business techniques are being employed companywide from design through to distribution. Perhaps those organisations with the foresight to improve their business models now rather than doing more of the same will be the organisations able to steal the march on their competitors when the good times return. Interim management can be self-financing if the chosen manager succeeds in achieving the set objectives.

Interim Management Assignments

UK manufacturers are looking for interim managers who can complete assignments such as: factory re-layout to minimise waste, process mapping to reduce non valued added activities, leaning out supply chains to bring about improvements to lead-times and cash outlays and working to make more business processes more repeatable and capable.

Perhaps interim management maybe one solution to removing the cash monkey from the UK manufacturing sector.

Visit the Aster Interim website: www.aster-interim.co.uk

Contact Details

Paul Wilson
1 The Lane
Mursley
Milton Keynes
Buckinghamshire
United Kingdom
MK17 0RY

Tel: +44 (0)1296 720281

enquiries@aster-interim.co.uk

Is Lean a dichotomy?

2009-07-01T14:08:00.002Z

When I mention the word ‘lean’ in a business context some people tell me it stands for making people redundant and making do with the absolute minimum amount of people. In reality this cannot be further from the truth.

Think about it, if the objective of lean is to remove the non-value added activities from a process enabling ‘value to flow’ so that the customer receives a better quality service or product, then this definition just doesn’t make sense. Anything that would jeopardise this objective being achieved is not in the customer’s best interests and therefore by definition cannot be as a result of a lean programme.

Instead Lean is a philosophy concerned with making processes more robust and predictable by removing ‘stuff’ that gets in the way like waiting time, bottlenecks and situations likely to induce quality issues. Lean is about making processes work better by involving the workforce and not just reducing the workforce. It is true that sometimes the process improvements thrown up efficiency gains following lean introduction can result in fewer people being required to carry out a particular activity but it is also true that it is sometimes necessary to introduce people into the process to make it work more smoothly.

Also lean organisations which understand the philosophy try to re-assign people from non-value-adding activities to value adding activities because they understand that human talent is the greatest asset a company can have. Each person is a ‘process expert’ in their own right and the knowledge they have is invaluable.

In summary, Lean is not a dichotomy, it is just sometimes badly implemented, mis-understood and used as part of a political agenda.

What is the best way to approach a new interim assignment?

2009-06-09T09:51:00.004Z

Everyone has their own approach to a new role but here are a few tips how to ensure you get off to a flying start.

10 Useful Tips and Suggestions

Ensure you receive clear, concise, tangible objectives

Ensure you fully understand the scope of the role and your responsibilities

Take time out to chat with your peers and subordinates alike to get an understanding of the main issues and who the movers and shapers are within the organisation

Use the Management by Wandering Round principle espoused by US business guru Tom Peters - go and see for yourself ‘where the action is’, don’t just rely and what you have been told, make your own judgements

Ensure you work the hours appropriate to the task in hand. Interim Management is rarely a 9-5 occupation

Formalise some useful KPIs and decide how they will be measured, keep them simple

Generate a plan of the activities that need to be carried out, formalise this and make it visible to the stakeholders

Ensure you write a one page weekly report summarising your activities, performance against KPIs and future tasks and actions. Your client needs to know they are getting value for money and you are making a difference

Ensure you get regular and critical feedback from the Stakeholders on their ‘perceptions’ of how the assignment is going

Finally, do not stretch out the assignment beyond the scope of the project boundaries unless requested to do so by the stakeholders

Markets showing signs of Recovery

2009-05-19T09:06:00.006Z

As summer approaches I am seeing genuine optimism amongst our interim managers and clients alike that certain market sectors are starting on the long road to recovery.

However, most of our interim management placements at present are still in the areas of business improvement, change management and business turnaround which would indicate organisations are still prepared to spend money when a leaner, fitter business is the result.

Where interim placements were common a short time ago to cover for scenarios such as maternity, staff sabbaticals and executive terminations, in our experience, organisations are preferring to re-organise internally instead by battening down the hatches in order to save funds in these uncertain times.

We have provided short lists of candidates to a number of clients in recent weeks only for the client to re-evaluate their plans at the eleventh hour and withdraw the assignment favouring instead a ‘make do and mend’ strategy.

I would suggest that this trend may continue for at least the next 12 months before more standard disciplines and scenarios re-emerge once again within the interim portfolio.

In truth I believe this may well have a positive Darwinian ‘natural selection’ type effect on the interim pool of talent because in my opinion it was starting to get saturated with interim managers from too few disciplines causing supply to outstrip demand ultimately driving down the day rates.

This recession may also lead to other changes in the provision of recruitment solutions for many private and public organisations.

Human Resource Directors are starting to see that swathes of employment laws and costs relating to permanent staff do not apply to interim managers meaning that the use of interim managers has suddenly become a lot more appealing.

I believe the balance of 2009 will test us all to the limit but at the end of it we will have a leaner and more structured recruitment industry where both permanent and interim management solutions are available in equal measure.

Green Shoots to Recovery

2009-04-28T12:40:00.005Z

When is a green shoot a green shoot? When it has an interim assignment at the end of it?

Not a day goes by without someone telling me the economic recession is affecting their organisation in some way. However, perhaps more surprisingly I have had views expressed to me from opposite ends of the spectrum. There are those amongst the ‘life essentials’ sectors (e.g. food, utilities, public sectors) where demand is strong and those amongst the ‘lifestyle’ sectors (e.g. automotive, leisure) where business is relatively poor based on diminishing disposable incomes and the inability of potential clients to obtain credit finance.

However what is more interesting is that we are still seeing the same level of enquiries for interim managers as we saw this time last year. The only difference is that the types of assignments have changed. Gone are the extra ‘pair of hands’ type assignments typified many HR and IT projects and in their place have come assignments looking at business excellence and continuous improvement. Indeed many organisations would appear to be tightening their belts by using specialist interim managers to help them make business processes more efficient and transparent. We have had a number of enquiries for lean, six sigma and business process re-engineering specialist interim managers over the past few weeks from dramatically different organisations and sectors. I think it may even be boom time for those interim managers with these types of skill set.

In our experience the duration of some of these assignments is shorter than the average (typically 3-6 months) and day rates are under constant pressure but perhaps the interim sector may allow client organisations to improve efficiencies such that when the economic upturn finally arrives those green shoots can blossom into sustainable growth.

Do you need an Interim Manager or a Contractor

2009-04-06T09:04:00.002Z

There are still a large number Human Resources Managers who believe they want an interim manager when what they really want is a temporary member of staff.

At Aster we get regular enquiries from organisations suggesting they need professional interim managers when what they really need is contract or temporary staff. I think this confusion is brought about partly by ignorance because Interim Management is still a relatively new concept to many HR executives despite its existence for more years than I care to remember and partly by the failure of interim management providers to adequately sell the concept. I have written about this issue before and I have not seen any improvements over the past few year.

So what are the differences between contract/temporary staff and interim managers. Typically they fall into a number of categories:-

Contractors tend to work through agencies or umbrella companies whereas Interim Managers often have their own limited companies.
Interim Managers are often senior executives who have had their own businesses or have operated at senior levels with organisations but are able to offer client transferable skills whereas contractors tend to specialise in one area of expertise.
To be truthful experience comes at a price so days rates for interim managers are often in excess of those charged by contractors or temporary staff. In addition career interim managers have to fund insurances, marketing and limited company costs.
In order to attempt to improve the awareness of the benefits of interim management Aster has decided to run a number of seminars to attract both potential users of interim managers as well as some new talent to the interim management pool. More on this in the next few weeks.

What started as a drip is now a torrent.....

2008-11-18T12:21:00.002Z

Several weeks ago we noticed a slight increase of CVs from executives wanting to become interim managers. Today, that number has multiplied several times over as senior executives exit the permanent workplace as a result of redundancy or re-organisation programmes and then decide to enter the interim market place.

On one hand this is good for company’s such as ourselves as it refreshes the ‘interim gene pool’ however we know from past experience that it also brings about a few issues particularly as some of this new talent tend to use interim management as a stop gap back to the permanent work place. At Aster, our rigorous selection process will weed out most of these ‘part-time’ interim managers but I think more worryingly the trend reflects the general turn down in the economy.

Because everyone fully expects the interim management market to remain buoyant it is at times like these that interim management providers get swamped with applications from candidates for professional interim vacancies.

How to select an interim management provider?

2008-11-13T16:08:00.007Z

There are many interim management providers throughout the UK, Europe and the USA. Indeed the choice now appears to be so large it must be difficult for client organisations to decide where to start with the search for an interim manager.

I have listed below a number of considerations that might be useful in your decision making process.

Expertise – does the interim provider already service your industry/operating sector? Ask how many assignments they have fulfilled in equivalent roles over the past 12 months
Geography – Is it important that you can meet with your provider on a regular basis during the assignment? If yes, then choose a company which operates relatively locally to your organisation
Flexibility – Do they always get back to you when they say they will? How quickly did they respond to your enquiry or request?
Heritage & Size of Organisation - Is the interim provider a long established company. Have the senior executives worked for the company for some time. Do they have an established database of pre-qualified interim managers?
Interim Manager Vetting – how does the providers vet their interim managers? Do they conduct face to face interviews with all managers prior to short listing?
Code of Conduct – Is the interim provider bound by a code of conduct enabling you to be safe in the knowledge that you are dealing with a reputable company?
Size – Do you want the reassurance that you are dealing with one of the larger providers or are you comfortable dealing more with a smaller concern which may be able to provide you with a more bespoke, flexible service.
Financial Stability – Are they a financially viable business? are their rates competitive against their competitors? Interim providers will always ask you for exclusivity for up to 48 hours from receipt of an assignment. It may make more sense for you to select 2-3 providers at the enquiry stage rather than offering one company total exclusivity as assignment fees vary considerably from provider to provider.

Of course ultimately chemistry also plays a vital part because you have to have confidence that you can work with your chosen partner. Good Hunting!

Private sector lagging slightly behind

2008-10-24T08:19:00.003Z

Our own experience would indicate that the private sector is slightly lagging behind the public sector in the use of interim managers. Paul Wilson tales a look at the reasons why.

We get many enquiries for interim managers from public sector organisations, probably at least twice as many as those from the private sector. Is this surprising? On the face of it I thought it was but after speaking with a number of executives from both the private and public sectors, my views have slightly changed.

As one public sector senior executive said to me, “We need to ensure that stakeholders get the best result from any activities we carry out. As a result we need to make sure that our teams are comprised of the most appropriate, experienced people and not just who is available. We operate in a world of transparency where every penny we spend is scrutinised and as result we need to demonstrate results, consequently we embrace interim management as a value adding concept because it tends to get the job done quickly, efficiently and usually right first time”.

Contrast this with an executive from a privately owned organisation. “We have a vast array of talent within our company. I think it would be tantamount to admitting we have the wrong people in place if we needed to go outside the organisation to find an interim manager. Also we always need to keep an eye on our indirect headcount and spend”.

In our opinion public sector organisations are managed with such a level of transparency these days that chief executives need to justify exactly where every penny is going. They also tend to understand that the use of sensibly over-qualified interim managers gets the job done quickly and efficiently with overall less cost. In the private sector there is a slightly more introspective approach where corporate finances are not subject to the same level of independent scrutiny as that of the public sector and there is still very much an attitude of “we can resolve this if we pool our resources thus keeping costs down to an absolute minimum”.

I think it is very much up to interim management providers to spread the message that the use of specialist interim managers can indeed be the lowest overall cost to a business or organisation within both the public and private sectors. In essence, we need spread the word that interim solutions can be very cost effective.

As Autumn turns to Winter, What will next year bring?

2008-10-13T08:04:00.004Z

Paul Wilson looks ahead to what 2009 will bring the Interim Management sector

At this time of year the mornings are darkening, the trees shedding their leaves and my thoughts turn to the end of another extremely busy year. But I wonder, can we look forward to the same in 2009?

Interim Management as a concept has now been accepted by both large and small organisations within the UK for some time. Recruitment consultants providing permanent staff tell me that the interim sector has stolen some of their market share and their business growth has slowed down. But will we see the same in the interim market?

I think not, in fact I predict that 2009 will be an extremely fruitful year for those managers and providers able to negotiate the debris the credit crunch has left in its wake. Yes, we will undoubtedly need to ‘sell’ our products/services but that is not new for those engaged in the interim sector – however this time, there just might be more people willing to listen to our message.

In recent weeks many have had their world turned upside down. Who would have thought just 12 months ago that we would be seeing banks being nationalised, decade old institutions going to the wall and the globe frozen by financial fear.

As I am writing this we have yet to see the full extent of the fall out from the global credit crisis but you can pretty much guarantee that there are going to be some pretty large pieces to pick up and large shovels will be the order of the day.

All business sectors are going to be looking to reduce costs and bank borrowings, increase productivity and get a better return on capital employed. The bonus culture enjoyed by many in the financial services sector and the city in particular are either going to be curtailed, regulated or radically altered.

With regards to recruitment, strategic decisions are most likely going to be taken regarding senior executives in particular. Questions such as “Do we hire permanent staff or try interim management?” are going to echo around the country’s boardrooms.

Organisations which have been largely safe as houses will now need people with different skills sets including those with turnaround and merger & acquisition experience. Business processes will need to be re-engineered and productivity will need to increase through the use of philosophies and techniques such as lean manufacturing and six sigma.

Which sector is best placed to provide these skills?

I am calculating that both Interim Managers and Interim Management Providers will have a good year in 2009.

Select your shovel………

Are some disciplines saturated with Interim Managers?

2008-10-06T10:31:00.002Z

Paul Wilson believes that the supply of certain types of interim managers outstrips demand in some disciplines.

Each week the credit crunch and poor economic trading conditions continue I am forecasting we will get applications from more individuals wanting to become career interim managers. Redundancy, re-deployment and general dissatisfaction with permanent careers are often the catalysts for executives deciding to become interim managers. What might be considered to be the start of a bright new adventure I fear will result in disillusionment and heartache for some? I am concerned that there are several disciplines which are saturated with interim managers at present and some budding interims are going to be disappointed as they are likely to be at the back of a very long queue.

I am thinking in particular of the disciplines of HR, General Management, Management Consultancy and IT Consultancy. In my opinion there are just too many people trying to get in on the act in these disciplines and too few genuine interim management opportunities to keep all interested applicants satisfied. I think it will become vital that particularly new interim managers are able to differentiate themselves from others by having a second string to their bow or by being able to offer potential clients something different.

When assignments come to an end….

2008-09-08T08:05:00.005Z

It is quite normal to feel a slight pang of dissapointment when an interim management assigment comes to an end. Learning to deal with this emotion and using it to spur you on to greater heights is critical to being succesul in the interim management arena.

I guess it is a bit like being a marathon runner preparing for a race several months ahead. The build up is hard work and fun but the actual run is over relatively quickly leaving a slight feeling of emptiness or anti-climax once the objective has been achieved.

However it is vitally important that the career interim manager learns to deal with these feelings and starts to prepare for the departure day weeks in advance when the end of the assignment is in sight. Here is some simple advice in preparing how to exit an assignment in a professional manner even if you do not have an assignment to follow on.

During the assigment clarify the likely end date
Work to this target with focus and attention to detail
Market your interim management skills to other potential clients
Ensure the organisation/process you leave behind is a testament to your skills
Do not try and elongate the assigment beyond its natural course – your client will thank you for this in the long term. They may even ask you back at a later date to carry out a further assigment. Remember it is over 30 times easier to get more work from an existing client than it is to find new clients.
You will know when the assigment is over often before your client – when all set objectives have been acheived
Ask for a reference or case study which can be used to promote your skills to other clients
Always leave on a high note.
Be professional and courteous throughout the exit period
Keep in regular contact once you have left the client organisation eg. courtesy telephone calls, christmas cards, dinners etc.

How to Market Yourself

2008-09-01T08:35:00.003Z

Ever thought about why some interim managers are more succesful than others in gaining assignments. Perhaps they know something you don't. If you want to know some of the secrets then follow our step by step mini-guide detailing how to succesfully market your interim management credentials.

5 easy steps to succesfully marketing:

Develop a network of potential clients – made up of previous clients, suppliers, customers, business contacts etc
Write to the ‘list of potentials’ preferably by e-mail spelling out exactly what you could offer their business – no fluffy words like excellent, best, ambitious etc – just hard, tangible facts
Contact the individuals by telephone no more than 3 days after you have written to them – ask for an appointment
At the appointment, prepare, listen and offer constructive comments of how you could add value to theor organisation – be specfic
If unsuccesful, start the process again – in this business the harder you work, the luckier you get!

UK Manufacturing sector turning to specialist Change Managers

2008-07-25T08:10:00.004Z

We are seeing growing evidence that the UK manufacturing sector are using interim change managers to improve their performance.

I have personally visited a number of companies in recent weeks which have made the concious decision to use specialist change managers to bring about change in their existing working practises.

We are currently engaged on a number of projects with clients, mainly in operations, to introduce philosophies such as lean manufacturing and busniess process re-engineering. I think this trend will continue as companies put on temporary hold their permanent recuitment decisions due to the uncertain business climate. As a result, specialist Interim Management providers like ourselves which focus on the manufacturing sector, should be able to fill the void will well qualified, interim change managers.

Are employers changing recruitment policies?

2008-07-14T08:19:00.001Z

I have read a number of articles in the past few weeks identifying the possible changing recruitment habits of some employers. The uncertainty in the stock markets, fuel price movement and the relatively weak pound against other currencies would appear to be causing employers to think twice about recruiting permanent executives in some cases. Perhaps they are playing a waiting game and are turning to contractors and interim managers to plug the skills gap until such time as the way ahead becomes more predictable.

This could a blessing in disguise for the interim management sector although I am a little too old in the tooth to get excited too quickly. We have seen no evidence of this trend as yet but we have seen an influx of first time interim managers registering with us as a result of changing career aspirations and increased corporate redundancy programmes.

We mainly supply the manufacturing sector with interim managers and the demand is still consistently buoyant but with no spike in extra demand as a result of changing recruitment policies as yet. Rest assured we will keep you informed if it materialises.

Interim Management Training

2008-07-07T08:58:00.003Z

There are a number of training providers who provide specialist interim management training courses for those individuals about to embark on an interim career.

To be honest Aster run very few courses on this topic because I guess on the whole we are dealing with experienced executives who determine that they already know what is required to be successful in their interim career. Does this sound familiar?

I am not trying to sell our training courses but I do think it would be sensible particularly for those budding interim executives not from a general management background (disciplines such as HR, Sales and Marketing, IT, Facilities etc) who may not have been exposed to the financial side of running a business in their permanent career to take some advise and guidance from people who have already trodden that path. Also marketing one self is a whole new ball game for some people who have not had exposure to this type of activity before or are not naturally disposed to ‘the gift of the gab’.

There are a number of providers who provide this type of interim manager training. I think it would be sensible to use it, don’t you?

Top Tips for Business Coaching Success

2008-07-02T07:53:00.001Z

Question: Which type of companies might benefit from Business Coaching Services?

Answer: All types of companies, but it is particularly useful for SMEs, partnerships and sole traders which tend to need extra support at crucial times in their development.

There are many people and companies in the UK purporting to be business or executive coaching specialists. Some are accredited business advisors; others are experienced individuals from within a particular business sector. Irrespective of their background or credentials it is important before you part with you hard earned cash that you have a strategy in place to select the right coach/mentor for your business.

Aster Interim Solutions Ltd is a specialist interim management service provider which provides business coaching / mentoring services through its interim managers. Paul Wilson, Aster's Managing Director identifies what you should be looking for in your chosen business advisor:-

Accreditation - Is the individual or the company they represent formally recognised by a trade body or bound by a code of practise?
Relevant Experience - make sure your potential coach has experience of either your business sector or the type of issues your business faces now or in the future.
Take up References - too many companies ask for references but never take them up. A reputable business coach should be able to give you a list of several companies with whom they have worked.
Understand the Costs - tie in tangible objectives to the coaching schedule.
Review Periods - the whole point of employing a business coach is for them to add value to your business. Make sure you build in formal structured reviews with your coach to ensure you are getting value for money.
Recognise the end point - Coaching assignments come to an end, both parties should be able to recognise a natural end point.

In summary, employing a business coach can be an extremely beneficial to a business. However, in order to get the most benefit from the arrangement take time to select the right coach, identify the key objectives together and recognise the end point.

Getting started as an Interim Manager

2008-06-26T08:09:00.001Z

First and foremost, don't rely totally on interim providers to find your first assignment. Interim management providers tend to use a 'trusted' number of interim managers who they know will represent their company in a professional manner. By all means register with companies like ours but you must also go on the self-promotion offensive at the same time. Start by making up a list of companies and people you have worked with over your career. If you are lucky you might have 100+ names of people who may have an interest in your skills and experience. Contact these people by telephone or by a well constructed letter. Explain what you can offer in a precise and factual manner. Try and get a face to face meeting. If they are prepared to make time to see you it means that they are potentially interested in what you have to offer. If the situation proceeds to a point where they are contemplating giving you an interim assignment make sure you don't alienate them by asking for a day rate beyond their means or a length of assignment the objectives don't warrant. Find a sensible compromise on both. Remember the old adage- it is easier to find a job when you are in a job. Once you have your first interim assignment it will be easier to find a second and then a third as your reputation and credibility builds. That's the time when interim providers can really help!

Days rates holding up

2008-06-19T08:40:00.002Z

I was slightly concerned that the credit crunch and dramatic changes in fuel costs would have an immediate adverse effect on the number of interim assignments and consequently the day rates interim managers could expect to achieve. However all indications thus far would indicate that the market for interim managers is still buoyant and client organisations confidence in using professional interim managers has not wavered as the added value benefit of using an interim manager outstrips the cost. We have even had clients coming back to us I recent weeks wanting to extend the duration of contracts with their interim managers. Long may it continue for all parties concerned? On a more cautious note, I believe it would be sensible at the moment for interim managers to speak with their clients and interim management providers slightly earlier than they normally would as they are coming to the end of their assignments regarding looking for other opportunities, additional objectives etc as at some point the difficult trading conditions may bite leaving the supply of interims outstripping demand. Of course when one door closes another opens, some interim managers, particularly those engaged in business recovery and turnaround may find work in plentiful supply whilst other generalists may find project work drying up. Be sensible and plan ahead now.

Become an Interim Manager for the right reason

2008-06-11T13:21:00.001Z

I would say that we get about 30-50 interim management candidate registration forms each week from people wanting to become interim managers. However when you sort through them a lot of the applications are from people who have been lured into the interim management arena by the attraction of high day rates and tales of gold at the end of the interim rainbow. This may well be true for a small number of well qualified, exceptionally talented individuals but for most aspiring interim managers the early days can be very hard and extremely challenging.

I know a number of people which have had very successful permanent careers but failed to transfer that success to their interim management career. Why I hear you ask?

Oh, there are many reasons. I have listed some of the more common ones below that I have come across:

Ø Self-Marketing – the inability to market your skills and abilities in a down to earth, common sense way

Ø Arrogance – some people expect clients to be falling over them, it doesn’t work like that, you get out what you put in

Ø The Professional Qualification Brigade – some people assume that because they have lots of initials after their name that this is what clients want when in reality in my experience clients actually want interim managers who have hands-on practical skills to help them make a difference. This needs to be coupled with strong people management skills and profound common sense.

Ø Hard Work – not prepared to put the time into networking, writing letters, making telephone calls etc

Ø Family & Geography – not prepared to travel or stay away from home. It is very likely this will be a fixture of your interim career.

Ø Multi-tasking – you need to be able to cope with marketing, sorting your taxes out, paying VAT as well as being self-sufficient in a whole host of the tasks

Ø Loneliness – Some people miss the cut and thrust of daily office life in a corporate organisation

Ø Between Jobs – Likes the idea of interim as a safety net until that magical permanent role comes along

I firmly believe that if you are attracted to interim management for the right reasons, you work hard and show a degree of flexibility you will ultimately succeed but understand that it will not be any easy path until you are established and have some credibility in your chosen field.

Interim Providers must work harder…..

2008-02-02T05:10:00.001Z

Paul Wilson, Managing Director of Aster Interim Solutions believes that interim management providers need to work harder on their marketing skills for the sake of their sector as a whole in order to take full advantage of this expanding market.

He states “I often attend networking events/meetings and I am regularly asked what my company does. There tends to be a respectful silence when I state “We provide interim managers”. Indeed even senior executives of companies ask, “What is interim management”. I get asked the question so often that it has caused me both embarrassment and caused me to re-consider our marketing policy and how best to approach our potential customers.

All statistical evidence points at a growing interim market sector where skilled senior interim executives are making a significant difference to client businesses the length and breath of our land, yet this growth seems to be coming in spite of the relevant immaturity of the interim management sector. Imagine what could be achieved if we were able to get our message across to the senior executives of the majority of the UK’s companies”.

Wilson continues, “We have cause to re-examine our marketing strategy. However I believe the onus is on our industry as a whole to make this sector more ‘visible’ to its potential clients. Some interim providers/organisations have already shown the way forward with their award schemes, training courses, strategic alliances with and sponsorship of trade organisations, but I still believe we need to ‘shout our message’ out louder.

We need to connect more with business at their embryonic stages, make relationships with business schools and offer the venture capital market place something other than just a financial skills service.

Our own company has partnered with the Cranfield Management Association from the Cranfield School of Management in an effort to increase awareness of interim management as both a career option and a service. However, this is just the beginning and we intend to increase brand awareness over the coming months with a number of marketing initiatives designed to appeal to the mass market.

Watch this space!

Paul Wilson Managing Director Aster Interim Solutions Ltd - Interim Management

Setting up as an Interim Manager

2008-01-13T11:18:00.002Z

When setting yourself up as a career interim manager it is imperative that you are able to demonstrate the following:-

A successful permanent career in which you have proven your ability to achieve positive results at the highest level.
A limited company.
A minimum of at least £250K Professional Indemnity Insurance.
A day rate aspiration which closely reflects the clients evaluation of the role required to be performed.

Interim Providers and clients alike will be interested in what you have achieved in your permanent career as either a manager or director. In particular, they will look at your successes whilst leading or directing teams as this key skill is often required on assignment. They will also take a close look at your judgement, communication skills and ability to take an objective approach in your work as these factors are critical to your success as an interim manager.

You should use your CV as your initial tool to market yourself. As an interim management provider we see literally hundreds of CVs each month and to be honest the standard is not always that good even when the candidate is actually very competent. Whilst there are many different ways of presenting CV's we recommend you stick to the following 10 golden rules:

Use a opening paragraph to summarise your core competencies and experience.

e.g. An Interim Manager with 10 years experience of operating at director level in operations and general management within the Aerospace sector.

It is very likely that interim providers will use keyword searches when looking for suitable candidates for assignments therefore it is sensible to ensure the most relevant phrases are present in your opening statement about yourself.
Do not write statements using adjectives such as ambitious, professional, experienced, excellent, etc because you are expected to have these qualities.
Keep your CV to 2 pages and ensure your include your work experience in the last 10 years of your career.
Choose a sensible font (Arial or Times Roman). The number of CVs we get which are actually difficult to read because they are written in 'wacky' fonts or italics you simply would not believe. These tend to go straight in the bin.
Don't exaggerate your achievements - some CVs are simply unbelievable.
Identity two professional referees - ideally from companies where you have been on assignment.
Ensure you identify your sector experience clearly.
Identify the geographies in which you are willing to work.
List tangible achievements and be prepared to modify your general CV for each position applied for highlighting specific parts of your CV which are relevant to a particular assignment.
Finally, ensure all of your professional qualifications are present if relevant.

It is possible to set up a limited company in only a few days for a very small fee. Specialist company formation businesses exist to help you with this process. We would strongly recommend that you also get advice from a qualified accountant to advise you on your directors responsibilities with respect to your limited company, IR35 legislation, PAYE/NI and VAT. What can appear to be a very daunting process can be handled quickly and efficiently if you do your homework first.

Most Interim Management providers will require you to operate through a limited company because it demonstrates you commitment to a career as an interim manager and also makes the contractual relationship simpler.

It is imperative that you take out an insurance policy to protect you in the event of litigation against you and your company. Whilst the likelihood of this happening is very small, this is one area where you need to be totally secure in the knowledge that you are covered just in case. Typical insurance cover ranges from £250K-£1M and premiums from approximately £275-£500 per annum. Again there are a number of specialist insurance providers for freelance consultants/interim managers. We suggest you take advice from organisations such as the Institute of Interim Managers should you need guidance in this area.

As a general rule of thumb, day rate (the VAT exclusive rate you would charge your daily services out at) is usually approx.1% of the total package a permanent person could expect to receive if they we carrying out the role. Therefore a £50,000 permanent package per annum would equate to a £500/day rate for an interim manager.

It is imperative that you 'pitch' your rate appropriately. For example a small business employing 6 people is unlikely to accept a high day rate whereas a multi-national company may be willing to pay a higher rate. One rate does not fit all so use your common sense and be flexible if you want or in some cases need the role.

Paul Wilson Managing Director Aster Interim Solutions Ltd - Interim Management

How to get Started......

2006-04-26T14:19:00.001Z

I’ve just received my third call of the day from senior executives who want to become interim managers. What continues to astound me is that some of these guys have not the faintest idea how to promote themselves. In fact, some of the worst offenders are Sales & Marketing professionals! For those of you who are interested in my opinion let me give you a few snippets of advise on how to get started in your new interim career. First and foremost, don’t rely totally on people like me to find you your first assignment. Interim providers tend to use to use a ‘trusted’ number of interim managers who they know will represent their company in a solid and professional manner. By all means register with us but you must go on the self-promotion offensive at the same time. Start by making up a list of companies and people you have worked with over your career. If you are lucky you might have 100+ names of people who may have an interest in your skills and experience. Contact these people by telephone or by a well constructed letter. Explain what you can offer in a precise and factual manner. Try and get a face to face meeting. If they are prepared to make time to see you it means that they are potentially interested in what you have to offer. If the situation proceeds to a point where they are contemplating giving you an assignment make sure you don’t alienate them by asking for a day rate beyond their means or a length of assignment the objectives don’t warrant. Find a sensible compromise on both. Remember the old adage –it is easier to find a job when you are in a job. Once you have your first assignment it will be easier to find a second and then a third as your reputation and credibility builds. Then is the time when people like me can really help!

Objectives

2006-04-25T16:26:00.001Z

Hi everyone, This blog has been set up to provide information for aspiring interim managers as well as provide useful information for those companies contemplating using interims for the first time. I am hoping that people interested in the interim management field will find this blog useful and their reviews will help shape the content over the coming months.