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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
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