Interim Management – Effective Method To Revive A Collapsing Business

Interim Management Effective Method To Revive A Collapsing Business

The concept of interim management first started in the Netherlands in the 1970s when the country was experiencing an oil crisis. As such, the need for an efficient and highly trained management team was born which saw the formation of executive interim management. This has consequently spread to other countries. For example, in Europe, it has steadily increased in popularity. The public sector has been the most stable employer of interim managers compared to the private sector.

Interim and management recruitment normally takes place when a crisis occurs in a company and the present employees are unable to tackle the problem. If a company is experiencing major business setbacks, for example losses and failure to meet the business targets, interim managers may then be employed. The main question then is, who is an interim manager?

An interim manager is a highly specialised individual in business matters who is employed on a short term basis with the aim of solving the current business hiccups to bring about increase in business. Since interim managers are employed on a short term basis, the amount of time and resources that would be put into recruiting a manager on permanent basis is cut off. The interim manager reports directly to his employer. This p guarantees efficient feedback on the work the manager is doing.

Unlike management consultancy, interim management involves the actual implementation of the business strategies by the interim manager. This means that whatever business strategy the interim manager comes up with, he will be responsible for their implementation with the aim of solving the current business problems. It is therefore a "safe" strategy for a business to employ an interim manager to solve any short term business problems that the company may be facing.

The executive search for interim managers is based on their previous achievements. The employment of the manager is on individual basis unlike management consultants who work through an agency and get their employment from the agency's reputation. Interim managers therefore work hard to accomplish the assignments given to them by their employers since this will go a long way to building their careers . They will therefore work efficiently to cut the costs and improve the effectiveness of the business. Those specialised in marketing will come up with strategies that will improve the sales of the company's products.

Interim management is therefore a great means that businesses can use to tackle problems they may face and achieve appropriate solutions at minimum costs.

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