Interim Management is a scenario where a highly trained and experienced professional is brought into a company to solve a specific problem. The function includes assessing the current situation, contrasting the strategic objectives the company wants to achieve, and tracing and executing a strategy that leads there.
What’s the difference between Interim Management and a Consultant?
Consultants adjust to the above description all the way up to tracing a strategy, but their involvement is usually minimum after that. Consultants rarely take the time to learn the nuances of their client’s business and they never get involved with the actual execution of the strategy they themselves traced.
In contrast, Interim Management, takes charge, imbibes themselves with the company’s business model, and once the Strategy is laid out, they execute to completion. Their compensation can be partially tied to results.
Another big difference is that the Interim Manager, in order to be effective, has to be invested with a formal title within the company’s organization with clear, solid lines of report. This allows the Interim Manager to make decisions and execute effectively.