Interim Management is a term that refers to a scenario where a highly trained and experienced professional is brought into a company to solve a specific problem. The extent of the function includes assessing the current situation, evaluating the strategic objectives the company’s management wants achieved, and tracing and executing a strategy that will take the company 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. Consultants rarely take the time to learn the nuances of their client’s business.
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 Interim Management, in order to be effective, has to be invested with a formal title in the company’s organization with clear, solid lines of report. This allows Interim Management to make decisions and execute effectively.