Professional Interims – Key To Business Recovery

2020 has seen the emergence of a new threat which has forced the world to change and readjust. Today’s globalised economy means every part of the world has been affected by the spread of COVID-19. In the UK, we have seen our way of life being entirely transformed. In order to remain viable, many businesses have had to adapt to this revolution and that has meant for many going through a transformation of their operating model. It is unlikely that the world will go back to being exactly how it was before and in that context firms will need to reassess their structure and identify where new commercial opportunities will come from. The strain on activity during the year has certainly had financial implications for many companies, pushing profit margins down and detrimentally affecting results. Crisis management has become a daily battle for many large and small businesses.

In these circumstances, being able to get external support to turnaround or transform your business will help with your firm’s recovery as we move into 2021. Interim specialists can make a huge impact in a short period of time. Whether they are needed to support an existing Management team through a tough time or to drive a transformation, the flexibility and wealth of skills they bring could make the difference when emerging from the current crisis.
Bringing their experience during a critical period, interims will support a restructuring and a change of business model to make sure it is successful. They can draw on previous experience to avoid pitfalls and deliver a transformation that will have a long-term impact on your company.

An interim professional will give a fresh perspective to a team which has been under strain for several months and might feel fatigued. Injecting energy and strategic thinking, they will be able to drive change without a company having to go through trial and error. Interim management gives firms the possibility to have a specialist to assist them through challenges never met before. Whether it is implementing a new system to keep up with the new market conditions or redesigning your business model to meet your clients’ expectations. This expertise will also benefit the current employees who will learn and develop their skill set as interim professionals will ensure the team has the right tools to carry on the work once their mission is completed.

Firms critically impacted will need a turnaround specialist. As consumers became more cautious in the face of the pandemic and their spending plummeted, many companies’ revenues have dwindled, calling for difficult decisions to be taken. Appointing an interim specialist into a troubled organisation will deliver support to your management team. The independent outlook provided means the situation will be assessed objectively. Not being part of the company also means interim professionals will be able to make tough decisions based on what needs to be achieved to ensure the survival of the business. With specialist support the existing management team can concentrate on building a plan to protect the future of the company. On top of the flexibility of bringing an expert on to the team for a determined period of time, interim professionals will not only participate in building a roadmap out of the challenge at hand, they will also be a key contributor to its delivery.

The economy is only as strong as the companies that make up the economic fabric of a country. As the world emerges from the current crisis in 2021, increasing consumer demand, a vaccine and government support will help reaching a prompt recovery. However, each business is unique; the ability to find the right set of skills to help your company through a challenging environment and for a specific period will differentiate you from the competition. Interim professionals can bring the balance a firm is missing after a crisis by resetting priorities and driving change. They will work at pace to implement the necessary changes and will give you that competitive and commercial edge that could just make the difference between you and others.

November 13, 2020