Interim Management/Crisis Management--Renaissance consultants.

Interim Management/Crisis Management

Interim management is defined as hiring a temporary manager (sometimes as crisis manager) for a defined period of time, frequently to handle a specific problem and very often to handle a crisis such as a company restructuring or reorganization (in or out of bankruptcy).

Management consultants acting in a crisis, turnaround, or interim (i.e. temporary)management situation are very critical to success. The specific management consultants hired are the key to growth or restructuring. A good consultant's goal is to provide cost effectiveness and benefits 5 to 10 times the cost of the consultant and to leave the firm in far better condition than it was at the beginning of the assignment.

Hiring a capable interim manager, particularly at the CEO level or who directly reports to the CEO is usually very difficult. This is because the hiring is usually done under critical time constraints or under crisis conditions. The situation is one in which the hiring company frequently does not know which consultant is available, the time that they can devote to the situation, or their experience and qualifications. It should be emphasized that crisis management (or interim management) is very different from an ordinary business situation and should not be performed by people who do not have experience in similar situations.

Since there is limited time to discuss each situation as it occurs, a general short business plan and budget are usually done, presented to the company, and then the crisis manager/interim manager should be given the freedom to proceed quickly so as to minimize cost and rapidly increase growth .

Some items to consider:

Determine the objectives and the cost very carefully.
Will the cost of the professional outweigh the benefits and cost to the company? [Interim management can give a fresh, objective, unbiased assessment of the finances, marketing direction and operation of the business, as well on its key executives. Also, the interim manager can help hire a permanent manager.]
Make certain that the interim manager/crisis manager has the freedom to proceed quickly on a plan of action that has been presented to, and approved by, management.

=============================

Renaissance is a management consulting firm that specializes in implementation and adding value in short time frames for companies engaged in manufacturing, distribution and service.

Renaissance consultants are the publishers of the "NJ Directory of Select Service Firms and Organizations®."

Senior management expertise is available for assessment and implementation in the following:

Project management - using hands on leadership to help assure on-time and within budget completion of special projects by proven senior level operating executives.

E-business utilization/Internet marketing along with Web site evaluation and e-commerce.

Turnaround management, crisis management and interim management - for troubled and/or under-performing companies where Renaissance consultants' considerable management and restructuring experience can add significant value either in an advisory capacity or as temporary CEOs, COOs or CFOs.

Business Positioning - preparation of business plans, growth strategies and acquisition plans. Also break even valuations for companies seeking additional capital; sales growth; growth by acquisition; to enter new markets; to be acquired; or to go public.