A-Z of Interim Management

F is for…Facebook

/ Lisa Bondesio / 3 Comments

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Apparently the optimum number of Facebook friends is around 150.  This research is based on an anthropological study that suggests outside of a core group of 5 ‘insiders’, you are unable to maintain a high level of personal contact with the other 1,145 people you play Farmville with!

So, is Facebook relevant for today’s modern interim? Well, the answer really depends on what type of interim you do for a living.  Ever since Facebook started advertising, many corporations have jumped on the ‘friend-me’ bandwagon – seeing this social network as a way to engage customers and build brand loyalty by connecting with them in their leisure time.  I don’t know about you, but I really don’t want to be BFFs with my broadband provider or energy supplier.  I just want the 24 MB speed I’ve been promised and a tariff that reduces my monthly utility bills!

That’s not to say that Facebook isn’t a useful medium.  It’s informality and ‘like’ features mean that FMCG brands like Marmite and Innocent can build a huge following. They can also use the information about their followers to shape future marketing campaigns and identify consumer trends, so… exercise some care when you press that ‘like’ button.  Global consulting firms such as Deloitte and KPMG also have presence on Facebook – they do it because it connects them with a talent pool they might not otherwise reach.  Again, there is a brand building element here – targeting the Gen Y workforce of the future means you must catch them where they play.

This is all good stuff, but does that mean you should do it?  I’ll go back to the first question. It depends.  Personally, I don’t and won’t have a Facebook page that represents my business. Why?  Well, I have a web-site, business blog and twitter feed (@lisa_bondesio) for that purpose. I raise my profile by being a guest writer on the Interim Hub.  I keep my personal life extremely separate from my professional one for good reason – and I’m not talking about the photos from my last summer holiday here – but you get the point.  This is also the reason that I don’t ‘friend’ my clients – I connect via an appropriate business channel such as Linked-in.

I’m not an FMCG brand and I am not in the business of recruiting graduates from top tier universities.  I’ve made a conscious decision not to use Facebook, instead of blindly following the herd. I am definitely not a fan of ‘Me-too’ Marketing! I have colleagues who have taken a different tack, but they are photographers, designers, therapists, coaches  – what they do is an intimate part of who they are, and therefore Facebook is appropriate as a way of marketing  their business.  It’s also a great place to post pictures of your work, so can be a boon to those of you who earn a creative living.

Still, like any online medium, consistency and content are key dimensions.  If you are going to utilise Facebook, then be sure that you are updating your page regularly, and that any content is relevant.  Also, don’t bombard your real friends (you do have those, don’t you?) with requests to become fans of your business page, or to ‘like’ your content.  It’s a sure fire way to become Billy-no-mates overnight.  My advice, keep your friends close and your clients elsewhere.

Lisa Bondesio is the founder of Chiridion Consulting. She provides common sense to corporate clients in times of transition and specialises in business change, strategy and stakeholder engagement. She does post her holiday snaps on Facebook, but only the flattering ones! 

E is for…E-mail

/ Lisa Bondesio / 1 Comment

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Remember the days when carrier pigeons – and the odd postman – would carry correspondence?  Nope, me neither! These days e-mail is ubiquitous.  Even my 90 year old grandmother is online and tweeting.  E-mail is an instant way of getting your message across, and for the savvy interim – a powerful business tool and marketing channel.

Caveat sender, though.  Email can also be your downfall.  We’ve all heard those stories about the emails that go to the person they weren’t intended for because someone pressed the ‘send all’ button when they should have pressed ‘delete’…e-mail is an informal medium, but do your colleagues really need sight of your nudist holiday snaps?  Unless you work for a naturist magazine, I think you know the answer to that one! At a more prosaic level, e-mail etiquette – like giving good meetings and firm handshakes – is a necessary part of business life in the 21st century.  Best you understand the ground rules.

Rule #1: Tend before you send. E-mail is an instant medium, so think carefully before you press send on that all important pitch letter. There is nothing more annoying to busy people than individuals who feel it necessary to press send all when this isn’t necessary.  If it’s appropriate, do it. If not, direct your correspondence to the person who needs to see it, not the entire department!  E-mail is also far more casual in nature than formal business correspondence, but that does not mean that you need to throw spelling and good grammar out of the window.  I am amazed by the amount of text speak that passes for email these days.  ‘Mt you l8tr’ is appropriate for texting your teenage daughter, not confirming timings with the new CEO. And for goodness sake, proof-read any important emails – don’t rely on spell-checker.

Rule #2: Your signature is an advert. Yes, really.  It’s a perfect place to drive traffic to your website, put links to your latest blogs and invite people to connect with you via social media.  You don’t need to put your physical address, but an accurate contact number and mobile details are pre-requisite.  I know, this seem obvious, but I’ve lost count of people whose phone numbers are inaccurate. Even if you aren’t particularly IT-minded, it’s also very easy to add hyper-linked buttons for Twitter and Linked-in, or connect people to your social media pages.  Just check out the FAQ sections on their web pages.

Rule #3: Do what it says on the tin! If you are starting out as an interim – at least get yourself a domain name and an email address that sounds professional.  Greg-the-gator85@hotmail.com isn’t terribly impressive, unless you are wrestling reptile in a Circus.  It is perfectly acceptable to use your first and last name, as in http://www.greg-roberts.com or greg@robertsinterim.co.uk. It also makes it easier for people to find you when they type your name into Google.  The suffix ‘.com’ or ‘.co.uk’ doesn’t matter that much – the main thing is that clients and prospects can reach you if they need to.

Rule #4. SPAM is a four-letter word.  This is a no-brainer. By all means reach out to contacts and prospects with an email or e-newsletter.  However, be absolutely sure that your contacts want to receive this.  Make it easy for people to ‘opt-in’ to your regular email marketing using free services like ‘Constant Contact’ or ‘Mailchimp’.

Stick to the rules, and you might find e-mail becomes an ally, not the enemy!

Lisa Bondesio is an independent consultant and interim.  She prefers short, spell-checked emails, but is far fonder of face to face contact with her clients and contemporaries.

 

D is for…Data and other disasters

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Picture the scene…

Hardworking interim slogs over strategically significant report for very important client (aka ‘Mr. Big from Cleethorpes’).  Suddenly, there’s a strange noise from the laptop. Pfft!  Whirr! Zut!  You know this is bad because the screen has gone blue and the reboot isn’t working.  You know this is bad because ‘Mr. Big’ wants his report by 9 am tomorrow, and you can feel your stomach churning as you begin to realise all your data has gone puff along with your PC…Sound familiar?

This very nearly happened to me.  I’ve used a bit of artistic licence, but if you know what happens when technology goes bad, you will know it’s both costly and debilitating to lose every single byte of data from your laptop or mobile.   In my case it took two weeks and serious money to recover the documents from my hard-drive, replace the laptop and purchase new software.  

The working life of an interim is one of self-sufficient intensity punctuated by moments of down-time.  Put some of that down-time to use and create support and disaster recovery systems that will help you run your business even if something terrible happens.  And if you don’t have down-time, hire a virtual assistant (VA) to do it for you.   Large organisations take this stuff very seriously, and so should you.

Some things to consider…

Safe as houses! How secure is your data?  Are your documents regularly backed-up onto a secure, external hard-drive or saved to the Cloud?  How quickly could you recreate your annual accounts, invoices and client documents if your laptop malfunctioned or was stolen?  What would it cost to replace your office equipment? Never mind iTunes, have you backed up the contact list on your smart-phone?  There are several low-cost applications on the market that allow you to do all of these things.  Peace of mind is priceless!

I.C.E., I.C.E., Baby. Nowadays most people have an I.C.E. (In Case of Emergency) number plugged into their mobile phones.   If you operate as an interim, you are more than likely working solo, so it’s advisable to have key contacts like your accountant, clients or next of kin listed in an accessible place.  If you got hit by a bus on your way to that assignment, how would your clients know where you were at on the project?  Do you keep detailed notes?  Is your filling system easy to understand?

Life happens.  Events such as debt, disease and divorce also qualify as disasters. At least two of them will seriously impact your earning power as an interim.  Are you managing your cash flow so you have enough saved to cover a longer stretch of unemployment?  Does your health insurance provide an income if you are unable to meet your client commitments due to illness?   Do you have a strong network of friends who will support you in times of emotional stress or personal difficulty?  Do you have a hobby that can provide an outlet when times get tough? 

Don’t forget your business support team either: IT specialists, financial advisors, accountants and virtual assistants can all help to smooth out those minor irritations that become major headaches if they aren’t handled properly.  Just because you work for yourself, doesn’t mean you have to do it yourself!

Lisa Bondesio is the founder of Chiridion Consulting. She provides common sense to corporate clients in times of transition and specialises in business change, strategy and stakeholder engagement. She backs up her data religiously!

C is for…Client

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Clients are your life-blood as an interim.  Good client relationships ensure great recommendations and contract extensions.   Bad ones can damage your professional reputation and your wallet – Indemnity Insurance, anyone? Here’s my quick-fire guide to building and managing client relationships:

Choose wisely…

This is one of the harshest lessons I’ve learnt in my time as an interim.  When you’ve had an extended period of down time, it’s tempting to take the first assignment that comes your way.  We all have bills to pay. In tough markets you will at times make choices to keep your children in shoes and preserve the roof over your head. 

Be warned!  Choosing the wrong client can be as disastrous as having no client, so if you have doubts – whether it’s about client fit, culture, scope of assignment – listen to your gut, and just say no!    Badly chosen assignments are a bit like Brussels Sprouts – they leave a bitter taste!  Trying to do something you are not suited for can damage your reputation, erode your confidence and impair your ability to secure future work.

Act like a diplomat, deliver like a demon…

As an interim you are expected to be experienced and objective.  So, while you are probably over-qualified for the assignment, it’s implicit you also have the sense not to get embroiled in the organisational politics of your client.  Now, I’m not suggesting that you simply nod like one of those plastic dogs you find on the dashboard of a white van, but it’s important you remain neutral.

CEO a little combative?  Colleagues about as useful as a chocolate teapot?  Suck it up, sunshine!  As an interim, you are there to deliver, deliver, deliver – not pass judgement of the relative merits of the Executive team, unless you are in HR and that’s the brief.  Picking the wrong faction will return to haunt you, especially if the client in question ends up in another organisation.

Think like a CEO…

One mistake many interims make is thinking they are simply there to do a job.  Well, yes and no. Certainly, you’ve been hired to fulfil a specific brief, but to stand above the herd, to build rapport and trust; you need to put yourself in a CEO mindset.

Good CEOs are also single-minded and clear about the outcomes they require.  Good interims share the same clarity of purpose and go to work with the outcome in mind.  In practice this means being clear who your client is, not just what’s reflected in their title. It also demands that you are crystal about the deliverables of your assignment and the expectation of your client.

Great CEOs also take accountability when things go wrong.  Great interims are no exception.  If things go awry; communicate immediately and openly.  Take visible steps to fix the problem, even if that means transitioning off the assignment. Your clients will respect your integrity.

And finally, the CEO is accountable for creating value for shareholders by setting the vision and strategy, and then delivering real results off the back of that promise.  As an interim, you are tasked with creating value for your clients.  Very often it’s not what you do, it’s how you do it that cements the client relationship and ensures a good outcome for all.

Lisa Bondesio is the founder of Chiridion Consulting. She provides common sense to corporate clients in times of transition and specialises in business change, strategy and stakeholder engagement. Her favourite clients are those who pay on time!

B is for…Business Development

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Sometimes as an interim, finding the next assignment can be akin to climbing Kilimanjaro in flip-flops!  You get cold feet and there are easier things to do with one’s time.

Any seasoned interim will tell you business development matters.  When you are immersed in a live assignment, it’s difficult to make time for sleeping and eating, never mind schmoozing clients and service providers to secure the next piece of work.  But this is exactly where you should be focusing your efforts.  Always helpful to know where the next revenue stream is coming from in inclement economic times! 

At its core, business development is simply a way of growing your business – whether that’s by increasing market awareness with Interim Service Providers (ISPs) growing the number of clients you have, or putting yourself in pole position for a contract extension.

Business development isn’t rocket science.  I’m not saying securing that elusive next role or project opportunity is a cake walk – it does require focus and effort, but it’s not complicated. Here are a few simple principles that can make the difference between time in the boardroom and time on the bench:

Rule #1: Don’t be a one-hit wonder! Business development isn’t something you do just once.  It should be a consistent and constant activity – if it isn’t already a part of your business plan, stop reading this blog straight away and write out the names of 10 clients you want to target!

Rule #2: You are only ever as good as your last assignment. Business development happens as much when you are on assignment as it does when you are between assignments.   It’s far easier (and potentially cheaper) to secure work with a client who can see first-hand how you deliver.  Keep your wits about you and stay primed for the next opportunity – and don’t forget to get some decent recommendations when you move from one project to another.

Rule #3: Visibility matters.  Even if you are not working, it’s really important to stay visible – whether you do this via marketing, social media, actual networking, speaking engagements or a round of phone calls with former clients and contacts – unless you are changing career to become a Buddhist monk, it’s wise to let people know you haven’t gone into hibernation.

Rule #4: Focus, Focus, Focus.  Clients and providers are much more likely to place you if they are crystal about what you offer and why you differ from the competition.  I’m always slightly amused by twitter and linked-in profiles that seem to be a series of random adjectives strung together.  Unless you are selling to a pack of cards, there is no point in being a jack of all trades.

If this all sounds a bit daunting, take heart – there is plenty of help available out there.  In the UK, organisations like Business Link, Interim-Hub and the Institute of Directors provide plenty of courses and resources to support individuals who don’t view themselves as natural business developers.  Practice makes perfect!

Lisa Bondesio is the founder of Chiridion Consulting. She provides common sense to corporate clients in times of transition and specialises in business change, strategy and stakeholder engagement. She has climbed Mount Kilimanjaro, but thinks business development may be easier!

A is for…Accountant

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Image: Dreamstime

The first rule of interim really should be that time is money.  Successful interims direct the majority of their effort towards focused activity that builds revenue – in other words they spend time on marketing, networking or delivering to clients.

However, unless you actually are an accountant (in which case you don’t need to read this blog!!) you are far better off leaving finance to a professional.   Many interims don’t give adequate consideration to the financial practicalities and then spend valuable hours poring over their accounts in a misguided attempt at doing it themselves.  Anyone who has had to complete their tax return at the last minute knows this is both a risky and tedious strategy.

The right accountant can save you time and money.   Apart from the very practical book-keeping and accounting services they provide, your accountant is a source of expert advice – and can help you navigate the more complex areas of company law, accounting practice and tax planning. Often, they can provide business advice or other information to help keep your business on track as it grows.

This leaves you free to spend your valuable working day actually doing work, instead of worrying about VAT returns, expenses and invoicing. Let’s face it, the quarterly HMRC newsletters that accompany your VAT return hardly make for riveting reading. (Apologies to VAT specialists everywhere who probably do enjoy these missives!)

Your accountant is likely to become your most valuable advisor, so it’s important to develop a good relationship and know that your finances are being handled by someone you trust.  Here are my top tips for selecting your bean-counter of choice:

  • Qualifications count. Make sure your accountant is fully qualified, for example as a certified or chartered accountant. In most cases, these qualifications will be displayed on any promotional material or their website. If not, make sure you ask for – and get – the accreditation details.
  • Sector Experience.  Hiring an accountant with relevant experience provides additional benefit to your business.  For instance, accountants that work primarily with interims will have in-depth knowledge of the financial challenges associated with this business sector, which can prove useful.
  • Compare, compare, compare. Referrals and personal recommendations are a good place to start, but don’t just go with the first accountant you meet. Ask to speak to existing clients before signing up.  Try to compare the services of at least three.

Lisa Bondesio is the founder of Chiridion Consulting. She provides common sense to corporate clients in times of transition and specialises in business change, strategy and stakeholder engagement. Some of her best friends are accountants!