Interim ManagementInduction Workshop<br />Simon Berry<br />Ian Daniell<br />
Objectives<br />To provide you with the information and tools to help you:<br />Decide if Interim Management is the career...
Agenda<br />What am I looking for?<br />What are interim managers?<br />How does the Interim Management market work?<br />...
Personal Change<br />100%<br />WHERE ARE YOU?<br />WHY ARE YOU HERE?<br />SATISFACTION WITH STATUS QUO<br />No need						A...
What do I want?<br />Spend five minutes individually answering the questions:<br />What do I not want from my career?<br /...
Introductions<br />Name<br />Background<br />Current Situation – why you are here<br />What you hope to gain from the work...
My World<br />ENVIRONMENTAL  – POLITICAL, LEGAL, CULTURAL, ECONOMIC, TECHNOLOGICAL<br />STAKEHOLDERS<br />SUPPLIERS<br />M...
My World<br />ENVIRONMENTAL  – POLITICAL, ECONOMIC, LEGAL, CULTURAL,  TECHNOLOGICAL<br />STAKEHOLDERS<br />SUPPLIERS<br />...
My World<br />ENVIRONMENTAL  – POLITICAL, ECONOMIC, LEGAL, CULTURAL,  TECHNOLOGICAL<br />STAKEHOLDERS<br />SUPPLIERS<br />...
Key Business Processes<br />STRATEGIC PLANNING<br />MANAGEMENT AND FINANCIAL REPORTING<br />MANAGEMENT<br />What to sell<b...
The IM Market<br />The Constituent Parts, their roles and how they fit together<br />
Aims of the IMA<br />The IMA principal aim is the development of Interim Management as a powerful and leading management r...
Aims of the IMA-Institute<br />The Institute is the professional body of the<br />IMA representing individual Interim<br /...
Membership of the IMA-Institute<br />Membership provides opportunities for targeted CPD, relevant news and information, an...
What is an IM?<br />An executive or senior manager who works within an organisation at or near board level on a temporary ...
Position<br />Practitioners of insolvency,<br />turnaround specialists<br />Interim management:<br />Technical ability, GM...
Competency Profile <br />Research on competencies and aptitudes of a successful Interim Manager<br /> IMA / Saville Consul...
Competency Profile <br />Behavioural determinants of IM success -                                    6 underlying competen...
Competency Profile <br />Providers identified 6 further competencies<br />that should underpin Interim behaviour : <br />U...
Q2 2010 Breakdown<br />NO LONGER JUST<br />A DISTRESS<br />PURCHASE<br />Base: 423 Assignments<br />
Size of Market & Growth<br />Billings through Intermediaries c£250m pa <br />Total Market c£1bn pa in UK, €3500mn in Europ...
Performance Improvement<br />CONSULTANTS<br />INTERIM<br />MANAGERS<br />IN HOUSE<br />TEAM<br />ANALYSE<br />DESIGN<br />...
Consultant, or Interim?<br />Consultant<br />Accountable to consultancy<br />Advisor/facilitator<br />Recommends<br />Inte...
Why do clients use IM’s?<br />Flexible and versatile<br />Available quickly<br />No fixed overheads<br />No/short learning...
How much are they paid?<br />Depends on:<br />Quality of fit<br />State of the market<br />Location<br />Duration<br />Ben...
Which equates to ….<br />Typical daily rates in the UK for an IM:<br />£1500.00+ (CEO, MD, Functional Director of large mu...
Market Structure<br />Associations<br />IMA Institute<br />PCG, IIM<br />CBI<br />IMA<br />Clients<br />Service<br />Provi...
The life of an IM<br />Split into two groups and put yourself in the shoes of an interim manager:<br />Group A - What poin...
Commitment<br />Those who are successful Interim Managers have made the move as a career choice. <br />
The Role and Needs of a Service Provider<br />To successfully partner with clients and interim managers to deliver results...
To achieve this…<br />Need to know you are committed to a career in interim management <br />They need to be very responsi...
Service Providers<br />Interim Managers<br />Submit CV’s<br />Relationship <br />Need for Speed<br />Brief to proposal = 2...
And in return<br />They give you the opportunity of winning suitable assignments<br />Negotiate the fees<br />Offer suppor...
What makes a successful IM?<br />Before and on assignment<br />
What do people look for in an IM?<br />Experience<br />Senior level<br />Track record of delivering results<br />Knowledge...
For most permanent appointments Executives have their first 100 days to manage their transition and prepare for action . ....
Quantitative Research<br />Alium Partner’s annual market survey<br />3400 questionnaires sent out<br />650 completed, cove...
A<br />Establish credibility<br />Fact findingLearn about businessEngage key staff<br />Build relationships<br />Agree Obj...
Key Qualities<br />the capacity to learn and adapt<br />insight, intuition and sharpness of judgement<br />concern both fo...
Change<br />Designing and Implementing<br />
BUT<br />Nothing fails like success!!<br />How do you lead change successfully in different organisations?<br />How do you...
Improving Performance<br />Business Environment<br />People<br />Management<br />Effective Processes <br />Lasting and sus...
Your Experience<br />A potential client says to you:<br />“I recognise you have had success in other organisations in this...
Marketing<br />Creating Awareness<br />
Marketing<br />The buying process<br />Your target markets<br />Your routes to market<br />The Business Meeting<br />Your ...
Key Business Processes<br />STRATEGIC PLANNING<br />MANAGEMENT AND FINANCIAL REPORTING<br />MANAGEMENT<br />What to sell<b...
CREATE DEMAND<br />WHERE TO GO, WHO TO SEE, WHAT TO SAY<br />QUALIFY<br />PROPOSE<br />CONTRACT<br />IMPLEMENT<br />DEVELO...
Buying Process<br />Environmental change<br />Business Issue/Opportunity<br />Solution Options<br />Solution Selection<br ...
PREFERENCE<br />Recognises your unique ability<br />to meet their needs and trusts you<br />LIKING<br />Feels an affinity ...
People judge you based on ..<br />
Client Duck Shoot<br />Solution<br />Problem<br />Objection<br />Handling<br />Risk Reduction<br />Credibility<br />
I need convincing<br />They understand my problem<br />I believe they could help me solve it<br />They have credibility – ...
Market Segmentation<br />Most of the time Service Providers and clients are looking for the perfect fit?<br />Experience i...
SEGMENTATION<br />FUNCTION<br />SECTOR<br />PROBLEM<br />SOLVED<br />
How else might you segment?<br />Size of company<br />Location of company<br />Culture of company<br />Stage of growth<br ...
Define Your Product<br />RAW MATERIAL<br />SKILLS<br />KNOWLEDGE<br />QUALITIES<br />EXPERIENCE<br />VALUE TO THE CLIENT<b...
Generic Value Proposition<br />Many clients I speak to in the (target market)<br />Face the issue of (what specifically)<b...
Your Product<br />Build your Value Propositions – 30 mins<br />Identify the problems you have solved<br />Clarify why it w...
Example<br />Based on my knowledge and experience of relocating (electrical component) manufacturing facilities from the (...
Routes to Market<br />
Going Direct<br />Going direct you may need to sell the concept of ‘Interim’<br />Research the organisation<br />The issue...
Routes to Market<br />YOU<br />YOUR PRODUCT<br />YOUR MARKET<br />SEGMENTS<br />WHAT ARE YOUR<br />POTENTIAL<br />ROUTES T...
Routes to Market<br />YOUR ROUTES TO<br />MARKET<br />SERVICE PROVIDERS<br />CONSULTANCIES<br />TRADE EXPOSURE<br />PAST E...
Networking<br />A key element of your marketing strategy whether direct or through service providers<br />
Networking<br />Over coffee<br />Select 2/3 people you have not interacted much with so far <br />Interact with them!! (4 ...
How was it for you?<br />What worked and what didn’t?<br />Were you clear about what they were all about?<br />Were they i...
Collateral<br />Business Cards<br />CV<br />
Business Cards<br />Company Name<br />Logo<br />Address<br />Content<br />Quality<br />Paper<br />Printing<br />Using the ...
Your CV<br />Your CV needs to demonstrate:<br />Your competence – what you can do<br />Your credibility – proof you can do...
CV Layout<br />FIRST HALF PAGE IS VITAL<br />NAME<br />BRIEF SUMMARY STATEMENT OF WHO YOU ARE AND WHAT YOU DO<br />IN REVE...
     PROFESSIONAL BODIES/ QUALIFICATIONS</li></ul>PERSONAL DETAILS<br />CONTACT DETAILS – IF NOT WORKING WITH A SERVICE PR...
The Business Meeting<br />
Objectives<br />Qualify the opportunity<br />Can I do it?<br />Do I want to do it?<br />Can they afford it?<br />When will...
Preparation<br />Be prepared to attend at very short notice<br />Research more deeply and make no assumptions<br />Do all ...
At the Meeting<br />Ask questions<br />Help the client diagnose the issue and gain clarity about what they really need<br ...
After the meeting<br />Following the business meeting you are in a position to develop a proposal or summary of agreement<...
Handling Objections<br />Objections are only to be feared if you can’t answer them<br />Objections do not necessarily mean...
Handling Objections – Part 1<br />In your tables – 5 mins:<br />Table 1 and 2 – what are the potential upsides for a clien...
Handling Objections - Part 2<br />Practice – 10 mins<br />Take it in turns to give the ‘opposition’ an objection<br />Enac...
Trading through a Limited Company<br />Graham Shove<br />Competex Ltd<br />Specialist Accountants<br />
Trading Formats<br /> Self Employed<br /> Limited Company<br /> Revenue and Customs approach<br />
What is your status?<br /> Not on client payroll<br /> Client’s expectations<br /> Not on agency payroll<br /> Agency requ...
Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />
Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />Client avoids legal ...
Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />Client avoids legal ...
Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />Client avoids legal ...
Company officers etc<br />The shareholders own the company and share any profits<br />The directors operate the company an...
Every company must have<br /> At least one shareholder<br /> At least one director<br /> A registered office<br /> A (regi...
Company documents<br /> Memorandum & Articles of Association<br /> Certificate of Incorporation<br /> Share certificates<b...
Share Capital<br /> Authorised share capital<br />Say, £1,000<br /> Issued share capital<br />Say, £100<br />
Initial tasks<br /> Open company bank account<br /> Register for VAT<br /> Register for PAYE<br /> Register for Corporatio...
Banking decisions<br /> Branch banking or direct (internet)  banking<br /> Which bank<br />
Bank opening procedure<br /> Lengthy documentation<br /> Incorporation documents<br /> Proof of identity for officers<br /...
VAT – Why register?<br /> Mandatory if annual income exceeds £70,000<br /> Voluntary registration under £70,000 enables VA...
VAT registration requirements<br />Registration involves completing a 10 page document or can be done online and takes up ...
PAYE Registration<br />Every company must register for PAYE<br />
Statutory requirements for Letter Headings<br /> Name of company<br /> Place of registration (i.e. England and  Wales)<br ...
Optional components ofLetter Headings<br /> Address of principal place of business (if different from registered office)<b...
Statutory requirements for E Mails and Websites<br />Name of company<br />Place of registration (i.e. England and Wales)<b...
Keeping accounts<br />Keep all receipts and invoices from now on. A shoe box is ideal<br />Pay for all expenses initially ...
Keeping accountsThe difficult way<br /> Opening several company bank accounts<br /> Using (a variety of) company credit ca...
Keeping accountsThe office diary<br />Use your office diary to record the following:-<br />Time spent on client business a...
Countering avoidance IR35<br />Introduced to stop directors paying themselves mainly dividends and little salary to avoid ...
IR35 The rules<br />If your work falls under IR35, then 95% of the fees and expenses you earn (less certain expenses of em...
The Interim Manager under IR35<br />You are working under IR35 if you are:<br /> doing work that an employee would do<br /...
The Interim Manager outside IR35<br />You are working outside of IR35 if:<br />Your assignment is project based<br />OR<br...
IR35 - Neither one nor the other<br />Different streams of income<br />Take legal advice rather than consulting Revenue & ...
Dividends v. salary<br />Market Salary<br />Transfer of taxable income from high taxpayer to a low taxpayer by the use of ...
Calculation of daily rate<br />You must factor in the following:<br />You will work less days in the year<br />Out of your...
Choice of accountant<br /> Self<br /> High Street accountant<br /> Specialist accountant<br />
What will it cost?<br />You should not have to pay more than £1,500 pa<br />One-off set up fee<br />Fees paid out of pre-t...
The specialist accountant<br />Incorporates company electronically<br />Provides Company Secretary and registered office<b...
www.competex.co.uk<br />“the largest single source of information on the internet for interims and consultants”<br /> Chec...
www.interim-hub.com<br />“the largest single source of information on the internet  for interims and consultants”<br />
www.competex.co.ukHomepage<br />
www.competex.co.ukStarting Interim Management<br />
www.competex.co.ukStarting Interim Management > Providers/Agencies Search<br />
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IMA Interim Management Induction

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IMA Interim Management Induction

  1. 1. Interim ManagementInduction Workshop<br />Simon Berry<br />Ian Daniell<br />
  2. 2. Objectives<br />To provide you with the information and tools to help you:<br />Decide if Interim Management is the career choice for you<br />Successfully develop a career as an Interim Manager<br />
  3. 3. Agenda<br />What am I looking for?<br />What are interim managers?<br />How does the Interim Management market work?<br />What are the Critical Competencies of IM’s and how do I stack up against them?<br />How do I find work?<br />What do I need to consider in setting up my own business? <br />Pulling it all together – what should I do next?<br />
  4. 4. Personal Change<br />100%<br />WHERE ARE YOU?<br />WHY ARE YOU HERE?<br />SATISFACTION WITH STATUS QUO<br />No need Act<br />DECISION CYCLE<br />
  5. 5. What do I want?<br />Spend five minutes individually answering the questions:<br />What do I not want from my career?<br />What do I want from my career?<br />Consider such things as:<br />The type of industry/company you want to work for<br />The type of work you want to do<br />Where you want to do it<br />How much you want to do<br />The rewards you want/need inc. money<br />Any other ‘lifestyle’ considerations – family etc<br />
  6. 6. Introductions<br />Name<br />Background<br />Current Situation – why you are here<br />What you hope to gain from the workshop<br />
  7. 7. My World<br />ENVIRONMENTAL – POLITICAL, LEGAL, CULTURAL, ECONOMIC, TECHNOLOGICAL<br />STAKEHOLDERS<br />SUPPLIERS<br />ME<br />WHAT DO I WANT AND NOT WANT?<br />WHAT ARE MY RAW MATERIALS – TIME, SKILLS, KNOWLEDGE, EXPERIENCE?<br />HOW HAVE I APPLIED THEM – WHAT PROBLEMS HAVE I SOLVED?<br />MARKETS AND CUSTOMERS<br />ROUTES<br />TO<br />MARKET<br />COMPETITION<br />
  8. 8. My World<br />ENVIRONMENTAL – POLITICAL, ECONOMIC, LEGAL, CULTURAL, TECHNOLOGICAL<br />STAKEHOLDERS<br />SUPPLIERS<br />ME LTD<br />CEO<br />MARKETS AND CUSTOMERS<br />ROUTES<br />TO<br />MARKET<br />FD<br />HRD<br />S&MD<br />R&DD<br />COMPETITION<br />
  9. 9. My World<br />ENVIRONMENTAL – POLITICAL, ECONOMIC, LEGAL, CULTURAL, TECHNOLOGICAL<br />STAKEHOLDERS<br />SUPPLIERS<br />ME LTD<br />MARKETS AND CUSTOMERS<br />ROUTES<br />TO<br />MARKET<br />COMPETITION<br />
  10. 10. Key Business Processes<br />STRATEGIC PLANNING<br />MANAGEMENT AND FINANCIAL REPORTING<br />MANAGEMENT<br />What to sell<br />Who to sell to<br />How to differentiate<br />How much to sell<br />SATISFIED CLIENT<br />SUBMIT PROPOSALS<br />ATTEND INTERVIEWS<br />CONTRACT AND DELIVER<br />DEVELOP<br />MAINTAIN BUSINESS<br />IDENTIFY OPPORTUNITIES<br />QUALIFY OPPORTUNITIES<br />PRIMARY<br />Right skills, knowledge, attitude <br />Focused & motivated<br />Operational support<br />PERFORMANCE MANAGEMENT<br />PROCESSES<br />PEOPLE DEVELOPMENT<br />PROCESSES<br />OPERATIONAL SUPPORT<br />PROCESSES<br />SUPPORT<br />
  11. 11. The IM Market<br />The Constituent Parts, their roles and how they fit together<br />
  12. 12. Aims of the IMA<br />The IMA principal aim is the development of Interim Management as a powerful and leading management resource, by collective action and by promoting the common interest of all its members, based on the highest standards of professional service.<br />
  13. 13. Aims of the IMA-Institute<br />The Institute is the professional body of the<br />IMA representing individual Interim<br />Managers.<br />Individual membership assures the<br />marketplace of the highest quality of service<br />and professional standards of an Interim<br />
  14. 14. Membership of the IMA-Institute<br />Membership provides opportunities for targeted CPD, relevant news and information, and a range of other benefits, plus significant insurance discounts, including mandatory PI.<br />Discount code IW10 for 10% discount<br />Members can apply the logo and the letters M.I.M.A. on business cards and stationary <br />
  15. 15. What is an IM?<br />An executive or senior manager who works within an organisation at or near board level on a temporary or part-time basis <br />
  16. 16. Position<br />Practitioners of insolvency,<br />turnaround specialists<br />Interim management:<br />Technical ability, GM <br />experience, specialist<br />skills<br />Low level roles<br />Temporary executives<br />Functional skills<br />
  17. 17. Competency Profile <br />Research on competencies and aptitudes of a successful Interim Manager<br /> IMA / Saville Consulting completed “industry-first” academic research (Nov 08)<br /> Concurrent analysis concluded on 300 successful Interims (Interim; Job Profiler; Client; Provider questionnaires). Daily fees ranging from £600 to £5000<br />
  18. 18. Competency Profile <br />Behavioural determinants of IM success - 6 underlying competencies <br />Quick Working <br />Continuous Improvement <br />Deadline Focus <br />Action oriented <br />Results oriented <br />Accepting Change <br />
  19. 19. Competency Profile <br />Providers identified 6 further competencies<br />that should underpin Interim behaviour : <br />Upholding Standards <br />Meeting Timescales <br />Showing Composure <br />Embracing Change <br />Interacting with people <br />Pursuing Goals <br />
  20. 20. Q2 2010 Breakdown<br />NO LONGER JUST<br />A DISTRESS<br />PURCHASE<br />Base: 423 Assignments<br />
  21. 21. Size of Market & Growth<br />Billings through Intermediaries c£250m pa <br />Total Market c£1bn pa in UK, €3500mn in Europe<br />Via Intermediaries £250m<br />IMA members = £158mn<br />Consultancy Market measured in £10’s billions<br />Total Market £3/4bn - £1bn<br />
  22. 22. Performance Improvement<br />CONSULTANTS<br />INTERIM<br />MANAGERS<br />IN HOUSE<br />TEAM<br />ANALYSE<br />DESIGN<br />IMPLEMENT<br />MAINTAIN<br />Call consultancy<br />Call service provider or IM<br />Call consultancy or consultant<br />Call service provider<br />
  23. 23. Consultant, or Interim?<br />Consultant<br />Accountable to consultancy<br />Advisor/facilitator<br />Recommends<br />Intervene as needed<br />Interim<br />Accountable to client<br />Line responsibility/doer<br />Designs and implements<br />Full or part time intervention<br />
  24. 24. Why do clients use IM’s?<br />Flexible and versatile<br />Available quickly<br />No fixed overheads<br />No/short learning curves – hit ground running<br />Sensibly senior and ‘Over-qualified’<br />New ideas/best practice<br />Highly motivated – hands on, results focused<br />No pre-suppositions or ‘baggage’<br />TO GET RESULTS QUICKLY!!<br />
  25. 25. How much are they paid?<br />Depends on:<br />Quality of fit<br />State of the market<br />Location<br />Duration<br />Benefit to the client<br />
  26. 26. Which equates to ….<br />Typical daily rates in the UK for an IM:<br />£1500.00+ (CEO, MD, Functional Director of large multi-national)<br />£1000.00+ (CEO, MD, Functional Director of medium/large multi-national)<br />£800.00+ (General Manager, Divisional MD, Functional Head of medium sized national/international business)<br />£650.00+ (General Manager, Functional Head of a small business)<br />£500.00 +/- (Senior Manager)<br />Typically a service provider will add a mark-up of 25-40% on these daily rates<br />
  27. 27. Market Structure<br />Associations<br />IMA Institute<br />PCG, IIM<br />CBI<br />IMA<br />Clients<br />Service<br />Providers<br />Interim<br />Managers<br />25%<br />Direct and Other Routes to Market<br />75%<br />SUCCESSFUL INTERIMS GO DIRECT AND USE SERVICE PROVIDERS<br />
  28. 28. The life of an IM<br />Split into two groups and put yourself in the shoes of an interim manager:<br />Group A - What points do you believe are in favour of the life?<br />Group B – What points do you believe are the downside of the life?<br />NB You may disagree!!<br />10 mins and then present back<br />
  29. 29. Commitment<br />Those who are successful Interim Managers have made the move as a career choice. <br />
  30. 30. The Role and Needs of a Service Provider<br />To successfully partner with clients and interim managers to deliver results by:<br />Winning assignments<br />Placing the most suitable candidate not to sell you<br />Supporting the candidate and the client throughout the assignment <br />This is a joint venture between all parties<br />
  31. 31. To achieve this…<br />Need to know you are committed to a career in interim management <br />They need to be very responsive to clients and need you to be very responsive to them<br />They need a straightforward, factual CV<br />Want you to build relationships with them (this means you need to target and keep them updated)<br />
  32. 32. Service Providers<br />Interim Managers<br />Submit CV’s<br />Relationship <br />Need for Speed<br />Brief to proposal = 24-48 hours<br />CV’s<br />Selection<br />Criteria<br />Brief<br />Service Provider’s<br />IM Database<br />Client<br />Need<br />Identified<br />Service Provider<br />Client Manager<br />Identifies shortlist<br />Business Meeting <br />Gets references<br />Proposal of<br />Candidates<br />Suitable<br />Candidates<br />
  33. 33. And in return<br />They give you the opportunity of winning suitable assignments<br />Negotiate the fees<br />Offer support during assignment<br />Agreed payment times vs. invoice chasing (varies amongst providers)<br />
  34. 34. What makes a successful IM?<br />Before and on assignment<br />
  35. 35. What do people look for in an IM?<br />Experience<br />Senior level<br />Track record of delivering results<br />Knowledge<br />‘Functional’ Expertise<br />‘Situational’ Expertise<br />Skills<br />Analysis, assessment, prioritising <br />Project/change management<br />
  36. 36. For most permanent appointments Executives have their first 100 days to manage their transition and prepare for action . . . typically you have 5 days!<br />
  37. 37. Quantitative Research<br />Alium Partner’s annual market survey<br />3400 questionnaires sent out<br />650 completed, covering full cross-section of<br /> interim management roles and functions in both private and public sectors<br />Additional questions around process of engagement<br />
  38. 38. A<br />Establish credibility<br />Fact findingLearn about businessEngage key staff<br />Build relationships<br />Agree Objectives<br />Clarifying the way ahead<br />Identify quick wins<br />Diagnose issues<br />Root causes identified<br />Scope issues<br />Re-negotiate objectives<br />C<br />T<br />I<br />O<br />N<br />From Contract to Action<br />
  39. 39. Key Qualities<br />the capacity to learn and adapt<br />insight, intuition and sharpness of judgement<br />concern both for task and for people<br />independence from politicking whilst being acutely politically aware <br />toughness and resilience<br />action orientation and restlessness<br />…and the sheer pace at which they think and get things done <br />
  40. 40. Change<br />Designing and Implementing<br />
  41. 41. BUT<br />Nothing fails like success!!<br />How do you lead change successfully in different organisations?<br />How do you strike the balance between:<br />Showing your competence<br />Not making dangerous assumptions<br />
  42. 42. Improving Performance<br />Business Environment<br />People<br />Management<br />Effective Processes <br />Lasting and sustainable<br />Change<br />Critical Business<br />Issues/Opportunities<br />Roles<br />Relationships<br />Objectives<br />Management Focus<br />Process<br />Management & Improvement<br />Redesigned process<br />Measures<br />Accountability<br />Critical Process<br />Issues<br />Project Scoping<br />Process<br />Redesign<br />Project<br />Implementation<br />Project Management<br />Change Management<br />Scoped<br />Project<br />Redesigned<br />Process<br />
  43. 43. Your Experience<br />A potential client says to you:<br />“I recognise you have had success in other organisations in this area but what can you tell me that will convince me that you can repeat the same success here as quickly as you say you can?”<br />
  44. 44. Marketing<br />Creating Awareness<br />
  45. 45. Marketing<br />The buying process<br />Your target markets<br />Your routes to market<br />The Business Meeting<br />Your collateral<br />CV – Service Provider & Direct<br />Brochure, Website, CD<br />
  46. 46. Key Business Processes<br />STRATEGIC PLANNING<br />MANAGEMENT AND FINANCIAL REPORTING<br />MANAGEMENT<br />What to sell<br />Who to sell to<br />How to differentiate<br />How much to sell<br />SATISFIED CLIENT<br />SUBMIT PROPOSALS<br />ATTEND MEETINGS<br />CONTRACT AND DELIVER<br />DEVELOP<br />MAINTAIN BUSINESS<br />IDENTIFY OPPORTUNITIES<br />QUALIFY OPPORTUNITIES<br />PRIMARY<br />Right skills, knowledge, attitude <br />Focused & motivated<br />Operational support<br />PEOPLE DEVELOPMENT<br />PROCESSES<br />OPERATIONAL SUPPORT<br />PROCESSES<br />PERFORMANCE MANAGEMENT<br />PROCESSES<br />SUPPORT<br />
  47. 47. CREATE DEMAND<br />WHERE TO GO, WHO TO SEE, WHAT TO SAY<br />QUALIFY<br />PROPOSE<br />CONTRACT<br />IMPLEMENT<br />DEVELOP<br />EXIT<br />
  48. 48. Buying Process<br />Environmental change<br />Business Issue/Opportunity<br />Solution Options<br />Solution Selection<br />Project Definition<br />Potential Supplier Identification<br />Business Meetings<br />Supplier Selection <br />THE EARLIER YOU GET INVOLVED THE GREATER YOUR CHANCE OF INFLUENCING THE PROCESS AND WINNING THE ASSIGNMENT<br />
  49. 49. PREFERENCE<br />Recognises your unique ability<br />to meet their needs and trusts you<br />LIKING<br />Feels an affinity or closeness with you<br />KNOWLEDGE<br />Starting to gain a real <br />understanding into your uniqueness<br />INTEREST<br />Identifies a potential value in<br />the relationship<br />AWARENESS<br />Aware of your existence <br />Hierarchy of attraction<br />
  50. 50. People judge you based on ..<br />
  51. 51. Client Duck Shoot<br />Solution<br />Problem<br />Objection<br />Handling<br />Risk Reduction<br />Credibility<br />
  52. 52. I need convincing<br />They understand my problem<br />I believe they could help me solve it<br />They have credibility – they’ve have done it before<br />They know and can overcome any objections I may have<br />They minimise the risk for me<br />
  53. 53. Market Segmentation<br />Most of the time Service Providers and clients are looking for the perfect fit?<br />Experience in the Job Role (function) in a similar sized company<br />Experience in the sector<br />Successful track record of results delivery in the ‘problem’ they face<br />A mismatch in any of the above will (usually) reduce your chances of winning the assignment (especially point 3) certainly for your first few assignments <br />
  54. 54. SEGMENTATION<br />FUNCTION<br />SECTOR<br />PROBLEM<br />SOLVED<br />
  55. 55. How else might you segment?<br />Size of company<br />Location of company<br />Culture of company<br />Stage of growth<br />Ownership<br />Common target markets/clients <br />Situation, context (problem faced)?<br />
  56. 56. Define Your Product<br />RAW MATERIAL<br />SKILLS<br />KNOWLEDGE<br />QUALITIES<br />EXPERIENCE<br />VALUE TO THE CLIENT<br />APPLICATION<br />WHAT PROBLEMS DO YOU SOLVE? WHICH HAVE YOU SOLVED<br />REPEATABILITY<br />WHAT PROCESS DO YOU USE? HOW DO I KNOW YOU CAN REPEAT IT?<br />
  57. 57. Generic Value Proposition<br />Many clients I speak to in the (target market)<br />Face the issue of (what specifically)<br />Based on my (key knowledge, experience, skills, qualities)<br />I have the ability to (contribute what specifically)<br />resulting in (type of business improvement, with examples)<br />for (target market) like yourself<br />
  58. 58. Your Product<br />Build your Value Propositions – 30 mins<br />Identify the problems you have solved<br />Clarify why it was about you uniquely that led to you being able to solve them (skills, knowledge, experience, qualities)<br />Quantify what the business benefits were<br />Identify the type of clients who you believe probably face this problem<br />Discuss with a partner<br />
  59. 59. Example<br />Based on my knowledge and experience of relocating (electrical component) manufacturing facilities from the (UK) to China, I am able to dramatically reduce the time, costs and disruption of doing so and help companies adopting this strategy to rapidly deliver significant business benefits. <br />
  60. 60. Routes to Market<br />
  61. 61. Going Direct<br />Going direct you may need to sell the concept of ‘Interim’<br />Research the organisation<br />The issues they are likely to face <br />Identify who you need to speak to<br />Follow the ‘duck shoot’<br />Include a call to action – what you want<br />Enlist the help of the gatekeeper<br />
  62. 62. Routes to Market<br />YOU<br />YOUR PRODUCT<br />YOUR MARKET<br />SEGMENTS<br />WHAT ARE YOUR<br />POTENTIAL<br />ROUTES TO MARKET? <br />YOUR<br />COMPETITION<br />GOING ‘DIRECT’, YOU WILL NEED TO SELL THE CONCEPT OF AN INTERIM<br />
  63. 63. Routes to Market<br />YOUR ROUTES TO<br />MARKET<br />SERVICE PROVIDERS<br />CONSULTANCIES<br />TRADE EXPOSURE<br />PAST EMPLOYERS<br />CONFERENCES<br />WEB EG LINKED IN<br />TRADE SHOWS<br />CHAMBER OF COMMERCE<br />BANKS<br />ACCOUNTANTS<br />EXECUTIVE SEARCH CO’S<br />ALUMNI<br />VC COMPANIES<br />JOB ADVERTS <br />PERSONAL NETWORK<br />NETWORKING EVENTS<br />YOU AND<br />YOUR<br />PRODUCT<br />YOUR TARGET MARKET<br />SEG ENTS<br />
  64. 64. Networking<br />A key element of your marketing strategy whether direct or through service providers<br />
  65. 65. Networking<br />Over coffee<br />Select 2/3 people you have not interacted much with so far <br />Interact with them!! (4 mins max)<br />Be prepared to report back on the experience!!!<br />
  66. 66. How was it for you?<br />What worked and what didn’t?<br />Were you clear about what they were all about?<br />Were they interested in what you were all about?<br />Did you swap business cards?<br />Did you identify opportunities to help each other?<br />Would you see them again?<br />
  67. 67. Collateral<br />Business Cards<br />CV<br />
  68. 68. Business Cards<br />Company Name<br />Logo<br />Address<br />Content<br />Quality<br />Paper<br />Printing<br />Using the reverse?<br />
  69. 69. Your CV<br />Your CV needs to demonstrate:<br />Your competence – what you can do<br />Your credibility – proof you can do it<br />Your compatibility – how you could work with them<br />It should clearly show:<br />Where you worked and at what level with a coherent role progression<br />WHAT YOU ACHIEVED WITH NUMBERS WHERE POSSIBLE<br />Service Providers <br />Do not want fancy formatting, pictures, tables<br />Need you to keep it updated<br />Are wary of ‘vague’ competencies, cliches – be as specific as possible<br />Use search engines so use common key words and phrases of your discipline<br />Your CV should be tailored for each potential service provider<br />No more than two/three pages (check with Service Provider)<br />
  70. 70. CV Layout<br />FIRST HALF PAGE IS VITAL<br />NAME<br />BRIEF SUMMARY STATEMENT OF WHO YOU ARE AND WHAT YOU DO<br />IN REVERSE CHRONOLOGICAL ORDER<br />DATE STARTING AS IM AND RECENT ASSIGNMENTS/ACHIEVEMENTS<br />DATES - COMPANY – ROLE<br /><ul><li> KEY ACHIEVEMENTS </li></ul>ADDITIONAL RELEVANT SECTOR DETAILS<br /><ul><li> FACTORS WHICH YOU BELIEVE COULD SET YOU APART
  71. 71. PROFESSIONAL BODIES/ QUALIFICATIONS</li></ul>PERSONAL DETAILS<br />CONTACT DETAILS – IF NOT WORKING WITH A SERVICE PROVIDER <br />
  72. 72. The Business Meeting<br />
  73. 73. Objectives<br />Qualify the opportunity<br />Can I do it?<br />Do I want to do it?<br />Can they afford it?<br />When will they need me?<br />Win it!!<br />
  74. 74. Preparation<br />Be prepared to attend at very short notice<br />Research more deeply and make no assumptions<br />Do all you can to get a brief prior to meeting<br />Think about potential objections and how you would answer them<br />Sell yourself but still meet the client’s objectives<br />Focus on the most relevant pieces of your experience<br />
  75. 75. At the Meeting<br />Ask questions<br />Help the client diagnose the issue and gain clarity about what they really need<br />Give Information<br />Clearly communicate how you could help<br />Clearly communicate your track record of delivery<br />Confirm<br />Scope, reporting, support, contracts, terms<br />Handle Objections <br />Listen carefully and handle any objections the client may raise <br />
  76. 76. After the meeting<br />Following the business meeting you are in a position to develop a proposal or summary of agreement<br />As a result of my (service/product)<br />You will be able to (do what specifically)<br />Resulting in (quantified business improvements)<br />For (total investment costs)<br />With economic payback achieved within (timeframe)<br />We will document our delivered value by (results tracking system)<br />
  77. 77. Handling Objections<br />Objections are only to be feared if you can’t answer them<br />Objections do not necessarily mean the person does not want to move ahead with you<br />Objections expressed openly help you sell<br />
  78. 78. Handling Objections – Part 1<br />In your tables – 5 mins:<br />Table 1 and 2 – what are the potential upsides for a client considering interim management<br />Tables 3 and 4 – what are the potential downsides for a client considering interim management<br />
  79. 79. Handling Objections - Part 2<br />Practice – 10 mins<br />Take it in turns to give the ‘opposition’ an objection<br />Enact the ‘role play’ <br />
  80. 80. Trading through a Limited Company<br />Graham Shove<br />Competex Ltd<br />Specialist Accountants<br />
  81. 81. Trading Formats<br /> Self Employed<br /> Limited Company<br /> Revenue and Customs approach<br />
  82. 82. What is your status?<br /> Not on client payroll<br /> Client’s expectations<br /> Not on agency payroll<br /> Agency requirements<br />
  83. 83. Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />
  84. 84. Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />Client avoids legal burden of employing a permanent member of staff <br />minimum wage, SSP, maternity, redundancy, etc<br />
  85. 85. Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />Client avoids legal burden of employing a permanent member of staff <br />minimum wage, SSP, maternity, redundancy, etc<br />Client has no hidden employment costs <br />pensions, holiday pay etc<br />
  86. 86. Why do I need a Limited Company?<br />Agency avoids employment agency regulations including PAYE<br />Client avoids legal burden of employing a permanent member of staff <br />minimum wage, SSP, maternity, redundancy, etc<br />Client has no hidden employment costs <br />pensions, holiday pay etc<br />Being employed by your own company is proof that you are not employed by your client or the agency<br />
  87. 87. Company officers etc<br />The shareholders own the company and share any profits<br />The directors operate the company and carry full legal liability for their actions<br />The company secretary is a servant of the company responsible for statutory matters<br />The employees work for the company in return for a salary<br />
  88. 88. Every company must have<br /> At least one shareholder<br /> At least one director<br /> A registered office<br /> A (registered) accounting year end<br /> All this information is available to the public via Companies House<br /> A Company Secretary is no longer required (but most people still prefer to have one)<br />
  89. 89. Company documents<br /> Memorandum & Articles of Association<br /> Certificate of Incorporation<br /> Share certificates<br /> Statutory books<br />
  90. 90. Share Capital<br /> Authorised share capital<br />Say, £1,000<br /> Issued share capital<br />Say, £100<br />
  91. 91. Initial tasks<br /> Open company bank account<br /> Register for VAT<br /> Register for PAYE<br /> Register for Corporation tax<br /> Change of year end (optional)<br />
  92. 92. Banking decisions<br /> Branch banking or direct (internet) banking<br /> Which bank<br />
  93. 93. Bank opening procedure<br /> Lengthy documentation<br /> Incorporation documents<br /> Proof of identity for officers<br /> Corporate and personal vetting<br /> Personal interview<br /> RBS Business Banking Direct (0800 783 9777)<br />
  94. 94. VAT – Why register?<br /> Mandatory if annual income exceeds £70,000<br /> Voluntary registration under £70,000 enables VAT to be reclaimed<br /> Very little accounting work involved<br /> Looks professional<br />
  95. 95. VAT registration requirements<br />Registration involves completing a 10 page document or can be done online and takes up to 6/7 weeks to be processed<br />Company must have been incorporated<br />Company bank account number and sort code must have been issued<br />You must have started or be imminently about to start your first assignment<br />
  96. 96. PAYE Registration<br />Every company must register for PAYE<br />
  97. 97. Statutory requirements for Letter Headings<br /> Name of company<br /> Place of registration (i.e. England and Wales)<br /> Company number<br /> Address of registered office<br /> Names of all the directors (or none of them)<br />
  98. 98. Optional components ofLetter Headings<br /> Address of principal place of business (if different from registered office)<br /> Telephone & fax numbers<br /> E-mail & web site addresses<br /> VAT number (so that letterheads can be used for invoicing)<br />
  99. 99. Statutory requirements for E Mails and Websites<br />Name of company<br />Place of registration (i.e. England and Wales)<br />Company number<br />Address of registered office<br />And in addition: <br />Website must show VAT No.<br />
  100. 100. Keeping accounts<br />Keep all receipts and invoices from now on. A shoe box is ideal<br />Pay for all expenses initially out of your own personal resources<br />Summarise your expenses regularly and conscientiously at the end of each month, extracting details from:-<br />Personal bank account(s)<br />Personal credit cards<br />Cash transactions<br />
  101. 101. Keeping accountsThe difficult way<br /> Opening several company bank accounts<br /> Using (a variety of) company credit cards<br /> Using company money to pay private expenses<br />
  102. 102. Keeping accountsThe office diary<br />Use your office diary to record the following:-<br />Time spent on client business and details of events etc<br />The nature of the work that you are doing<br />Travel<br />Detailed car mileage<br />Cash transactions<br />
  103. 103. Countering avoidance IR35<br />Introduced to stop directors paying themselves mainly dividends and little salary to avoid paying National Insurance<br />
  104. 104. IR35 The rules<br />If your work falls under IR35, then 95% of the fees and expenses you earn (less certain expenses of employment) have to be paid as salary to you, the person who has earned those fees<br />
  105. 105. The Interim Manager under IR35<br />You are working under IR35 if you are:<br /> doing work that an employee would do<br /> standing in for a director/manager<br />Replacing an employee<br />
  106. 106. The Interim Manager outside IR35<br />You are working outside of IR35 if:<br />Your assignment is project based<br />OR<br />You are giving advice to client and client’s staff carry out your recommendations<br />
  107. 107. IR35 - Neither one nor the other<br />Different streams of income<br />Take legal advice rather than consulting Revenue & Customs<br />High Street lawyers<br />
  108. 108. Dividends v. salary<br />Market Salary<br />Transfer of taxable income from high taxpayer to a low taxpayer by the use of dividends<br />Income shifting<br />Separate bank accounts<br />
  109. 109. Calculation of daily rate<br />You must factor in the following:<br />You will work less days in the year<br />Out of your fee income you will have to pay for:<br /> Employers NI @ 12.8% <br /> Pension contributions<br /> Private health insurance<br /> Car<br /> Office equipment<br /> Professional indemnity insurance<br /> Accountant’s fees<br />
  110. 110. Choice of accountant<br /> Self<br /> High Street accountant<br /> Specialist accountant<br />
  111. 111. What will it cost?<br />You should not have to pay more than £1,500 pa<br />One-off set up fee<br />Fees paid out of pre-tax fee income<br />
  112. 112. The specialist accountant<br />Incorporates company electronically<br />Provides Company Secretary and registered office<br />Offers streamlined banking arrangements<br />Registers company with all Government authorities<br />Runs variable payroll and fulfils statutory obligations<br />Offers affordable fixed fee structure<br />Help from people who understand your business<br />
  113. 113. www.competex.co.uk<br />“the largest single source of information on the internet for interims and consultants”<br /> Check out banks, insurance products, agencies<br /> Associations and links<br /> Writing your CV<br /> Building and using a network<br /> News, views, events<br /> Pensions and healthcare<br /> Dedicated client’s section<br /> ….and much more!<br />
  114. 114. www.interim-hub.com<br />“the largest single source of information on the internet for interims and consultants”<br />
  115. 115.
  116. 116. www.competex.co.ukHomepage<br />
  117. 117. www.competex.co.ukStarting Interim Management<br />
  118. 118. www.competex.co.ukStarting Interim Management > Providers/Agencies Search<br />
  119. 119. www.competex.co.ukStarting Interim Management > Providers/Agencies Search<br />
  120. 120. www.competex.co.ukBecome a Client<br />
  121. 121. www.competex.co.ukNews, Views, Events & Links<br />
  122. 122. www.competex.co.ukExisting Clients > Log In<br />
  123. 123. www.competex.co.ukCompetex Affinity Group <br />
  124. 124. www.competex.co.uk<br />“the largest single source of information on the internet for interims and consultants”<br /> Check out banks, insurance products, agencies<br /> Associations and links<br /> Writing your CV<br /> Building and using a network<br /> News, views, events<br /> Pensions and healthcare<br /> Dedicated client’s section<br /> ….and much more!<br />
  125. 125. Next Steps<br />What now?<br />
  126. 126. Summary<br />Be clear about what you want and don’t want<br />You are a limited company offering business services, not someone looking for a job<br />Most first assignments are won direct, but don’t ignore service providers – network, network, network<br />Segment your market. You’ll have a much better chance of creating awareness and interest if you target<br /> Focus on the client’s world (existing or potential issues and opportunities) in your marketing and selling – if they have none, there’ll be no work anyway!!<br />Prepare for objections – you know what they will be – ARC<br />Getting up to speed quickly is the key to delivery<br />Set up a limited company asap if you’re going ahead<br />

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