Employing an interim manager has become an increasingly popular option for bigger companies in recent years and now, according to the Interim Management Association (IMA), smaller firms are beginning to get in on the act.

Interim management is the “provision of executives and senior managers to work within organisations on a temporary or part-time basis,” according to Ian Daniell, chairman of the IMA. Interim managers can be used “in fast-moving companies needing specific expertise to move them forwards” and act as part of a long-term strategy to meet objectives. Conversely, companies undergoing hard times could also benefit from interim management to see them through difficult transitional periods.

There are different levels of service available, with prices ranging from £400 a day for a “temporary executive” up to £2,000 a day for those with specialist expertise. The more senior managers will be “sensibly over-qualified” for assignments, having had board-level experience in their careers.

The IMA consists of 27 interim management service providers, out of around 35 that exist in the UK, covering a range of sectors. To employ the services of an interim manager, the IMA suggests identifying those providers operating in your industry and establishing the details of your requirements as a first step. You can then choose candidates for interview.