A venture capital firm bought a medium-sized service company and was experiencing shortcomings. Immediate implementation of a new reporting system and annual report in accordance with IFRS was required. The time was too scarce to recruit a new CFO, why they decided to hire a qualified interim CFO.
“It should be felt that ‘here comes someone with knowledge’, which creates security and stability.”
The owner demanded development. As the interim, I am very dependent on my surroundings and the change process goes easier if I show myself early on. Then a lot comes by itself. Social skills are a must and it makes it easier to be a little older, with an inner sense of security, to be able to value and prioritize more easily. I am also clear about the fact that I have an interim assignment so that the employees know what to relate to.
The organization was in distress. The finance department had low status, the manager had too many subordinates, and the employees felt that they were not listened to.
“I spent a lot of time talking to as many people as possible and really listening to their problems. It was much appreciated and reignited the spark and desire for work.” Already after three weeks, the company’s first accurate quarterly report could be presented. As the CFO continued to perform the daily tasks, the interim was able to concentrate on improvement work and the new reporting system.
“An ordinary CFO can survive, ruffly described, by sitting in his office writing instructions. It doesn’t work for an interim. I have to get out on the floor and in the organization and to be an ambassador for the department. By pitching myself, I can sell my ideas. In order to drive change, I have to socialize and show respect for the staff.”
The interim CFO corrected the shortcomings and created new routines
Necessary skills of an interim are technical skills and “craft” experience from different fields. As well as great communication skills, to be able to spread what is done and why. In a short time, the day-to-day work was revised, inefficient working methods changed and the most obvious shortcomings were corrected. Clear rules and procedures were sent out – spiced with some change – because the old ones had played their part. Other parts of the interim analysis had to wait for the permanent CFO.
“I asked for new tools for reporting and suggested that the manager should not have so many direct reporting subordinates and that the payroll department should be outsourced.”
A lot of improvements in a short time
“It feels good to be able to do so much good in a short time. Now I’m an interim full-time. I like to constantly experience new and not have to get caught up in routines; to see the potential and create the conditions so that everyone can do a good job. Another advantage is not needing to be politically correct, not to be bound by the political game, but to have the opportunity to question. Then the result is often even better.”