Your Guide to Becoming an Interim Manager

www.corvinfox.co.uk

Your Guide to Becoming an Interim Manager

● Have you got a proven track record in your current discipline? ● Have you a great skill set and fantastic achievements behind you? ● Is interim Management a career path you want to progress?

Financial Matters that you must consider

As with all big decisions the planning of this move is key to your success. Here at

Corvin Fox we have put together a best practice document to support you.

As an Interim Manager it is unlikely you will be in a contract 12 months every year.

This is particularly true for your first two years. On a recent sample we carried out, Interims in the fist two years of their career were averaging 8 months per year in contract. You must take this into consideration when deciding on your daily rate.

Another consideration for your daily rate is the number of days you will be working

per month. If it’s a standard Monday to Friday role you will normally invoice 21 days

per month. However, if you are doing a “4 on 4 off” shift pattern you will be invoicing 16 days per month.

Cash flow is the lifeblood of your business. An area that can dramatically impact this is payment terms. Unlike permanent employment, you may have to wait up to 3 months before your invoice is paid. This can involve a lot of time and effort chasing accounts departments. It’s important that you are clear on your payment terms when

you start your contract. Here at Corvin Fox we do the chasing and our payment

terms are between 14 – 30 days for our Interims.

Get an accountant that is used to dealing with Interim Managers/Contractors. They

can advise you on whether to become a Ltd company or a Sole Trader. In July of

this year the budget has launched a Dividend Tax which you will need to consider if

deciding on being a Ltd company. You will need to register for VAT if your taxable

turnover is more than £82,000 (the ‘threshold’) in a 12 month period. These decisions can be daunting for those new to interim. However, they can wait until you get offered your first contract.

www.corvinfox.co.uk

It’s very important that you get a full understanding of IR35, as the price of getting it wrong can be very high. Here at Corvin Fox we get all our Contracts IR35 reviewed yearly to protect all parties.

You will need Professional Indemnity and Pubic Liability insurance. This normally

costs between £200 and £500 per year. It protects you and the client from liability. It can be done quiet easily over the phone, we can recommend a number of companies. It can wait until you get the contract offer but needs to be in place before you start.

Your Marketing Plan is Key

Having a planned approach on how you market yourself is key to your success. Let

Corvin Fox Market you out! After a “Face to Face” meeting and reference check we will do the hard work. We have strong relationships with Blue Chip Companies and

have a robust marketing campaign using various media and communications.

All our successful interims have a strong LinkedIn profiles with achievements and recommendations from line managers.

Having an up to date CV that is well laid out, has tangible achievements and is grammatically correct is very important. Here at Corvin Fox we can support you on

all these fronts.

We will also contact you regularly to establish your availability and will market you out

accordingly.

Working Away from Home

A significant percentage of your contracts will involve working away from home. This usually means an early start on a Monday morning, arriving home late Friday evening.

Putting a restriction on roles that you can’t commute to will dramatically reduce your

chance of getting a contract. When working away you will charge the client for travel

and accommodation expenses.

www.corvinfox.co.uk

Being an Interim Manager is a very rewarding career. It pays well and you can work

it around your lifestyle and family life. You are forever learning new skills, working in unknown environments and pushing your comfort zone.

If you think it’s for you then give us a call on 01778 560169.

We look forward to hearing from you.

Best wishes

Denis & Zoe

Your Guide to Becoming an Interim Manager

This guide is offered in goodwill and you should seek professional guidance or legal advice to ensure that your recruitment process is fully compliant. Corvin Fox Ltd shall not be liable under any circumstances for any loss, expense, damage, delay, costs or compensation (whether direct, indirect or consequential) which may be suffered or incurred by you.

www.corvinfox.co.uk

Contact Details

Denis O’Driscoll

denis@corvinfox.co.uk 01778 560169

Zoe O’Driscoll

zoe@corvinfox.co.uk 01778 560169

Denis and Zoe are Interim Recruitment experts who have been running Corvin

Fox Interims since 2008. With Denis’ industry knowledge, having been an Interim Manager himself and Zoe’s Sales and Marketing background, Corvin Fox pride themselves in being the ‘Go To’ supplier of Top Performing Interim Managers to the Food Manufacturing Sector.