Interim financial management roles can offer high-impact opportunities for experienced finance professionals. Whether brought in to navigate a crisis, lead a transformation, or cover a temporary gap, these roles allow you to make a significant difference in a relatively short time.
However, stepping into a financial interim role requires more than just expertise; it requires a thorough understanding of the organisation's needs, expectations, and constraints.
Asking the right questions from day 1 of your assignment will set the stage for your success, so we've put together 11 of the best questions to ask.
Objectives and scope
1. What are the primary objectives of this interim role?
You may already have an idea about the assignment's goals before you get there, but it is vital to ask key players and the team what they feel are the key objectives to meet in your time with them.
Find out what is important to the team, listen for any pain points and use this information to deliver additional value.
2. How will success be measured in this role? What are the KPIs?
Once you understand what you need to do, you need to define your success metrics. Creating tangible goals for yourself not only helps you focus your efforts but also gives you real credibility when finishing an assignment.
Pro tip: Use these KPIs and your results to create a mini case study for every assignment you have.
Super pro tip: Post the case studies on your LinkedIn profile (after asking for permission from the organisation).
Will success be measured by financial performance, project completion, cost savings, or something else? What steps do you need to take to achieve your goals? What needs to happen in what order?
Agreeing on KPIs ensures that both you and the organisation have a shared understanding of what success actually looks like.
3. Are there any existing financial policies or procedures that I need to adhere to, or will I have the flexibility to implement new ones?
While you can bring in new ideas, it's essential to know the existing frameworks you need to operate within. Understanding current policies helps you identify gaps and areas for improvement without disturbing existing policies.
Team and Resources
4. What is the current state of the finance team, and how is it structured?
Assess the capabilities and morale of the team you are stepping into. Are there skill gaps that need addressing? Is there a high turnover rate or issues with team dynamics?
Remember, your success often depends on how well you can lead and leverage the existing team.
5. Will I have access to the necessary resources and support (e.g. technology, administrative support) to achieve the role's objectives?
It's great knowing what you need to achieve, but is the infrastructure there to reach these objectives? Having the necessary resources is key to delivering results. Know what is available to you and where the gaps are so you can plan your strategy effectively.
6. Are there any key stakeholders or departments I will need to collaborate with closely?
Interim roles often require cross-departmental collaboration. Identify key stakeholders early on. Building strong relationships with other departments, such as operations, IT, and HR, will make such a difference later in the assignment when implementing new strategies.
Organisational Culture and History
7. What is the company's history with interim financial managers? Have there been any recent changes in leadership or strategy?
Many companies frequently use interim managers and have processes in place for you to slot right in and start having an impact almost instantly. However, some companies you face may have no prior experience.
Understanding the company's past experiences with interim managers can provide valuable insights. If previous interim managers faced challenges, learn from those experiences to anticipate and mitigate similar issues.
8. Are there any ongoing projects or initiatives I should be aware of, especially those impacting the finance function?
Get a clear picture of any ongoing projects that may impact your role. Being aware of other initiatives helps you avoid overlapping efforts and identify opportunities for synergy.
Challenges and Risks
9. What are the main risks associated with this role, and how are they currently being managed?
Before diving into the role, it's essential to have a clear understanding of what could potentially derail your efforts or negatively impact the organisation.
What are the financial risks?
For example, if the company is facing a liquidity crisis, it's vital to understand the severity of the issues and the urgency required to address them.
What are the operational risks?
This could be outdated systems, insufficient processes or lack of internal controls, which could lead to financial misstatements or even fraud. Identifying these risks allows you to prioritise the implementation of stronger financial controls and reporting mechanisms.
10. Have there been any recent financial audits or reviews? If so, what were the findings and recommendations?
Audit findings can reveal a lot about the organisation's financial controls, accuracy in financial reporting, and adherence to regulatory standards.
For example, if a recent audit uncovered significant deficiencies or material weaknesses in financial reporting, your role may involve implementing robust internal controls and ensuring compliance with accounting standards. Understanding the audit history allows you to prioritise these tasks.
Audit reports can also be a very valuable source of information, often containing recommendations for improving financial processes (which can guide your efforts in enhancing operational efficiency and financial stability).
Pro tip: Use the value of these reports to give you a head start addressing underlying issues that might not be immediately apparent.
Transition and Exit Strategy
11. What is the exit strategy for this role? Will I be involved in training or selecting a permanent replacement, and is there a plan for knowledge transfer?
A successful interim manager does more than just complete their tasks; they also ensure a seamless handover and leave a lasting positive impact on the organisation.
Understand your role in succession planning - Be proactive in offering your assistance in the recruitment process.
- Knowledge transfer and documentation - Start documenting key processes, decisions, and contacts from the beginning of your assignment.
- Continuity planning - A continuity plan is a blueprint for the smooth transition of responsibilities. It should include a timeline for the handover process, identify key stakeholders, and outline critical tasks that must be completed before you leave.
- Final handover meeting - If possible, schedule a handover meeting with your successor and key stakeholders. This is the best way to ensure a comprehensive knowledge transfer, giving your successor the support and confidence they need to step into the new role.
Conclusion
Asking these questions on your next interim assignment will not only help you understand the assignment better but also set you up for success. By clarifying objectives, understanding challenges, and aligning expectations, you can effectively navigate the complexities of interim financial management, deliver value to the organisation, and advance your personal career.
