1. Avoid Permanent Headcount

This is not the time to increase your permanent headcount and overheads. Particularly for specific initiatives or projects, interims are the way to go. They come in, do what they are supposed to do, and move on (together with their costs!).

2. Hire Parts Of People

Not every role requires a fulltime person – we are just conditioned to thinking that way. Also, very experienced interims can do what a permanent person can do in less than 5 days per week. They are focussed – no “water cooler” time.

3. Replace Expensive Consultants

Consultants are expensive, so firing them when things get tighter is the classic reaction. There is another option – use an interim instead – typically 50-60% of the cost for someone with similar seniority. Also, you get a person who has real-life operational experience, and who has no agenda to also bring in his or her consulting “buddies”.

This approach allows you to keep up key initiatives such as developing new strategies or business opportunities, which your competitors may simply put on ice in a knee-jerk reaction.

4. Bring In A Cost Reduction Specialist

It’s all about horses for courses: some people have really excellent, incisive cost cutting skills where they get in, help you make the cuts, and move on. They are probably not the people you want as long term managers, but they can help stabilise businesses in tough times, without “hollowing out”, which can have long term negatives for the organisation. Typically, they have done this before many times – they know the pitfalls.

5. Hire A Business Development Specialist

It’s never just about costs – part of the answer is to see how you can build new businesses and reduce your exposure to one market, one sector. Again it’s about skills and experience. Use a carefully selected interim with specific sector or market skills, in conjunction with your business development team. Use the opportunity to overtake competitors who miss the opportunities because they are focussing only on cost reduction.