Overview


Overview of Process

 

 


 Bridge

Recognizing that financial distress exists and convincing a critical mass of stakeholders of the same is crucial. Briding involves getting through the immediate crisis and creating breathing room to make more sustainable reforms.

  •  Initiate the Recovery Process
  • Get a Handle on the Situation
  • Build a Recovery Team
  • Build Support for Recovery
  • Deal with Dissent

 

Reform

Stabilization of finances isn’t enough. The organization needs a vision to become financially sustainable and create value for the public. Leadership in the reform stage involves creating a strategic vision for the organization and putting in place the structures to realize it. A checklist of key tasks is below:

  • Help the organization articulate its strategic vision
  • Further involve staff in change process
  • Ensure accountability
  • Focused training
  • Communicate
  • Align rewards and incentives with recovery objectives
  • Simplify and clarify organizational structure

 

Transform

The Transform Stage is where the organization goes beyond where it was when it started financial decline. The goal is not to become merely financially sustainable, but to become financially resilient: adaptable to changing conditions and able to recover readily from setbacks. Resiliency is characterized by a number of good financial management practices; however, changing the organization’s culture is the primary leadership task for becoming resilient. A checklist of key leadership tasks for the Transform Stage is below:

  • Assess culture and change readiness
  • Determine new values and announce them
  • Identify behaviors needed to realize the new culture
  • Measure and create incentives for the new behaviors
  • Engage employees
  • Find ways to deal with resistant employees

 

 

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