It’s how we respond to a crisis that makes the mark of a TMA adviser

Our members are at the forefront of turnaround during good times and bad. With the news changing daily about the impact of COVID-19, how the crisis persists and dominates our market and how much disruption it causes are still unknowns. With the financial market selloff, it’s clear these unknowns create uncertainty.

Those in the turnaround industry are and will be called upon to advise and lead. 

So how the TMA members and its members respond to COVID-19 and how do we support our clients during this time? First, we must look to the number one reason cited for failure, namely “poor management”. It’s not that boards or management of all failed companies are poor boards or managers – it’s most usually that they didn’t respond well to adversity and the circumstances prevailing in a crisis. How and when boards and managers respond is one of the deciding factors in success or failure of a turnaround. The most frustrating thing is to see boards and management not respond – or respond too late to the circumstances.
 
Early intervention by working with your client’s stakeholders is key. Remind your clients of the benefits of operating in Safe Harbour as part of a wider plan.

TMA members can assist their clients respond to the crisis in a way that is measured and seeks to control the knowns and prepare for the unknowns.  

As a TMA Australia member, remind yourself that TMA members undertook the most significant and value restorative turnarounds during the GFC and as the TMA is the only organisation 100% committed to corporate renewal, our members will rise to the challenge and restore value during the COVID-19 crisis of 2020. 

Remain in touch via our TMA website and other communication channels.  We also encourage our TMA Australia members to share information with us at info@turnaround.org.au

Now is the time to step up to the plate and do what is right for business and the broader community.

Carl Gunther
TMA Australia President

Carl Gunther
TMA Australia President