When an organisation faces significant financial pressures and its future is threatened, finance leaders are often tasked with getting it back on track. Where should they start? And where or who can they turn to for support and advice?
CFG has formed a new, member-led group to answer these questions and more.
Turnaround expertise
In June 2024, at CFG’s Annual Conference, turnaround specialist and CFG volunteer Simon Hopkins led a session on the topic of turnaround. It generated significant interest from charity finance professionals and leaders, with the session heavily over-subscribed. Since then, demand for further discussion and support in this area has grown further.
As Simon noted during his presentation, creating a confidential and supportive environment for open dialogue and sharing experiences is essential to improving the sector’s ‘bench strength’ in turnaround.
Simon comments: “The current climate is such that many charity leaders are really concerned about what the future holds for their organisations and the people they exist to serve. We sense that we are at a tipping point, and we need finance people to be more ready to create transformational interventions to protect critical services and programmes.’
In December 2024, more than 30 charity finance professionals and leaders met for the inaugural online meeting of the Turnaround Group. Leaders from across the sector met to share their experiences and explore the complexities of organisational turnaround.
Key themes
Several key themes emerged, including the issue of how to define ‘turnaround’ and distinguish it from incremental change, generic change management or wider transformation. “Turnaround,” stated Simon, “is defined as a big change that turns a bad situation into a good one.”
The discussion also emphasised the importance of a holistic approach, acknowledging that successful organisational turnarounds require addressing leadership, communication, and cultural change, alongside financial challenges.
It was also stressed that there is a real need for a safe and confidential space for sharing experiences, learning from others, and building resilience was a key focus.
Join a growing group
The launch of the group was warmly welcomed with more than 30 CFG members signed up to the discussion group since the first meeting. Members can now share resources, insights and experiences, and together will build the community of practice Simon Hopkins envisioned in 2024.
Caron Bradshaw OBE, CEO, CFG, commented: “In my 15 years of leading CFG, I have never known such a challenging environment for charitable organisations. As part of CFG’s overall membership offering, the Turnaround Group will support charity leaders by providing an expert and safe place to collaborate, share knowledge and support others – giving them more confidence in their skills and decision-making.”
Simon Hopkins concluded: "Financial leadership continues to change, and the need for great turnaround skills are just a part of the paradigm shift that is taking place in charity finance, with the job of a finance leader now being much more than just a technical function. This group is a vital initiative which we hope will help to equip members with the skills and tools they need in a turnaround situation – giving their organisation the best chances to survive and thrive."
Join CFG’s Turnaround Group
If you would like to join the group, or find out more, please email Zoe Bennett, Membership and Engagement Manager, for more information.
Could you be the group’s chair?
We are inviting expressions of interest from group members who would like to volunteer for the role of group chairperson. To find out more, email Zoe on the email address above, stating why you are interested in the role and a brief overview of your suitability/relevant experiences.
Look out for more updates from the group in the near future!
Need expert help right now?
Your questions can be answered quickly thanks to CFG's range of free expert helplines. We run seven in total in partnership with some of our corporate partners. Our 'Managing Financial Difficulties' helpline, kindly provided by MHA, is available to both CFG members and non-members. Find out more here.
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