EDITOR’ S QUESTION
Throughout history, financial crises have repeatedly disrupted global economies, exposing vulnerabilities in financial systems and triggering widespread economic hardship. Each crisis has left behind valuable lessons about the importance of oversight, transparency and prudent financial management. Four experts explain what they have learnt, starting with Jim Rettew, an Interim CEO or Executive Director in the nonprofit sector:
What lessons have I learned from past financial crises?
That clarity is more valuable than comfort – and that financial crises rarely begin as financial problems. They’ re almost always rooted in leadership drift, wishful thinking or a failure to confront hard truths early.
triage doesn’ t mean solving everything at once. It means stopping the bleeding while rebuilding systems of accountability.
Third, transparency builds trust. I’ ve walked into rooms where staff and board were on the verge of collapse. But when I share the raw numbers and a clear plan – without spin – people exhale. They’ d rather know the truth than live in uncertainty. Trust starts when people feel seen, informed and included in the solution.
Finally, crises can create momentum for change. No one loves cutting a bloated vendor contract or killing off a pet project until you’ re out of money. Financial urgency has helped me push through overdue reforms and make smarter, leaner decisions that ultimately strengthened the organisation.
As an interim CEO, I’ m often dropped into organisations mid-crisis – deficits, missing audits, cash flow emergencies. The instinct is often to panic or sugarcoat. But what I’ ve learned is that progress begins the moment we stop blaming and start diagnosing.
I don’ t fear financial crises anymore. I’ ve seen what’ s on the other side. With the right leadership, they can be turning points – moments that bring clarity, humility and a chance to rebuild something more sustainable.
The first lesson? Numbers don’ t lie – but people often do, even to themselves. I’ ve learned to go straight to the source: cash flow, liabilities, ageing receivables, hidden contracts. I never accept a budget at face value. I follow the money until I understand where the real problems are hiding.
TRUST STARTS WHEN PEOPLE FEEL SEEN, INFORMED AND INCLUDED IN THE SOLUTION.
Second, action beats analysis paralysis. In times of crisis, you need to make decisions fast – but not recklessly. I’ ve learned to triage using the urgent / important matrix, stabilise operations and rack up a few early wins. Financial
Jim Rettew, Interim CEO or Executive Director in the nonprofit sector
WHAT LESSONS HAVE YOU LEARNED FROM PAST FINANCIAL CRISES?
20 www. intelligentcxo. com