The parallels between a distressed company and a patient in need of healthcare are endless. One of the analogies we use most frequently to describe our work as turnaround and restructuring professionals is that of an emergency room doctor. Depending on the severity of the ailment, we liken the downsizing, divestiture, or liquidation of a struggling business unit to a doctor’s decision to amputate an arm to save a patient’s life. Oftentimes, we lament that the patient did not seek treatment or a routine checkup soon enough for us to implement a cure.
In our quest for continuous improvement, TMA Global is taking some of its own medicine by looking at new ways to enhance our membership experience and provide more tangible support to our chapters. The point is to apply to TMA the same corporate renewal principles that we prescribe for our clients. We intend to be more proactive as opposed to reactive. As Benjamin Franklin said, an ounce of prevention is worth a pound of cure.
As TMA Global president, I recently formed the Chapter Health Working Group, which is exploring new options and specific initiatives to give each of our chapters additional resources to drive value to our members at the local level. At the heart of this group’s mission is the identification of any areas within chapters that could be enhanced. From programming to governance, from membership diversity to financial reserves, the goal is to offer support through best practices, programmatic subsidization, and even mentoring from past chairs of TMA Global.
Like clinical testing, TMA is applying data analytics to identify trends in membership not only at the global or North American level but also at the local chapter level. By analyzing the data with a critical eye, TMA staff and volunteer leaders will be able to pinpoint certain trends and then guide chapter leaders with best practices and programs to enhance any potential areas of concern. Through ongoing reporting, we will be able to measure the effectiveness of our initiatives through the data.
Unlike many professional associations, TMA has built substantial financial reserves over the years, which now allows us to make more strategic investments in areas where our chapters and members will see value and receive tangible benefits. Financial and operational support from TMA Global will help our chapters to implement these initiatives at the local level without placing the entire burden on the chapter’s resources.
The power of TMA resides in its members and the connections they form that drive business and referrals within our network of professionals. Since most of the connections among TMA members are formed and maintained at the local chapter level, it is imperative that we help our chapters continue to drive value to our members through high-quality programming, networking opportunities, and educational offerings. Through the Chapter Health Working Group, we plan to develop a holistic approach that recognizes the unique qualities of each chapter and tailors support to ensure each one’s continuous improvement.
As our corporate renewal and restructuring industry continues to evolve and respond to disruption, much like the healthcare industry itself, TMA Global is committed to responding to the changing needs of our members and chapters.