Thursday 26 August
So, summer’s over, colleagues are back from holidays and the children are returning to school. In other words, very soon everything will be back to normal. But what is normal now? Not the same as before, I am sure. With a coalition government in place, party conferences on the horizon and the all important Comprehensive Spending Review in October, I don’t suppose any of us will know for some months to come what the ‘new normal’ will actually mean.
Public services have already been cut and, of course, deeper cuts are on the way: none of us knows where the axe will fall next. From my recent meetings with HM Treasury, the Cabinet Office, BIS and DWP, it is clear that CDFIs have opportunities to support the emerging public policy agenda. We offer a specialised and unique service that supports individuals, businesses, charities and social enterprises in deprived communities and undeserved markets – but in the new normal we need to able to demonstrate our own transparency and accountability in compelling ways. And more robustly than ever before.
In other words, we need to demonstrate that our businesses are lean, mean, fighting machines. That we are strong, flexible and fit for purpose. We need to attract a wider range of stakeholders and investors and they need to be reassured that we will deliver for them. Being able to show that we reach industry standards and demonstrating our impact will obviously be key ways in which we can build that investor confidence.
Of course, this means CDFIs are no different to any other businesses which want to survive in the new normal. Regularly reviewing strategy, systems, procedures and resources are necessary activities. It takes time and can sometimes seem extravagant, I know. But it is vital for survival. (It’s a bit like keeping yourself fit. It has to be hurting to be working). But that investment will inevitably reap rewards – with sustainability and achieving mission being prizes that are well worth the fight.
Mission impossible will become mission accomplished.
Bernie Morgan, Chief Executive, cdfa