Automotive Industry
May 5, 2023

Adapting to Change: Lessons Learned from the Financial Crisis of 2007-2008

Adapting to Change: Lessons Learned from the Financial Crisis of 2007-2008
Automotive Industry
May 5, 2023

Adapting to Change: Lessons Learned from the Financial Crisis of 2007-2008

Ignacio Gassó
Co-founder & Chief Operation Officer
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The financial crisis of 2007-2008 was a difficult time for many individuals and businesses. The economic downturn affected millions of people, causing job losses, home foreclosures, and financial hardship. Many industries were impacted, and the world of finance was no exception. One individual who experienced this firsthand was a finance professional who transitioned from an internal finance role to a client-facing position during this time.

Moving from an internal finance role to a client-facing position was a significant change for this individual. While still having deliverables and deadlines to meet, the demands of clients added an extra layer of pressure. Clients would call at all hours of the day and night, requiring attention and assistance. The partner's objectives would change, and the finance professional needed to adjust their work accordingly. This shift in responsibilities required a lot of thinking on the fly, which could be challenging.

Initially, the transition was a bit of a shock, and the finance professional felt as though they were in a little protective shell in their internal finance role. However, managing a client-facing role almost like a project management standpoint was a new challenge that they had to adapt to. They learned how to manage the demands of clients, prioritize work, and ensure that they took care of their clients' needs. It was a challenging time, but one that helped the finance professional to grow in their role and develop valuable skills.

The financial crisis added another layer of complexity to this situation. Clients were under immense pressure, and the finance professional needed to assist them in navigating their financial challenges. There was a lot of uncertainty and ambiguity during this time, which made it difficult to plan and make decisions. However, the finance professional's role was essential in helping their clients navigate this difficult period.

The finance professional worked for a few different firms during this time, including Plante Moran and Grant Thornton. These firms were large and well-respected, but they still felt the impact of the financial crisis. The finance professional saw firsthand how these firms had to adapt to survive and thrive during the crisis. They saw how firms had to make tough decisions, including laying off employees and restructuring their operations. It was a difficult time, but the finance professional learned a lot about resilience and adaptability during this period.

Overall, the financial crisis of 2007-2008 was a challenging time for many individuals and businesses. For this finance professional, it was a time of significant transition and growth. Moving from an internal finance role to a client-facing position was a big change, but it helped them develop valuable skills in managing clients and prioritizing work. The crisis added an extra layer of complexity, but it also highlighted the importance of the finance professional's role in helping clients navigate difficult financial times. While it was a tough experience, it was one that ultimately helped this finance professional to grow and become more resilient in their career.

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