What Economic Challenges have Thirukumar Nadesan suffered in Sri Lanka

1. WHAT ECONOMIC CHALLENGES HAVE THIRUKUMAR NADESAN SUFFERED IN SRI LANKA

2. The whole world knows that Sri Lanka is currently facing massive economic challenges. But things were not so different earlier and years ago, some great leaders have also faced the same challenges. We will discuss here today the Sri Lankan hospitality legend Thirukumar Nadesan and how he suffered different economic challenges. The hard-working and extremely passionate businessman has successfully proved himself non-guilty in the Thirukumar Nadesan case as he never did anything wrong to anyone. In a country like Sri Lanka, where circumstances were extremely tough to guide the right ways to success to a particular business. Thirukumar was well-aware of how the situations will turn around quickly to create obstacles and had the courage to face them all and grow a particular business line. Now, let’s have a look at the different challenging situations through which the leading businessman overcame and took the hotel industry of Sri Lanka to new heights of success.

3. FINANCIAL CHALLENGES AND ECONOMIC DISRUPTIONS Thirukumar holds a B.A. (Hons.) degree in business administration and is extremely sharp in taking excellent decisions to grow a business line. With his special ability to handle different business channels and optimize the entire management with targeted goals and objectives, he helped Hotel Developers (Lanka) PLC overcome with huge debt. The company had various liabilities and the bulk of the debt was creatin huge pressure on the management. At that time, there was not any proper management structure to handle all such typical financial challenges and the situation was badly affecting the growth of the organization. Thirukumar had also realized himself in a situation where external disruptions were affecting the entire tourism industry and the hospitality sector of the nation was also getting affected by the rising interest rates over the debt.

4. OBSTACLES IN RISK MANAGEMENT When Thirukumar joined Hotel Developers (Lanka) PLC, the organization was suffering from the issues of internal controls on risk management. There were no solid plans to implement strong risk management systems and the shareholder’s investments were also not in a safe position. There were huge risks to building trust among investors and making them sure against fraud and errors. Thirukumar Nadesan also faced challenges to appoint an effective audit committee because limited resources and a lack of efficient members were creating huge challenges. There was no coordination among the business leaders and every individual hotel chain in Sri Lanka was thinking only for its own survival. A lack of a collaborative approach was stopping all businesses to come together and develop a solid plan to face the major challenges. A massive need to control internal risk management was therefore required to monitor and track the performance of the hotel industry and to approve budgets to effectively maintain the expenditures on a regular basis.

5. LACK OF RESPONSIBLE PROFESSIONALS IN THE MANAGEMENT The biggest reason the country faced economic challenges is due to a lack of responsibility to manage effective systems and set an established framework to plan strategically the process of management. Thirukumar noticed that the industry needed adequate information systems to control the risk of financial loss. There were no solid systems to avoid the failures of electronic systems and the risks involved in controlling debts. Like the way he took the challenge to deal with the Thirukumar Nadesan case, he also applied the same approach to figure out sincere and responsible professionals in management and handover them over with the responsibility to control significant losses a particular business line is facing.