When things start going wrong in an organisation, there may be widespread desire to rethink the business model. But actually achieving this is another matter. For although many companies may take steps to change when experiencing a crisis – such as inserting a new leadership team- they don’t actually get to the core of the problem.

Take the banking sector. You’d think the global financial crisis (GFC) would have been enough of a spur for financial institutions to rethink their model. But no, what has happened despite some of the most catastrophic moments in corporate history, is that the core structure has often remained intact with a degree of tinkering around the edges.

Catching up with Anders Bouvin, chief executive of Handesbanken- one of Scandinavia’s biggest banks I am reminded what a wholesale turnaround strategy should look like. After the bank ran into problems from getting too big and without effective discipline in the 1960s, the bank hired former academic Jan Wallander who had formulated a devolved leadership model, to return to profit.

By passing decision-making to branches, after cutting out the bloated middle management structure, the executive team was recast as enablers of a dynamic new model. The rest is history, Handelsbanken, which has over 200 branches in the UK, is now judged as one of the world’s strongest banks- confidentally surviving the GFC, with Return on Equity performance continually beating peers.

Wallander was able to put the plan into operation, with support from the board, trade unions and branches, because although it was a dramatic leap forward, it was founded on a solid rationale. In essence, that’s what strong leadership should be about- changing the business model to deliver the desired outcome.

One other point to note: Wallander, who passed away in 2016, had boldness and strength of character in spades to drive through the changes.