26th April 2022
Over the past couple of years, the financial resilience of many businesses will have been severely tested and with challenging times still ahead, it’s not too late to take a look at how you can build financial resilience into your organisation.
What is financial resilience?
Financial resilience is about the ability of a business to adapt to survive and recover from unpredictable events that can lead to financial problems.
The ability to weather such shocks is a good indication of long-term viability and success because the leadership of a resilient business is likely to be forward thinking and to have plans in place to mitigate the impact of a “shock to the financial system”.
Insolvencies are likely to rise in 2022 as businesses are now battling rising costs, so building long-term resilience has become more important than ever.
Key steps for building financial resilience
Unexpected events can, and do, happen at any time. While there are measures you can take right now to prepare your business for immediate problems, as we discussed in How to protect your business from financial difficulties, it’s never too late to begin thinking about the future.
Every business is unique, and each sector is more susceptible to some threats than others, so your resilience plan need to take this into account. But there are some common steps that all businesses can take to build long-term resilience:
We may not be able to escape financial surprises but financial resilience will help protect against worse case scenarios and ride them out.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
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Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.