A guide to building financial fortitude
Building financial fortitude encapsulates the courage, bravery and decisiveness required by entrepreneurs and business leaders to get through these tough economic times.
There has been so much personal strength on show this year as communities battle through the coronavirus pandemic. Our programme is designed to show how those characteristics can be put to work in a business setting, with practical examples.
Through our deep knowledge of restructuring and insolvency, corporate finance and forensic accounting, we are well placed to support businesses and other professional advisers alike.
I think financial fortitude can be divided into three main areas: focusing on a firm’s people, its cash and the marketplace it operates in. Over the coming weeks, we will set out the case for financial fortitude, getting back to business and what financial fortitude looks like in practice.
Leadership and personnel
Strong leadership is vital to inspire confidence from the workforce, customers and suppliers. The best leaders know that getting the culture right is crucial to driving forward any organisation.
Health and wellbeing have been at the fore this year. The government is offering support to businesses so that they can retain people through this great uncertainty. Bosses must also think how best their workforce can continue to fulfil their duties.
Businesses also need a solid strategy that can be adapted as conditions change so they can reshape in the short term.
That involves tough decisions. A firm’s strength is in its people but in many instances, leaders will have to decide between protecting their staff and protecting the firm as a whole. Unless you make those decisions quickly, your business might not survive.
Watch my interview with James Ashton to find out more about my views on the importance of having strong leaders and confident staff members when building financial fortitude.
Author: Louise Durkan