Resilience in the Finance Arena
The Finance arena can be such a volatile sector in which to work and control.
Firstly, personality types attracted to finance generally prefer structure, law and order. By way of the nature of the Financial Sector; Bookkeepers, Accountants, Tax Consultants and Financial Managers, play a vital role in the overall “health” of the organizations they work for and represent, and are there to manage and guide the business to follow business plans and success.
But life and circumstances challenge these; when business owners or management teams deviate from Compliance and put the business at risk with bad management practice. Or due to economy pressures and business closures or retrenchments. Or even in times of pandemics, like the most recent COVID situation where business owners were tested for their resilience in the finance arena to keep their businesses afloat and employees employed.
What is resilience?
As per the Dictionary, it is defined as:
- The capacity to withstand or to recover quickly from difficulties, toughness
- The ability of a substance or object to spring back into shape, elasticity.
Why do you need resilience?
Resilience is important because its needed to process and overcome hardship. Those lacking resilience get easily overwhelmed, and may turn to unhealthy coping mechanisms. Resilient people tap into their strengths and support systems to overcome challenges and work through problems.
What are the 7 C’s of resilience?
What are the benefits of building resilience?
It is associated with longevity, lower rates of depression and greater satisfaction with life. If there is a sense of control, it helps people feel more positive in general.
Why is resilience important in the finance arena?
Investing in yourself to grow more resilient as a skill, reduces losses and damages in the case of disaster. It helps you to assess risk and the ability to resist, absorb and recover or adapt to an adverse occurrence. Especially in finance and operations that could potentially cause harm and sometimes permanent damage to a company.
How does resilience make us stronger?
Being resilient allows us to channel our energies. It gives us the clarity we need to calmly face challenges and uncertainty. It certainly can be a time to collect your thoughts and train your mind deciding how to enter the day and arrange your priorities.
Sometimes a case of shifting into neutral when you feel stressed, take a moment to check your “self talk”.
How can you build resilience in yourself personally and in the financial sector?
Our top 10 tips:
- Make connections – mentors/successful people
- Avoid seeing crisis’s as insurmountable problems
- Accept that change is part of living
- Move towards your goals and develop realistic goals
- Take decisive actions
- Look for opportunities for self growth
- Nurture a positive view of yourself
- Keep things in perspective
- Maintain a hopeful attitude
- Take care of yourself
Bookkeepers, tax consultants, Accountants, Financial Managers really need these skills, as challenges and crisis’s form part of the nature of the job and decisive decisions are critical as organizations look to you for guidance. Self care is vital when working in a deadline driven industry.l
What is financial resilience and what are some strategies to achieve it?
“Financial resilience is the ability to bounce back from life-altering setbacks that impact our personal finances (including investments, income and assets), such as the death of a spouse or loved one, divorce, disability, health issues, unemployment as well as events such as economic fallout from a pandemic, a natural disaster or economic recession. Its how well we can absorb, respond to and adjust to a financial shock.” Keisha Blair
In short, some strategies to achieve it, are as as follows:
- Reduce or eliminate debt
- Have an emergency fund
- Purchase adequate life insurance
- Increase your financial literacy
- Embrace your personal financial identity
- Embrace a personal mission
To see more, have a look at this insightful article by Keisha – https://community.thriveglobal.com/what-is-financial-resilience-and-what-are-some-strategies-to-achieve-it/
Is it time for you to start developing your resilience?
If you want to be able to bounce back can come out on top, it might be easier than you think! The most logical step is self-growth and that always starts with education. Whether it is formal or information education – knowledge always empowers.
And with the ICB, you have the opportunity to get quick wins with our CPD Accredited Webinars, which you can do in your own time. AND you ONLY need to spend an hour at a time to get added knowledge.
Have a look below at how Webinars can help you:
And once you have started, you can continue to upskill and be recognised with a full ICB qualification and make your life the envy of all: