{"id":1208,"date":"2021-07-06T04:00:00","date_gmt":"2021-07-06T04:00:00","guid":{"rendered":"im-22105"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T00:00:00","slug":"resilience","status":"publish","type":"post","link":"https:\/\/ep-accountants.co.uk\/resilience\/","title":{"rendered":"Resilience"},"content":{"rendered":"<p>One of the lessons we should take away from the COVID experience &ndash; in a business context &ndash; is the ability to recover quickly from unexpected challenges.<\/p>\n<p>Firms in the hospitality and entertainment sectors are excused as they have had no power to act in their own best interest due to government lockdown directives.<\/p>\n<p>The rest of us, to varying degrees, have either managed to weather COVID disruption or been forced out of business.<\/p>\n<p>Financially, if your business had significant cash reserves or other assets that could be converted to cash, then it would be in a much better place to survive COVID disruption than firms who had stripped out cash reserves to support the lifestyle costs of the owners or that were already in a parlous financial state due to difficult trading challenges prior to the COVID outbreak.<\/p>\n<p>There will always be a trade-off between retaining profits as a rainy-day fund, investing funds in business development or withdrawing funds to support personal goals.<\/p>\n<p>COVID has woken us up to the value of resilience, one more factor that we will be wise to consider when planning our businesses development from now on.&nbsp;<br \/>\n&nbsp;<\/p>\n<div style='font-size:smaller' class='im_source'>Source: Other   Tue, 06 Jul 2021 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of the lessons we should take away from the COVID experience &#8211; in a business context &#8211; is the ability to recover quickly from unexpected challenges.<\/p>\n<p>Firms in the hospitality and entertainment sectors are excused as they have had no power to act<\/p>\n","protected":false},"author":1,"featured_media":1209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[29],"tags":[],"_links":{"self":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/1208"}],"collection":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/comments?post=1208"}],"version-history":[{"count":0,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/1208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media\/1209"}],"wp:attachment":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media?parent=1208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/categories?post=1208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/tags?post=1208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}