The Chartered Institute of Management Accountants (CIMA) has launched Reimagine business resilience in the Covid-19 World, a free resource to help organisations navigate the short- and long-term ramifications of the Covid-19 pandemic.
The guide has drawn on the experience of CIMA members in business and finance, and the toolkit provides business leaders with three tools to plan the transition to a post-Covid-19 reality and build business resilience in uncertain times.
The tools are:
· The CGMA Horizon Scanner, which helps organisations explore possible future scenarios and what steps they need to take to safeguard their future, integrating elements such as supply chain, the regulatory environment, or customer behaviours.
· The CIMA Strategic Scorecard, which is designed to help organisations design their future strategy and focus on key issues (e.g. competitors, cashflow, project feasibility and risk management) to foster recovery and growth.
· The CGMA Business Model Framework, which encourages organisations to ask future-focused questions around their business model and how they create value to avoid making decisions could potentially lead to future corporate failure.
CIMA chief executive of management accounting Andrew Harding: “COVID-19 and the resulting lockdowns have challenged long-held business assumptions and rules of operation. We don’t know how long this pandemic will impact global economies, and even once lockdowns are lifted there is no going back to business as usual. Organisations must re-operationalise processes and change their business models to reflect a new world with different ways of doing business.”
“We wanted to do something for the greater good and put our members’ long-standing experience in business and finance at the service of businesses as they adjust to the new normal. It’s critical that we stand behind good businesses and their employees and help them get back on their feet to achieve sustainable recovery in a changed, ever-evolving environment.”
Over the coming weeks, CIMA will release five additional “how to” guides to further help vulnerable businesses, including:
· How to get your finances in order
· How to get more help from the government
· How to adapt your business model
· How to optimise your supply chain
· How to build resilience for the future