CIMA launches business recovery toolkit

The Chartered Institute of Management Accountants (CIMA) has announced the launch of a free resource to help businesses navigate the effects of the ongoing pandemic. 

The new toolkit, entitled ‘Reimagine business resilience in the Covid-19 world’, will draw on the “extensive experience and solid expertise” of CIMA members in business and finance.

Its aim is to provide business leaders with three tools to plan for their transition into a “post-Covid-19 reality” and build resilience across their businesses.

The tools include the CGMA horizon scanner, which helps organisations explore possible future scenarios, with a particular focus on integrating elements such as supply chain, the regulatory environment, or customer behaviours.

The resource also features the CIMA strategic scorecard, which is designed to help organisations design their future strategy and focus on key issues, such as competitors, cashflow, project feasibility and risk management.

In addition, it will also include the CGMA business model framework, which “encourages organisations to ask future-focused questions around their business model”.

Andrew Harding, FCMA, CGMA, chief executive – management accounting, said: “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.”  

He added: “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.”