Search

3 tools for bringing businesses out of lockdown

By Dr. Ian Selby, Vice President – Global Management Accounting Research and Development and Dr Martin Farrar, Associate Technical Director - Management Accounting

The global COVID-19 pandemic has placed societies and organisations in lockdown. Long-held business assumptions and rules of operation are no longer relevant, and we don’t know how long this pandemic will impact global economies. Even once lockdowns are eased, organisations will need to re-operationalise processes and change their business models to reflect a new world with different ways of doing business. 

Just carrying on as before the pandemic won’t be an option. Returning to business as usual does not make for a resilient organisation. Going forward, our members need to re-think their business models, consider every possible business scenario and revitalise their talent.

Many of our members are planning to ‘come out of lockdown and ramp-up’ their businesses, ultimately creating more resilient and dynamic businesses than they had before the crisis hit.

Successfully doing  so presents numerous hurdles. To overcome the ‘ramp-up challenge’ — and to keep resilience at the heart of our research efforts to support our members — we’ve selected and repurposed three key tools from our catalogue of recent research.

These three tools will empower your resilience strategies as you move your organisations from working within lockdown to a new, post-COVID-19 reality.

  • The CGMA Horizon Scanner
  • The CIMA Strategic Scorecard
  • The CGMA Business Model Framework

Based on discussions we’ve had with members in different parts of the world, we want to highlight one final tip from our report:

‘Before jumping in with these tools to start re-operationalising your business, identify a team of people to focus on the unknown journey ahead. These should be talented individuals from key departments and divisions of your organisation whom you empower to leverage the outcomes of these tools to meet the “ramp-up challenge” head-on.’

To learn more about how you can help your business recover, check out the full Business Resilience: Tools for preparing to reopen businesses report.