16 April 2020
Some of the world’s major economies are still battling to control their COVID-19 outbreaks, and keeping strict lockdown measures in place. These are the hardest times that most UK businesses have ever faced. Businesses are simultaneously prioritising the safety and wellbeing of their staff and customers, while wrestling with unprecedented cash and liquidity challenges.
Nevertheless, the UK government is beginning to look at strategies to ease the lockdown restrictions and reboot the economy. Similarly, UK businesses need to now lay the groundwork for effective recovery and adopt a holistic approach to ramp their activities back up. To unlock growth, businesses must first of all revise their business plans and strategic priorities for the near-term, for some this may involve fundamental reviews of their operating models to meet both evolving customer habits and official guidelines. They must also think about how to mobilise their best talent to lead by example and help re-engage the rest of their colleagues into the workplace.
Even the best-laid recovery plans will go awry if businesses don’t put people at the heart of their strategy.
Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants