The Chartered Institute of Management Accountants (CIMA) has launched its Business Resilience Toolkit to help leaders manage economic uncertainty and challenging conditions.
Launched in collaboration with the American Institute of CPAs® (AICPA), the toolkit aims to support business owners with strategic frameworks, business models and risk evaluation guidance.
Navigating unprecedented times in business
In particular, the toolkit provides guidance on the following:
- Global economic snapshots
- Evolution of finance functions
- Strategic mindsets for business resilience
- Future-proofing your business via models and strategies
- Essential tools for reacting to risk
- Risk management
- Financial responses in challenging situations
Tom Hood, EVP Business Growth & Engagement for AICPA and CIMA, stated: "With record numbers of businesses failing or under financial pressure, access to strong financial management expertise can make the difference between survival and failure."
In particular, the toolkit aims to encourage leaders to use unique perspectives to consider how uncertainty and volatility impact different parts of a business. Using a combination of insights and proactivity, the toolkit hopes business leaders can more capably respond, recover and prosper during turbulent periods.
Challenging conditions for SMEs
The UK continues to face challenging economic conditions. According to Money.co.uk, 60% of start-ups fail within the first three years of trading. Only a third of small businesses operate for 10 years or more.
The Business Resilience Toolkit aims to help business owners, strategic advisors and finance professionals stretch their skillset beyond risk management and be more strategic with tackling these unique challenges.
You can download the Business Resilience Toolkit at the AICPA & CIMA website.
Optimise your business strategy and operations
If you’re looking for more opportunities to fine-tune your business’s operations and response to economic uncertainty, our Genus team at Shorts can help. The team combines years of expertise in accounting with progressive software to craft a tailored solution for your business needs.
There is a wealth of information available to SMEs today, but knowing how to apply this data to make strategic decisions requires expertise. Book a free consultation with our Genus team and learn how you can start responding to the various economic challenges businesses face today.
Kirsten Amor
Kirsten is the Digital Content Lead at Shorts. With more than a decade of experience crafting multimedia content campaigns, Kirsten's work resonates with audiences and helps brands tell their stories.
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