CIMA launches Business Resilience Toolkit to help businesses navigate economic uncertainty and risk

As economic uncertainty becomes a defining feature of the global business environment, resilience is no longer a luxury - it is a necessity. The most recent Small Business Growth Index has revealed that only one in four of South Africa's small businesses reported experiencing growth, while 55% indicated they might not survive beyond the next year. Drawing insights from over 1,600 small businesses across all nine provinces, the survey revealed a sector under intense financial strain.

Finance leaders are being called upon not just to manage risk, but to lead the strategic response.

To support this effort, CIMA have developed a Business Resilience Toolkit designed specifically for finance professionals and business leaders. This resource offers a range of financial tools, strategic frameworks, and thought-provoking prompts to help organisations:

• Scan the external environment with clarity
  
• Evaluate how economic shifts may impact different parts of the business
  
• Adapt strategies to not only weather uncertainty but identify new opportunities

The toolkit aims to encourage fresh thinking about how uncertainty and volatility interact with the different parts of an organisation and explores some key areas for businesses, including:

Understanding economic and policy risks, developing integrated thinking, identifying and monitoring key drivers, enabling proactive response and utilising strategic tools and exploring opportunities.

Aimed at accounting and finance professionals, it offers a set of prompts to help evaluate how shifting conditions could impact their business model, strategy, and operations.

Andrew Harding, FCMA, CGMA, chief executive at The Chartered Institute Management Accountants, said:

While not exhaustive, the toolkit aims to encourage fresh thinking about how uncertainty and volatility interact with the different parts of an organisation. By combining insight with proactive planning, finance leaders can build a more resilient business - ready to respond, recover, and even thrive in times of change.

The AICPA & CIMA Business Resilience Toolkit is available at: https://www.aicpa-cima.com/advocacy/download/business-resilience-toolkit.