20 February 2009
At times of economic upheaval and low availability of finance, there's a real danger that corporate strategy can take a back seat to survival.
CIMA will today (20 February) warn the small to medium business market that rooting decisions in long-term strategy is critical to their survival in the current recession. This is being done through the launch of 'Strategy Under Stress' ' see www.cimaglobal.com/enterprisegovernance.
CIMA's report focuses on how organisations that abandon strategic thinking not only run the risk of undermining their chances of advancing their business when the economy improves ' they also endanger their ability to weather the storm.
This is particularly true of organisations that look to short-term business practices, such as invasive cost-cutting, which can ultimately harm their long-term competitiveness.
Gillian Lees, Innovation & Development Specialist at CIMA, comments:
'The current recession is due, in part, to organisations failing to make long-term, strategic decisions. Although it is appropriate for companies to deal with a demanding business environment in the shortterm, the focus should also be on implementing strategies that will help to ensure sustainable success when the immediate crisis has passed. This is particularly crucial for small to medium businesses across the world as one hasty decision can ultimately wipe them out.'
'Strategy Under Stress' focuses on the principles of the CIMA Strategic Scorecard' (see www.cimaglobal.com/strategicscorecard) and arms management accountants with key steps that can be applied in order to drive better decision making, both during a recession and in preparation for the subsequent upturn.
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For press enquiries please contact:
Katie Scott-Kurti
Senior Press Officer, CIMA
+44 (0) 20 8849 2347
Katie.Scott-Kurti@cimaglobal.com
Notes to editors
1. The Chartered Institute of Management Accountants, founded in 1919, is the world's leading and largest professional body of Management Accountants, with 164,000 members and students operating in 161 countries, working at the heart of business. CIMA members and students work in industry, commerce and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers' choice when recruiting financially-trained business leaders. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. CIMA is proud to be the first professional accounting body to offer a truly global product in the fast-moving area of Islamic Finance.
According to independent research conducted by the University of Bath School of Management, CIMA's syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA has been awarded Superbrand status in the UK for a third year in a row this year and for the first time in Sri Lanka.
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