IMA® Publishes Guidance for Small Business Planning During COVID-19

MONTVALE, N.J., April 2, 2020 /PRNewswire/ -- IMA^® (Institute of Management Accountants) today released a whitepaper exploring how small businesses can position themselves to recover from the COVID-19 pandemic.

The paper, "Small Business Planning during COVID-19," is authored by IMA's Small Business Committee (SBC) and outlines the key steps small businesses should undertake in order to minimize the impact of the coronavirus on business operations.

"We are making history in these unprecedented times. IMA's Small Business Committee is pleased to provide guidance on the issues that impact small businesses around the world," said co-principal author Heather Bain, CMA, CPA, SBC Committee Chair, and Owner of Bain CPA Business Strategies, LLC. "Small businesses are vulnerable and need help developing and implementing emergency responses and recovery plans. We hope this paper provides insights to help them weather the storm and recover more quickly post-crisis."

The whitepaper is structured around a three-step assess-build-communicate (ABC) planning process. The framework includes:

A.    Assess the current situation, preferably with a team of experts.

B.    Build a plan by brainstorming with your team of experts (and a Plan B if you have the resources).

C.   Communicate calmly, clearly and continuously.

Beyond the three-step process, the report also includes a COVID-19 response checklist, which provides guidelines for finance professionals that are developing recovery plans. The checklist features the key actors on the planning team, the main points to consider when developing the plan and considerations related to revenue, inventory, operations and employees, among other important recovery plan factors. IMA will release updates to the COVID-19 report as circumstances evolve and new information becomes available.

Along with Bain, principal authors include V. Marcine Johnson, CPA, Co-Chair, Research and Communications Subcommittee; Evan Scarbrough, CPA, Co-Chair, Research and Communications Subcommittee; and, Chris Dastoli, CMA.

To learn more about the whitepaper, please click here.

About IMA^® (Institute of Management Accountants)

IMA^®, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA^® (Certified Management Accountant) and CSCA^® (Certified in Strategy and Competitive Analysis) programs, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 125,000 members in 150 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.

SOURCE IMA (Institute of Management Accountants)