IMA® (Institute of Management Accountants) earlier this month released a new 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 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:

  1. Assess the current situation, preferably with a team of experts.
  2. Build a plan by brainstorming with your team of experts (and a Plan B if you have the resources).
  3. 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 who are developing recovery plans. The checklist features the key actors on the planning team, the main points to consider when developing the plan, 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 of the report from IMA’s Small Business Committee 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.