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M2072 - Reframing Business Strategies for Now, Next, and Beyond (Online)

  • 9 Jul 2020
  • 09:15 - 12:30
  • Online Webinar

Registration

Registration Time: 9:00
Sessions Time: 9:15 - 12:30 including a 15-minute break
Speaker: Mr Chris Meilak
Venue: Online Webinar
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

synopsis

This session will focus on how business strategy is likely to be reshaped (“reframed”) due to the CVOID-19 pandemic. The focus will move away from the Now (i.e. immediate crisis response, to respond and continue), to building resilience in the “Next” and ”Beyond”:
(a) Next – adapting operations, and increasing resilience
(b) Beyond – reframing business strategy

BACKGROUND INFORMATION

COVID 19 continues to control the news, with other developments being effectively stalled. Governments have launched massive state aid programs, unemployment is rising, stock markets are highly volatile, and governments are starting to discuss differentiated ways to a new modus operandi.
In this regard, tomorrow’s firm will need to respond to this adversity, at different time intervals:
(a) Now: protect and care for employees; set up crisis management; set up monitor of regulatory environment; develop plan adaptations and scenarios; avoid financial distress; use state aid; secure viable alternate route to market; enable essential operational continuity; set up stakeholder management; communication with clarity of strategy and direction to employees and stakeholders.
(b) Next - adapting operations: begin talks about possible returns to normal, while keeping up safety measures; put reaction schemes for continued supply chain disruptions in place; reset viable “new normal” financial baseline; reduce cost short term; increase cash short term; streamline portfolio and asset footprint short term; maintain Sales and distribution to prioritized customers/ markets; sustain minimum viable operational levels; focus on communication based on needs of each function/ stakeholder
(c) Next - increasing resilience: focus is on agility, flexibility, resilience and on the potential for a “new normal”; stage return to long-term productivity; lower cost structures long term and increase agility; re-engineer supply chain for lower risk exposure and greater flexibility; automate administration and production; increase workforce flexibility; optimize digital customer access; set financial expectations; establish stronger risk monitoring and management for the future; analyze mega trends and implications for business model; explore opportunistic market moves; prioritize ramp-up and scaling of new business models; shift to new communication rhythm; start to revisit product/ service strategies based on shifting customer behaviors
(d) Beyond - re-framing: redefining purpose; transforming virtual working; moving to a full digital enterprise
Additionally, as in the case with any business strategy, focus should also be on the implementation of such a strategy. Too often, even the best designed strategies end up being poorly actioned.

OBJECTIVES OF THE SESSION

The objective of this session is to discuss and provide suggested answers to the following questions:
- Understanding the current situation – is it purely temporary, or are there any permanent effects?
- How are businesses responding to the crisis, and what medium to long-term strategies are being in place?
- What key dependences/ challenges would a business face in implementing a post-COVID-19 business strategy?

These questions will be explored in the context of various real-life examples and case studies of international companies that are going through a reframing strategy exercise.

TOPICS FOR THE SESSION

- Understanding impact
- Distinguishing between temporary and permanent
- Impact on strategy, and why the need to reframe such strategies
- Steps to be undertaken and aspects to be covered
- Key challenges, including implementation

TARGET AUDIENCE

This seminar is relevant for all professionals, entrepreneurs, students and anyone currently interested in strategy setting from a business perspective, either because they are involved in designing strategy or implementing it, or both.

SPEAKER'S PROFILE

Chris Meilak is a Certified Public Accountant, Economist and Executive Director at EY Malta, leading the Valuation, Modeling and Economics sub-service line in Malta.
Chris joined EY in 2006 and has carried out a number of assignments in relation to business planning, strategy setting and delivery. Chris holds an MA in Economics and the ACCA degree.

EVENT CPE COMPETENCES

3 Hours Core

TERMS AND CONDITIONS

Terms and conditions apply.

DISCLAIMER

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