Module Code: MGT302 Module Title: Business Continuity and Resilience Student Name: Student Number: Word Count: 2718 (+ - 10%)
Module Code: MGT302 Module Title: Business Continuity and Resilience Student Name: Student Number: Word Count: 2718 (+ - 10%)
Student Name:
Student Number:
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Table of Contents
ABSTRACT..................................................................................................................................3
1.0 INTRODUCTION....................................................................................................................4
3.0 CONCLUSION.....................................................................................................................13
REFERENCES.............................................................................................................................19
APPENDIX................................................................................................................................21
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ABSTRACT
that may happen at inconvenient moments. One such worldwide shock that has
disrupted business as usual is the recent pandemic of Covid-19 (Sharma et al., 2020,
pp. 188-192). Surprisingly, although companies have attempted recovery, most have
yet to recover entirely; this demonstrates the value of putting in place long-term resilient
plans that will allow a company to keep operating even when it meets
difficulties (Adekola and Clelland, 2020, pp. 50-60). Thus, a case study of the company
TheNextGen is a Malaysian company that offers financial planning services, and its
mission is to become the nation's most trusted firm. As a result, the organisation must
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1.0 INTRODUCTION
accounting, secretarial work, and business. The company's mission from the beginning
has been to provide its clients with first-rate service that will aid them in reaching their
business goals. Competence, expertise, courtesy, and readiness to respond are why
company's workforce is its greatest asset; they have the training, expertise, and moral
objectives. As a result, it has established the visions and missions that are detailed
Vision:
To dominate as the platform of choice for the next generation needing financial
planning services.
Mission:
Following the franchise business model, TheNextGen provides services ranging from
consultation to group agency management for its clientele. The goal is to equip its
customers with the knowledge and skills to launch and run successful businesses
independently. The company also offers monthly insurance sales and financial planning
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1.1 Problem Statement
Financial services are one of the most competitive industries in the world today; as a
result, TheNextGen faces stiff competition in Malaysia, primarily from other banking and
businesses is the Central Bank of Malaysia's regulations. These regulations may have
an impact on TheNextGen and other financial firms. Therefore, this may contribute to
the failure to achieve the desired results. A second concern is a rivalry from Singapore,
now seek services related to financial planning in Singapore rather than in Malaysia.
In conclusion, internal and external obstacles prevent TheNextGen from achieving its
objectives (Oliva et al., 2018). Thus, Malaysia's Central Bank (Bank Negara Malaysia) is
an external force that impacts TheNextGen group since it maintains a high standard of
implemented the Balance Score Card to award larger commissions to those advisors
who had earned them. TheNextGen responded by becoming more selective in whom
they hired, prioritising applicants with advanced degrees and familiarity with IT, and
providing training for their advisers to help them attain the higher point totals necessary
strives to establish a business culture that fosters a solid family culture among
employees. To do the right thing at first, they followed the laws and regulations set, but
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1.2 Research Significance
Most Malaysians continue to go further into debt, as evidenced by findings from the
RinggitPlus Malaysian financial literacy study in 2022 (See Appendix 1). The survey
found that the high inflation rate in Malaysia and the global Covid-19 pandemic are
significant causes of financial hardship and cash flow problems (Pillai, 2022). Thus, the
There is a correlation between this and the proportion of Malaysians looking for work in
Singapore, which has a higher standard of living. Therefore, this study serves as a vital
reminder to Malaysia's business leaders and policymakers that this problem will persist
for generations and must be managed head-on if the country's citizens can ever achieve
economic independence.
Consequently, this research presents an excellent chance for TheNextGen to aid the
planning solutions (Bakar and Bakar, 2020, pp. 525-535). By carefully managing their
income, investments, and expenses, Malaysians can achieve their life goals with the
help of the financial planning process. To protect themselves from economic shocks like
the worldwide Covid-19 crisis, Malaysians can use TheNextGen to build up their
savings, improve their standard of living, find a sense of peace, and fortify their
economy. With thoughtful financial planning, TheNextGen company will raise Malaysia's
economic profile and establish itself as its most sought-after financial services provider.
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Concisely, TheNextGen company's key objectives are within reach if it employs the
proper techniques.
This report's research questions, as follows, pertain to the material discussed above.
future?
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2.0 LITERATURE REVIEW
continuity and resilience, in addition to theories, techniques, and models relating to the
If the past years indicate the state of the global economy and finance, businesses could
continue to face extraordinary upheaval. Most companies have been striving to go back
to normal since the global covid-19 epidemic broke out, and the majority are still doing
so to this day (Margherita, 2021, pp. 683–695). Resilience and continuity in business
are more crucial than ever in the face of the current global crisis. There is a growing
interest among CEOs regarding the tactics that can ensure their company's survival in
the face of adversity. Nevertheless, the real issue is how company heads can ensure
viability. Still, more effort is required. In this sense, every company must acknowledge
the risks in the modern corporate world. More specifically, they need to understand that
challenges are an inevitable byproduct of running a firm. Every time a business choice
happens, or an action takes place; it comes with inherent risk. CEOs and CFOs need to
be alert and ready to act swiftly in the face of any potential business interruption; this
will allow them to get past the setback and continue with their mission. Thus, these
changes are crucial because they force companies to think of new, reliable tactics that
may allow them to achieve their full potential even in the face of adversity.
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2.2 Organisational Resilience
its business environment and create solutions to those issues before they affect the
Flexibility - once a company's strategic plans have gone into effect, it must
The case study illustrates TheNextGen company's challenges due to the market and
a new Group Agency Management (Franchise) by 2032. To do so, they must find a
capable corporate leader to oversee the undertaking. They require a promising new
producer to set the pace for progress—a team of dependable employees who can
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Consequently, digital marketing channels boost sales (Hillmann and Guenther, 2021).
The fundamental problem here is competition, which may play a role in other factors
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2.3 Strategic Planning and Analysis
Successful company continuity relies on making strategic decisions, which can only be
achieved through well-thought-out and executed planning and analysis (Fabeil et al.,
2020). Analysing a company's internal and external environments can find opportunities
and risks. In this regard, a PESTLE analysis can assist in analysing both the internal
and external environments of TheNextGen company to help them make use of the
opportunities available to them and minimise the risks that could threaten their
PESTLE is a framework for ranking issues based on six categories: political, economic,
social, technological, legal, and environmental (Appendix 2). Multiple companies have
thoroughly understand all the components in the PESTLE framework because they are
1. Political
They have to do with how much the government affects a specific company or industry.
external factor that can disrupt existing organisational structures and necessitate the
introduction of new ones. Budgetary policies, trade barriers, and tax structures are all
2. Economic
Economic factors are a reference to the variables that govern the performance of a
particular economic environment, which may have consequences that last for an
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extended period on an organisation that is involved. Inflation, for example, can affect the
affected as well as consumer purchasing behaviour. The interest rate, inflation rate,
foreign exchange rate, and patterns of economic growth are all examples of economic
factors.
3. Social
These aspects are connected to the social environment within a specific organisation
4. Technological.
organisation.
5. Legal
These elements can be found both within and outside of any given business. In the
context of a business setting, they denote the body of rules and regulations that
have been established and is used to govern daily activities. Legislation in this category
includes, but is not limited to, consumer protection laws, employee rights regulations,
6. Environmental
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In this context, "environmental factors" are those that are affected by their immediate
which is now underway, another Group Agency Management is planned for release by
2032. As a result, the firm may want to analyse its environment using the PESTLE
Continuity
When planning for the future, successful companies always maintain the need to make
sure their operations can continue despite whatever may come their way. Leaders are
company to continue providing for its employees even when the business and its
workforce change (Niemimaa et al., 2021); this imply that the leadership and
climate.
Leaders' performance can be measured by how they react in crises, such as when
unexpected events cause havoc at work. There have always been inquiries into the
principles of effective leadership. However, the best leadership style must be adapted to
they deal with a problem at a given time (Saputra, 2019, pp. 59-70). Leaders from
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TheNextGen conform to a higher standard regarding employee involvement and open
3.0 CONCLUSION
competitive edge and realise their objectives. As a result, the following is an outline of
the process that the organisation might take into consideration to accomplish its
objectives:
In today's competitive corporate climate, diversity and inclusion are essential for survival
(Lee and Kim, 2021, pp.5-23). An organisation’s ability to generate innovative ideas,
innovate, and make better decisions improves when it incorporates employees from
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According to the TheNextGen case study, Malaysians travel to Singapore for
effective.
It will be essential to build new strategies to successfully achieve the goals to make
properly with the ability to adapt to new situations. As a result, effective management is
crucial for avoiding the obstacles and conflicts that could otherwise prohibit an
organisation from reaching its objective. The TheNextGen group should consider using
Kotter's change management model to increase the likelihood that they will succeed in
their mission.
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The below change management model is crucial since it outlines and directs a company
through the change process. The model is also simple and straightforward (Galli, 2018,
pp. 124-132). The approach also entails actively including employees in the entire
organisational process, as they are crucial success factors for any organisation.
Changes in organisational
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The goal of the above framework for evaluating an organisation's open strategy is to
include all relevant parties in formulating and implementing this strategy. Therefore, the
sizable portion of the company's stakeholders is the business’s target demographic. The
internet age we live in now sees daily growth in the size of the online community.
Therefore, TheNextGen should interact with Malaysians via digital channels to better
Constant technological advancements have made digital methods the de facto standard
today. That is why businesses must adapt to the latest technological developments in
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The digital strategy will aid
environment, allowing them to better serve their customers at lower costs and in less
time. Based on the findings of this study, TheNextGen organisation should direct more
of its attention to the banking sector to promote digital inclusion (Yeow and Hansen,
2018, pp.43-58). Case analysis reveals that TheNextGen should invest more in
research and development. Still, for a change, this division might assist in locating
decisions into practice at times (Zutshi et al., 2021, p.6542). Furthermore, the business
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should motivate its staff and create an environment that encourages them to do their
best work, satisfying customers and achieving the company's ultimate objective.
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Margherita, A., & Heikkilä, M. (2021). Business continuity in the COVID-19 emergency: A
framework of actions undertaken by world-leading companies. Business Horizons, 64(5), 683-
695.
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APPENDIX
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