Module Code: MGT302

Module Title: Business Continuity and Resilience

Student Name:

Student Number:

Word Count: 2718 (+_10%)

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Table of Contents
ABSTRACT..................................................................................................................................3

1.0 INTRODUCTION....................................................................................................................4

1.1 Problem Statement...............................................................................................................5

1.2 Research Significance............................................................................................................6

1.3 Important Contributions.......................................................................................................6

1.4 Research Questions..............................................................................................................7

2.0 LITERATURE REVIEW............................................................................................................8

2.1 Overview of Business Continuity and Resilience...................................................................8

2.2 Organisational Resilience......................................................................................................9

2.3 Strategic Planning and Analysis..........................................................................................11

2.4 Effective Leadership Styles for Business Resilience and Continuity....................................13

3.0 CONCLUSION.....................................................................................................................13

3.1 Embracing Workforce Diversity..........................................................................................14

3.2 Adopting to Change Management Model...........................................................................15

3.3 Implementation of Open Strategy......................................................................................16

3.4 Implementation of Digital Strategy.....................................................................................17

REFERENCES.............................................................................................................................19

APPENDIX................................................................................................................................21

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 ABSTRACT

In a corporate environment, performance is always affected by uncertainties and shocks

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 has supplied the information to demonstrate more of the research.

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

make strategic choices to further its objectives.

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 1.0 INTRODUCTION

The organisation, TheNextGen, was founded in Malaysia to provide services in

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

theNextGen has become so well-known (TheNextGen Group, 2022). In addition, the

company's workforce is its greatest asset; they have the training, expertise, and moral

character to satisfy customers. The organisation is intent on accomplishing its

objectives. As a result, it has established the visions and missions that are detailed

below to serve as a compass for its activities:

Vision:

 To dominate as the platform of choice for the next generation needing financial

planning services.

Mission:

 To promote financial planning across all demographics in Malaysia.

 To assist the next generation in creating a profitable, replicable business model

for financial planning.

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

services to the citizens of Malaysia (Eang, 2019).

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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

business organisations (Chang, 2022). A constant source of competition for local

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,

which drives most Malaysians to pursue employment possibilities in Singapore due to

the difference in their currencies. Consequently, residents of these communities can

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

professionalism in Malaysia's financial sector. As a merit system, the central bank

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

to earn a more significant commission. On the other hand, internally, TheNextGen

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

eventually, a unique integrated culture became more important.

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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

current economic crisis affects everyone in Malaysia.

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.

1.3 Important Contributions

Consequently, this research presents an excellent chance for TheNextGen to aid the

next generation of Malaysians in avoiding economic difficulties through financial

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.

1.4 Research Questions

This report's research questions, as follows, pertain to the material discussed above.

1. What is the significance of modifying business continuity and resilience strategies

for TheNextGen's Malaysian operations?

2. What tactical decisions should TheNextGen business make to guarantee that

Malaysians will continue to receive quality financial planning services in the

future?

3. What is TheNextGen's best strategy for effectively navigating these shifts to

ensure the company's continued progress toward its stated objectives?

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 2.0 LITERATURE REVIEW

This part offers an academic literature evaluation of past research on business

continuity and resilience, in addition to theories, techniques, and models relating to the

report's topic of discussion.

2.1 Overview of Business Continuity and Resilience

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

they have solid plans to deal with potential surprises.

Establishing management policies for a company is crucial to ensuring its long-term

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

What makes an organisation resilient is its capacity to anticipate strategic concerns in

its business environment and create solutions to those issues before they affect the

company's performance. Organisational resilience theory can be summed up in four

critical processes, as outlined by Koronis and Ponis (2018).

 Preparation: This stage demonstrates an organisation's ability to foresee and

respond to potential challenges in the commercial setting.

 Reactivity - once problems have emerged in an organisation, their interpretation

follows, and appropriate solutions must be adopted.

 Flexibility - once a company's strategic plans have gone into effect, it must

figure out how to adjust to the unique environment.

 Learning - When an organisation transforms, diverse business lessons emerge

through various situations.

The case study illustrates TheNextGen company's challenges due to the market and

environmental conditions in which it operates. Simultaneously, their goal is to establish

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

provide the necessary consumer services—novel approaches to promoting a product or

service arising from training and R&D activities.

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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

that could make it harder for TheNextGen company to succeed. Consequently,

businesses in Malaysia require actionable strategies to assist them in obtaining an edge

in the market and sustaining their operations over the long run.

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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

business's continuity and resilience.

PESTLE is a framework for ranking issues based on six categories: political, economic,

social, technological, legal, and environmental (Appendix 2). Multiple companies have

adopted this paradigm to guide their long-term planning. Organisations need to

thoroughly understand all the components in the PESTLE framework because they are

all important in every setting (Christodoulou and Cullinane, 2019).

1. Political

They have to do with how much the government affects a specific company or industry.

Implementing new taxes or charges by the government is a prime example of an

external factor that can disrupt existing organisational structures and necessitate the

introduction of new ones. Budgetary policies, trade barriers, and tax structures are all

examples of additional political considerations.

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

prices a company charges. An economy's demand and supply dynamics can be

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

and include determinants such as population statistics, demographics, and cultural

trends present in a given commercial setting.

4. Technological.

Innovation and technological developments, and their potential positive or negative

effects on a given organisation or industry, are at the heart of these considerations.

These elements include R&D, automation, and technological expertise within an

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,

and other similar measures.

6. Environmental

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In this context, "environmental factors" are those that are affected by their immediate

environment. Climate, geography, ecological tradeoffs, and weather are all

environmental influences. Based on the case study results, TheNextGen businesses

aspire to be Malaysia's go-to financial services provider. In addition to the 4M project,

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

framework to implement better the effective methods outlined in its plans.

2.4 Effective Leadership Styles for Business Resilience and

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

crucial to an organisation's success because they establish a framework for the

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

communication styles of an organisation have a substantial effect on the business

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

each situation regardless of how it looks. A leader's effectiveness is measured by how

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

lines of communication during the organisational transition.

3.0 CONCLUSION

The case study demonstrates, in general, that TheNextGen organisations in Malaysia's

financial planning services sector require implementing effective strategies to acquire a

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:

3.1 Embracing Workforce Diversity

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

varied cultural backgrounds.

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According to the TheNextGen case study, Malaysians travel to Singapore for

employment because of the country's more robust currency. As a result, TheNextGen

may contemplate employing workforce teams from other locations, such as

Singapore, to obtain additional insights on how to make their company endeavours

effective.

3.2 Adopting to Change Management Model

It will be essential to build new strategies to successfully achieve the goals to make

TheNextGen organisation's business the most desired option in Malaysia because

TheNextGen organisation is setting distinct objectives. Organisations can only function

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.

3.3 Implementation of Open Strategy

Changes in organisational

strategy throughout time

necessitate a steady supply of

innovative ideas (Roberts,

2019, pp. 37- 48).

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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

theNextGen organisation needs to include external parties in its strategic planning. A

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

understand and meet the demands of its clientele.

3.4 Implementation of Digital Strategy

Constant technological advancements have made digital methods the de facto standard

today. That is why businesses must adapt to the latest technological developments in

the industry (Close et al., 2020).

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The digital strategy will aid

TheNextGen in enhancing both

the internal and external

aspects of their business

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

creative answers that will bring them closer to their aims.

As a result of the ongoing changes and uncertainties in the business environment,

TheNextGen organisation should accept that it must be consistent in putting strategic

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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Hillmann, J., & Guenther, E. (2021). Organisational resilience: a valuable construct for
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Koronis, E., & Ponis, S. (2018). A strategic approach to crisis management and organisational
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Lee, H. W., & Kim, E. (2020). Workforce diversity and firm performance: Relational
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Human Resource Management, 59(1), 5-23.
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framework of actions undertaken by world-leading companies. Business Horizons, 64(5), 683-
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APPENDIX

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