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A strategy of action designed to accomplish a continuing or general aim. ‘Time to develop a coherent economic strategy’
The art of planning and directing overall military operations and movements in a war or battle. ‘He was a genius when it came to military strategy’ Often contrasted with “tactics”
“Strategic management includes the preparation and application of the major areas and creativities engaged by a company’s top management on behalf of owners, based on the reflection of possessions and a valuation of the internal and external environments in which the organization competes.”
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It can be advantageous for any association, notwithstanding their sizes since there is always a room for improvement and each organization possesses some unique strengths and opportunities which can be capitalized upon. It ideally should be a continuous process and not a one-time evaluation or brainstorming exercise. It involves systematically reviewing participants, understanding their method and single vending opinions which have helped them achieve their places. Also, rechecking own organization’s strategies regularly determining their applicability and potential success/ threats in present market conditions.
Superior planned choices provide an overall future course to the group and must be founded on thorough analysis. Continuous monitoring is further required that the organization is moving in the right direction and if any further steps are needed for more effective implementation.
SWOT framework was initially used by Harvard and future commercialized by Kenneth R. Andrews and it still remains a commonly skillful analysis tool.
SWOT Analysis should be conducted, i.e., identify Strengths, Weaknesses, Opportunities, and Threats for your organization and accordingly utilize strengths in the best manner, work over the organizational weaknesses, grab the upcoming opportunities and make a backup plan for identified threats.
Financial management refers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the particular meaning straight connected with the top management.
While the exact nature of the SFRM effort will likely differ significantly from bank to bank, based on the factors outlined in our report, we find the following success factors and principles hold true across most situations.
Strategic financial management is financial procedures and includes basics designed to make the maximum efficient use of the company’s financial resources. Key elements of strategic financial management include budgeting, risk management, and review and evaluation.
Meanwhile, strategic financial management is all about continuing focus on achieving a company’s long-term business goals, it necessarily includes developing and putting in place regular procedures for review and evaluation of how well the company is doing in terms of staying on track.
The financial management is generally concerned with procurement, allocation, and control of financial resources of a concern. The objectives can be-
Read our article:How does your Inventory Management Impact your Financial Reports? Know More
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