Marquis Codjia is a New York-based freelance writer, investor and banker. Pearce and R.B. Strategy making helps corporate to forecast all the aspects of trade and properly allocate the resources of the industry. However, some of the more common elements of strategic financial management could include the following. Robert Eckert, Chairman and CEO of Mattel, discusses his role at the helm of the worldwide leader in toy design, manufacturing, and marketing. A company that cannot pay its vendors on time runs the risk of losing its preferential status from suppliers. 2] Non-Financial Benefits: The section above discuss some of the tangible benefits of strategic management. To achieve this, the sales team adopts a consultative selling approach. Strategic financial management includes assessing and managing a company's capital structure, the mix of debt and equity finance employed, to ensure a company's long-term solvency. Your email address will not be published. Battle a leadership-succession crisis with comprehensive talent-management systems to identify and develop high-potential leaders early in their careers. What Are the Benefits of Strategic Account Management?. Dr. Barnes has published in the International Journal of Organizational Analysis, The International Journal of Business Research, Review of Business Research, the Journal of Applied Management and Entrepreneurship, and other journals. To achieve this the strategic account management team must have commitment from senior executives and cooperation from all departments that deal with key accounts. It is easy to get carried away with concepts for subjective reasons such as their popularity but they are not always congruent with the strategic objectives of the organisation. The strategic management benefit of reducing the expenditure of time and resources in correcting erroneous decisions cannot be understated and is a benefit of strategic management worthy of mention. By getting honest, different perspectives from business-unit chiefs, senior executives can adapt their strategic vision based on conditions on the ground. Porter, Competitive Advantage: Techniques for Analyzing Industries and Competitors, (New York: The Free Press, 1980). Save my name, email, and website in this browser for the next time I comment. He has authored articles since 2000, covering topics such as politics, technology and business. Strategic planning includes analyzing the opportunities for a business and finding scopes for implementing strategic management for better profitability. [7] J.C. Collins and J.I. Pedro M. Kono, DBA, is a professor of finance at Graziadio School of Business and Management at Pepperdine University and Fox School of Business at Temple University. Empirical studies have shown that a vast majority of corporate strategies fail during execution. It helps a business to know its threats, weaknesses and loopholes. The fundamental success of a strategy depends on three critical factors: a firm’s alignment with the external environment, a realistic internal view of its core competencies and sustainable competitive advantages, and careful implementation and monitoring. There are great benefits for businesses realised from being first or early to market. [powerpress:], Any person, corporation, or nation should know who or where they are, where they want to be, and how to get there. It changes the question of management from “where are we going” to “how do we get where we want to go”? The creation of a broad statement about the company’s values, purpose, and future direction is the first step in the strategic-planning process. Corporate management does not want to spend time appeasing investor anger after publishing financial reports, let alone explain why rivals are outperforming the firm.

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