Use the attached documents to write one 1000 words brief comparing all the information according to the instructions below.

Strategic management incorporates various functions within an organization, as a whole, to ensure those areas work well together. An individual can see the benefit of learning the wide-ranging position of an organization for greater understanding of how a financial position fits into the entire organizational plan and how it is co-related to other organizational members. With this added knowledge, employees become more responsible, committed and content because of feeling connected with each organizational task. Strategic management ensures current, up-to-date knowledge of business growth strategies and strategic planning tools. Also providing an opportunity to observe personal leadership styles and effectiveness. Financial management, as a specialization, has the same foundational cornerstones as strategic management, just with a greater financial aspect.

The best direction for a strategic management course would be to actually have case studies that require analysis and dissection, vice generating continuous informational reports every other week. Being able to look at an actual case-based scenario and implement strategic thinking/management skills would greatly develop an individual’s long-term goal of understanding organizational strategy. Some positions require risk, problem solving and quick, critical thinking, and strategic management helps individuals make better decisions toward success, both personally and professionally. Having a financial aspect only means that there is an element to not only manage an organization’s finances, but manage them with the intention to succeeding; focusing on attaining the organization’s goals and objectives and maximize shareholder value long-term (Kenton, 2019a). A strategic management course should help an individual learn how to interpret and determine the trends that could potentially impact an organization. Also, educate a person on how to analyze the competitive landscape and develop a long-term plan to deal with the changing environment. Practical application, which will go beyond just having head knowledge, is the key to successfully implementing a strategic management course that teaches financial risk forecasting.

A Robert Half survey stated that 30 percent of CFOs interviewed said strategic-thinking skills are mandatory, and 56 percent consider it a nice-to-have quality; the survey also found that 46 percent of employees were employed by organizations that do not offer training in strategic-thinking skills (Half, 2016). Even if professional development programs are not offered by an organization, these results show that a course in strategic management is relevant to an individual who wants to develop the ability to identify critical situations, analytically and creatively evaluate relevant financial information, and determine the consequences of choosing a particular action. If an organization is looking to operate in a proactive position, rather than reactive, strategy is vital and investing in the training and education of its employees should be seen as value.

Conclusion

Strategic Management is all about identifying ways to achieve better performance and a competitive advantage for an organization and that competitive advantage comes when an organization has a greater profitability than the average profitability of any other organization within its industry (Juneja, n.d.). Strategic management plans for foreseeable and unrealistic possibilities, which benefits an organization in sustaining competitive advantage. Strategic management is a continuous process that contributes to an individual gaining a greater understanding of how their job position connects to the day-to-day operations of an organization, which will only further improve the organizational success of its long-term goals and objectives, such as, increasing gross revenue, protecting assets, managing expenses, or reducing administrative costs. Relevance can be considered subjective, but this report has shown the importance of organizational success joined with having strategic management knowledge and implementation, even within the financial management specialization.

References