Tag: basic

Basic Financial Planning in Strategic Management: A Key Component of Business Strategy

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Introduction

In the realm of business strategy, effective financial planning plays a crucial role in achieving organizational goals and driving long-term success. Financial planning involves the process of assessing an organization’s current financial situation, determining its financial objectives, and developing strategies to achieve those objectives. In this article, we will delve into the importance of basic financial planning in strategic management and explore how it contributes to overall business success.

The Significance of Financial Planning in Strategic Management

Financial planning is an integral part of strategic management, as it helps organizations allocate their resources efficiently and make informed decisions. Here …

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Management Business Model

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Management Business Model – For the past decade, companies have defined their strategy with a traditional approach: On the one hand, they analyze trends, choose the most relevant ones, and plan the strategy based on a “clear vision of the future”. On the other hand, they create a one-dimensional strategy that – at best – provides a clear direction, but often gives the company’s development a breather. Therefore, strategy implementation is often transformed into strategy justification – the necessary questions about changes in the environment or the exploration and testing of alternative options are not considered refreshing but disturbing.

With …

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