Northcentral University’s –Executive Concepts in Business Strategy (2011) defines strategic management as “the process by which a firm manages the formulation and implementation of a strategy” (p. 1628). A strong strategic management plan involves 9 key elements: 1) Marketing 2) Workforce and operational management 3) Organizational Structure 4) International operations 5) Financial Accounting Management 6) Compliance and Legal Considerations 7) Internal control and evaluation 8) Information technology 9) Leadership. These elements are essential to not only establishing a firm business plan but revisiting and restructuring the details of this plan often will prove pertinent to longevity of the business.
A company’s ability to sustain in the local or global market is determined by its ability to make necessary plans and adjustments within its respective market. This task can be accomplished with the development of the company’s business plan. A well-defined and structured business plan often includes positioning, planning, and investments. It is easy to forget that the business does not actually work itself and the dynamics of the management plan can often get lost in the everyday task of actually making the business work. Thus it is easy to understand how and why a plan of action is not immediately realized. However, a well-structured and implemented business management strategy can help to define and explain the objectives and activities involved in carefully placing all the elements of a business plan.
The first major area of strategic planning is development of a marketing strategy. In the business world, marketing tends to be a means to an end. Marketing entails directly connecting to the c...
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...rganization. One of the key facets of implementing a sound internal control and evaluation process entails the incorporation of a knowledgeable auditing and compliance committee.
Florea and Florea (2013) stated “the key role of internal audit is to assist the board and/or its audit committee in discharging its governance responsibilities” (p. 80). In other words, the importance of the internal control and evaluation process is the ensure compliance with corporate governance and procedures. A knowledgeable and empowered internal controls and evaluation system can prove instrumental. In fact, Florea and Florea (2013) claims that “strategically positioned internal auditing system can contribute to increased business performance (p. 81). Florin and Carmen (2013) also asserts that there may be a direct relation between strategic management and employee performance.