Strategic Management Courses- Waste Of Time or A Worthwhile Investment? Management by Liliana Kendall - March 11, 20170 If you have ever attended a business course, you may have an idea about strategic management. In the world of business and management, strategic planning consists of all the plans and steps taken by the management of a company in order to achieve its goals and targets. In most companies, directors generally have a stewardship role. They are agents hired by the owners (shareholders) of the company in order to do what’s best for the firm. In return, the directors receive a salary. The directors and the executive staff of the company are responsible for making strategic moves for the good of the firm. In most firms, orders are passed down through a hierarchy. The CEO writes the Mission Statement, which includes the general aims and goals of the company. The mission statement does not target specific goals. Instead, it highlights the overall vision of the company. For instance, the CEO may state that the company wants to become an industry leader in the next five years. This is the general aim of the company. The mission statement is then handed out to the board of directors. If the board agrees with the statement, they sign off on the document. Then, the heads of departments and the executive create strategic plans. The larger aim is broken down into smaller goals, which are further broken down into smaller tasks. Eventually, work and responsibility is passed down to the front level employee. While this may seem pretty straightforward, there are a lot of complications. The company’s directors and executives are responsible for creating the plans to achieve the objectives. However, they must also make sure that the resources of the company are utilized in the best possible manner. These resources, including labour, capital, raw material and enterprise must be utilized in the best possible way to achieve a specific objective. In the beginning, strategic management was a rudimentary concept. Most managers and executives didn’t pay a lot of attention to the effective utilization of resources or timely achievement of the company’s goals. However, in the past fifty years, a lot of progress has been made. Academics, company managers and retired directors have all weighed in with research to help improve the corporate structure. Today, strategic planning and management plays a vital role. Depending upon the dynamics of the company and the environment in which it operates, the strategic plan may vary. Table of Contents What Are Strategic Planning Courses?Course Highlights What Are Strategic Planning Courses? In London, there are many institutes and training centres that offer strategic management courses. If you are an employee at a big firm, taking a strategic management course could seriously improve your chances of getting a promotion. As mentioned, these courses are mainly designed for the following positions: Company directors Chief financial officers Senior managers Team leaders Director of Human Resources Managerial Advisors Basically, strategic planning courses are perfect for any employee that has to manage other employees. Let’s take the example of a manager in a big firm. Before the beginning of every quarter, the manager is given a set of objectives that he must achieve. His performance determines bonuses and other company perks. It’s up to the manager to decide how he will use the resources available to him. The manager is responsible for not only motivating the workforce and making sure that productivity remains high, but he/she is also responsible for making sure that the company budget is used in the best possible way. These strategic planning courses are designed to train managers and executive staff on how to do their job better. Taught by experts and retired company execs, these courses provide real-world examples from the corporate world about how to achieve more with less. Participants are taught how to achieve the company’s goals and objectives. They are also taught the importance of leadership as well as the implementation of different strategies in order to achieve the company targets. Strategic planning also includes the analysis of risks as well as the changes in the external and internal environment of the company. Students are given a list of different factors that have contributed to the failure of most strategies so that they can perform better. Course Highlights Most strategic planning courses are usually a week or two long. Since they are attended by executives and professionals, the teachers are quick to get straight to the point. The course begins with an introduction on how to formulate a strategy to achieve the company’s goals. This part is important because creating achievable goals is very important. The company’s leaders must be able to determine where the organization needs to be, as well as the best way to get there. The next part of the course focuses primarily on strategic decision making and leadership. Without effective leadership, the company cannot achieve its targets. The leaders of the company should not only inspire the employees, but they should also keep them motivated. The leaders must be willing to work with the employees in order to achieve the company’s targets. The third phase is all about assessing the risks of the strategic plan. Before any decision is made, the employee must assess the associated risks. If the rewards outweigh the risks, the decision should be made. However, many external factors and risks need to be considered too. Taking a strategic planning course is a great way to get noticed. Given the fact that the corporate world is becoming more and more competitive by the day, employees need to distinguish themselves from the rest. Taking a strategic planning course means that you are capable of making important decisions. Many third party centres offer such courses. However, before you enrol in any such course, it is important to take a look at the faculty. Most of the courses are taught by executives from Fortune 500 companies. Needless to say, you will learn a lot of new things. It is definitely a worthwhile investment.