Strategic management of a CA student? Not anymore just a 50 marks subject.
What is strategic management for a CA student?
a. A paper of 50 marks in CA inter 2nd group.
b. A saviour which helps us pass in EIS-SM.
c. Just a theory subject like business studies in school.
d. All of the above.
Did you select option D or were you good at EIS ;-)
Maybe we read, interpreted, understood SM due to the course but we are already using it in all our decisions whether in our CA journey or otherwise.
Learning those terms will be easier to know.
1. Do you want to be rich, well settled, healthy and happy. Well, that's your vision. The main purpose of your life.
2. But for all this, you will need money, now what you will do for money? Making a lot of money will be your mission.
3. When you choose CA as a career because you feel you can earn and it will help you get close to your mission. So, here is the end result which is CA degree is your goal.
4. When you set certain time-bound targets
For e.g. CA foundation in the first year.
Then after 9 months, CA intermediate.
Then articleship and after 3 years, CA final.
These time-bound targets are nothing else but your objectives.
5. After watching all "how to become CA" YouTube videos, you will take decisions as per your strength and weakness? That is strategic analysis.
6. Whom will I take classes from? Pendrive or offline classes? Single groups or both groups? May attempt or November attempt? What is that, it is all strategic planning.
7. You will choose the best alternatives whenever you will have multiple courses of action. What is that? It is Strategic decision-making.
8. When you give exams and couldn't get positive results, you use strategic evaluation and control.
Every term in some ways clearly is related to practical life and the decisions we take. No decision can be taken without a proper strategy. This makes this subject very practical and significant in everyone's life.
The entire process of creating a vision or mission, strategic analysis, crafting of strategy, implementation of strategy, and evaluation and control are very familiar process but certainly not defined in these technical terms.
Even after qualifying whether to practice, work, teach will crucially depend on your SWOT analysis.
The limitations of Strategic Management and SM are quite similar
1) Takes time (You can't forecast this factor in CA).
2) Costly (Not in monetary terms but to your brain).
3) You can't interpret your competitor's response. (Our dear ICAI).
4) Dynamic environment (Industry standards and norms).
I hope this brings a new perspective of viewing and thinking over this amazing subject. Or at least revising strategic management a bit.
This was my way of analytically viewing those terms, Maybe because it's tough for me to by heart the definitions. I need examples ;-)
Thanks for reading.
CAclubindia
