Strategic Plan and Effective Budgeting

Course Code: FNBN 151

255 Course Visits

Course Sector:

Finance, Accounting and Banking

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Introduction

Training course introducion / brief

Adeptly formulating strategies, conducting thorough risk assessments, effectively managing budgets, and maintaining cost control all stand as indispensable proficiencies for managers committed to delivering exceptional performance and significantly contributing to their organization's success. Given the persistently unpredictable and volatile nature of the business landscape, senior and middle management face substantial pressure to strike a balance between strategic foresight and immediate action. The ability to swiftly adapt to frequent changes and uncertainties has become an increasingly sought-after attribute, positioning agile managers at a distinct advantage in the current business climate.

This course is designed to equip participants with the essential skills crucial for effective managerial performance, especially in the face of dynamic and uncertain business environments. By delving into critical areas such as strategic development, comprehensive risk analysis, adept budgeting, and precise cost control, the program empowers managers to navigate complex challenges with confidence and precision. The key highlights of the course lie in its focus on fostering adaptability, enabling participants to develop a proactive mindset that can seamlessly align long-term strategic vision with agile short-term actions, ultimately positioning them to make substantial and impactful contributions to their organizations.

Gain a comprehensive understanding of the fundamental components of strategic planning and their significance in organizational success.
Acquire the skills to develop SMART goals and formulate effective strategies that align with the organization's mission and vision.
Learn the strategies for the seamless implementation of strategic plans, including effective performance measurement and tracking mechanisms for timely adjustments and adaptations.
Enhance proficiency in budgeting and managing costs.
Comprehend the role of financial metrics in driving strategic accomplishments.

MODULE 1: STRATEGY, RISKS, NEGOTIATION & IMPLEMENTATION

STRATEGY AND STRATEGIC PLANNING

Introduction to strategy - background, historical developments, major theories
Strategic Management – a practical approach for every leader
A consistent methodology for strategy development
The relationships between vision, mission and strategy
The steps involved in developing a strategy
Fundamentals of strategic planning
Key components of a strategic plan
Vision and mission development
Organizational analysis
Market assessment
Competitive analysis

RISKS

The meaning and nature of risk
Identifying the risks in a given strategy
Prioritizing risks
Contingency planning
Risk mitigation strategies

NEGOTIATION

The everyday role and attitude of ‘Win-Win’ negotiating
Power - gaining a superior position
Strategy and Tactics in negotiating
Understanding your opponents negotiating style and tactics
Negotiating Countermeasures
Goal Setting and Strategy Formulation

SMART GOAL ESTABLISHMENT

Goal alignment with the mission
Strategy development process
Competitive strategy formulation
Growth strategy implementation
Innovation strategy design
Risk management strategy development

IMPLEMENTATION AND MONITORING OF STRATEGIC PLANS

Implementation strategies
Change management techniques
Performance measurement methods
KPI selection and definition
Data collection procedures
Progress tracking mechanisms
Adjustments and adaptations

MODULE 2: EFFECTIVE BUDGETING & OPERATIONAL COST CONTROL

INTRODUCTION: BUILDING A COMMON FINANCIAL LANGUAGE

The key role of budgeting and cost control in contemporary organizations
The 21st century business imperative: delivering value added (but to whom?)
Financial vs. Managerial accounting (for decision making)
Understand your processes: integrating financial and non-financial aspects
The budgeting process
Examples & Discussion

THE BUDGETING PROCESS

The key features of budgeting
Advantages and concerns with budgeting
Accountability and centers of responsibility
Zero-based budgeting
Budgeting and cost control
Examples & Discussion

COST ANALYSIS

Different costs for different purposes
Fixed vs. Variable costs
The Cost-Volume-Profit analysis model
Contribution Margin analysis
Examples & Discussion

TRADITIONAL VS. ADVANCED TECHNIQUES IN COST-CONTROL

Under-costing and over-costing: the consequences for profitability
Indirect (OH) vs. Direct costs
Traditional Cost Allocations systems vs. Activity-Based Costing (ABC)
Linking resources, activities and management
Variance analysis
Video, Case Study and Examples

BEYOND THE BUDGETS: BALANCED SCORECARDS AND SIX SIGMA

Broadening performance measurement systems
Beyond budgeting: Integrating financial and non-financial issues
Introducing the Balanced Scorecard
Introducing the Strategy maps
Introducing Six-sigma
Video, Case Study and examples

Boost certificate of completion

BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.

ENDORSED EDUCATION PROVIDER

Flexible deadlines

Customized dates accordance to your schedule

Shareable Certificate

Earn certificate upon completion

COURSE METHODOLOGY

Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).

At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.

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TRAINING COURSE: Strategic Plan and Effective Budgeting