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Strategic Leadership - Coursework Example

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Strategic controls are essential components of the strategy implementation process that enable management to monitor, track and evaluate the effectiveness of strategic plans, which have been implement by the company to allow for improvement or adjustment (Hitt, Ireland &…
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Strategic Leadership
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Strategic Leadership Strategic controls are essential components of the strategy implementation process that enable management to monitor, track and evaluate the effectiveness of strategic plans, which have been implement by the company to allow for improvement or adjustment (Hitt, Ireland & Hoskisson, 2012). For instance, management can observe employees, activities or the workplace once new strategies have been implement to determine their effectiveness (Bert, n.d.). On the other hand financial controls are critical components of a company’s financial system, which ensure the resources of the company are correctly and effectively being used and activities are being correctly and accurately being reported (Hitt, Ireland & Hoskisson, 2012). Some of the examples of these controls include budgets, bank reconciliations, cross segregation of duties e.g. for book-keeper posting cash and the receiver of mails, etc. Therefore, from the definitions and examples above, it is evident one major difference between the two is that, strategic controls affect the whole company activities (internal and external) while financial control focus on the internal environment more specifically, the financial resources of the company (Bert, n.d.).
It is important to note that a leader’s influence can only be felt within the organization if such a leader behaves ethically. Therefore, given that the human capital play a significant role in determining the company’s success, then there is need for me as a manager responsible for developing and training employees to behave ethically in order to cultivate a better culture in the subordinates. Moreover, I believe that my position is in tandem with many strategic leaders because of the changing workplace environment due diversity in culture, attitude and work ethics. Therefore, to be able to retain better and efficient talent within the organization, many strategic leaders have started investing huge resources in developing and nurturing the talent of subordinates by ensuring that they behave ethically to be able to exercise maximum influence on the workers.
References
Bert, M. (n.d.). Definitions of Financial Control & Strategic Management. Retrieved from http://smallbusiness.chron.com/definitions-financial-control-strategic-management-14509.html
Hitt, M., Ireland, R. D., & Hoskisson, R. (2012). Strategic management cases: competitiveness and globalization. Cengage Learning. Read More
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