FINANCIAL AND STRATEGIC MANAGEMENT
The legal aspects of finance are becoming increasingly important and a Company Secretary is expected to successfully and effectively handle, amongst other things, important aspects such as management of public issues, syndication of loans, obtaining project approvals, raising of finance through public deposits and debentures or bonds etc.All these essentials require expert knowledge of diverse and complex procedures involved. Realising that the services of a Company Secretary could be of immense use in this important area, it was thought necessary to include this paper with a view to equip the students with the requisite fundamentals of the Financial and Strategic Management.
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It has been the endeavour to provide a blend of theoretical concepts and practical orientation. Topics, such as, raising finance from financial institutions, dividend policies, etc. requiring legal expertise and procedural knowledge have been written. Topics such as, project appraisal, financial planning, portfolio management and securities analysis, working capital management and capital budgeting decisions, strategic management, business policy; strategic analysis & planning have been written keeping in view the financial and strategic management principles and the practical utility. Ample number of practical problems and case studies have been added to aid the student in their learning process.
Strategy is a broad concept that covers a multitude of different issues, concepts and methods. Strategy requires a significant amount of work to understand and even the experts often find themselves searching for new ways to research and think about the topic. For managers and leaders, strategy is at the centre of the effort to create value for customers to respond to competitive challenges and to build strong organizations. All this leads to make optimum utilization of organization’s material and human resources in order to achieve better financial performance, improved qualitative decisions, employee motivation, minimum resistance to change, etc. by using various theories, models and management techniques. An organization always operates in the environment of risk and uncertainty which is the result of operation of multiple forces i.e. economic, technological, legal, political, social and global. Strategic management helps the organization to develop set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objectives of an organization in a given frame work.
Though efforts have been made to provide a self-contained study material yet it may require regular supplementation as the subject is of a dynamic and fast changing nature. Students are advised to update their knowledge continuously by reading economic dailies, financial magazines and journal and other relevant literature including reference and suggested readings on the subject. Students are expected to learn the art of applying the principles of financial management and strategic management to real business situations and for this case studies in these area would prove to be of immense use.