Role Of Office Manager And Budgetary Control

Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.

Chandler (1977) believes strategy is about using the necessary recourses so the organizations are able to carry out their long-term goals and aims. Which relates to Johnson (1987, pp. 4-5) who states, “Strategic decisions occur at many levels of managerial activity and will be concerned with the long-term direction”.

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

The actors that would be involved in the strategic plan would be: the Business Office Director, the Head Carpenter, and the Director and Deputy Director of Information Systems.

Different levels of managers evaluate and make strategic decision from different aspects. They contribute to strategies establishment based on their own areas.

Strategic management is the application of the basic planning process at the highest levels of the company. Top management sets goals for the performance of the company carefully formulating, implementing and evaluating plans and strategies. It involves specifying the organization’s mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources

According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company 's strategy-related decisions and actions. (Pearce, Robinson 2004)

The budgeting process and the end product, the budget, comprise two essential elements of multinational management: planning and control. Planning is the primary function of the budgeting process and the result, the budget, provides the basis for subsequent monitoring and control of activities. For a multinational firm, with geographically dispersed subsidiaries to coordinate and control, an ineffective planning and control system can be disastrous.

Strategic Decision making involved business level choices. It influences complete or a major part of the organization. It’s a step towards the long term goals of the business as well as in the achievement of the common goals of the business enterprise. They are generally unstructured in nature and come from a top down approach. Therefore a manager has to break them down into smaller structured decision making and short term goals.

Strategic decisions are made by top management; they normally take into consideration the organisations long term goals and tend to cover a larger time scale (5years or more). Strategic decisions cover a broader area and are not very specific in details. They are a higher risk, mainly

What is most important for strategic management preserving stability or maintaining flexibility to allow for change?

A budget is a detailed plan that states how resources will be acquired and used. The budget records the events that occurs before they occur. Budgeting and accounting both involve planning, allotting and distributing financial resources. Budgeting involves more planning and preparing a financial blueprint, but, these planning depend on the accounting of past and current year expenses and profits. The accounting system focuses on documenting and interpreting each financial transaction. After the budget is established, the accounting system is used to monitor and if necessary, correct any variation from the budget (Bremser 8).

Strategic decisions are made at a high level, for example, CEO or owners. These decisions are long-term and will affect the future direction of Ice Queen. These decisions may occur once the company has conducted a SWOT Analysis to look at their strengths (internal), weaknesses (internal), opportunities (external) and threats (external). Once Ice Queen has evaluated these, they can then begin to make strategic choices to improve on these results. These choices maybe to explore other products, mergers or expansion of the company.

Tactical decisions are short run in nature; they involve choosing among alternatives with an immediate or limited end in view. Strategic decisions involve selecting strategies that yield a long-term competitive advantage.

This project seeks to bring out the budgeting and budgetary control practices of UT financial institution, Koforidua, and how they can make sure their budgeting practices are done in such a way as to incur minimal or less cost for the organization