Strategic management accounting (SMA) is the collection and analysis of financial and non-financial information about a company and its competitors to develop that organization's business strategy . Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay It is not shocking that the emphasis of the SMA reflects the characteristics recognized as important in strategic management; that is, a longer term view, the environment outside the company and a perspective rather than the traditional perspective. This emphasis contrasts with the traditional focus of management accounting. Strategic management accounting addresses the weaknesses of traditional management accounting. The modern marketplace requires that a strategic focus be applied to management accounting information and decision making. Although strategic planning is generally applicable to the goals and objectives of an organization, it does not always have to be about business affairs. This can also be accompanied by personal career development. So, whether the person is an owner of an accounting firm looking to take advantage of new market opportunities or is a most up-to-date tax professional looking to make their mark in the industry, these five steps to successful strategic planning should be taken into account. Set Specific Goals Change happens if the goals are perfect, so it's essential to make sure the goals are SMART: specific, meaningful, achievable, practical and time-bound. For example, “Increase council revenue by $150,000 by December 31, 2017” is a decent goal, but just saying “Increase council revenue” is not. It is also important to take into account the time needed to write down the goals. Written goals increase accountability, and this is important whether the goals are personal or team-based. Organizing the Team The need to create a team to achieve particular goals is usually overlooked. Teams should be well balanced, especially in terms of working style, and each member should be aware of their role and what they are responsible for. If it comes to creating a development plan, this step is still true, but instead include a "team" of people who can help you achieve the goals (i.e. a mentor, leaders, etc.). Developing Measures Once the objectives are known, it is essential to integrate milestones and benchmarks into the strategy. For example, if a company is trying to move to a consulting-based model, it may try to increase its consulting profits in specific increments each quarter. These types of metrics are essential for measuring progress toward goals. They also help see where adjustments need to be made or where greater focus is needed. Reviewing metrics at regular intervals ensures the team stays on track to achieve goals. Align Marketing Tactics When it comes to company-wide progress goals, customer outreach strategies are a critical area of ​​the comprehensive plan. Determine the potential audience and choose ways to connect with them. Although direct mail campaigns and email blasts are absolutely effective techniques, more innovative marketing strategies should be considered, such as building an audience on a social media platform, focusing on leads at events of their sector or.