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 Shouldn't Be Banned"? Get an original essay It is not shocking that the SMA concentrate reflects characteristics recognized as significant in strategic management; i.e. a long-term focus, the environment external to the company and a perspective instead of the traditional perspective. This emphasis contrasts with the traditional concentration of management accounting. Strategic management accounting addresses the weaknesses of traditional management accounting. The modern marketplace requires a strategic focus to be applied to management accounting information and decision making. While strategic planning is generally applicable to an organization's goals and objectives, it does not always have to be about business matters. It could also go along with personal career growth. Therefore, whether the person is the owner of an accounting firm looking to take advantage of new market opportunities or a more up-to-date tax professional looking to create their own space in the industry, these five steps to planning success should be considered strategic. Setting Specific Goals Change happens if your goals are perfect, so it's essential to make sure your goals are SMART: specific, meaningful, achievable, practical, and time-bound. For example, “Increase consulting revenue by $150,000 by December 31, 2017” is a decent goal, but simply saying “Increase consulting revenue” is not. It is also important to consider the time to write down the goals. Written goals increase accountability, and this is important whether the goals are personal or team-based. Team Organization The need to create a team to achieve particular objectives is normally overlooked. Teams must be well balanced, especially from a working style point of view, and each member must be aware of their role and what they are responsible for. If it's about creating a development plan, this step is still true, but rather include a "team" of people who can support achieving goals (e.g., a mentor, leaders out there, etc.). Development metrics When objectives are known, it is essential to include milestones and benchmarks in the strategy. For example, if a company tries to move to a consulting-based model, perhaps it tries to increase consulting revenue in specific increments each quarter. These types of metrics are essential for measuring progress toward goals. They also help you see where you need to make changes or where more attention is needed. Reviewing metrics at regular intervals ensures the team remains on track to achieve goals. Aligning Marketing Tactics When it comes to company-wide progress goals, customer outreach strategies are an essential area of ​​the comprehensive plan. Determine your potential audience and choose ways to connect with them. While direct mail campaigns and emails are absolutely effective techniques, more innovative marketing strategies should be considered, such as establishing a following on a social media platform, focusing on leads at industry events, or starting a campaign of affiliation. Use metrics to understand which marketing techniques it applies to.