Strategic leaders refer to leaders who are responsible for changes in the company's strategy. Leaders refer to not only the CEO but also those who have power and subordinates, such as functional level managers. Although, indeed, this term refers more
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Mission Statement: Define Your Company’s Purpose (Importance, Examples, How to Write)
Be it a startup or a company, they need a mission. So they write it down in a mission statement, which you can see on websites, annual reports, or other company reports. It's not only important for the company's image in the public eye, but it's also
Vision Statement: Chart Your Company’s Course (Importance, Examples, How to Write)
What's it: A vision statement is a written statement about what your company will be in the future. Some experts describe it as a future position your company wants or dreams of. It is an integral part of strategic planning because it becomes
Sunk Cost: Examples, Fallacy
A sunk cost is a cost that the business has already incurred and cannot be recovered. It contrasts with prospective costs, which are costs that companies will face in the future, such as the cost of purchasing inventory or the cost of raw
Bonus: Types, Advantages, Disadvantages
What's it: A bonus is compensation beyond the regular salary paid by the company to employees or management, usually once a year. In a narrow definition, it refers only to cash payments. However, a broad definition may include share ownership
Business Administration: A Guide to Running a Business
Business administration is the cornerstone of any successful organization. It encompasses the essential processes and practices used to manage a company's day-to-day operations, ensuring its stability and growth. Imagine a business as a complex
Mixed Management: Definition and Explanation
Mixed management refers to a combination of tactical and strategic management styles. This mixed-style seeks to combine the positive aspects of each leadership style so that the company can run successfully. And for a project, that means it's on
Management Audit: Assessing Strength to Build Competitive Strategy
A management audit is a systematic and in-depth evaluation of a company's management team. It goes beyond simply reviewing financial statements to analyze how effectively leadership is carrying out its duties. In today's ever-shifting
360-Degree Appraisal: Advantages and Disadvantages
What's it: A 360-degree appraisal is an employee performance appraisal involving the people around them, not just themselves. It might involve coworkers, superiors, and subordinates. Sometimes, it involves colleagues in other divisions with whom