strategy and business planning professional

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Professional Certificate in Strategic Management

Offering high-quality products and services at competitive prices is no longer a sufficient business strategy. Increased competition and an evolving digital landscape demand more from organizations and their leaders.

Enhance your leadership capabilities and learn how to develop sustainable, successful business strategies with the Professional Certificate in Strategic Management from Wharton. Offering practical lecture knowledge and hands-on application of concepts, this program teaches you how to decrease costs, increase operational efficiencies, and improve customer experiences.

Created by world-renowned professors at the Wharton School, the Professional Certificate in Strategic Management walks you through how technology has changed the way businesses interact with customers and why this necessitates connected strategies. This program of business strategy courses is designed for managers and leaders of all industries who want to better identify, amplify, and sustain the competitive advantage of their businesses.

Why Study Strategic Management?

• 61% of senior executives admit that their companies have a hard time bridging the gap between strategic planning and implementation. 1
• Only 40% of employees strongly feel their managers comprehend the goals and strategy of their company. 2
• Only 41% of employees feel their companies have the competent personnel necessary to execute strategic initiatives. 3

1 https://www.pmi.org/-/media/pmi/documents/public/pdf/learning/thought-leadership/why-good-strategies-fail-report.pdf 2 http://georgejamesltd.com/wp-content/uploads/2017/03/What-Employees-Really-Think-about-Todays-Workplace.pdf 3 https://www.pmi.org/-/media/pmi/documents/public/pdf/learning/thought-leadership/why-good-strategies-fail-report.pdf

Program Details

Start Dates: Enroll Immediately

Duration: 6 weeks per course

Commitment: 2-4 hours per week

Program Format: 100% Online

Program Tuition: $537.30 $199 (per individual course)

READY TO START?

Professional certificate in strategic management course descriptions, business strategy from wharton: competitive advantage, course description.

Price: $199 Duration: 6 weeks Hours: 3-4/week

What sets your organization apart from others? How can you maximize and sustain its impact over time? Understanding and maintaining your competitive advantage is no small task.

Business Strategy from Wharton: Competitive Advantage will give you the tools and frameworks necessary to execute a well-designed strategy. You’ll understand the drivers and barriers of competitive advantage so you can sustain your distinct advantage. You’ll also learn how to assess the impact of your competitors’ strategies.

By the end of this course, you’ll be able to enhance your strategy to maximize your competitive advantage and drive revenue growth.

Course Modules

• Analyze Your Firm’s Internal Fit
• Analyze Your Firm’s External Fit
• Maintaining Your Firm’s Dynamic Fit
• Creating New Strategies and Initiatives

Participants Will Learn How To:

• Evaluate your firm’s strategic environment
• Distinguish between organizational effectiveness and strategic positioning
• Identify barriers to organizational change and strategy implementation
• Map central and supporting firm activities, understanding how they interact with each other
• Engage in sustainable strategic management and planning

INTRODUCTION TO CONNECTED STRATEGY

Price: $199 Duration: 6 weeks Hours: 2-4/week

Technology has fundamentally changed the way businesses operate and how leaders engage in the strategic management of their firms. Understanding the customer journey has become essential to creating and executing connected strategies.

Connected Strategy examines how technology has evolved and changed the ways businesses interact with their customers. Professors Christian Terwiesch and Nicolaj Siggelkow will walk you through the connected customer experience and how connected delivery models are used in various industries. You’ll learn about connected strategy examples and analyze existing frameworks that can inform connected relationship design.

By the end of this course, you’ll be able to identify, assess and implement connected strategies for your organization.

• Connected Strategy and Value Proposition
• Connected Customer Experience and Customization
• Connected Producers and Connected Strategy Matrix
• Revenue Model, Technology Infrastructure, and Disruptive Innovation
• Analyze innovation frameworks and value propositions
• Identify connected relationships and their potential for your firm
• Examine customer experiences as they relate to the greater customer journey
• Create customization strategies by leveraging positive customer feedback loops
• Develop connection architecture and connected customer relationship strategies for your business

STRATEGIC MANAGEMENT CAPSTONE

You understand connected relationships, but how can you apply this knowledge to excel the strategic management of your firm?

Connected Strategy Capstone Project provides you with the necessary tools to ideate, plan and execute a connected strategy for your business. Tailored worksheets and lecture videos from Professors Siggelkow and Terwiesch will guide you through each step of connected strategy creation. The final capstone project will be a combination of your worksheets and analysis of the strategy you created.

Throughout the capstone project, you’ll be able to reflect on your organization and develop actionable strategies.

• Connected Customer Experience
• Connected Customer Experience Strategy
• Connected Delivery Model Strategy
• Apply the concepts learned in the Connected Strategy course
• Approach connected strategy planning and creation
• Move beyond traditional customer interactions to create a new business model
• Create a connected customer experience and connected delivery model for any organization
• Envision and develop a connected strategy that can be directly applied to your business

Want it all? Take the complete program for $537.30.

Key certificate program takeaways, participants will learn how to:.

• Identify business’ competitive advantages
• Amplify competitive advantages and drive profits
• Leverage connected strategies to create continuous customer relationships
• Transcend traditional forms of customer interaction and adopt new business models
• Achieve sustainable competitive advantage

Professional Certificate in Strategic Management Faculty

Christian Terwiesch

Andrew M. Heller Professor at the Wharton School Professor of Operations, Information and Decisions Professor of Health Policy, Perelman School of Medicine Co-Director, Mack Institute of Innovation Management

Faculty Research Interests

He is a Professor in Wharton’s Operations, Information and Decisions department, co-director of Penn’s Mack Institute for Innovation Management, and also holds a faculty appointment In Penn’s Perelman School of Medicine. His research on Operations Management and on Innovation Management appears in many of the leading academic journals ranging from Management Science to The New England Journal of Medicine. He is an award-winning teacher with extensive experience in MBA teaching and executive education.

Professor Terwiesch is the co-author of Matching Supply with Demand, a widely used text-book in Operations Management that is now in its third edition. Based on this book, Professor Terwiesch has launched the first Massive Open Online Course (MOOC) in business on Coursera. By now, well over 250,000 students enrolled in the course.

His latest book, Innovation Tournaments, was published by Harvard Business School Press. The novel, process-based approach to innovation outlined in the book was featured by BusinessWeek, the Financial Times, and the Sloan Management Review and has lead to innovation tournaments in organizations around the world.

Professor Terwiesch has researched with and consulted for various organizations. From small start-ups to Fortune 500 companies, he has helped companies become more innovative, often by implementing innovation tournament events and by helping to restructure their innovation portfolio.

Most of his current work relates to healthcare and innovation management. In the healthcare space, some of Professor Terwiesch recent projects include the design of patient centered care processes in the VA hospital system, the impact of emergency room crowding on hospital revenues and the patient experience at Penn Medicine, and the usage of patient portals and remote patient monitoring.

In addition to his teaching and his research, Professor Terwiesch is experimenting with a new career as a host of a national radio show on Sirius XM 132. Also, after 20 years of Ironman racing, he is trying to become a competitive rower, a transition that unfortunately turns out to be harder than expected.

Nicolaj Siggelkow

David M. Knott Professor Professor of Management Co-Director of the Mack Institute for Innovation Management

He studied Economics at Stanford University and earned an M.A. in Economics from Harvard University. He received a Ph.D. in Business Economics from Harvard University and the Harvard Business School. Professor Siggelkow has been the recipient of multiple MBA and Undergraduate Excellence in Teaching Awards, including the Class of 1984 Award presented to the faculty member with the highest teaching rating in the MBA classroom, the Helen Kardon Moss Anvil Teaching Award, the Wharton Award, and the Wharton Graduate Association Student Choice Award. His research has been published in the leading management journals, including Academy of Management Journal, Administrative Science Quarterly, Journal of Industrial Economics, Management Science, Organization Science, and Strategic Organization. In 2008, he received the Administrative Science Quarterly Scholarly Contribution Award for the most significant paper published in ASQ five years earlier. Nicolaj is a member of the Editorial Review Boards of Administrative Science Quarterly, Organization Science, Strategic Management Journal, Strategic Organization, and Academy of Management Perspectives.

His current research focuses on the strategic and organizational implications of interactions among a firm’s choices of activities and resources. In particular, his research has focused on three broad questions: How do firms develop, grow and adjust their set of activities over time? How does organizational design affect a firm’s ability to find high-performing sets of activities? What role do interactions among a firm’s activities play in creating and sustaining competitive advantage? To address these questions, he has employed a range of methodological approaches, including in-depth field studies of individual firms, econometric methods for large-scale data sets, formal modeling, and simulation models.

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Certified Strategy and Business Planning Professional

• Course Overview
• Course Topics

Why select this training course?

Businesses need to define their vision and mission goals to thrive. A proper business strategy and well drafter business plan can boost the success of a business enterprise while allowing it to manage various potential challenges that might arise.

What is included in a business plan?

A business plan is an outline that describes the future of a business, laying out what it intends to achieve and the methodologies employed toward achieving it. A business plan is often written down in a document and comprises various elements, such as the business concept, which explains the business, its product, and the intended market. Another feature of a business plan is the financial feature that describes the vital economic points of the business, such as sales, cash flows, and profits. The business’s current position, significant achievements, goals and objectives, and financial projections are other business plan elements .

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How do businesses win against key competitors?

Business strategy is an essential component of business administration. Companies looking to maximize profits adopt strategies that win over new clients and help them compete against key competitors. A vital aspect of strategy selection and implementation is understanding how to win against key competitors. This is achieved by designing a comprehensive and coherent business strategy that integrates all aspects of the business and communicates the right messages to clients about your value proposition against your competitors. Special attention is given to the opponent’s weaknesses while highlighting your strengths and minimizing your weaknesses.

The Rcademy Certified Strategy and Business Planning Professional Training Course are developed to help participants understand strategy development techniques and how to create a successful business plan. The course also covers strategy development tools that enable companies to design flexible and shock-absorbent strategies adapted to our ever-changing business environments. Participants will also learn about strategy paradigms and models and how to implement strategies effectively.

Who Should Attend?

The Certified Strategy and Business Planning Professional Training Course by Rcademy is suitable for professionals within the business industry, whose duties include overseeing the administration of a business and developing vital strategies for running the business. The following persons should partake in the course:

• Chief executive officers:  tasked with making significant corporate decisions, supervising the operations and resources of a firm, and serving as the link between the board and corporate operations
• Strategic planning directors:  charged with monitoring the company’s processes and operations using strategic initiatives
• Business analysts : tasked with conducting market analyses, evaluating product lines, and the profitability of a business enterprise
• Commercial managers:  charged with boosting a company’s sales and managing client/customer relationships
• Risks managers:  charged with overseeing the risks of a company, its customers, assets, employees, and stakeholders’ interests
• IT managers:  responsible for ensuring the smooth operation of the firm’s technology, providing VPN assess to workers, and coordinating with other units
• Asset Managers:  responsible for determining investment risks and protecting a company’s assets
• Senior managers:  charged with directing and planning the work of a business, supervising employees, and taking proactive decisions when necessary
• Corporate performance managers:  responsible for performance evaluation and monitoring the execution of duties and planning activities
• Functional managers:  charged with supervising the daily operations of a company and offering directions to employees
• Balanced scorecard specialists : responsible for executing and optimizing management risks
• Business planners: tasked with developing business plans for organizations
• Every other person  interested in learning about strategy and business planning

What are the course objectives?

The Certified Strategy and Business Planning Professional Training Course by Rcademy aims to assist participants in attaining the following objectives:

• Understand the various strategies of business planning and how to deploy a business plan successfully
• Develop a good understanding of the connection between strategic planning and strategic foresight
• Develop strategy maps and design a balanced scorecard
• Recognize the various strategic planning tools and how they are employed
• Understand the strategic planning process
• Understand how to perform strategic analysis and how to recognize corporate SWEET
• Learn how to design a business plan and how to deploy it
• Understand strategy execution, cascading, performance reporting, and review
• Build strategic initiatives and align initiatives with their strategic objectives

How will this course be presented?

The contents of this course are curated solely to satisfy and boost participants’ skills in effective crisis communication and media relations; it is participant-based. Different quality methodologies and techniques are employed to ensure constant participation and satisfaction of participants. The course will be taught by seasoned professionals in the field, together with extensively researched modules that thoroughly deal with the principles and practice of crisis communications and media relations.

The Rcademy Certified Strategy and Business Planning Professional course comprise theory and practical learning through lecture materials, case studies, visual aids, group discussions, problem-solving notes, evaluation of class activities, seminars, quizzes, and individual reports after each interaction.

What are the topics covered in this course?

Module 1: Introduction to Business Strategy

• Definition of business strategy
• Types of business strategy
• The pre-requisites of strategy planning
• Developing a corporate identity
• The framework of the strategic planning process
• Strategic objectives
• Strategy tools
• Impacts, missions, and values
• Long-term objectives
• Strategic Planning vs Strategic Foresight

Module 2: Understanding Paradigms and Strategic Models

• Types of strategic models and Frameworks for Businesses
• Designing a Strategic roadmap
• Managing unpredictable circumstances
• Leveraging strategic skills and Competencies
• Identifying and creating the features of strategic agility

Module 3: Fundamentals of Business Planning

• Definitions of business planning
• Components of business planning
• Business contingency planning
• Types of business plans
• Business succession planning
• Characteristics of business planning
• Business Plans for SMEs

Module 4: Setting Goals

• Setting business goals
• SWOT analysis
• Assigning responsibilities, roles, and accountabilities
• Problem-solving

Module 5: The Strategic Landscape

• The forces within the strategic environment
• The Impacts of leadership competencies on company strategies
• Stakeholder involvements
• The Effects of Perceptions on strategic choices
• Organizational change readiness and strategy inflection points

Module 6: Choice and Vision of Growth Strategy

• Defining the company’s vision within the context of a chosen planning scenario
• Integrative growth
• Intensive growth
• Internalization strategies
• The different strategies for diversification

Module 7: Strategic Leadership

• Techniques and Practices of strategic leaders
• Developing negotiation skills
• Inspiring and motivating
• The leadership toolkit
• Developing and evaluating strategic leadership styles
• Measuring successes

Module 8: Strategic Analysis

• Competitors and market analysis
• PESTEL analysis
• Designing the SWEET matrix
• Stakeholder segmentation and identification
• Internal analysis

Module 9: Developing Corporate Strategies

• Choosing BSC perspectives
• Designing strategic themes
• Drafting theme results
• National strategic alignment

Module 10: Driving Strategic Success and Performance

• Servant leadership vs dispersed leadership
• Effective use of media communications
• Employee engagement
• Attaining success using dynamic equilibrium between innovation and compliance
• Human of change

Module 11: Performance Management Toolkit

• The strategy map
• The key performance indicators
• Performance scorecard
• Initiatives portfolio
• Performance scorecard and maturity model
• Employee scorecard
• The performance management system architecture

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Business Strategy Programs at Harvard

Contribute to Your Organization’s Success

Develop your ability to innovate, think strategically, and gain a competitive advantage for your organization through our intensive business strategy programs. Explore proven business theories and strategic tools through hands-on exercises, interactive lectures, and dynamic discussions.

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Why Study Business Strategy at Harvard

Whether you’re looking to learn a new skill or hone an existing one we have programs that meet your business strategy needs. Our programs cover topics such as strategic planning, strategic decision making, and value creation using machine learning and offer you the opportunity to develop core business competencies.

When you take a professional development course with us, you’ll learn from industry experts alongside peers from around the world who bring a global perspective that can be invaluable in today’s interconnected business landscape. The instruction is dynamic, and interactive ensuring the application of concepts through activities, case studies and role-play. At the end of your program you will return to your office with new business strategies that can help you be more successful in your role and across your organization.

How Classes Work

We offer three different types of formats for programs: on campus, live online, and hybrid.

• On-campus programs take place in our dedicated state-of-the-art classroom space on Harvard’s campus at One Brattle Square, Cambridge, MA.
• Online programs are held via Zoom where you receive the same content online as on-campus, but from the convenience of your home or office.
• Hybrid programs are available both live online and on campus. Online participants are fully integrated into the program with the ability to see, hear, contribute, and network alongside your in-person counterparts.

Who Should Enroll

Each business strategy course is designed to meet the needs of different industry leaders and professionals. Many of them are appropriate for a wide range of individuals, but some are specifically tailored to senior leaders, emerging leaders, or executives. More information about who should enroll in each program can be found on the program page.

What You Earn

After completing a program, you receive a Certificate of Participation from the Harvard Division of Continuing Education, further validating your expertise in the field. Taking the step to earn a certificate from a professional development program can signal to your employer that you are open to new experiences and enthusiastic about continuing to learn and grow.

Some business strategy programs may count toward a Certificate of Leadership Excellence (CLE) in Strategy and Innovation.

When Courses Are Offered

Many of our programs are offered multiple times a year in several formats. Miss the deadline to register? We bring popular programs back year after year — sign up to get notified when new dates are available .

The cost of a professional development program depends on the format you take it in and the length of the course. For more information about pricing, please visit your desired program page.

A 10% discount is available to participants taking more than one program, and discounts are also available for groups of two or more. To take advantage of our discounts, please email [email protected] for further instructions.

Business Strategy FAQs

What is business strategy.

Business strategy refers to a set of decisions and actions that outline how a company will achieve its long-term goals and gain a competitive advantage in the marketplace. It involves identifying objectives, assessing resources, and formulating plans to achieve competitive advantage.

What are the benefits of taking a business strategy course at Harvard?

When you participate in a business strategy course at Harvard Professional Development, you are learning from instructors who are leading industry experts. Through a combination of theory, practice, and real-world examples, these courses will have you returning to the office equipped to move your own business strategy forward.

Harvard Division of Continuing Education

The Division of Continuing Education (DCE) at Harvard University is dedicated to bringing rigorous academics and innovative teaching capabilities to those seeking to improve their lives through education. We make Harvard education accessible to lifelong learners from high school to retirement.

• Certifications
• Associate Business Strategy Professional
• Senior Business Strategy Professional
• Examination
• Partnership
• For Academic Affiliation
• For Training Companies
• For Corporates
• Help Center
• Associate Business Strategy Professional (ABSP™)
• Senior Business Strategy Professional (SBSP™)
• Certification Process
• TSI Certification Examination
• Get your Institution TSI Affiliated
• Become a Corporate Education Partner
• Become a Strategy Educator
• Frequently Asked Questions

Senior Business Strategy Professional (SBSP™)

• Program Structure
• SBSP™ Package
• Candidacy Norms
• Digital Badge
• Continuation Policy

SBSP™ - Elite. Evolved. Exclusive.

Successful professional careers in business, management, and industry today hinge on a sharp strategic mindset and a comprehensive understanding of how managerial decision-making intersects with functional responsibilities within the broader context of business strategies. Recognized as the most elite qualification in business strategy in the world today, SBSP™ empowers the careers of professionals across functions and industry verticals, elevating their influence and validating their readiness for leadership and boardroom roles and positions.

Sharpen Your Sense of Strategy

The SBSP™ program is meticulously designed to shape professionals for roles of impact and consequence in leading global organizations, startups, and business corporations. The SBSP™ program journey serves to build a robust framework of advanced concepts and models of strategic analysis, helping professionals link their roles and responsibilities directly with the expectations and needs of internal and external clients, and align their deliverables to the outcomes and goals pursued by their organizations.

SBSP™ Certification Package Fee

The fee covers SBSP™ online certification exam, the Business Strategy Handbook; costs of access to additional reading material on candidate dashboard and also digital badge and printed SBSP™ certificates and lapel pins. This fee also includes shipping of all material but does not cover special local taxes, duties, and levies etc., which may be applicable in the receiver’s/ consignee’s/ applicant’s country. Refund requests made within 24 hours of making the payment will be subject to a processing charge of US$ 80. No refunds will be issued for registration cancellation requests made after 24 hours of registration.

• Program Brochure
• Digitally Proctored Exams
• Exam Policies

Please note that The Strategy Institute(TSI) is a certification body and does not handle the delivery of training programs nor does it have any control over any aspect of the training and education provided by its training partners. TSI does not regulate or dictate the training program fees charged by any training company or education provider for any TSI certification.

A Few Global Corporations where TSI Certified Professionals Work

SBSP™ - The Power of Four

The two-stage SBSP™ program journey encourages candidates to refine and enrich their strategic thinking capabilities and integrate strategic analysis into their work approach, ethos, and habits. Stage one of the SBSP™ journey focuses on developing candidates' expertise across the four core dimensions of strategy design principles; strategic analysis tools; strategic thinking practices and strategic agility. Candidates study through the two TSI Business Strategy Handbooks and other reference resources provided on their myTSI dashboards on strategy tools and strategy experiences to complete their learning. Stage two is the opportunity for candidates to apply and test their learning, and then pass the SBSP™ certification exam to prove they are ready for the leap.

Refine and enhance your Strategic Thinking Capabilities with SBSP™. 

Across Functions, Roles & Verticals

SBSP™ is the first choice of senior professionals cutting across diverse business and management functions and industry verticals. Designed to accelerate your career in any industry of your specialization, SBSP™ positions you for strategic and leadership roles strengthening your credentials along the way.

A sizable number of SBSP™ applicants work in senior managerial or leadership roles as heads of divisions, departments, projects, strategic groups, and business units. They boast of rich accomplishments in diverse domains including management consulting, finance, digital business, product management, consumer sales, investment banking, private equity, project management, public services, technology, and other related areas.

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SBSP™ - The Program Structure

You can pursue SBSP™ at your own pace along with your professional commitments as TSI gives 365 days (from the day of payment) to all candidates for completing their coursework and assessments.

The SBSP™ program has 2 stages to it, The Stage 1 is all learning and self- assessment. Stage 2 is about certification assessment.

Stage 1 – Learning & Self-Assessment

Stage 1 is entirely dedicated to learning and evaluating the progress of learning. It opens immediately after registration, and stays open throughout. It requires candidates to complete all FOUR coursework modules and one stage-qualifying quiz.

COURSEWORK 1

Candidates are required to read through the flagship text - The Business Strategy Handbook sent in the learning kit. This handbook helps candidates learn theoretical frameworks and principles underlying analysis, development and implementation of strategy in business and organizations.

COURSEWORK 2

This is a sharp and short module on tools and techniques used in business strategy thinking, analysis, design and execution. Candidates are required to read the e-resource Business Strategy ToolBook in this coursework module. This resource is uploaded on the candidate's dashboard.

COURSEWORK 3

This interesting module is to be completed by reading another e-resource Enterprise Business Strategy Experiences available on the candidate's dashboard. It is a short course, featuring small stories of how real organizations have met challenges using business strategy.

COURSEWORK 4

This module is set on latest technology-driven developments, challenges and disruptions in Business Strategy Management practices across the world. To complete this course, candidates must read end-to-end the second book included in their learning kit - The Business Strategy Handbook-2 .

This is a stage-qualifying MCQ quiz of 40 minutes containing 30 questions, which candidates can take anytime on their dashboard. This quiz is based on e-resources Enterprise Business Strategy Experiences and the Business Strategy ToolBook . Though this quiz is not graded for certification, all candidates must compulsorily pass it to complete the SBSP™ coursework requirement.

Stage 2: Graded Assessments

The stage opens immediately after registration, and stays open throughout the year. Care has to be taken that both the stages must be completed within 1 year maximum from the date of registration. Stage 2 comprises three assessment components, the 3rd of which is the online SBSP™ certification exam. The first two assessment components are application-based assignments to be completed on the myTSI dashboard.

This component requires candidates to analyze a given business problem or situation and present a solution in the format prescribed on the myTSI dashboard.

The last component of the SBSP™ program is the final SBSP™ certification exam, which candidates take on the ExamStrong™ online-proctored platform.

The SBSP™ Package

Upon completing the SBSP™ registration, candidates receive two printed Business Strategy Handbooks. One handbook focuses on strategic analysis and business strategy design and execution, while the other is dedicated to managing disruption through strategic thinking. These resources will assist with preparation for the SBSP™ exam. In addition to the handbooks, registered SBSP™ candidates will also gain access to electronic reading and reference materials through their exclusive myTSI dashboard. These materials will help candidates build a strong foundation in strategic analysis, business strategy, and decision-making and provide context for the deployment of strategic thinking in their work.

The SBSP™ package also includes the exam fee, a digital SBSP™ badge, and a credential kit with a printed SBSP™ certificate and lapel pin for candidates who successfully qualify for the SBSP™ certification award.

Disclaimer : The Business Strategy Handbooks, kits, certificates, and other materials shown in the image are for illustrative purposes only. Their designs and colors may change without notice. The tablet featured in the image is meant to demonstrate the digital badging included in the package. To receive the certificate and lapel pin, candidates must pass the SBSP™ exam and complete all other requirements necessary to qualify for the certification award.

SBSP™ Candidacy Norms

Professionals holding a Bachelor’s degree with a work experience of atleast 10 years and Master’s degree with a work experience of atleast 8 years (preferably in business/ finance/ human resource/ economics/ management or in a closely related discipline) from a nationally or internationally recognized institution, can apply for the SBSP™ certification program. However, alumni of TSI-recognized/ affiliated institutions or business schools can apply even with a work history of 5 years.

MBA/ Master’s degree holders with at least 8 years of work history in any management or business function, or industry.

Bachelor’s degree holders with at least 10 years of work history in any management or business function, or industry.

Alumni of TSI-recognized/ affiliated institutions with at least 5 years of work history.

*If your business school/ university is not yet affiliated with The Strategy Institute, the institution’s Program Head can apply for TSI Affiliation here .

If you have a work history of 5 years or less, the ABSP™ certification program may just be a better choice for you at this time.

Apply Now for SBSP™!

There’s never a better moment to apply and register for SBSP™ than now! Registration is convenient and fast. Just click here to reach the online application form, complete it, pay your fee online, and you’re done! You can use the links below to understand the application process more vividly. You can also Contact Us for more information.

Quickview – SBSP™ Certification Process

• Check SBSP™ Eligibility/Candidacy

Apply for SBSP™ Online

Complete sbsp™ stage 1, move to sbsp™ stage 2.

• Take the SBSP™ Exam
• Await SBSP™ Award Decision

Check SBSP™ Candidacy/ Eligibility

Since TSI prescribes varying and unique educational and work experience requirements for its certifications, please check your fit and eligibility for SBSP™ before you apply. Click here to read about SBSP™ candidacy .

Once you have confirmed your eligibility for SBSP™, you can start the application process by creating your myTSI Account and completing the registration after paying the certification package fee.

SBSP™ Stage 1 involves completing the learning coursework by reading the handbooks and other references resources provided to all candidates after their registration is confirmed. Read details in the section on SBSP™ Program Structure here . One set of the TSI Business Strategy Handbooks is shipped to your address registered with TSI, and the full-access to your myTSI dashboard is activated after confirmation of fee payment. Additional reading, reference and preparation resources, practice tests and the SBSP™ study guide are made available on your myTSI account.

The 16-chapters of the first TSI Strategy Handbook comprehensively cover the foundational and technical aspects of all typical contexts in which strategic analysis is done to generate information and insights on environment, competition, organizational challenges, business possibilities and growth options. This handbook helps candidates build a practical mental framework of business strategy analysis, design and execution in various environments, business contexts and organizational life-stages. The second TSI handbook covers core principles, considerations, techniques, approaches and processes generally followed by seasoned strategists to counter the threats of disruption to organizational survival and growth.

Not the least, the learning resources on strategy tools and enterprise experiences provided on the myTSI dashboard lucidly explain how strategy is eventually effected in organizations. Stage 1 includes 4 study components and 1 self-assessment.

SBSP™ stage 2 is dedicated to pre-certification graded assessments. Read the details here in the Graded Assignments section . The first two components are assignments to be completed on the myTSI dashboard, and the final one is the SBSP™ certification exam.

Take Your SBSP™ Exam

The Strategy Institute gives to the applicants, a period of 365 days from the date of payment to complete the requirements for earning the SBSP™ certification. Candidates can register for the SBSP™ certification exam and also complete the other assessment requirements from their myTSI dashboards.

Await the Award Decision

If you qualify the SBSP™ assessments and exam and meet other conditions, you are awarded the SBSP™ certification and the SBSP™ Digital Badge is issued to you within 96 hours. You can expect the shipment of the physical credential box to reach you within three to four weeks from the date of the certification award.

SBSP ™ Certification Exam

Coverage of sbsp ™ exam, the sbsp™ exam format.

• The Design of the SBSP™ Exam

Qualifying the SBSP™ Exam

Preparing for the sbsp™ exam.

The SBSP™ certification exam is one of the three mandatory assessment components that candidates are required to complete and pass to qualify for the award. Please refer to the assessments section below for detailed structure. The SBSP™ certification exam carries 70% weight and seeks to primarily assess how well can candidates apply their knowledge of the core principles, theories, frameworks and techniques of strategic analysis, strategy formulation and strategy execution in analyzing decision scenarios, problems and opportunities and evolve solutions at various levels in an organization across different stages in its life cycle.

The SBSP™ exam also seeks to assess generic understanding of the dynamics of models and environments of business and industry. As it is aligned to the TSI body of knowledge, the SBSP™ exam does not dwell much on the foundational science of strategic management per se, and instead focuses on aspects that define the core processes and approaches of identifying and managing problems and opportunities related to the health, survival and growth of businesses of organizations.

Candidates entering the SBSP™ program with deep understanding and exposure of the world of global business; hands-on exposure to managerial decision-making; exposure to business processes and analysis and a foundational understanding of strategic management principles and process, generally experience swifter and deeper learning during their SBSP™ certification journey. Such candidates also find preparing effectively for the SBSP™ exam is much easier and faster.

SBSP™ exam features questions drawn from a wide selection of themes and topics defined in the TSI body of knowledge as essential for individuals intending TSI to validate their fitness for senior and more onerous roles in their respective professions. Though the two Business Strategy Handbooks provided to all SBSP™ candidates are not exactly for training or exam-preparation, they do guide the content of the SBSP™ certification exam. All SBSP™ examinees are strongly advised to refer to other books and reference material for smarter exam preparation.

A typical SBSP™ exam consists of 50 questions, with a mix of fact-based and critical analysis and judgment-based questions. Some exams may feature only one type of question.

TYPE A - FACT-BASED QUESTIONS Fact-based questions directly test the exam taker's ability to recollect concepts, principles, techniques, and generally accepted practices correctly and precisely in contemporary business strategy. As exam-takers respond to these types of questions, they demonstrate an understanding of critical concepts and issues covered in the TSI body of knowledge. These questions are fact-based, with the answer options being clear statements, either clearly correct or incorrect. There is only one CORRECT answer, and exam-takers are scored only if the correct options are selected.

TYPE B - CRITICAL ANALYSIS AND JUDGMENT-BASED QUESTIONS Critical analysis and judgment-based questions test the exam-taker's understanding of concepts, principles, and techniques at an advanced level and their ability to apply their critical analysis and judgment in gauging business strategy challenges. Ultimately, these questions contribute to the development of well-rounded business strategists. These questions have four answer choices, and ONLY one of these four would be incorrect. The rest of the three answers would be correct, but they represent varying levels of suitability for the situation expressed. The best of these three answers carries the maximum 10 marks, and the least suitable is the least – 5 marks. The third correct answer with mid-level suitability carries 7.5 marks. Exam-takers must choose only one of these four answer choices, and they are scored 0, 5, 7.5, or 10, depending on their choice of answer–option.

The SBSP™ Exam Design

The SBSP™ exam aims at validating candidates' potential to effectively deploy widely adopted concepts, techniques and process of strategic thinking, strategic analysis, opportunity and problem diagnosis, strategy design and strategy implementation in a typically large organization or a business system.

The SBSP™ exam validates this potential by assessing candidates' conceptual, theoretical and applied knowledge of core and generally followed principles, frameworks, techniques and models of strategic analysis and decision-making in varying business contexts, scenarios and environments that organizations encounter in different stages across their life-cycle.

The SBSP™ exam content is aligned to the TSI body of knowledge, which the first of the two TSI Business Strategy Handbooks covers reasonably well. Indeed, since the business strategy space is extremely dynamic, all SBSP™ candidates are expected to also refer to external journals and books; listen to podcasts of experts and participate in professional development activities and events to enrich their perspective of strategy in business.

SBSP™ has three mandatory assessment components – A1 (weightage 0%), A2 (weightage 30%), and A3 (weightage 70%). All SBSP™ candidates, without exception, are required to qualify these assessments to be considered for the award of the SBSP™ credential. All these assessments have to be completed before you schedule your SBSP™ exam; Hence, it is of extreme importance that you plan your study, assessment submissions, and exam schedule efficiently.

*The report is a vital component of the evaluation process as it provides a comprehensive overview of the candidate's professional development and their continued commitment to enhancing their knowledge and skills in this field. It is imperative that candidates adhere to the prescribed format and provide a detailed account of their activities, including the objectives, outcomes, and learnings derived from each endeavor. We trust that candidates will take the opportunity to showcase their competencies and overall commitment to professional growth through this report, thereby demonstrating their suitability for roles that demand a nuanced understanding of business strategy.

SBSP™ exam aligns to the TSI body of knowledge, which covers essential topics in which knowledge is necessary for SBSP™ candidates to prove their fitness for complex roles in senior positions. It is critical that all SBSP™ candidates continue to keep the strategy of their organizations directly linked to the deliverables of their own roles, and KRAs.

While the two TSI Business Strategy Handbooks build a very good mental framework of core concepts, tools and techniques in business strategy to aid in preparing for the SBSP™ exam, additional external reading is also essential to improve awareness of current strategic thinking and strategic analysis trends. Business Strategy is an evolving discipline and will perhaps never become an exact science, which makes containing the entire practice into a single textbook impossible.

While SBSP™ candidates are advised to use the two TSI Handbooks on Business Strategy as their main reference for preparing for their SBSP™ exam, it is just one piece in preparation for the SBSP™ examination. Although a sizable number of questions in a typical SBSP™ exam are drawn from content which is available in the handbooks, some of the questions may be drawn from content from other sources. TSI therefore strongly advises all examinees to research other online and offline resources to increase their knowledge of concepts and awareness about how business strategy impacts various functions and decision-making in an organization.

The SBSP™ Digital Badge

After successfully passing the SBSP™ certification exam, you will receive a link to your SBSP™ digital badge within 96 hours. You can access your digital badge through the CredBadge™ platform and showcase your credential online.

SBSP™ Certification Continuation Policy

Business, environment and technology change faster today. Hence, your SBSP™ certification requires refreshing every five years to stay in sync with the latest professional knowledge and practices in the Business Strategy discipline. Your SBSP™ dashboard will have all information on what to read and the other steps you have to take to keep your knowledge and skills current and continue your certification.

SBSP™ Renewal

The SBSP™ certification requires to be renewed every 5 years keep it fresh, current and in good standing. SBSP™ certificants receive renewal reminder emails periodically to ensure timely action. They can log into their myTSI dashboard to register for renewal. Though renewal is possible up to six months after the scheduled expiry of SBSP™ validity, most SBSP™ certificants prefer to renew their credential at least a month before the expiry date to avoid paying extra fee.

Please note that renewing SBSP™ requires no additional assessment or exam. Instead, SBSP™ certification holders require to make a formal and detailed disclosure and declaration on the efforts they have made to continue their professional development and learning unabated. In certain cases, some SBSP™ certificants may also be asked to submit documentary proofs to support the declaration they make at the time of renewal.

Note: The renewed credential validity is five years from the date of renewal.

Renewal decisions are usually communicated within 48 hours of applicants completing their renewal formalities and documentation. The fresh SBSP™ digital badge is issued within 24 hours of approval of renewal and the SBSP™ credential certificate is shipped within 2 to 3 weeks.

Step ahead and register for SBSP™ today!

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Strategy & Business Planning Professional Certification

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September 9, 2023 - September 13, 2023 07:00 PM - 10:00 PM

The Strategy and Business Planning Professional Certification is an accreditation that endorses you both for the knowledge in developing the strategy of the organization and planning your business by using a strategic framework.

The certification is the result of a complex, experiential learning program that has 3 sections: pre-course activities,  core-course activities and post-course assignments.

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How to Develop a Business Strategy: 6 Steps

• 25 Oct 2022

Business strategy can seem daunting, and for good reason: It can make or break an organization. Yet, developing a strong strategy doesn’t need to be overwhelming.

In the online course Business Strategy , Harvard Business School Professor Felix Oberholzer-Gee posits that strategy is simple. His secret? Focus on your organization’s value creation.

“Strategy often sounds like a lofty concept that only the most senior executives can develop,” Oberholzer-Gee says. “But actually, anyone can think and act strategically. It doesn’t need to be difficult; all you need is a proven framework.”

Here’s a breakdown of why business strategy is important, the basics of value-based strategy, and six steps for developing your own.

Why Do You Need a Business Strategy?

Business strategy is the development, alignment, and integration of an organization’s strategic initiatives to give it a competitive edge in the market. Devising a business strategy can ensure you have a clear plan for reaching organizational goals and continue to survive and thrive.

According to a study by Bridges Business Consultancy , 48 percent of organizations fail to meet half of their strategic targets and 85 percent fail to meet two-thirds, highlighting why dedication to the business strategy process is crucial.

One type of business strategy is called value-based strategy, which simplifies the process by leveraging the value stick framework to focus on the advantage your business creates.

Access your free e-book today.

What Is Value-Based Strategy?

Value-based strategy , also called value-based pricing, is a pricing method in which an organization relies on the perceived value of its goods and services to determine its pricing structure and resource allocation.

The value stick framework can be used to visualize how various factors impact each other and determine which initiatives to pursue to increase value for all parties.

The value stick has four factors:

• Willingness to pay (WTP) : The highest price a customer is willing to pay for your product or service
• Price : The amount customers have to pay for goods or services
• Cost : The amount a company spends on producing goods or services
• Willingness to sell (WTS) : The lowest amount suppliers are willing to accept for the materials required to produce goods or services

To determine how to best create value, you can toggle each factor on the value stick to see how the others are affected. For instance, lowering price increases customer delight.

"As strategists, we really ask three questions,” Oberholzer-Gee says in Business Strategy. “How can my business best create value for customers? How can my business create value for employees? And how can my business create value by collaborating with suppliers? Think of a company's strategy as an answer to these three questions."

Related: 4 Business Strategy Skills Every Business Leader Needs

6 Steps to Develop a Value-Based Business Strategy

1. define your purpose.

When approaching business strategy, defining your organization’s purpose can be a useful starting point.

This is vital in creating customer and employee value, especially if your organization’s purpose is linked to a cause such as environmental protection or alleviating specific social issues.

A recent survey conducted by clean energy company Swytch found that nearly 75 percent of millennials would take a decrease in salary if it meant working for an environmentally responsible company. Nearly 40 percent selected one job over another because of an organization’s sustainability practices.

Additionally, research in the Harvard Business Review shows that consumers’ motivation to buy from sustainable brands is on the rise. Sales of products marked as sustainable grew more than five times faster than those that weren’t.

By starting with purpose, your organization can create more value down the line.

2. Assess Market Opportunity

Next, understand your market’s competitive landscape. Which companies own shares of the market? What differentiates your competitors’ products from yours? Are there any unmet needs your organization could take advantage of?

Conducting this research before planning a strategy is critical in identifying how your organization provides unique customer value and opportunities to create even more.

3. Create Value for Customers

With an understanding of the market and your company’s purpose, you can determine how your organization provides unique or greater value and strategize ways to improve.

On the value stick, the value captured by customers is called “customer delight.” It can be increased by raising their willingness to pay and decreasing the product’s price. If lowering the price isn’t an option, brainstorm how you could make the product more valuable to customers, thus increasing their willingness to pay.

Some ways to create customer value include:

• Lowering the product’s price
• Increasing the product’s physical quality and longevity
• Providing quick, high-quality customer service and a smooth shopping experience
• Leveraging network effects , if applicable, to create a community of users
• Incorporating an environmental or social cause into processes, packaging, and branding

4. Create Value for Suppliers

In addition to creating value for customers, you also need to provide value for suppliers. Suppliers can include any company that provides raw materials, labor, and transportation to help your organization produce goods or deliver services.

Supplier surplus, also called supplier delight, is created when the cost of materials increases or their willingness to sell decreases. The relationship between a firm and its suppliers can be contentious, given that both want to increase their margins. Yet, there are ways to create value for both parties.

Some ways to create value for suppliers include:

• Agreeing to pay more for higher quality materials : While this increases the supplier surplus, it may also increase customer delight by raising willingness to pay, or increase the firm’s margin by allowing you to raise prices.
• Working with the supplier to increase efficiency : This strategy can increase supplier surplus by lowering the overall cost of the supplier’s labor and their willingness to sell.

5. Create Value for Employees

Creating value for employees is a critical part of an effective business strategy and can be assessed using the value stick. Think of your employees as the “supplier” of labor and the supplier margin as employee satisfaction.

Employee satisfaction can be increased by raising wages or lowering the minimum salary they’re willing to receive by delivering value in other ways. Satisfied employees may provide a better customer experience, resulting in increased customer delight.

The value you provide employees ensures they’re motivated to do their best work, develop their skills, and stay with your company long-term.

Some examples of ways to create value for your employees include:

• Offering competitive salaries and bonuses
• Offering benefits like ample paid vacation and sick days, generous parental leave, and wellness budgets
• Providing flexibility of work location, whether your team is fully remote or hybrid
• Aiding in professional development
• Creating a workplace rich with a diversity of experiences, identities, and ideas
• Fostering a supportive organizational culture

One example from Business Strategy is that of a call center for a diagnostics company. The employees were being paid minimum wage and expressed that the analytical nature of their phone calls with customers warranted higher pay. They also expressed pain points about cumbersome tasks and work conditions.

When a pay increase was implemented for all employees, along with operational changes to make processes smoother, employee productivity increased to the point that it balanced out the higher cost of salaries.

Because the employees’ satisfaction increased, they also began providing better experiences on the phone with customers. This increased the customers’ willingness to pay, directly impacting customer delight.

6. Map Strategy to Actionable Tasks and KPIs

Amidst creating value for each of the three groups, don’t forget the fourth party that needs value: your company. By creating value for employees, suppliers, and customers, you’re creating value for your firm, too.

To ensure you’re tracking to goals, determine your key performance indicators, what metrics constitute success, and how you’ll report results over time. Then, break each of the above value-creation goals into action items. For instance, what steps can you take to increase your employees’ compensation? Who will be responsible for each task?

Having actionable assignments and clear metrics for success will allow for a smooth transition from strategy formulation to execution.

Building Your Strategic Skill Set

By leveraging the value stick, you can create a business strategy that provides value to employees, customers, suppliers, and your firm.

To develop your strategies further and dig deeper into how to navigate value creation, consider taking an online course like Business Strategy . Professor Oberholzer-Gee walks through real-world examples of business challenges, prompts you to consider how you’d create value, and then reveals what those business leaders did and how you can apply the lessons to your organization.

Want to learn more about how to craft a successful strategy for your organization? Explore Business Strategy , one of our online strategy courses , to learn how to create organizational value. Not sure which course is the right fit? Download our free flowchart .

About the Author

CERTIFIED STRATEGY & BUSINESS PLANNING PROFESSIONAL

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Course overview

To be successful in the long-run, organizations need to define a mission and a vision, that can be cascaded down into SMART strategic and operational objectives, at all hierarchical levels. The course offers an algorithm on how this can be done, with a focus on creating strategies that are internally consistent and aligned for optimal performance. At the same time, the course offers tools for both internal and external environment scanning, that will allow companies to build strategies that are flexible and shock-absorbent, adapted to a business world that is rapidly changing. Last but not least, the course focuses on how departments can set their own strategies and action plans, that are ready-for-execution and support the overall corporate strategy.

Participants’ profile:

• Business owners and top management Business owners and top management professionals will acquire the knowledge and competences needed to design a strategy at the corporate level, thus increasing the performance of their organization in terms of relevant financial indicators, operational indicators, customer satisfaction indicators and employee satisfaction indicators.
• Middle management professionals Professionals from different fields, such as finance, human resources, production, logistics, marketing & sales and others, will acquire the knowledge and competences to design and implement a strategy for their department, that supports and is aligned to the organizational strategy.

Key personal benefits – Participants in this course will:

• Receive structured knowledge, that can be transferred into all areas of their professional life.
• Get access to a network of specialists, sharing business opportunities and innovative solutions to strategy planning dilemmas.
• Receive a premium recognition as a Certified Strategy and Business Planning Professional.

Learning experience

  pre-course.

• This part of the learning experience is meant to ensure a smooth transition to the face to face training. Participants are required to take the following steps:
• Needs assessment – complete a questionnaire to determine a tailored and relevant learning experience;
• Pre-course evaluation quiz – take a short quiz to establish the current level of knowledge;
• Guidance and schedule – analyze a document presenting guidelines on how to maximize your learning experience;
• Forum introduction – share an introduction message to present yourself to the other course participants;
• Expectations – share your expectations regarding the training course; course content.

Core course

• During the three days of intense face-to-face training, the course is designed to facilitate experiential learning and ensure a high level of interactivity. The complete learning experience consists of:
• Reflecting on the concepts and tools presented, through constant dialogue;
• Applying concepts in individual and group exercises;
• Analyzing case studies and identifying solutions to real-life strategy planning dilemmas;
• Using strategy planning tools and getting familiar with annotated templates;
• Sharing experiences and best practices with the trainer and the other participants;
• Constantly evaluating participants’ knowledge, through short quizzes and feed-back.
• core-course ends. Participants are required to take these additional steps:
• Forum discussions – initiate a discussion and contribute in a discussion opened by another participant;
• Action plan – create a plan for the initiatives you intend to implement in your department or organization, based on best practices you became familiar with during the training;
• In-house presentation – create and submit a short PowerPoint presentation, that you would use to share with your colleagues some of the knowledge obtained through attending the course;
• Additional reading – go through a series of resources (books, articles and videos), to expand your content related knowledge;
• Learning journal: reflect upon your 3 stages learning experience and complete a journal.

KPI academy is a leading global academy specialized in business performance indicators. KPI academy seeks to provide consulting, training, and professional certification services to commercial, government, and non-profit organizations worldwide.

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CERTIFIED STRATEGY AND BUSINESS PLANNING PROFESSIONAL

• 07 - 09 May 2023
• 23 - 25 July 2023

This course will help improve long-term organizational performance through the use of strategic planning tools. Participants will explore the framework that provides the foundation of a successful business strategy, focusing on the main components of a strategy and practicing the development of an efficient strategic plan. By acknowledging the factors and implications involved in designing a strategy, participants can develop and execute smarter and quicker strategic decisions.

Clear strategic thinking should form the support of every business decision. The course will also provide insights on the fundamental principles and methods for communicating strategy across the organization.

Radu Cocean is a trainer, consultant, moderator and facilitator in the field of Strategy Planning, with over 15 years of hands-on experience.

As a trainer, he delivers The KPI Institute�s Certified Strategy and Business Planning Professional course, both as in-house and as open training programs. Since 2010, he is an accredited Trainer (certified by the National Qualifications Authority in Romania) and has successfully completed the American Society for Training & Development Master Trainer Program (2014).

As a consultant, he is part of the teams that draft development strategies and spatial plans for public bodies and local administration. He has done so since 2001, at all territorial organizational levels, starting with the international and ending with the local one. He is also a moderator and facilitator for public consultation meetings, making sure the strategy development process is open to all relevant stakeholders.

As a management consultant, he worked with private companies and helped them shape the business plans required to access European funds � which offered him insight on how strategies get implemented through successful projects. He is an accredited Project Manager (certified by the National Qualifications Authority in Romania) since 2011.

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5 Things To Avoid When Starting Your Accountancy Practice

Author: Henry Robinson

Starting your own accountancy practice can be a thrilling and rewarding venture, offering the chance to build a business that reflects your professional values and expertise. However, the path to establishing a successful practice is fraught with potential pitfalls that can undermine even the most diligent and skilled accountant . 

In this blog, we will be exploring five critical errors that new practitioners often make when setting up a new accountancy firm and how they can be avoided. 

Neglecting business planning

Starting an accountancy practice without a robust business plan is like setting sail in uncharted territory without a map. There are two critical components that often go overlooked during this process:

Underestimating the importance of a business plan

Many new accountants make the mistake of diving into the market based solely on their accounting skills and knowledge alone, underestimating the importance of a strategic business plan. A well-crafted business plan outlines your business goals and forces you to think systematically about every aspect of your business, from client acquisition to competitive positioning and operational logistics. Without a clear roadmap, starting your practice will become significantly more challenging.

Not considering financial projections

Financial projections help you anticipate business costs, set realistic revenue targets, and manage cash flow effectively. They are crucial for securing loans or investments, as they demonstrate your understanding of the financial nuances of running a practice. 

Ignoring market research

Understanding your market, including potential clients and competitors, is essential for positioning your services effectively and potentially carving out a niche in the competitive landscape.

Failing to analyse competitors and your target market

An often overlooked aspect of market research is competitor analysis. Understanding who your competitors are , what services they offer, and how they are positioned within the market provides valuable insights into market trends and pricing strategies. It also helps you identify gaps in the market that you can exploit to differentiate your practice. 

Many new accountants also fail to identify and understand their target market, which can lead to ineffective marketing strategies and missed opportunities. Knowing who your clients are, what specific services they need, and how best to reach them are pivotal elements of a successful business strategy .

Overlooking the importance of marketing 

Building a solid client base and establishing a reputable presence requires more than just accounting skills; it demands strategic marketing. 

In today’s digital world, neglecting online marketing can be a severe oversight for any new business, including accountancy practices. Digital marketing strategies can help increase your visibility and help establish your brand in a crowded marketplace. 

Avoiding professional advice

Launching an accountancy practice is a significant task that involves various facets beyond accounting itself, such as legal, regulatory, and marketing aspects. 

Not consulting with other accountants

Many new practitioners make the mistake of avoiding professional advice , thinking they can handle everything on their own or to save costs.  Seasoned professionals can offer invaluable advice on everything from setting up efficient accounting processes to navigating the complexities of tax laws. 

Not hiring professionals when needed

While accountants are experts in finance, they may not be as proficient in other necessary areas such as legal issues, human resources, or digital marketing. Not r ecognising when it’s time to bring in a specialist can avoid to serious legal and operational setbacks. 

Failing to differentiate your services

In a highly competitive field like accountancy, failing to differentiate your services from those of your competitors can hinder your practice’s ability to attract and retain clients. Differentiation is not just about being different; it’s about being better and more relevant to your target audience’s needs. 

Strategies for differentiating your practice

There are several effective strategies to differentiate your accountancy practice:

• Specialisation: Focusing on a niche market or specific industry can establish your practice as a specialist rather than a generalist, attracting clients seeking expert advice in that particular area.
• Client Experience: Enhancing the client experience can significantly differentiate your practice. This could be through innovative use of technology, superior customer service, or personalised services that cater specifically to the needs of your clients.
• Branding: Develop a strong brand that reflects your practice’s values and mission. A memorable brand can resonate with potential clients and create a lasting impression.
• Thought Leadership: Positioning yourself as a thought leader through blogs, seminars, and public speaking can demonstrate your expertise and insight, building trust and credibility with potential clients.

Find more professional business advice 

At AIMS Accountants for Business we know that good accounting means good business. If you’re encountering challenges while launching your accountancy practice, don’t hesitate to contact our specialist team today . Alternatively, explore our valuable business advice and resources designed to help your business thrive

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News & Insights

Sony’s FY2023: Solid Sales, Shifting Strategies

May 14, 2024 — 01:34 pm EDT

Written by Jeffrey Neal Johnson, MarketBeat Contributor for MarketBeat  ->

Sony Group (NYSE: SONY) is synonymous with innovation and entertainment. It has a global presence and a diversified business portfolio spanning multiple industries. Sony's reach extends beyond the living room from the iconic PlayStation consoles of the video game sector to cutting-edge image sensors powering smartphones in the tech sector . Sony’s earnings report was released, revealing the company’s financial health and future profitability strategy. 

A Closer Look at Sony's Performance

Sony Group’s financial report for the fourth quarter and full year of 2023 provides a complex picture requiring currency conversion calculations. When the report is presented in US dollars using the average exchange rate of 1 USD = 144.4 yen provided in the report, the conversion calculations reveal key insights into the company’s recent performance. Sony Group reported sales of $90.14 billion, demonstrating its significant revenue-generating capability. However, operating income for FY2023 came in at $8.37 billion, reflecting a decrease compared to the previous year. 

Looking ahead, Sony Group's FY2024 Consolidated Results Forecast projects sales of $84.59 billion and an operating income of $8.76 billion. While the projected sales suggest a slight dip, the anticipated increase in operating income provides a sliver of optimism. These figures indicate that Sony Group is navigating a complex market with challenges and opportunities.

Exploring Sony's Business Segments

Sony Group's strength lies in its diversified portfolio of business segments, each contributing to the company's overall performance. The Game & Network Services (G&NS) segment, home to the PlayStation brand, remains a cornerstone of Sony's success. In FY2023, G&NS generated $29.77 billion in sales, showcasing the enduring popularity of gaming. The Music segment, encompassing Sony Music Entertainment and Sony Music Publishing, contributed $11.47 billion in sales in FY2023, demonstrating music's continued relevance in the digital age. The Pictures segment, responsible for Sony Pictures Entertainment, recorded $10.34 billion in sales, highlighting the enduring appeal of movies and television content.

The Entertainment, Technology & Services (ET&S) segment, encompassing electronics, audio equipment, and mobile devices, achieved $16.88 billion in sales. The Imaging & Sensing Solutions (I&SS) segment, a leader in image sensors for smartphones and other devices, achieved $10.97 billion in sales, reflecting the growing demand for advanced imaging technology. The Financial Services segment, comprised of Sony Financial Group and its subsidiaries, delivered $12.21 billion in revenue. Each of these segments faces unique challenges and opportunities. 

Sony's Mid-Range Plan 

Sony Group's 5th Mid-Range Plan, outlining its strategic objectives for FY2024-FY2026, provides a roadmap for the company's future direction. The plan sets ambitious financial targets, including a three-year cumulative operating income margin (excluding the Financial Services segment) of 10% or more. Additionally, Sony aims to achieve a compound annual growth rate (CAGR) of 10% or more for consolidated operating income (excluding the Financial Services segment) from FY2023 to FY2026. These targets reflect Sony's commitment to enhancing profitability and delivering sustainable growth.

Sony has laid out a comprehensive capital allocation strategy to achieve these objectives. The company plans to allocate $7.57 billion for capital expenditures, investing in infrastructure and strategic assets to support its growth initiatives . Strategic investments will receive a substantial $12.34 billion allocation, focusing on acquisitions, partnerships, and ventures in high-growth areas. Shareholder returns, encompassing dividends and share buybacks, are earmarked for $8.93 billion over the plan's timeframe. This capital allocation strategy demonstrates Sony's commitment to balancing growth investments with shareholder value creation.

Sony Group's latest financial data reveals a strong cash position, with cash and cash equivalents totaling $10.96 billion. However, the company also carries $1.58 billion in total debt . Subtracting total debt from cash and cash equivalents reveals a net cash position of $9.38 billion. This substantial net cash position provides Sony with significant financial flexibility, allowing the company to pursue strategic acquisitions, invest in growth opportunities, and weather economic downturns with greater resilience.

Analyst Perspectives and Projected Value

Sony Group’s analyst ratings and price forecasts offer a glimpse into the collective expectations of its analyst community. The consensus analyst rating for Sony Group stock is currently a "Moderate Buy," suggesting a generally positive outlook, with some reservations. The consensus price target is $108.00, implying a potential upside of around 30% based on recent stock prices. This projected growth potential provides an attractive picture for potential investors. However, it's crucial to note that analyst forecasts are subject to change and should not be interpreted as guarantees of future performance.

Sony Group currently stands at a critical juncture, as its fiscal year 2023 results indicate a marginal decline in operating income. However, the company possesses several strengths that present promising opportunities for future profitability. Sony's robust brand recognition, diversified business segments, and ambitious growth strategy, as outlined in its 5th Mid-Range Plan, provide a potential pathway toward sustained financial success. 

The company's healthy cash position further equips it to navigate challenges and seize opportunities. However, Sony Group’s competition in its core markets is intense, and potential economic headwinds coupled with the reliance on specific suppliers pose ongoing risks. For investors, Sony Group represents a compelling but complex opportunity. A careful assessment of its future prospects, considering both the potential rewards and inherent risks, is essential to determine whether an investment in Sony aligns with individual investment goals and risk tolerance .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Bookkeeping

Financial Wellness Guide For Therapists

9 Minute Read

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Achieving Financial Wellness as a Therapist: Your Comprehensive Private Practice Guide

Kristal Sepulveda, CPA

May 13, 2024

Are you a therapist striving to balance client care with business sustainability? In today's world, where over 55 million Americans seek mental health services annually, managing the financial health of your practice is more needed than ever.

This article provides essential insights into budgeting, tax obligations, and insurance needs for mental health professionals. With practical advice and strategic planning tools, learn how to secure your practice's financial future while continuing to provide excellent care.

Understanding Financial Wellness in Mental Health Care

Financial wellness means mastering your day-to-day finances to reduce financial worries and secure the financial security needed to achieve a successful financial future. This includes efficiently managing personal finances and therapy practice expenses for therapists.

Achieving financial health supports a balanced lifestyle and sustaining a long-term career in mental health. This balance helps you focus on your clients, improving both your and their overall well-being.

Further reading: Unlocking Your Capital Financial Health: Gain Insights About Debt-to-Capital Ratio

Financial challenges.

• Student Loans : Therapists often accrue significant student loan debt due to the extensive education required.
• Irregular Income : Income can vary widely due to the nature of therapy work, with fluctuating client numbers and varying therapy session fees.

Practical Steps to Achieve Financial Stability: A Complete Guide to Financial Wellness for Therapists

Budgeting essentials for therapists.

• Understand Your Cash Flow : Regularly track all your income, such as session fees, and expenses, including rent for office space and utilities. Maintaining an accurate account balance is important to help you manage funds efficiently.
• Set Financial Goals : Identify small goals contributing to your financial wellness goals. Whether saving a set amount each month or reducing credit card usage, these goals are key to your financial planning.
• Allocate Funds Wisely : Always pay fixed expenses first, like your mortgage or office rent, then allocate remaining funds toward variable costs. A budgeting tool or EHR system can help you track these expenses effectively.

Emergency Fund and Retirement Planning

• Emergency Fund : Set aside thousands of dollars to cover three to six months of personal and practice expenses. This fund is a financial buffer to ensure stability during unpredictable financial periods.
• Retirement Planning : Start saving for retirement as early as possible. Planning for retirement involves selecting the right investment options, like stocks or retirement accounts, which will accumulate funds over decades.
• Automate Savings : Automating your savings can prevent the tendency to overspend and ensure you are consistently working towards financial wellness .

Diversifying Income

• Passive Income Opportunities : Consider investing in stocks to receive dividends or in real estate to generate rental income. These investments can improve your credit score and increase your income without additional daily effort.
• Additional Revenue Streams : If you’re based in New York or any major city, leverage your location to offer workshops or specialized sessions that can attract more clients. Using your expertise in behavioral therapy could also open up new income avenues.

Management Strategies

Budgeting and financial planning.

• Create a Comprehensive Budget : Start by assessing your current financial situation using a budget calculator to track income and expenses. This helps in planning for periods of fluctuating income.
• Emergency Fund : Set aside savings to cover three to six months of expenses, providing a buffer during lower income periods.

Income Diversification

• Offer Different Rates : Implement a sliding fee scale to attract more therapy clients.
• Explore Additional Revenue Streams : To supplement income, consider hosting workshops, writing on mental health topics , or engaging in other related activities.

Financial Education and Professional Advice

• Enhance Financial Literacy : Utilize resources like the Financial Therapy Association and financial podcasts tailored for mental health professionals.
• Work with a Financial Advisor : Engage a financial advisor familiar with therapy practices to help make informed financial decisions and plan for long-term financial wellness.

Utilizing Tools and Resources

• Practice Management Tools : Use tools to help track many sessions, office rent, and other business-related expenses, which aids in more accurate financial forecasting.
• Regular Financial Reviews : Periodically assess your financial health to ensure you're on track toward achieving your financial goals and making adjustments as needed.

Navigating Taxes and Insurance for Therapists: Planning for Financial Wellness

Overview of tax obligations for self-employed therapists.

• Income Reporting : As a financial therapist based in the U.S., you're responsible for reporting your income accurately. This is key to setting your financial goals and ensuring you're on track.
• Self-Employment Tax : You'll need to handle Social Security and Medicare taxes yourself, known as self-employment tax. Understanding these rates and setting aside money can help you avoid high-interest debt.
• Quarterly Taxes : Planning quarterly taxes is unavoidable but doesn't need to be overwhelming. Calculating these can go a long way toward achieving a stress-free financial status.
• Deductions and Credits : Make financial planning work for you by maximizing deductions around money spent on practice-related expenses like office space, utilities, and professional development.

Insurance Needs Specific to Therapy Professionals

• Liability Insurance : Essential for every therapist, liability insurance protects you should a client claim malpractice. It’s a key financial safety net.
• Health Insurance : Don't let health expenses hold you back. Use insurance marketplaces to find plans that meet your needs and budget, enabling you to enjoy your life without health-related financial worries.
• Business Insurance : Protects physical assets and covers operations. It’s another option to consider for comprehensive coverage, helping you safeguard every aspect of your practice.
• Data Breach Insurance : In an era where data is digital, protecting client information with data breach insurance is crucial. It could look like an additional expense but is essential in protecting your practice from potential legal issues.

Getting Started on Your Financial Planning

• Hiring a Financial Advisor : If you’re ready to get serious about your financial planning, hiring a financial advisor who understands the specific needs of therapists can be invaluable.
• Setting Your Financial Priorities : Start by assessing where you are financially. Use this insight to set realistic and achievable goals that contribute to a healthy lifestyle and a thriving practice.
• Long-Term Planning : Look at your financial planning as a journey that might span even decades. Regular reviews and adjustments will help you stay on track toward your goals.

Further reading: Self-Employed Health Insurance Deduction: Health Insurance Premiums for the Self-Employed

Key takeaways.

• Tailored Approach: This guide is tailored to help therapists cultivate good financial habits that align with their unique needs and goals.
• Savings Strategies: Discover practical ways to take control of your finances and start saving money, whether it's for emergencies or long-term goals.
• Interest Rates: Learn about interest rates and how they can affect your savings and investments, empowering you to make informed financial decisions.
• Personalized Solutions: Find a way to take charge of your financial well-being in a way that feels good for you, considering your values and lifestyle.
• Holistic Perspective: Look beyond the traditional financial advice and explore personalized strategies that don't necessarily follow conventional wisdom but can still help you get ahead financially in the U.S.

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