Incorporating business strategies in Corporate Law course

In a highly globalised world, businesses need strategic thinking to stay ahead of the competition, and having a well-thought business strategy is crucial to run a successful business. Since, a corporate lawyer’s role is to provide the required guidance to help businesses meet their specific needs and gain above average return on investment, it is crucial for him or her to understand the basics and importance of business strategy.

Business strategy

To start with, let’s understand what strategy really means. Strategy alludes to an insightful web of contemplation, thoughts, knowledge, experiences, objectives, aptitude, recollections, and expectations that give a general direction to specific actions that enables obtaining the desired results.

In addition to this, business strategy offers a multitude of benefits for corporate law aspirants such as:

It helps re-focus and soar amidst the ever changing environment: The present day business environment is very powerful and is constantly changing. Due to vulnerabilities, dangers and limitations, the business partnerships attempt to keep pace, albeit with the available resources. Under such conditions, the key is to utilise strategic administration, as it can assist the corporate lawyers in exploring and identifying the potential opportunities while simultaneously allowing them to provide the right advice to organisations to accomplish an ideal degree of proficiency by limiting threats.

It helps stay focused on the key vision, objectives and goals: Every firm contending in an industry needs a strategy, since it alludes to how a goal can be accomplished. Strategy acts as the foundation of a business firm; and is an essential necessity for a firm to endure change and to continue itself in the changing condition. Therefore, corporate lawyers with business strategising skills can help provide a clear vision to meet the end goals.

It reinforces decision making: Incorporating business strategies in the study of corporate law helps corporate law aspirants gain the right aptitude, who in turn can benefit an enterprise in its administration and make it easier to achieve with goals.

It provides a proficient method for actualising actions into results: Strategy provides all employees (at all levels, from interns to management) with a clear understanding of the company’s vision, mission, goals, and standards, and business strategy as part of the curriculum can help corporate law students become familiar with such terms. This is vital as proper understanding creates a harmonious work environment, and as result the work flow becomes more efficient and economic.

It provides a better understanding of the business world: Business strategising requires continual observation and understanding of all the business variables, followed by a deep research to understand how these variables are creating an impact on other businesses in the same and other fields. With business strategy comprehension, the corporate lawyers can be made better equipped to understand whether a particular variable is an obstacle and requires change of modus operandi or whether it is an opportunity to reap better benefits.

Therefore, incorporating business strategy in the study of corporate law can help prepare students to explore the possibilities to help businesses achieve maximum efficiency.

(The author is Director, Symbiosis Law School, Nagpur)