Strategy financial management or financial policy call a system of decisions and planned areas of activity, designed for long term and providing for the achievement of the set goals and financial tasks to ensure the optimal and stable operation of the economic structure, based on the current reality and the planned results.
Strategy is the art of leadership planning based on sound long-term forecasts. At the same time, priority tasks and directions for the development of various forms of activity and the development of a mechanism for their implementation are highlighted.
The financial management strategy in a sense can be called strategic financial policy.
In the process of its development, the main development trends of the organization:
growth in production and sales;
leadership in the competitive struggle (expressed by indicators of return on capital and sales);
maximizing the price (value) of the organization;
determination of financial relations with the state (tax policy), banks (credit policy) and partners (suppliers, buyers, contractors, etc.).
To the most important elements of financial strategy include:
development of a credit strategy;
management of fixed assets, including depreciation policy;
pricing strategy;
choice of dividend and investment strategy.
However, the choice of a particular financial strategy does not yet guarantee the receipt of the predicted effect (income) due to the influence of external factors, in particular, the state of the financial market, tax, budgetary and monetary policy of the state.
An integral part of the financial strategy is long-term financial planning, focused on achieving the main parameters of the organization's current activities: volume and cost of sales, profit and profitability, financial stability and solvency.
In turn, financial policy includes strategic and tactical financial decisions which can be divided into two groups:
investment decisions;
financing solutions.
Investment solutions associated with the formation and use of assets (property) of the organization and give an answer to the question: "Where to invest?"
Financing solutions associated with the formation and use of liabilities and give an answer to the question: "Where to get the funds?"
The two types of financial decisions are interrelated and intertwined. For the organization, investment decisions are priority, since their goal is to generate income from an effective capital investment.
Tactics financial management or financial policy is called a set of techniques and forms entrepreneurial activity aimed at achieving a particular stage of the financial strategy, used in accordance with the specific situations that arise in the implementation of the strategy.
This is the definition of the way for each stage, provided by the general plan of the strategy. The general requirement for tactics is to facilitate the development of a strategy, and not to hinder it, not to discredit it.
In other words, financial tactics- These are the current operational actions of the entrepreneur, subordinate to the strategic goals and objectives of financial management. In this sense, financial management tactics can be called tactical financial policies.
With a relatively stable financial strategy financial tactics should be flexible, which is due to changes in market conditions (supply and demand for resources, goods and services ). The strategy and tactics of financial policy are closely interrelated. A correctly chosen strategy creates favorable opportunities for solving tactical problems.
The tactical objectives to be achieved by financial management are:
development of accounting policies;
development of credit policy;
management of current assets and accounts payable;
management of current (operating) costs, income / profit;
the sufficiency of the volume of cash receipts in the short term (decade, month, quarter, year);
return on equity and sales (competitiveness at the operational level), etc.
Financial tacticsdirected to solve local problems of a specific stage in the development of an organization by timely changing the methods of implementing financial ties, redistributing monetary resources between types of expenses and structural divisions (branches).
Financial decisions and measures designed for a period of less than 12 months or for a period of the duration of the operating cycle, if it exceeds 12 months, refer to short-term financial policy.
Temporary tactical deviations from strategic goals should not be understood as an obstacle to strategy, if in a more distant period such retreats will bring greater effect. For example, when studying the goal of maximizing profits for a long period of the existence and development of an organization, it may be necessary to increase costs and reduce profits in a tactical aspect, which does not contradict, but contributes optimal development management strategies.
It would be wrong to distinguish between strategy and tactics according to the deadline for the implementation of management programs established for all cases. In the real market space, the timing of strategy and tactics can vary depending on the level of stability of the economy. In an unstable economy with frequent changes in conditions, the strategy time is significantly reduced to the period during which the development of the predicted process, its life cycle, continues. For the strategic period, a conditional time interval can also be taken, during which the forecast of the expected results can be fulfilled with sufficient probability. Thus, the concept of the duration of the perspective becomes relative. It can mean a period of more than or less than a year, depending on the stability of the market, the frequency of changes in its conditions, life cycle the process under consideration.
main featurestrategic management objectives lies in the fact that they represent a global criterion of the system, which is the improvement of key indicators of the organization, for example, maximizing profits or income from the sale of products, works, services. Therefore, a feature of the strategy is the qualitative sequence of actions and states used to achieve the goals of the organization.
Strategic decisions as decisions related to changing the organization's potential have significant consequences. The consequence arises as a result of choice, efficiency gains as experience is gained. Such goals are most often the object of long-term financial policy.
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The modern concept of strategic management is based on theory competitive strategy and competitive advantage developed by a scientist from the United States M. Porter in the 80s. XX century The author interprets the economic strategy as a generalized management plan focused on achieving the company's goals by defining and implementing long-term competitive advantages.
An important role in strategic management is also played by the differentiation of types of enterprise development strategies by their levels. In the system of this management, there are usually three main types of strategies - corporate strategy, functional strategies and strategies of individual economic units (business units).
Corporate strategy determines the prospects for the development of the enterprise as a whole. It is aimed at fulfilling the mission of the enterprise and most comprehensively ensures the implementation of the main goal of the functioning of the enterprise - to maximize the welfare of its owners.
At the corporate level, the strategy covers such critical issues as the choice of types of economic activity (types of business), ways to ensure long-term competitive advantages of the enterprise in the relevant product markets, various forms conglomerate reorganization (mergers, acquisitions), the principles of distribution of all main types of resources between separate strategic economic zones and strategic economic units. The development of corporate strategy is mainly carried out by top managers of the enterprise management.
Functional strategies enterprises are formed, as a rule, according to the main types of its activities in the context of the most important functional divisions of the enterprise. The main strategies at this level include: marketing, production, financial, personnel, innovation. The functional strategies of an enterprise are aimed at detailing its corporate strategy (implementing its main goals) and at providing resources for the strategies of individual business units. The development of the main functional strategies is carried out by the managers of the main functional divisions of the enterprise.
Business unit strategies (business strategies) enterprises are usually aimed at solving two main goals - ensuring the competitive advantages of a particular type of business and increasing its profitability. Strategic decisions made at this level are usually associated with the creation of new products, the expansion or reduction of existing product lines, investments in new technologies, and the volume of deductions for advertising. The development of strategies at this level is carried out by the heads and managers of strategic business units with the advisory support of managers of the functional departments of the enterprise.
Financial strategy is one of the five functional elements of strategic management (production, marketing, innovation, personnel and finance).
As part of an overall strategy economic development an enterprise that primarily provides the development of operating activities, the financial strategy is subordinate to it. In relation to the operating strategy, the financial strategy is subordinate.... Therefore, it must be consistent with the strategic goals and areas of the company's operating activities. At the same time, the financial strategy is considered as one of the main factors of ensuring effective development enterprises in accordance with the corporate strategy chosen by him.
At the same time, the financial strategy itself has a significant impact on the formation of the strategic development of the company's operating activities. This is due to the fact that the main goals of the operating strategy are to ensure high rates of product sales, increase operating profit and increase competitive position enterprises are associated with the development trends of the corresponding product market (consumer or factors of production). If the development trends of the commodity and financial markets (in those segments where the enterprise carries out its economic activities) do not coincide, a situation may arise when strategic goals development of the company's operating activities could not be realized due to financial constraints. In this case, the operating strategy of the enterprise is adjusted accordingly.
All the variety of operational strategies, the implementation of which is designed to ensure financial activities enterprises can be reduced to the following basic types:
Types of operating strategy
Limited (or concentrated) growth. This type of operating strategy is used by enterprises with stable assortment products and production technologies that are weakly influenced by technological progress... The choice of such a strategy is possible in conditions of relatively weak fluctuations in the conjuncture of the commodity market and a stable competitive position of the enterprise. The main types of this basic strategy are:
Strategy for strengthening the competitive position;
Market expansion strategy;
Product improvement strategy.
Respectively financial strategy enterprise in these conditions is aimed primarily at the effective provision of reproduction processes and the growth of assets, providing a limited increase in production and sales of products. In this case, strategic changes in financial activities are minimized.
Accelerated (integrated or differentiated) growth. This type of operational strategy is usually chosen by enterprises in the early stages of their life cycle, as well as in dynamically developing industries under the influence of technological progress. The main types of this basic strategy are:
Vertical integration strategy;
Reverse integration strategy;
Horizontal "diversification" strategy;
Conglomerate diversification strategy.
Financial strategy in this case is the most difficult due to the need to ensure high rates of development of financial activity, its diversification in various forms, regions, etc.
Shrinking (or shrinking). This operating strategy is most often chosen by enterprises located in the last stages of its life cycle as well as in the stage of the financial crisis. It is based on the principle of "cutting off the excess", which provides for a reduction in the volume and range of products, withdrawal from certain market segments, etc. The main types of this basic strategy are:
Structural reduction strategy;
Cost reduction strategy;
Harvesting strategy;
Elimination strategy.
Financial strategy enterprises in these conditions aims to ensure effective disinvestment and high flexibility in the use of the released capital in order to ensure further financial stabilization.
Combination (or combination). This operational strategy of the enterprise integrates the considered Various types private strategies of individual strategic economic zones or strategic economic units. This strategy is typical for the largest enterprises (organizations) with a wide industrial and regional diversification of operating activities. Respectively financial strategy of such enterprises (organizations) is differentiated in the context of individual objects of strategic management, being subordinated to various strategic goals of their development.
Research results show that when developing a financial strategy enterprises it is advisable to highlight the following dominant spheres ( directions) development financial activities:
Formation strategy financial resources enterprises. Goals, objectives and the main strategic decisions of this part of the financial strategy should be aimed at financial security implementation of the corporate strategy of the enterprise and, accordingly, are subordinate to it.
The strategy for the distribution of financial resources of the enterprise. The parameters of the strategic set of this part of the financial strategy should be, one side aimed at financial support for the implementation of individual functional strategies and strategies of business units, and on the other, make up the basis for the formation of areas of investment activity enterprises in a strategic perspective.
The strategy for ensuring the financial security of the enterprise. The goals, objectives and the most important strategic decisions of this part of the financial strategy should be aimed at formation and support of the main parameters of the financial balance of the enterprise in the process of its strategic development.
Strategy for improving the quality of financial management of the enterprise. The parameters of the strategic set of this part of the financial strategy are developed by the financial services of the enterprise and are included in the form independent block into the corporate and individual functional strategies of the enterprise.
The process of developing and implementing the financial strategy of the enterprise is carried out on the next steps.
1. Determination of the general period for the formation of a financial strategy.
2. Study of the factors of the external financial environment.
3. Assessment of the strengths and weaknesses enterprises that determine the characteristics of its financial activities.
4. Comprehensive assessment strategic financial position of the enterprise.
5. Formation of strategic goals of the financial activities of the enterprise.
6. Development of target strategic standards for financial activities.
7. Making major strategic financial decisions.
8. Evaluation of the developed financial strategy.
9. Ensuring the implementation of the financial strategy.
10. Organization of control over the implementation of the financial strategy.
Financial management object capital and cash flows act. These cost categories are of strategic importance, since their condition largely determines the competitive advantages and economic potential of a joint-stock company. Organization with sufficient equity capital (more than 50% of total capital) and a positive balance cash flows(inflow Money above their outflow) has the ability to attract additional funds from the financial market.
Hence, financial strategy is a long-term course of financial policy, designed for the future and involving the solution of large-scale tasks of the organization.
In the process of developing a strategy, they predict the main trends in the development of finance, form a concept for their use, outline the principles of organizing financial relations with the state (tax policy) and partners (suppliers, buyers, investors, creditors, insurers, etc.).
In strategic planning, alternative ways of the organization's development are outlined, using the forecasts of experienced specialists (managers). It should be noted that ensuring the long-term development of the enterprise in the interests of its owners (shareholders) presupposes:
Formation optimal size authorized capital;
Attraction of additional sources of financing from the capital market (in the form of loans and borrowings);
Accumulation of monetary funds formed as part of proceeds from the sale of products (works, services);
Formation of retained earnings directed to capital investments;
Attraction of special targeted funds;
Accounting and control of the formation of capital, income and funds.
Based on the adopted strategy, specific goals and objectives of production and financial activities are determined and operational management decisions are made.
The most important directions of development of the financial strategy of the enterprise the following:
Analysis and assessment of the financial and economic condition;
Development of accounting and tax policies;
Formation of credit policy;
Fixed asset management and choice of depreciation method;
Working capital and accounts payable management;
Management of operating costs, product sales and profits;
Determination of pricing policy;
Choice of dividend and investment policy;
Assessment of the achievements of the corporation and its market value (price).
However, the choice of a particular strategy does not guarantee the receipt of predicted income due to the influence external factors, in particular, the state of the financial market, tax, customs, budgetary and monetary policy of the state.
An integral part of the financial strategy is prospective financial planning, which determines the main parameters of the enterprise: volume and cost of sales, profit and profitability, financial stability and solvency.
Financial tactics- This is the solution of particular problems of a particular stage of development of an enterprise by timely changing the methods of organizing financial ties, redistributing monetary resources between types of expenses and structural divisions.
With the relative stability of the financial strategy financial tactics should be flexible, which is explained by the volatility of the market environment (supply and demand for resources, goods, services and capital).
The strategy and tactics of financial policy are closely interrelated. A correctly chosen strategy creates favorable opportunities for solving tactical problems.
Financial policy should be carried out by professionals - chief financial managers (directors), who own all the information about the strategy and tactics of the company. To make management decisions, use the information provided in the accounting and statistical reporting and in operational financial accounting, which serves as the main source of data for determining the indicators used in financial analysis and in-house financial planning.
Decisions that determine financial policy are divided into short-term and long-term. Arrangements for the organization and use of finance are considered as short-term, if calculated for the period no more than 12 months or the period of the duration of the operating cycle, if it exceeds 12 months.
They focus on day-to-day decision making and real-time management. Financial solutions and activities aimed at achieving certain results for the period more than 12 months and exceeding the operating cycle are referred to as long term politics.
The principles of short-term and long-term policy formation are interdependent. Short-term financial solutions must be consistent with long-term goals and contribute to their achievement. Such ratios are closely related to issues of strategy and tactics in financial policy.
All human life, despite the unambiguousness of its end, is a struggle against uncertainty. We try to reduce uncertainty in the area that depends on us: choose reliable friends and colleagues; we equip housing that protects us from the vagaries of the weather; we create certain stocks and savings in case of unforeseen situations, etc.
The struggle between spontaneity and orderliness is especially evident in the economy. On the one hand, uncertainty is inherent in economic activity... Moreover, unpredictability is not an annoying circumstance, but a factor in economic growth and progress, an opportunity for the movement of capital. Ultimately, it is uncertainty that is the source of profit. On the other hand, any firm for normal balanced development must have clear and specific growth goals, always distribute limited resources in accordance with the established priorities.
Strategy(from the Greek strategia - the head of the land or sea forces elected for the period of the war). Explanatory dictionary foreign words gives the following explanation for the adjective strategic: essential, important for achieving common general goals at some stage. A financial policy strategy is a system of decisions and outlined areas of activity designed for the long term and providing for the achievement of goals and financial objectives to ensure the optimal and stable operation of business entities, based on the current market situation and planned results. Strategy is the art of business foresight based on science-based financial projections. At the same time, the priority goals and objectives of the development of various areas of economic activity and methods of their implementation are highlighted. Among critical features strategic financial planning, the following should be noted:
- 1) strategic planning covers the most significant parties activities of the company and therefore is the prerogative of top management;
- 2) this creative process, in which there are very few repetitive, routine procedures. The central question of financial planning is right choice priorities for long-term development, determining the priority of solving existing problems;
- 3) this planning is relatively long term(usually several years);
- 4) this is an item common system internal planning (though one of the most important), with which work begins on the planned indicators.
Strategic financial planning covers three key areas of activity commercial organization: development and implementation of a development strategy and behavior during external environment, forward-looking policy in relation to the products (services) created by the company and the line of conduct in relation to the formation of the personnel of the enterprise. The main task of the financial strategy is to ensure the growth of the firm's capitalization, its market value.
Tactics(from the Greek taktika - theory and practice of preparation and conduct of battle). The tactics of financial policy is a set of techniques and forms of entrepreneurial activity aimed at achieving a particular stage of the financial strategy, applied in accordance with specific situations arising in the implementation of the strategy. General requirement presented to tactics - to facilitate the implementation of the chosen strategy. In other words, financial tactics are the current operational actions of the firm, subordinate to the strategic goals and objectives of financial policy. Financial tactics focuses on solving three interrelated tasks: 1) ensuring the solvency of the organization; 2) maintaining liquidity; 3) increasing profitability.
Temporary tactical deviations from strategic goals should not be understood as an obstacle to strategy, if in a more distant period they will bring greater effect. For example, when implementing the goal of maximizing profits for a long period of enterprise development, it may be necessary to increase costs and reduce profits in the short term, which does not contradict, but contributes to the optimal implementation of the financial strategy. There is no doubt that the expansion of the market, which guarantees an increase in profits in the long term, may require an increase in investment costs, and hence a decrease in profits in the current period.
It would be wrong to distinguish between strategy and tactics according to the deadline set for all cases. financial programs... In real conditions, the timing of strategy and tactics may vary depending on the level of economic stability. In an unstable economy with frequent changes in the main parameters, the time of strategic decisions is reduced to the period during which the development of the predicted process, its life cycle, continues. For the strategic period, a conditional time interval can also be taken, during which the forecast of the expected results can be fulfilled with sufficient probability. Thus, the concept of the length of the strategic period is relative. It all depends on the stability of the market, the frequency of changes in its conditions, the life cycle of the process in question.
The main feature of the strategic goals of the company is that they represent a global criterion of the system, which is the improvement of key indicators of the company, for example, maximizing market share, profitability, profit, etc. Therefore, a feature of the strategy is the qualitative sequence of actions and states used to achieve the goals of the organization. Strategic decisions have significant implications. Such goals are most often the object of long-term financial policy.
The modern concept of strategic management is based on the theory of competitive strategy and competitive advantage, developed by a scientist from the United States M. Porter in the 80s. XX century The author interprets the economic strategy as a generalized management plan focused on achieving the company's goals by identifying and implementing long-term competitive advantages.
An important role in strategic management is also played by the differentiation of types of enterprise development strategies by their levels. In the system of this management, there are usually three main types of strategies - corporate strategy, functional strategies and strategies of individual economic units (business units).
The corporate strategy determines the prospects for the development of the enterprise as a whole. It is aimed at fulfilling the mission of the enterprise and most comprehensively ensures the implementation of the main goal of the functioning of the enterprise - to maximize the welfare of its owners.
At the corporate level, the strategy covers such important issues as the choice of types of economic activity (types of business), ways to ensure long-term competitive advantages of the enterprise in the relevant product markets, various forms of conglomerate reorganization (mergers, acquisitions), principles of distribution of all main types of resources between individual strategic zones management and strategic economic units. The development of corporate strategy is mainly carried out by top managers of the enterprise management.
The functional strategies of the enterprise are formed, as a rule, according to the main types of its activities in the context of the most important functional divisions of the enterprise. The main strategies at this level include: marketing, production, financial, personnel, innovation. The functional strategies of an enterprise are aimed at detailing its corporate strategy (implementing its main goals) and at providing resources for the strategies of individual business units. The development of the main functional strategies is carried out by the managers of the main functional divisions of the enterprise.
The strategies of business units (business strategies) of an enterprise are usually aimed at solving two main goals - ensuring the competitive advantages of a particular type of business and increasing its profitability. Strategic decisions made at this level are usually associated with the creation of new products, the expansion or reduction of existing product lines, investments in new technologies, and the volume of deductions for advertising. The development of strategies at this level is carried out by the heads and managers of strategic business units with the advisory support of managers of the functional departments of the enterprise.
Financial strategy is one of the five functional elements of strategic management (production, marketing, innovation, human resources and finance).
As part of the general strategy of the economic development of the enterprise, which primarily ensures the development of operating activities, the financial strategy is subordinate in relation to it. In relation to the operating strategy, the financial strategy is subordinate in nature. Therefore, it must be consistent with the strategic goals and areas of the company's operating activities. At the same time, the financial strategy is considered as one of the main factors for ensuring the effective development of the enterprise in accordance with the corporate strategy chosen by him.
At the same time, the financial strategy itself has a significant impact on the formation of the strategic development of the company's operating activities. This is due to the fact that the main goals of the operating strategy - ensuring high rates of product sales, increasing operating profit and increasing the competitive position of the enterprise are associated with the development trends of the corresponding product market (consumer or factors of production). If the trends in the development of the commodity and financial markets (in those segments where the enterprise carries out its economic activities) do not coincide, a situation may arise when the strategic goals of the development of the enterprise's operating activities cannot be realized due to financial constraints. In this case, the operating strategy of the enterprise is adjusted accordingly.
All the variety of operating strategies, the implementation of which is designed to ensure the financial activities of the enterprise, can be reduced to the following basic types
Depending on the nature of the tasks set, financial policy is subdivided into financial strategy and financial tactics.
The financial strategy is focused on a long period of development and provides for the solution of large-scale tasks within the framework of certain economic strategies of the state.
Financial strategy is general plan actions to provide states (enterprises) with the necessary funds. It covers the theory and practice of the formation of finance, their planning and provision, solves problems that ensure the financial stability of the enterprise in the market conditions of management, develops methods and forms of survival in the new conditions of preparing and conducting strategic financial transactions.
The financial strategy of the company covers all aspects of the company's activities, including the optimization of fixed and circulating assets, distribution of profits, cashless payments, tax and pricing policy, policy in the field of securities.
Comprehensively considering the financial capabilities of the enterprise, objectively considering the nature of internal and external factors, the financial strategy ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the product market. Otherwise, the company may go bankrupt.
Distinguish between the general financial strategy, the sectoral financial strategy and the strategy for the implementation of individual strategic tasks.
General financial strategy is called a financial strategy that determines the activities of an enterprise (relationships with budgets of all levels, the formation and use of enterprise income, the need for financial resources and the sources of their formation) for a year.
An operational financial strategy is a strategy for the current maneuvering of financial resources (a strategy for controlling the spending of funds and mobilizing internal reserves, which is especially important in modern conditions of economic instability), is developed for a quarter, a month. The operational financial strategy covers gross income and receipts of funds (settlements with customers for products sold, receipts from credit transactions, income from securities) and gross expenses (payments to suppliers, salaries, repayment of obligations to budgets of all levels and banks), which creates an opportunity for all forthcoming turnovers in the planned period in terms of cash receipts and expenses. The normal situation is the equality of expenses and incomes, or a slight excess of income over expenses. An operational financial strategy is developed within the framework of a general financial strategy, and details it for a specific period of time.
The strategy for achieving private goals is the skillful execution of financial transactions aimed at ensuring the implementation of the main strategic goal.
The main strategic goal of finance is to provide the state (enterprise) with the necessary financial resources.
Financial strategy objectives:
Study of the nature and patterns of the formation of finance in the market conditions of management;
Development of conditions for preparation possible options the formation of financial resources of the state (enterprises) and the actions of the financial management in the event of an unstable or crisis financial condition;
Determination of financial relationships with the links of the financial system;
Identifying reserves and mobilizing resources for the most rational use production facilities, fixed and circulating funds;
Ensuring effective investment of temporarily free funds in order to obtain maximum profit;
Determination of ways to conduct a successful financial strategy and strategic use of financial opportunities;
Development of methods for preparing a way out of a crisis situation, methods of personnel management in an unstable or crisis financial state and coordination of efforts to overcome it.
The financial strategy is developed taking into account the risk of non-payments, surges in inflation and other force majeure (unforeseen) circumstances. It should correspond to production objectives and, if necessary, adjust and change. Control over the implementation of the financial strategy ensures the verification of the receipt of income, their economical and rational use, since well-established financial control helps to identify internal reserves and increase cash savings.
Financial tactics are subordinated to strategy and at the same time, it adjusts certain directions and methods of using and accumulating financial resources within short periods of time. In fact, financial tactics should be considered as a certain stage (stage) in the implementation of the financial strategy.
Financial strategy and financial tactics are dialectically related. The tasks of financial tactics not only follow from the tasks of the strategy of financial activity, but can also significantly affect the decision of the financial strategy.
For example, financial recovery of the economy and dynamic growth of GDP, increasing the competitiveness of products should be considered as a financial strategy. Such a recovery can be achieved through a reduction in the deficit of Sberbanks, a decrease in inflation, Sberbank deficit, and a decrease in inflationary inflation. It is worth considering activities, but it can also significantly increase the strengthening of the Belarusian ruble exchange rate, which is what financial tactics are doing.