Financial strategy represents one of the most important types of the functional strategy of the enterprise, providing all the main directions of development of its financial activities and financial relations by forming long-term financial goals, choosing the most effective ways their achievement, adequate adjustment of the directions of formation and use financial resources when conditions change external environment.

Financial strategy development plays big role in providing effective development enterprises. This role is as follows:

1. The developed financial strategy provides a mechanism for the implementation of long-term general and financial goals of the upcoming economic and social development the enterprise as a whole and its individual structural units.

2. It allows you to realistically assess the financial capabilities of the enterprise, ensure the maximum use of its internal financial potential and the possibility of active maneuvering with financial resources.

3. It provides the ability to quickly implement new promising investment opportunities that arise in the process of dynamic changes in environmental factors.

4. The development of a financial strategy takes into account in advance possible options for the development of environmental factors that are not controlled by the enterprise and allows minimizing their negative consequences for the activities of the enterprise.

5. She reflects comparative advantage enterprise in financial performance in comparison with its competitors.

6. The presence of a financial strategy provides a clear relationship between the strategic, current and operational management of the financial activities of the enterprise.

7. It ensures that the appropriate mentality of financial behavior is implemented in the most important strategic financial decisions of the enterprise.

8. In the system of financial strategy, the value of the main criteria-based assessments of the choice of the most important financial management decisions is formed.

9. The developed financial strategy is one of the basic prerequisites for strategic changes in the overall organizational structure of management and organizational culture enterprises.

The development of the financial strategy of the enterprise is based on the principles of a new management paradigm - the strategic management system. Among the main of these principles that ensure the preparation and adoption of strategic financial decisions in the process of developing the financial strategy of an enterprise are (Fig. 4.1):

1. Consideration of the enterprise as an open socio-economic system capable of self-organization. This principle of strategic management lies in the fact that when developing a financial strategy, an enterprise is considered as a certain system, completely open for active interaction with environmental factors. In the process of such interaction, the enterprise has the property of acquiring the appropriate spatial, temporal or functional structure without specific external influence in the conditions of the economy market type, which is considered as its ability to self-organize. The openness of the enterprise as a socio-economic system and its ability to self-organize make it possible to provide a qualitatively different level of formation of its financial strategy.

"Conservative type of financial policy" characterizes the style and methods of making managerial decisions aimed at minimizing financial risks. Ensuring a sufficient level of financial security of the enterprise, this type of financial policy cannot provide sufficiently high end results his financial activities.

Table 4.6

3. Formation of a portfolio of possible strategic financial alternatives. At this stage, based on the specific parameters of the model of the strategic financial position of the enterprise and taking into account the formulated financial policy for certain aspects financial activities, a list of all possible ways achieving various strategic financial goals. Each of these possible ways is an independent financial alternative, and their combination is a portfolio of possible financial alternatives.

So, for example, within the framework of a moderate profit formation policy, such alternatives aimed at realizing the strategic goal of increasing the amount of net profit by the end of the strategic period by at least two times can be:

• increase in income from sales of products;
• increase in profits from other types operating activities;
• increase in profit from investment activities;
• level reduction variable costs enterprises;
• reducing the amount of fixed costs of the enterprise;
• changing the tax policy of the enterprise in order to reduce the level of tax intensity of products and others.

When forming a portfolio of possible strategic financial alternatives for certain aspects of financial activity, it is necessary to put forward more non-traditional ways to achieve the goals that were not previously used in the financial practice of the enterprise. In the course of further evaluation, such financial alternatives may prove to be the most appropriate.

4. Evaluation and selection of strategic financial alternatives. In the process of evaluating individual alternatives, the greatest attention should be paid to the use modern methods comparative financial analysis. The main of these methods can be:

• scenario analysis;
• sensitivity analysis;
• decision tree construction method;
• linear programming method;
• simulation method;
• method of expert assessments and others.

In the process of selecting strategic financial alternatives, the system of criteria used plays the greatest role. Such criteria may be:

• growth rate or absolute amount of net cash flow growth;
• the level of return on equity;
• level financial risk other.

Based on the results of the assessment and preliminary selection of strategic financial alternatives, they are ranked according to selected criteria. The final strategic financial decision is made on the basis of such a ranked possible list of them.

5. Drawing up a program of strategic financial enterprise development. Such a program should reflect the main results of the strategic financial choice of the enterprise and ensure their synchronization in the dominant areas and segments of strategic financial development, as well as in terms of the implementation of individual interdependent strategic decisions. The program should not contain rigidly determined actions to ensure the strategic goals of the financial development of the enterprise, indicating only the directions of these actions.

The approximate format of the program of strategic financial development of the enterprise is presented in Table. 4.7.

The developed program of strategic financial development of the enterprise must be approved by the owners and top managers of the enterprise.

Master plan providing for the activities of the enterprise, covering the formation financial matters and ensuring the financial stability of the enterprise. The financial strategy of the company includes planning, analysis, accounting and control of the financial condition; optimization of current and fixed assets; profit distribution. There are a number of basic essential characteristics of the financial strategy of the enterprise, reflected in Figure 1.2.1 .. Thus, the adaptation of financial activities to internal and external conditions that have social, environmental, economic and institutional components, the formation on this basis of specific financial goals for the long-term development of the enterprise and the mechanism for their implementation, taking into account the impact of internal and external social, environmental, economic and institutional factors, according to the author, is the basis of a financial strategy aimed at sustainable development of the enterprise.

Rice. 1.2.1. The most important essential characteristics of the financial strategy of the enterprise

Development of the financial strategy of the enterprise needed for:

Formation and appropriate use financial resources;

Identification of the most promising and profitable areas for investment, concentration of the bulk of available finance in these areas;

Ensuring that the economic condition and material possibilities of the organization correspond to its financial actions;

Prioritizing the issue of the main threat from side of competitors, the right choice of directions for investment and financial maneuvering to stay ahead of competitors;

Definition of the main and secondary goals, their phased achievement;

Creation (correction) of strategic reserves of the enterprise.

quality development of the company's financial strategy must necessarily take into account the dynamics of macroeconomic processes, the peculiarities of the development of the country's financial markets, the possibility of diversifying the activities of the enterprise. It is very important to take into account the possibility of diversifying the company's activities. The financial strategy is aimed at achieving full self-sufficiency and independence from external sources of financing (subsidizing) of the enterprise. It includes the formation of financial resources, their planning, due to which the financial stability of the enterprise is acquired.

Development of the financial strategy of the enterprise provides for the identification of long-term goals of financial activity, as well as the use of the most effective schemes for achieving them. The objectives of any financial strategy must comply with and obey the general concept economic development, focusing on the maximum profit and market value of the enterprise.

The development of an enterprise development strategy ensures the effective distribution and use of all resources: material, financial, labor, land and technology, and on this basis - a stable position of the enterprise in the market in a competitive environment.

In this regard, first of all, it is necessary to move from a reactive form of management (making managerial decisions as a reaction to current problems) to management based on analysis and forecasts.

The development of an enterprise strategy is carried out on the basis of forecasts for the development of markets for manufactured products, an assessment of potential risks, an analysis of the financial and economic condition and efficiency of enterprise management, as well as an analysis of its strengths and weaknesses

financial strategy, main task which is to achieve full self-sufficiency and independence of the enterprise, is based on certain principles of organization and includes the following:

current and long-term financial planning, which determines all receipts for the future Money enterprises and the main directions of their spending;

centralization of financial resources, ensuring the flexibility of financial resources, their concentration in the main areas of production and economic activity;

the formation of financial reserves that ensure the stable operation of the enterprise in the face of possible fluctuations in market conditions;

unconditional fulfillment of financial obligations to partners;

development of accounting, financial and depreciation policy of the enterprise;

organization and maintenance of financial accounting of the enterprise and business segments based on existing standards;

drafting financial reporting for the enterprise and business segments in accordance with applicable rules and regulations in compliance with the requirements of standards;

financial analysis of the activity of the enterprise and its segments (priority economic and geographical segments, other segments in unallocated items);

financial control of the enterprise and all its segments.

Based on the financial strategy, the financial policy of the enterprise is determined in the following main areas of financial activity:

tax policy;

price policy;

depreciation policy;

dividend policy;

investment policy.

In the process of developing a financial strategy, special attention is paid to the production of competitive products, the mobilization of internal resources, the maximum reduction in the cost of production, the formation and distribution of profits, the efficient use of capital, etc.

Consideration of risk factors is of great importance for the formation of a financial strategy. The financial strategy is developed taking into account the risk of non-payments, inflationary fluctuations, the financial market and other force majeure circumstances. Thus, the financial strategy should correspond to the production objectives and, if necessary, be adjusted and changed.

Control over the implementation of the financial strategy ensures the verification of income, their economical and rational use, as a well-established financial control helps identify internal reserves, increase the profitability of the economy, increasing cash savings.

An important part of the financial strategy is the development of internal standards, which determine, for example, the direction of profit distribution. This approach is successfully used in the practice of foreign companies.

Financial strategy- is a master plan of action of the enterprise, covering the formation of finances and their planning to ensure the financial stability of the enterprise and includes the following:

planning, accounting, analysis and control of financial condition;

optimization of basic and working capital; profit distribution.

The financial strategy of the enterprise provides:

formation and effective use of financial resources;

identification of the most effective areas of investment and concentration of financial resources in these areas;

compliance of financial actions with the economic condition and material capabilities of the enterprise;

identification of the main threat from competitors, right choice directions of financial actions and maneuvering to achieve an advantage over competitors;

creation and preparation of strategic reserves;

ranking and step-by-step achievement of goals.

Tasks financial strategy:

identification of ways to successfully use financial opportunities;

determination of prospective financial relationships of the enterprise with third parties

financial support for operating and investment activities;

study of economic and financial opportunities of potential competitors, development and implementation of measures to ensure financial stability.

The formation and implementation of a financial strategy as the basis for financial planning of an enterprise is based on the use of tools:

financial management - financial analysis, budgeting, financial control;

financial services market - factoring, insurance, leasing.

financial planning determines the most important indicators, proportions and rates of extended reproduction and is the main form of implementation of the main goals of the enterprise. Forward planning is an important part financial strategy enterprise and includes the development and forecasting of its financial activities.

Evaluation of the effectiveness of the developed financial strategy. It is the final stage in the development of the financial strategy of the enterprise and is carried out according to the following main parameters:

consistency of the financial strategy of the enterprise with the overall strategy of its development. In the process of such an assessment, the degree of consistency of goals, directions and stages in the implementation of these strategies is revealed;

consistency of the financial strategy of the enterprise with the expected changes in the external financial environment. In the process of this assessment, it is determined to what extent the developed financial strategy corresponds to the projected development of the country's economy and changes in the financial market situation in the context of its individual segments;

internal balance of the financial strategy. When conducting such an assessment, it is determined: how consistent are the individual goals and target strategic standards of the forthcoming financial activity; to what extent these goals and standards correspond with the content of the financial policy on certain aspects of financial activity; how coordinated are the measures to ensure its implementation in terms of directions and time;

feasibility of the financial strategy. In the process of such an assessment, first of all, the potential capabilities of the enterprise in the formation of its own financial resources are considered. In addition, the level of qualification of financial managers and their technical equipment is assessed from the standpoint of the tasks of implementing the financial strategy;

acceptability of the level of risks associated with the implementation of the financial strategy. In the process of such an assessment, it is necessary to determine to what extent the level of predicted financial risks associated with the activities of the enterprise provides sufficient financial balance in the process of its development and corresponds to the financial mentality of its owners and responsible financial managers. In addition, it is necessary to assess the extent to which the level of these risks is acceptable for the financial activities of this enterprise from the standpoint of the possible amount of financial losses and the threat of its bankruptcy;

the effectiveness of the developed financial strategy. Evaluation of the effectiveness of the financial strategy can be assessed, first of all, on the basis of predictive calculations of the previously considered system of basic financial ratios;

the development of a financial strategy and financial policy on the most important aspects of financial activity allows you to make effective management decisions related to the financial development of the enterprise.

The system of current planning of financial activity is based on the developed financial strategy and financial policy for certain aspects of financial activity. This planning consists in the development of specific types of current financial plans that allow you to determine for the coming period all sources of financing for the development of the enterprise, form the structure of its income and costs, ensure the constant solvency of the enterprise, and predetermine the structure of its assets and capital at the end of the planning period. Current financial activity plans are developed for the coming year, broken down by quarters.

The development of the financial strategy of the enterprise depends on the goals and objectives set by the owner of the enterprise, so the financial plan (budget) of the enterprise can be either a “eating” budget or a development budget. Practice shows that only serious strategic investors have a financial strategy that provides for the continuous development of the enterprise, investing in the renewal of its fixed assets, reorienting the enterprise's economy towards reducing energy costs and increasing labor costs, and even reorienting production.

Financial strategy of the enterprise

In the conditions of market relations, the independence of enterprises, as well as responsibility for the results of their activities, there is a need to identify trends financial condition, orientation in financial opportunities and prospects (obtaining a bank loan, attracting foreign investment), assessing the financial condition of other business entities. The solution of these issues is provided by the financial strategy of the enterprise.

Financial strategy- This is a master plan of action to provide the enterprise with cash. It covers both theory and practice, the formation of finances, their planning and provision. The financial strategy of an enterprise solves problems that ensure financial stability enterprises in market conditions management.

The theory of financial strategy explores the objective patterns of market economic conditions, develops methods and forms of survival in the new conditions of preparation and conduct of strategic financial transactions.

The financial strategy of the enterprise covers all aspects of the enterprise, including the optimization of fixed and working capital, distribution of profits, cashless payments, tax and pricing policy, policy in the field of valuable papers and etc.

The financial strategy ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the product market, taking into account the financial capabilities of the enterprise and considering the nature of internal and external factors. Otherwise, the company may go bankrupt.

Types of financial strategy

There are general financial strategy, an operational financial strategy and a strategy for the implementation of individual strategic objectives, in other words - the achievement of private strategic goals.

General financial strategy called the financial strategy that determines the activities of the enterprise. For example, relationships with budgets of all levels, the formation and use of enterprise income, the need for financial resources and sources of their formation for the year.

Operational financial strategy- this is a strategy for the current maneuvering of financial resources, i.e. strategy for controlling spending and mobilizing internal reserves, which is especially relevant in modern conditions economic instability; developed for a quarter, a month. The operational financial strategy covers:

gross income and receipts of funds: settlements with buyers for sold products, receipts from credit operations, income from securities;

gross expenses: payments to suppliers, wage, repayment of obligations to the budgets of all levels and banks.

This approach creates an opportunity to provide for all upcoming turnovers in the planning period in terms of cash receipts and expenditures. The normal situation is the equality of expenses and income or a slight excess of income over expenses.

The operational financial strategy is developed within the framework of the general financial strategy, detailing it for a specific period of time.

It consists in the skillful execution of financial operations aimed at ensuring the implementation of the main strategic goal.

Goals and objectives of the financial strategy

The main strategic goal of finance is to provide the enterprise with the necessary and sufficient financial resources.

The financial strategy of the enterprise in accordance with the main strategic goal provides:

1) formation of financial resources and centralized strategic management of them;

2) identifying decisive areas and focusing on their implementation of efforts, flexibility in the use of reserves by the financial management of the enterprise;

3) ranking and stage-by-stage achievement of tasks;

4) compliance of financial actions with the economic condition and material capabilities of the enterprise;

5) an objective account of the financial and economic situation and the real financial position enterprises in a year, quarter, month;

6) creation and preparation of strategic reserves;

7) taking into account the economic and financial capabilities of the enterprise itself and its competitors;

8) determining the main threat from competitors, mobilizing forces to eliminate it and skillfully choosing directions for financial actions;

9) maneuvering and fighting for the initiative to achieve a decisive superiority over competitors.

To achieve the main strategic goal, in accordance with the requirements of the market and the capabilities of the enterprise, a general financial strategy of the enterprise is being developed.

In the general financial strategy, the tasks of forming finance are determined and distributed by performers and areas of work.

Tasks of the financial strategy:

1) study of the nature and patterns of formation of finance in market conditions of management;

2) development and preparation of possible options for the formation of the financial resources of the enterprise and the actions of the financial management in the event of an unstable or crisis financial condition of the enterprise;

3) determination of financial relationships with suppliers and buyers, budgets of all levels, banks and other financial institutions;

4) identification of reserves and mobilization of enterprise resources for the most rational use production capacity, fixed assets and working capital;

5) providing the enterprise with the financial resources necessary for production economic activity;

6) ensuring the effective investment of temporarily free funds of the enterprise in order to obtain maximum profit;

7) determination of ways to conduct a successful financial strategy and strategic use of financial opportunities, new types of products and comprehensive training of enterprise personnel for work in market conditions of management, their organizational structure and technical equipment;

8) study of the financial strategic views of potential competitors, their economic and financial capabilities, development and implementation of measures to ensure financial stability;

9) development of ways to prepare a way out of a crisis situation;

10) development of methods for managing the personnel of an enterprise in conditions of an unstable or crisis financial condition;

11) coordination of the efforts of the entire team to overcome it.

When developing a financial strategy, special attention is paid to:

identification of cash income;

mobilization of domestic resources;

the maximum reduction in the cost of production;

proper distribution and use of profits;

determining the need for working capital;

rational use of enterprise capital.

Development of financial strategy

The financial strategy is developed taking into account the risk of non-payments, inflation and other force majeure circumstances. Thus, the financial strategy should correspond to the production objectives and, if necessary, be adjusted and changed.

Control over the implementation of the financial strategy ensures the verification of income, their economical and rational use, as well-established financial control helps to identify internal reserves, increase the profitability of the economy, increasing cash savings.

An important part of the financial strategy is the development of internal standards, which determine, for example, the direction of profit distribution. This approach is successfully used in the practice of foreign companies.

Thus, the success of the financial strategy of the enterprise is guaranteed under the following conditions:

1) with mutual balancing of the theory and practice of financial strategy;

2) if financial strategic goals correspond to real economic and financial opportunities through strict centralization of financial strategic leadership and the flexibility of its methods as the financial and economic situation changes.

The development of the financial strategy of an enterprise can be presented in the form of a diagram (see.
).

INTRODUCTION

A financial strategy is needed to achieve the company's goals. When developing it, various options are possible, but for any of them it will be necessary to determine the planning period, outline the main financial goals and ways to achieve them. Equally important is the control over the implementation of the strategy, which allows evaluating the effectiveness of the company's activities, identifying deviations from the planned result and adjusting the strategy for subsequent periods:

- management of current assets and accounts payable;

-management of borrowed funds;

- management of current costs, sales of products and profits;

The financial strategy is a master plan of action to provide the enterprise with funds and manage them.

The financial strategy of any enterprise includes the following elements:

-analysis and assessment of the financial and economic condition of the company;

-development of accounting and tax policies;

-main capital management and depreciation policy;

-dividend and investment policy;

-assessment of the company's achievements and its market value.

Financial strategy means a set of principles and rules that determine the company's financial flows, the boundaries of financial risks, as well as financial goals formulated in a certain set of indicators and rules for their formation.

The financial strategy is closely related to the company's development strategy.

Since the goal of any business is profit, any strategy should be aimed at financial success. Any actions and strategies used in the enterprise must lead to changes in the financial component, otherwise these actions do not make sense. Finance is a service function and the financial strategy will largely depend on the company's marketing strategy.

Usually, strategies begin to be developed when the external conditions for doing business change dramatically, or when the number of internal contradictions and inconsistencies in business processes leads to the realization of the need for qualitative changes. The development of a company's financial strategy includes several main stages. First of all, it is necessary to determine the period of the strategy, the goals of financial activity, form a financial policy and detail financial indicators by periods of strategy implementation.

The presence of a financial strategy has a positive effect on the performance of the enterprise ... Owners make it clear what they want, and managers - what they can. The number of financial conflicts is reduced, and the financial result is increased.

So, if a company has a financial strategy, it certainly becomes more manageable for management and transparent for owners, more flexible in responding to changes in the business environment and internal processes.

The concept of financial strategy, and its role in the development of the enterprise

When developing a financial strategy, it is necessary to take into account the dynamics of macroeconomic processes, trends in the development of domestic financial markets, and the possibilities for diversifying the activities of an enterprise.

financial strategy,main task which is to achieve full self-sufficiency and independence of the enterprise, is based on certain principles of organization and includes the following:

- current and long-term financial planning, which determines for the future all the receipts of the enterprise's funds and the main directions of their spending;

- centralization of financial resources, ensuring the flexibility of financial resources, their concentration in the main areas of production and economic activity;

- the formation of financial reserves that ensure the stable operation of the enterprise in the face of possible fluctuations in market conditions;

- unconditional fulfillment of financial obligations to partners;

- development of the accounting, financial and depreciation policy of the enterprise;

- organization and maintenance of financial accounting of the enterprise and business segments on the basis of existing standards;

- preparation of financial statements for the enterprise and business segments in accordance with applicable rules and regulations in compliance with the requirements of standards;

- financial analysis of the activity of the enterprise and its segments (priority economic and geographical segments, other segments in the composition of unallocated items);

- financial control of the enterprise and all its segments.

Covering all forms of financial activity of an enterprise, namely: optimization of fixed and working capital, formation and distribution of profits, cash settlements and investment policy, the financial strategy explores the objective economic laws of market relations, develops forms and methods of survival and development under new conditions.

The financial strategy includes the methods and practice of forming financial resources, their planning and ensuring the financial stability of the enterprise. The financial strategy provides for the definition of long-term goals of financial activity and the choice of the most effective ways to achieve them. The goals of the financial strategy should be subordinate to the overall strategy of economic development and be directed to maximizing profits and market value enterprises.

In the process of developing a financial strategy, special attention is paid to the production of competitive products, the mobilization of internal resources, the maximum reduction in the cost of production, the formation and distribution of profits, the efficient use of capital, etc.

Consideration of risk factors is of great importance for the formation of a financial strategy. The financial strategy is developed taking into account the risk of non-payments, inflationary fluctuations, and the financial market.

An economic development strategy is a set of main goals and the main means of achieving them. Strategic planning is a unified way of predicting future opportunities, helping to clarify the most appropriate course of action. An analysis of the current values ​​of the parameters and their forecast make it possible to formulate strategic focus - a priority area on which it is necessary to concentrate attention and resources. The scope of the enterprise's priorities should be limited, since the simultaneous implementation of several strategic goals is really impossible..

Taking into account the risk factors and the uncertainty of the development of the external environment, it is almost impossible to choose a single development strategy.

Of great importance is the complexity of developing a strategy, since each alternative provides for an analysis of all, without exception, issues of its financial, resource and organizational security, the definition and coordination of temporal and quantitative parameters. Allocation of resources to achieve only a specific goal guarantees the stability of the implementation of the strategy, although it limits the possibility of maneuvering.

A financial strategy is a general plan of action for an enterprise, covering the formation of finances and their planning to ensure the financial stability of the enterprise and includes the following:

- planning, accounting, analysis and control of the financial condition;

- optimization of fixed and working capital;

- distribution of profits.

The financial strategy of the enterprise provides:

- formation and effective use of financial resources;

- identification of the most effective areas of investment and concentration of financial resources in these areas;

- compliance of financial actions with the economic condition and material capabilities of the enterprise;

-determination of the main threat from competitors, the correct choice of directions of financial actions and maneuvering to achieve an advantage over competitors;

- Creation and preparation of strategic reserves;

- ranking and phased achievement of goals.

Tasks of the financial strategy:

-determination of ways of successful use of financial opportunities;

-determination of prospective financial relationships of the enterprise with third parties

-financial support for operating and investment activities;

- study of economic and financial opportunities of potential competitors, development and implementation of measures to ensure financial stability.

The formation and implementation of a financial strategy as the basis for financial planning of an enterprise is based on the use of tools:

- financial management - financial analysis, budgeting, financial control;

- financial services market - factoring, insurance, leasing.

Financial planning is the main form of realization of the main goals of the enterprise. Long-term planning is an important part of the financial strategy of an enterprise and includes the development and forecasting of its financial activities.

The development of a financial strategy is part of the overall strategy for economic development, which is why it must be consistent with its goals and directions. In turn, the financial strategy has a significant impact on the overall economic strategy of the enterprise, since the change in the situation at the macro level and in the financial market is the reason for adjusting not only the financial, but also the general development strategy of the enterprise.

Stages of developing a financial strategy

The development of the financial strategy of the enterprise is based on the principles of the new management system of strategic management. The main of these principles that ensure the preparation and adoption of strategic financial decisions in the process of developing the financial strategy of an enterprise include:

Consideration of the enterprise as an open socio-economic system capable of self-organization. This principle of strategic management lies in the fact that when developing a financial strategy, an enterprise is considered as a certain system, completely open for active interaction with environmental factors. In the process of such interaction, an enterprise has the property of acquiring an appropriate spatial, temporal or functional structure without specific external influence in a market-type economy, which is considered as its ability to self-organize. The openness of the enterprise as a socio-economic system and its ability to self-organize make it possible to provide a qualitatively different level of formation of its financial strategy.

Accounting for the basic strategies of the enterprise's operating activities. As part of the overall strategy for the economic development of the enterprise, which primarily ensures the development of operating activities, the financial strategy is subordinate to it. Therefore, it must be consistent with the strategic goals and directions of the enterprise's operating activities. 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 it.

However, financial strategy itself has a significant impact on the formation of the strategic development of the operating activities of the enterprise. This is due to the fact that the main goals of the operational strategy - ensuring high rates of product sales, growth in operating profit and increasing the competitive position of the enterprise are associated with the development trends of the relevant product market (consumer or production factors). If the trends in the development of commodity and financial markets (in those segments where the enterprise carries out its business activities) do not coincide, a situation may arise when strategic goals development of the enterprise's operating activities can not be implemented due to financial constraints. In this case, the operating strategy of the enterprise is adjusted accordingly.

The whole 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:

Limited (or concentrated) growth. This type of operating strategy is used by enterprises with a stable product range and production technologies that are not easily affected by technological change. The choice of such a strategy is possible in conditions of relatively weak fluctuations in the commodity market and a stable competitive position of the enterprise. The main types of this basic strategy are: the strategy of strengthening the competitive position; market expansion strategy; product improvement strategy. Accordingly, the financial strategy of the enterprise in these conditions is aimed primarily at the effective provision of reproduction processes and the growth of assets that ensure a limited increase in production and sales. Strategic changes in financial activities in this case are minimized.

Accelerated (integrated or differentiated) growth. This type of operational strategy is chosen, as a rule, by enterprises that are 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.

Reducing (or shrinking). This operating strategy is most often chosen by enterprises in the last stages of their life cycle, as well as in the stage of 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: structure reduction strategy; cost reduction strategy; "harvest" strategy; elimination strategy. The financial strategy of the enterprise in these conditions is designed to ensure effective disinvestment and high flexibility in the use of released capital in order to ensure further financial stabilization.

Combination (or combination). Such an 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 industry and regional diversification of operations.

Primary focus on the entrepreneurial style of strategic financial management. The financial management of an enterprise in a strategic perspective is characterized by an incremental or entrepreneurial style.

The basis of incremental strategic style financial management is the setting of strategic goals from the achieved level of financial activity with minimization of the alternativeness of strategic financial decisions. Fundamental changes in the directions and forms of financial activity are carried out only as a response to changes in the operating strategy of the enterprise. This style of strategic financial management is usually typical for enterprises that have reached the maturity stage of their life cycle.

The basis of the entrepreneurial style of strategic financial management is active search effective management decisions in all areas and forms of financial activity. This style of financial management is associated with a constant transformation of the directions, forms and methods of financial activities all the way to achieving the set strategic goals, taking into account changing environmental factors.

Identification of dominant areas of strategic financial development. This principle makes it possible to identify priority areas financial activities of the enterprise, ensuring the successful implementation of its main target function - the increase in the market value of the enterprise in the long term.

Strategy for the formation of financial resources of the enterprise. Goals, objectives and main strategic decisions this dominant of the financial strategy should be aimed at financial support for the implementation of the corporate strategy of the enterprise and, accordingly, subordinate to it.

The strategy of distribution of financial resources of the enterprise. The parameters of the strategic set of this dominant financial strategy should, on the one hand, be aimed at financial support for the implementation of individual functional strategies and strategies of economic units, and on the other hand, form the basis for the formation of directions for the investment activity of an enterprise in a strategic perspective.

Strategy for ensuring the financial security of the enterprise. The goals, objectives and most important strategic decisions of this dominant financial strategy should be aimed at the 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 dominant financial strategy are being developed financial services enterprises and are included as an independent block in the corporate and individual functional strategies of the enterprise.

Ensuring the flexibility of the financial strategy. The future development of the financial activity of an enterprise is always characterized by significant uncertainty. Therefore, it is practically impossible to keep the developed financial strategy of the enterprise unchanged at all stages of the process of its implementation. Strategic flexibility is the potential ability of an enterprise to quickly adjust or develop new strategic financial decisions in the face of changing external or internal conditions for the implementation of financial activities. It is achieved with such intra-organizational coordination of financial activities, in which financial resources can be easily transferred from one strategic business area or economic unit to another. The ability to timely maneuver financial resources is achieved if the enterprise has a sufficient amount of them in the form of insurance reserves and integrated management of these reserves. Besides , an important role in ensuring the flexibility of the financial strategy is played by a sufficient level of liquidity of the assets and investments of the enterprise. To this end, an enterprise may sometimes deliberately maintain certain types of financial investments with low returns but high levels of liquidity in order to provide the necessary strategic flexibility due to the ability to quickly reinvest capital.

6. Providing an alternative strategic financial choice. Strategic financial decisions should be based on an active search for alternative options for the directions, forms and methods of financial activities, the selection of the best of them, the construction of a general financial strategy on this basis and the formation of mechanisms for its effective implementation. Alternative is the most important hallmark the entire system of strategic enterprise management and is associated with all the main elements of the strategic financial set - financial goals, financial policy on certain aspects of financial activity, sources of formation of financial resources, style and mentality of financial management, etc.

7. Ensuring continuous use of the results of technological progress in financial activities. When forming a financial strategy, it should be borne in mind that financial activity is the main mechanism for ensuring the introduction of technological innovations that ensure the growth of the enterprise's competitive position in the market. Therefore, the implementation of the general goals of the strategic development of an enterprise largely depends on how its financial strategy reflects the results of technological progress and is adapted to the rapid use of its new results.

8. Accounting for the level of financial risk in the process of making strategic financial decisions. Almost all major financial decisions taken in the process of forming a financial strategy, to one degree or another, change the level of financial risk. First of all, this is due to the choice of directions and forms of financial activity, the formation of financial resources, the introduction of new organizational structures for managing financial activities. The level of financial risk increases especially strongly during periods of interest rate fluctuations and inflation growth. Due to the different mentality of financial managers in relation to the level of acceptable financial risk (their risk preferences) at each enterprise in the process of developing a financial strategy this parameter must be set differentially.

9. Orientation to the professional apparatus of financial managers in the process of implementing the financial strategy. Whatever specialists are involved in the development of individual parameters of the financial strategy of the enterprise, its implementation should be ensured by trained specialists - financial managers. These managers must be familiar with the basic principles of strategic management, the mechanism for managing certain aspects of financial activity, and master the methods of strategic financial controlling.

Providing the developed financial strategy of the enterprise with the appropriate organizational structure for managing financial activities and organizational culture. The most important condition for the effective implementation of the financial strategy is the corresponding changes in the organizational structure of management and organizational culture. The envisaged strategic changes in this area should be integral part parameters of the financial strategy that ensure its feasibility.

The development of the main elements of a strategic set in the field of financial activity of an enterprise is based on the results of a strategic financial analysis.

The final product of strategic financial analysis is a model of the strategic financial position of an enterprise, which comprehensively and comprehensively characterizes the prerequisites and opportunities for its financial development in the context of each of the strategic dominant areas of financial activity.

Strategic planning is implemented sequentially in stages:

Organization mission statement

Goal setting

Assessment and analysis of the external environment

Choice

strategies

Implementation of the strategy and subsequent evaluation of results

Analysis of strategic alternatives

Management review of the organization.

Organizational mission statement and goal setting. The mission of the organization is the main common goal, a clearly expressed reason for its existence.

The objectives of the enterprise must be specific and measurable. They are usually installed for long or short periods of time. A long-term goal has a planning horizon of five or more years. A short-term goal usually represents one of the plans to be completed within a year. Medium-term goals have a planning horizon of one to five years. Long-term goals are formulated first. Then medium and short-term goals are set, necessary to ensure long-term goals. Usually, the closer the planning horizon of the goal, the narrower the scope of the tasks set. For example, a long-term productivity goal might be: increase overall productivity by 25% in five years. Then the medium-term goal is to increase productivity by 10% in two years. The goal set must be achievable. Setting a goal that exceeds the capacity of the organization can be disastrous. If the goals are unattainable, the desire of employees to succeed will be blocked and their motivation will weaken - unattainable goals disorganize staff.

Assessment and analysis of the external environment is the process by which strategic planners evaluate factors external to the organization in order to identify opportunities and threats for the firm. Evaluate according to three parameters: 1) changes that affect different aspects of the current strategy. For example, rising fuel prices create problems for airlines, so they must continually assess fuel price developments; 2) factors that pose a threat to the current strategy of the firm. For example, if there are competitors, you need to control their activities. ; 3) factors that determine new opportunities to achieve the goals of the enterprise.

Threats and opportunities can generally be classified into seven areas: economics, politics, markets, technology, competition, international standing, and social behavior.

Financial strategy is one of the most important types of the enterprise's functional strategy, which provides all the main directions for the development of its financial activities and financial relations by forming long-term financial goals, choosing the most effective ways to achieve them, and adequately adjusting the directions for the formation and use of financial resources when environmental conditions change.

Role financial strategy is as follows:

1) the developed financial strategy provides a mechanism for the implementation of long-term general and financial goals for the upcoming economic and social development of the enterprise as a whole and its individual structural units;

2) it allows you to realistically assess the financial capabilities of the enterprise, ensure the maximum use of its internal financial potential and the possibility of active maneuvering with financial resources;

3) it provides the ability to quickly implement new promising investment opportunities that arise in the process of dynamic changes in environmental factors;

4) the development of a financial strategy takes into account in advance possible options for the development of environmental factors uncontrolled by the enterprise and minimizes their negative consequences for the enterprise's activities;

5) it reflects the comparative advantages of the enterprise in financial activities in comparison with its competitors;

6) the presence of a financial strategy provides a clear relationship between the strategic, current and operational management financial activities of the enterprise;

7) it ensures the implementation of the appropriate mentality of financial behavior in the most important strategic financial decisions of the enterprise;

8) in the system of financial strategy, the value of the main criteria-based assessments of the choice of the most important financial management decisions is formed;

9) the developed financial strategy is one of the basic prerequisites for strategic changes in the overall organizational structure of management and organizational culture of the enterprise.

The development of the financial strategy of the enterprise is based on the following principles strategic management systems:

1) consideration of the enterprise as an open socio-economic system capable of self-organization . This principle of strategic management lies in the fact that when developing a financial strategy, an enterprise is considered as a certain system, completely open for active interaction with environmental factors;

2) accounting for the basic strategies of the enterprise's operating activities . As part of the overall strategy for the economic development of the enterprise, which primarily ensures the development of operating activities, the financial strategy is subordinate to the overall strategy. Therefore, it must be consistent with the strategic goals and directions of the enterprise's operating activities. 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 it. The whole 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:

- limited(or concentrated) growth. This type of operating strategy is used by businesses with a stable product mix and production technologies weakly influenced by technological progress. The choice of such a strategy is possible in conditions of relatively weak fluctuations in the commodity market and a stable competitive position of the enterprise. The main types of this basic strategy are: the strategy of strengthening the competitive position; market expansion strategy; product improvement strategy;

- accelerated (integrated or differentiated) growth. This type of operational strategy is chosen, as a rule, by enterprises that are 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. The financial strategy in this case is the most complex due to the need to ensure high rates of development of financial activity, its diversification into various forms, regions, etc.;

- cuts(or compression). This operating strategy is most often chosen by enterprises in the last stages of their life cycle, as well as in the stage of 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: structure reduction strategy; cost reduction strategy; harvesting strategy; elimination strategy. The financial strategy of the enterprise in these conditions is designed to ensure effective disinvestment and high flexibility in the use of released capital in order to ensure further financial stabilization;

- combinations(or combinations). Such an operational strategy of an enterprise integrates the considered various types of private strategies of individual strategic business zones or strategic business units. This strategy is typical for most large enterprises(organizations) with a wide industry and regional diversification of operations. Accordingly, the 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;

3)predominant focus on the entrepreneurial style of strategic financial management . The financial management of an enterprise in a strategic perspective is characterized by an incremental or entrepreneurial style. basis incremental style of strategic financial management is the setting of strategic goals from the achieved level of financial activity with minimization of the alternativeness of strategic financial decisions. basis entrepreneurial style of strategic financial management is an active search for effective management decisions in all areas and forms of financial activity. This style of financial management is associated with a constant transformation of the directions, forms and methods of financial activities all the way to achieving the set strategic goals, taking into account changing environmental factors.

4)identification of dominant areas of strategic financial development . This principle makes it possible to ensure the identification of priority areas of the financial activity of the enterprise, ensuring the successful implementation of its chapters.

the target function is the increase in the market value of the enterprise in the long term. There are the following financial development strategies:

- formation of financial resources of the enterprise. The goals, objectives and main strategic decisions of this dominant financial strategy should be aimed at financial support for the implementation of the corporate strategy of the enterprise and, accordingly, subordinate to it;

- distribution of financial resources of the enterprise. The parameters of the strategic set of this dominant financial strategy should, on the one hand, be aimed at financial support for the implementation of individual functional strategies and strategies of economic units, and on the other hand, form the basis for the formation of directions for the investment activity of an enterprise in a strategic perspective;

- ensuring the financial security of the enterprise. The goals, objectives and most important strategic decisions of this dominant financial strategy should be aimed at the formation and support of the main parameters of the financial balance of the enterprise in the process of its strategic development;

- improving the quality of financial management of the enterprise. The parameters of the strategic set of this dominant financial strategy are developed by the financial services of the enterprise and are included as an independent block in the corporate and individual functional strategies of the enterprise;

5)ensuring the flexibility of the financial strategy . The future development of the financial activity of an enterprise is always characterized by significant uncertainty. Therefore, it is practically impossible to keep the developed financial strategy of the enterprise unchanged at all stages of the process of its implementation. The basis for alternative strategic actions of financial managers in such conditions is the high level of flexibility of the developed financial strategy;

6)ensuring alternative strategic financial choice .

7)ensuring the continuous use of the results of technological progress in financial activities . When forming a financial strategy, it should be borne in mind that financial activity is the main mechanism that ensures the introduction of technological innovations that contribute to the growth of the company's competitive position in the market. Therefore, the implementation of the general goals of the strategic development of an enterprise largely depends on how its financial strategy reflects the results of technological progress and is adapted to the rapid use of its new results;

taking into account the level of financial risk in the process of making strategic financial decisions . Almost all major financial decisions taken in the process of forming a financial strategy, to one degree or another, change the level of financial risk. First of all, this is due to the choice of directions and forms of financial activity, the formation of financial resources, the introduction of new organizational structures for managing financial activities. Especially strong

1) the level of financial risk increases during periods of interest rate fluctuations and inflation growth;

8)orientation to the professional apparatus of financial managers in the process of implementing the financial strategy . Whatever specialists are involved in the development of individual parameters of the financial strategy of the enterprise, its implementation should be ensured by trained specialists - financial managers. These managers must be familiar with the basic principles of strategic management, the mechanism for managing certain aspects of financial activity, must be familiar with the methods of strategic financial controlling;

9)providing the developed financial strategy of the enterprise with the appropriate organizational structure for managing financial activities and organizational culture . The most important condition for the effective implementation of the financial strategy is the corresponding changes in the organizational structure of management and organizational culture. The envisaged strategic changes in this area should be an integral part of the parameters of the financial strategy that ensure its feasibility.

Stages of formation of financial strategy

The financial strategy is formed in stages:

1) The general period for the formation of a financial strategy is determined . This period depends on a number of conditions. The main condition for its determination is the duration of the period adopted for the formation of the corporate development strategy of the enterprise. Since the financial strategy is subordinate to the corporate one, it cannot go beyond this period (a shorter period for the formation of a financial strategy is acceptable).

Also, an important condition for determining the period of formation of the financial strategy of an enterprise is the predictability of the development of the economy as a whole and the conjuncture of those segments of the financial market with which the future financial activity of the enterprise is associated. Under the conditions of the current unstable (and in certain aspects unpredictable) development of the country's economy, this period cannot be too long and should be 3-5 years on average.

The conditions for determining the period for the formation of a financial strategy are also the industry affiliation of the enterprise, its size, stage of the life cycle, and others.

2) The factors of the external financial environment are being studied .Such a study predetermines the study of the economic and legal conditions of the financial activity of the enterprise and their possible changes in the coming period. In addition, at this stage of developing a financial strategy, the financial market situation and the factors that determine it are analyzed, and a forecast of the situation is developed in the context of individual segments of this market related to the upcoming financial activities of the enterprise.

3) Strong and weak sides enterprises that determine the features of its financial activities . In the process of such an assessment, it is necessary to determine whether the enterprise has sufficient potential to take advantage of emerging investment opportunities, as well as to identify which internal characteristics weaken its financial performance. To diagnose the internal problems of the implementation of this activity, the method of managerial survey of the enterprise is used, based on the study of various functional areas of the enterprise that ensure the development of financial activities. To develop a financial strategy, it is recommended to include the following functional areas in the management survey:

Marketing opportunities for expanding the volume and diversification of operating (and, accordingly, financial) activities;

Financial opportunities for the formation of investment resources;

Number, professional and qualification structure of the personnel providing development and implementation of its financial strategy;

Available at the enterprise information base providing preparation of alternative strategic financial solutions;

The state of the organizational structure of management and organizational culture of the enterprise.

4) Produced comprehensive assessment strategic financial position of the enterprise . In the process of such an assessment, a clear idea of ​​the main parameters characterizing the opportunities and limitations of the development of the financial activity of the enterprise should be obtained. It is necessary to determine:

What is the level of strategic thinking of the owners, managers and financial managers of the enterprise;

What is the level of knowledge of financial managers (their informational awareness) about the state and upcoming dynamics of the most important elements of the external environment;

What is the efficiency of the systems of financial analysis, planning and control operating at the enterprise;

To what extent are they focused on solving strategic problems, etc.

5) The strategic goals of the financial activity of the enterprise are formed . The main goal of this activity is to increase the level of well-being of the owners of the enterprise and to maximize its market value. However, this the main objective requires a certain specification, taking into account the tasks and features of the forthcoming financial development of the enterprise. The system of strategic goals should provide:

Choice of the most effective directions of financial activity;

Formation of a sufficient amount of financial resources and optimization of their composition;

Acceptability of the level of financial risks in the process of carrying out the forthcoming economic activity, etc.

6) Target strategic standards of financial activity are being developed . The system of strategic financial goals formed at the previous stage should be specified in certain target strategic standards. The development of such target strategic standards of financial activity serves as the basis for making key management decisions and ensuring control over the implementation of the financial strategy.

7) Major strategic financial decisions are made . At this stage, based on the goals and target strategic standards of financial activity, the main strategies for the financial development of the enterprise in the context of individual dominant areas, financial policy for certain aspects of its financial activity are determined, a portfolio of alternatives of strategic approaches to the implementation of the intended goals is formed and their evaluation and selection are carried out. . This allows you to create a comprehensive program of strategic financial development of the enterprise.

8) The developed financial strategy is evaluated . Such an assessment is carried out according to a system of special economic and non-economic criteria established by the enterprise. According to the evaluation results in; developed financial

necessary adjustments are made to the strategy, after which it is accepted for implementation.

9) Implementation of the financial strategy is ensured . In the process of implementing the financial strategy, along with the previously planned strategic measures, new ones are being prepared and implemented. management decisions due to unforeseen changes in the factors of the external financial environment.

10) Control over the implementation of the financial strategy is organized . This control is carried out on the basis of strategic financial controlling, which reflects the progress in the implementation of the main strategic target standards for the financial activity of the enterprise.