Financial management strategy

In a market economy, enterprise autonomy, responsibility for their performance objective necessity arises trending financial position, orientation in the financial situation and prospects, assessing the financial status of other entities. Address these issues helps financial strategy of the enterprise.

Formation of the financial strategy is quite difficult and laborious process, and requires significant time, labor and performance of complex calculations. Important to this process is the consideration of the following factors:

• orientation of the financial strategy for the total development strategy for the market;

• the level of legislative and legal regulation of business;

• economic and political situation in the country;

• The type of market position of the company, the choice of financial strategy depends on the marketing policies of the entity, including whether the target audience for which production is directed by market share and type (domestic or international) plans to take the company;

• resource support for companies, since the financial strategy of the quantity and quality of resources, including the number and qualification of workers, the availability of essential drugs, availability of internal funds, the possibility of borrowing and investments, innovative capacity [5, c. 123];

• financial position and competitive advantages of existing and potential business competitors, reliability of suppliers and buyers;

• the risk of financial activities that caused inflation fluctuations, abrupt exchange rate, risk of nonpayment, the probability of occurrence of financial crisis and more. [14, c. 131]

The main purpose of the financial strategy of the enterprise is to maximize its market value and improve business performance. It is reached by concrete goals and objectives, taking into account the peculiarities of the financial future of the enterprise. The system of strategic financial goals to ensure formation of sufficient own financial resources and high return of equity capital, optimizing the structure of assets and working capital, establishing an acceptable level of financial risk in the process of production and economic activities in the long run.

Formation of the financial strategy includes a sequence of certain stages. First, it is not possible without gathering information about the market environment for enterprises (competitors, suppliers, customers, intermediaries, government agencies and services, banks) and its detailed analysis. At this stage, financial managers should apply the financial instrument: the microeconomic financial planning, forecasting, strategic and financial analysis (including SWOT analysis, which includes analysis of strengths and weaknesses of the company, risks, and additional features), statistical methods and economic-mathematical modeling. After performing the analytical work of relevant calculations, discussion of alternative scenarios adopted administrative decision on the choice of financial strategy, which further detail in the areas of financial policy and implemented according to plan. [4, c. 92 - 94]

If in the formation and implementation of financial strategies revealed certain deviations of actual values of the planned and prescribed conditions of the enterprise, there is an adjustment strategy on the stage at which detected this deviation.

To facilitate the implementation of financial strategies appropriate to conduct its BIR detail by building tactical plans. Tactical planning is intended to form the mechanisms for implementing the chosen strategy. It comes in two varieties: Early and current. Current planning - a type of administration, aimed at developing options, activities, budgets and administatyvno-financial factors of the current plans to form a functioning specific areas of the enterprise or its activities in the whole year in terms of the objectives of the chosen financial strategy. Operational planning is aimed at forming narrow, detailed, short-term plans with specific issues of business, which are formed by detailing the current plans. Operating current plans and shall not deviate from the financial strategy of the enterprise, but rather to specify and complement it.

The financial strategy should be a component of the overall enterprise strategy, in order to conform to it and challenge. At the same goal and objectives are determined by its financial nature, the economic relations between market participants about the formation and use of financial resources. A characteristic feature of the financial strategy supports its relationship with the general finance at the macro and micro level.

Financial strategy, in our opinion, considered as:

- Component of the overall strategy - one of the functional strategy, which aims to capture the financial position in the market;

- Basic strategy, which provides (through financial instruments and methods of financial management, etc.) the realization of any basic strategy, its purpose - efficient use of financial resources and management. [11, c. 47]

To ensure sustainable development on the market should clearly articulate the financial strategy dotrymuvyuchys main strategic goal, namely:

1. of financial resources and centralized strategic guidance to them;

2. identify critical areas and focus on their performance, agility in the use of financial reserves management company;

3. objective account of financial and economic situation and the real financial condition of the company for a year, quarter, month;

4. account of economic and financial capabilities of the enterprise and its competitors;

5. identify the main threats from competitors, the mobilization of its forces in the removal and skillful choice of areas of financial action;

6. maneuver and fight for the initiative to achieve decisive advantages over the competition. [15, c. 129]

The financial strategy includes methods and practices of financial resources, their planning and ensure stability and financial stability of enterprises in market competition operating conditions. According to financial strategy is determined by the financial policies of the company - as a form of overall economic strategy of the enterprise on separate pages of its financial activities. Forming a financial policy, taking into account that the financial trends of business - to achieve its main strategic goal of - need better management. [20, p.. 94]

The financial strategy is the steering vector management, and without its proper formation is practically impossible to miss the financial problems during the production and economic activity in today's competitive market environment.