METHODOLOGICAL APPROACH TO ASSESING THE LEVEL OF STRATEGIC FINANCIAL MANAGEMENT IN AN ORGANIZATION

Abstract

The article presents a methodological approach to assessing the level of strategic financial management in an organization based on the definition of the criteria for the overall economic efficiency of its activities. It has been found out that financial management in the overall organization management system plays a key role, since financial resources are the source of the formation of other types of resources: material, labor, investment, etc. and one of the main factors ensuring the competitiveness and financial stability of the organization. The presented system of strategic financial management in an organization consists of a strategic financial analysis and a comprehensive assessment of the organization’s strategic financial position, strategic financial planning, development of strategic standards for the organization’s financial activities, strategic financial decisions, formation and implementation of a financial strategy, the system of strategic control and assessment of the level of strategic financial management. A model for the formation of the financial strategy of an organization has been developed. The criteria for the effectiveness of strategic financial management have been defined. The criteria are divided into blocks depending on the influence of the factors of the internal and external financial environment of an organization. It has been proposed to assess the level of strategic financial management in an organization as the sum of the criteria for its overall effectiveness. A technique for determining the average assessment of the level of strategic financial management by elements of the system and stages of the financial management process has been suggested. The suggested methodological approach to assessing the level of strategic financial management can be considered as the first step towards organizing a system for managing the activities of an economic entity as a whole. Its application will allow creating a database for analysis of the financial state of the organization, to improve the financial management system to justify effective management decisions.

Keywords

• strategic financial management
• assessment
• level
• organization