CONCEPTUAL BASES OF FINANCIAL POLICY FORMATION IN THE SYSTEM OF ENTERPRISE'S STRATEGIC MANAGEMENT
Abstract
The formulation of a company's financial policy is a crucial aspect of strategic management, ensuring competitiveness and successful financial performance. Financial policy, aimed at achieving financial stability and economic security, is based on alternative strategies with clear allocation of responsibilities. The goal of financial policy is linked to the company's development strategy and includes profit maximization, cost minimization, ensuring competitive advantages, and other objectives essential for sustainable development and financial stability. Financial policy plays a key role in the overall development strategy of the enterprise, aligning various goals and directions of activity. It is directed towards ensuring stability, competitiveness, and effective resource management. Formulating a strategic financial policy involves addressing current tasks to achieve specific company goals. Profit maximization is not always the primary objective; today, stability, reputation, social responsibility, and environmental sustainability are also relevant. The article describes various types of financial policies and their impact on the enterprise, as well as providing information on the stages and methodologies of developing and implementing such policies. The stages of financial policy formation can be divided into long-term and short-term, based on the formulation of the enterprise's development strategy, activity planning, selection of optimal management concepts considering influencing factors, and financial control. Objects of financial policy management include assets, expenses, capital, dividend policy, financial flows, and others. Information provision plays a crucial role, guiding the selection of the company's financial strategy based on appropriate methodological approaches. The effectiveness of financial policy implementation is assessed based on achieving specific goals, requiring clear evaluation criteria and justified methods for monitoring financial plans' execution, among other considerations.
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