Financial strategy and tactics. Financial strategy and tactics of the enterprise

COURSE WORK

by discipline " Finance »

Financial strategy and financial tactics of the state

PLAN

Introduction

1. Content financial policy

2. Financial strategy and tactics

3. Financial strategy and tactics of the Republic of Kazakhstan

4. Financial strategy and tactics of Russia

Conclusion

Introduction

Any state uses finance to carry out its functions and achieve certain state and socio-economic objectives. Financial policy plays an important role in achieving the goals.

Financial policy is a special area of ​​state activity aimed at mobilizing financial resources, their rational distribution and effective use for the state to carry out its functions. The main subject of the policy being pursued is the state. It carries out: the development of a scientifically based concept for the development of finance; determines the main directions of their use; develops measures aimed at achieving set goals. Also, the subjects of politics are individuals, classes, elites, parties, trade unions and other social communities.

Depending on the duration of the period and the nature of the tasks being solved, a distinction is made between financial strategy and financial tactics.

Financial strategy is a long-term course of financial policy, designed for the long term and providing for the solution of large-scale tasks defined by economic and social strategy, and concerning important major changes in the financial mechanism, the proportions of distribution of financial resources.

Financial tactics are the solution to the problems of a specific stage of development through a modern regrouping of financial ties, for example, the country’s budget adopted for the next year. Financial policy is integral part economic policy states. When developing financial policy, one should proceed from specific features historical development society. It must take into account the peculiarities of the domestic and international situation, the real economic and financial capabilities of the country, domestic and foreign experience in financial construction, as well as the history of financial development.

Relevance of this topic course work is that at present the economic and social development of society, which is influenced by the state through financial strategy and tactics, is especially important.

The subject of this course work is the financial strategy and tactics of the state using the example of the Republic of Kazakhstan and the Russian Federation.

The purpose of our course work is to study the financial policy of the state, which includes the financial strategy and tactics of the state and its implementation in modern stage. Based on the purpose of the coursework, the objectives of the work are: to define the concept of financial policy; its functions; separately consider the components of financial policy: budgetary, monetary, tax and customs policy. Give an expanded understanding of the financial strategy and tactics of the state. Consider the degree of implementation of financial tactics for 2010, as well as determine the directions of the financial strategy until 2030 using the example of the Republic of Kazakhstan, Russia and other countries.

The course work includes 3 chapters.

The first chapter reveals theoretical basis financial policy: the definition of financial policy, its content and definition of its functions are given.

The second chapter presents modern trends in financial strategy and tactics.

The third chapter examines the signs of financial strategy and tactics using the example of specific states.

When writing the course work, material was used from periodicals, scientific and scientific-methodological literature, as well as Internet resources.

In order to correctly understand the meaning of the financial strategy and tactics of the state, it is necessary to give the definition and content of the financial policy of the state as a whole, since financial strategy and tactics are an integral component of the financial policy of the state. The entire financial management system aimed at achieving certain strategic and tactical goals of the state is based on financial policy, which is an integral part of economic policy.

Financial policy is a set of government measures to use financial relations for the state to perform its functions. In practice, it is implemented on the basis of the adoption of a system of government measures, developed for a certain period of time, to mobilize part of the financial resources of society into the budget and their effective use. Its implementation is carried out by a set of fiscal and other financial instruments and institutions endowed with appropriate legislative powers for the formation and use of financial resources and regulation cash flows. How component economic policy, financial policy should be aimed at ensuring economic growth, social world and the importance of the state in the international community.

In the context of the globalization of finance in the modern world, the relatively free movement of capital and other limited resources, the financial policy of any state cannot be built in isolation and take into account only the internal state of the economy, but must also be guided by the relevant requirements and standards of international finance, law and international financial institutions.

An appropriate theoretical basis and a concept developed on its basis regulating the role of the state in the field of finance;

Development of main directions and goals in achieving macroeconomic indicators that ensure the balance of state income and expenses for the current period and the future;

The implementation of practical measures to achieve these goals by the entire set of financial instruments and government institutions.

The basis of financial policy is made up of strategic directions that determine the long-term and medium-term prospects for the use of finance and provide for the solution of main tasks arising from the peculiarities of the functioning of the economy and social sphere countries. At the same time, the state selects current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and effective use of financial relations. All these activities are closely interconnected and interdependent. Thus, the general strategic goal of development is the modernization of the economy, ensuring sustainable rates of economic growth, based on increasing the competitiveness of domestic producers and structural transformations that correspond to global trends. At the same time, the following priority objectives of financial policy are highlighted:

Formation of a legislative framework that ensures a favorable investment climate and promotes the development of entrepreneurship;

Significantly reducing the tax burden and increasing the efficiency of the tax and customs system;

Creating conditions for the development of financial infrastructure and achieving medium-term financial stability;

Achieving a balanced budget system and increasing the efficiency of its functioning;

Organization of regulation and stimulation of economic and social processes using financial methods;

Development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy.

Financial policy in its broad sense includes budgetary, tax, customs, and monetary policy.

Budget policy is determined by the Constitution of the state, the Budget Code of the state, and a set of other laws that establish the functions of individual government bodies in the budget process and lawmaking. The priority objectives of financial policy are largely ensured by budget policy, the main directions of which are:

Financial support for the state to perform its functions;

Maintaining financial stability in the country;

Ensuring the financial integrity of the state;

Creating conditions for socio-economic development.

In accordance with the Constitution and the Budget Code, priority in the development of budget policy belongs to the head of state, who annually determines, in general terms, the priority directions of budget policy for the current year and the medium term.

Fiscal policy includes the policy of budget revenues and expenditures, management of public debt and public assets, fiscal federalism and public financial management system.

The strategic goals of budget policy are: reducing the tax burden on the economy; streamlining government obligations; concentration of financial resources and solution of priority tasks; reducing the dependence of budget revenues on world price conditions; creation of effective inter-budgetary relations and public financial management. Budget policy objectives for the next financial year may include:

Inventory and assessment of the effectiveness of all budget expenditures and obligations, including targeted programs;

A clear delineation of spending and tax powers between budgets of all levels;

Settlement of budget accounts payable;

Carrying out restructuring of public debt and introducing a unified public debt management system;

Improving treasury technologies and public financial management, etc.

Tax policy is a system of government measures in the field of taxes. It plays an important role in stimulating innovation sphere. The main objectives of tax policy are identified:

Significant reduction and equalization of the tax burden;

Simplification of the tax system;

Minimizing the costs of compliance and administration of tax legislation;

Elimination of turnover taxes;

Reducing the tax burden on the wage fund;

Reducing taxation of foreign trade transactions;

Creating conditions for the legalization of enterprise profits;

Reducing the number of taxes and limiting the arbitrariness of tax and customs authorities while increasing the responsibility of taxpayers.

Modern tax policy in Kazakhstan is associated with the implementation of tax reform, the purpose of which is to achieve an optimal balance between the stimulating and fiscal role of taxes. The new Tax Code of the Republic of Kazakhstan is aimed at:

Improving tax legislation;

Establishing strict operational control over compliance with tax legislation, intersecting “shadow” economic transactions, increasing the responsibility of citizens and organizations for tax evasion;

Improving the norms and rules governing the activities of tax authorities and taxpayers, eliminating contradictions in tax and civil legislation.

The implementation of measures provided for by tax legislation should bring the tax system into line with the objectives of achieving economic growth, as well as significantly increase tax collection.

Customs policy is the purposeful activity of the state to regulate foreign trade exchange (volume, structure and conditions of export and import) through the establishment of an appropriate customs regime for the movement of goods and vehicles across the customs border.

The essence of customs policy is manifested in customs tariff legislation, the organization of customs unions, the conclusion of customs conventions, the creation of free customs zones, and so on. Protectionist customs policy is aimed at creating the most favorable conditions for development domestic production and the domestic market. Its main goals are achieved by establishing a high level of customs taxation on imported goods. The free trade policy presupposes a minimum level of customs duties and is aimed at fully encouraging the import of foreign goods into the country’s domestic market.

The main means of implementing customs policy are:

Customs duties, fees (tariff or economic regulation);

The procedure for customs clearance and customs control, various customs restrictions and formalities related to the practice of foreign trade licensing and quotas (non-tariff or administrative regulation).

Kazakhstan has a unified customs policy, and since January 2010, Kazakhstan, Russia and Belarus have concluded a single customs union. Its goals are: ensuring the most effective use of instruments of customs control and regulation of goods exchange in the customs territory of the participating countries, participation in the implementation of trade and political tasks to protect the market, stimulate economic development, promote structural adjustment and other economic policy tasks.

Main directions of customs policy:

Improving the mechanism of customs and tariff regulation of foreign economic activity;

Application of measures to protect the market from the adverse effects of foreign competition, from the import of substandard and dangerous goods;

Assistance in attracting foreign investment;

Improving currency control;

Improving the regulatory framework for the functioning of customs authorities.

Monetary policy is formed by the Government and the National Bank and sets the following main priority objectives:

Maintaining inflation at a level that provides conditions for economic growth, including reducing interest rates taking into account changes in external and internal factors of economic development;

Continued improvement work payment system, including the creation of new components based on a real-time settlement system, the development of non-cash payments, including through the use of modern banking technologies, the Internet and the expansion of the use of payment cards;

Control over the money supply by setting target volumes of the money supply, as well as a floating exchange rate regime. At the same time, sharp fluctuations in the domestic foreign exchange market will be smoothed out, and the problems of sterilization of free liquidity that arise during the period of a steady influx of foreign currency into the domestic market and the accumulation of the country’s gold and foreign exchange reserves will be solved.

We have given a definition of financial policy, identified the components of financial policy, and characterized budget, tax, customs, and monetary policies. Next, we will move on to a detailed consideration of the issue of financial strategy and tactics of the state.

3.FINANCIAL STRATEGY AND TACTICS

The main subject of financial policy is the state. It develops a strategy for the main directions of financial development of society for the long term and determines tasks for the coming period, means and ways to achieve them. Depending on the nature of the tasks, financial policy is divided into financial strategy and financial tactics.

Financial strategy is a long-term plan. Financial tactics are aimed at solving the problems of a specific stage of development of society, characterized by flexibility, dynamism, and usually the tasks of financial tactics are limited to a year or a slightly longer period of time. Financial strategy and tactics must be interconnected, but tactics are subordinate to strategy. If the state does not achieve results through tactics, it has to make adjustments to the strategic course. The effectiveness of financial strategy and tactics is higher, the more they take into account the needs social development, interests of all layers and groups of society, specifically historical conditions and characteristics of life. The financial strategy should be aimed, first of all, at creating the maximum possible volume financial resources, since they are the material basis for any transformation. Consequently, to determine and formulate a financial strategy, reliable information about the financial position of the state is needed.

The implementation of financial strategy and tactics is ensured by a set of state measures aimed at mobilizing financial resources, their distribution and redistribution for the state to perform its functions and programs - long-term, medium-term and short-term. The most important place among these activities belongs to the legal regulation of the forms and norms of financial relations.

The state's short-term financial tactics are aimed, first of all, at ensuring the current intra-annual balance of centralized finances. This big job carried out by the financial system: to implement previously adopted strategic guidelines in the current budget planning and budget execution; assessment and management of current parameters and turnover in the budget system and other centralized funds of financial resources; finding additional financial resources and implementing the possibility of using unused funding limits to finance planned and above-plan expenses; accelerated attraction of non-traditional sources of financing within the budget period; clarifying the relationship of the budget, replenishing its revenues on the terms of investment formalization of attracting resources, servicing other types of public internal debt; restructuring of the state’s external debt for current payments to creditors; current maintenance of the currency exchange rate to major world currencies. State short-term financial tactics have their own main goal achieving maintenance, increasing the liquidity of quarterly and annual budget and credit balances, or reducing the degree of illiquidity of such balances.

The state's long-term financial strategy is long-term and often hidden. It covers the fundamental problems of functioning and managing not only public finances, but also the finances of non-state enterprises. Long-term strategy depends primarily on two factors: political and personal. The first is expressed in the impossibility of pursuing a long-term financial policy outside the framework of the general political course. The second factor decisively determines the content of the long-term financial strategy within the framework of the adopted political course.

The main problems of the state's long-term financial strategy are: the system of financial and credit management bodies; budget system and the budget structure of the country; the country's credit system and its network; proportions of distribution of newly created value and replacement of sources of national economic development; strengthening the security of the national currency and preparing reforms; policy in the field of national currency and foreign exchange reserves, gold, precious metals and stones; selection and adjustment of the ratio of the size of the state economy to the national economy; selection and adjustment of policy in the field of public credit. The long-term state financial strategy is designed to ensure in the future the continuous expansion of the economic base of monetary distribution in the country.

Financial strategy and tactics are closely related. As a financial strategy, one should consider the financial recovery of the economy and the dynamic growth of the gross domestic product, increasing the competitiveness of products. Such goals can be achieved through reducing the budget deficit, reducing inflation, strengthening the national currency, i.e. financial tactics.

4.FINANCIAL STRATEGY AND TACTICS OF THE REPUBLIC OF KAZAKHSTAN

In the previous section of the coursework, we defined the strategy and tactics of the state.

Financial strategy is a long-term plan. The financial strategy of the state, in the specific case of the Republic of Kazakhstan, includes the strategic development plan of Kazakhstan 2030.

Financial tactics are aimed at solving the problems of a specific stage of development of society, characterized by flexibility, dynamism, and usually the tasks of financial tactics are limited to a year or a slightly longer period of time. For our case, this is the year 2009 taken separately.

So, the financial strategy of the Republic of Kazakhstan is the strategic development plan of Kazakhstan 2030.

The Kazakhstan 2030 Strategy identifies seven long-term priorities: national security; internal political stability and consolidation of society; economic growth based on open market economy with high levels of foreign investment and domestic savings; health, education and well-being of citizens of Kazakhstan; energetic resources; infrastructure, especially transport and communications; professional state. These priorities became the basis for the development of specific action plans for the further development of the country.

The first long-term stage in the implementation of the “Kazakhstan - 2030” Strategy was the Strategic Development Plan of the Republic of Kazakhstan until 2010 (hereinafter referred to as the Strategic Plan - 2010), approved by the Decree of the President of the Republic of Kazakhstan in December 2001.

The Strategic Development Plan of the Republic of Kazakhstan until 2020 (hereinafter referred to as the Strategic Plan - 2020) will be the next stage in the implementation of the "Kazakhstan - 2030" Strategy in the period from 2010 to 2019.

By the time the implementation of the Strategic Plan - 2010 was completed and during the development of the Strategic Plan - 2020, the external development conditions had changed significantly. Kazakhstan entered into confrontation with the most serious global crisis over the past seventy years.

The impact of economic cyclicality, primarily the impact of the current financial and economic crisis, determines the need to implement measures aimed at increasing the stability of the national economy to negative consequences global or regional crises.

Priority measures that create conditions for the post-crisis development of the country will be focused on improving the business and investment climate, strengthening the country's financial system and increasing the efficiency of public administration.

Qualitative economic growth will be based on the modernization of physical infrastructure, development of human resources and strengthening of the institutional base, contributing to the accelerated industrial and innovative development of the country.

Issues of social security, internal stability and balanced foreign policy will remain among the country's development priorities for the next decade.

Increasing the well-being of the country's citizens on the basis of a diversified economy will be the main achievement of the implementation of the Strategic Plan - 2020.

Further regulation in the domestic financial system will become more complete and comprehensively take into account the macroeconomic relations of the financial sector. During a period of active economic recovery, prudential standards will be tightened in order to use the accumulated potential during a recession.

In general, the development of the financial sector will be focused on attracting financial resources for the accelerated industrial and innovative development of the country.

Internal sources of funding will be increased due to the free resources of the population and domestic enterprises. The role and importance of public-private partnership mechanisms will increase, which will be supported by the creation of the necessary conditions for attracting resources as sources of financing investment projects.

The strategic plan provides for the achievement of the following key indicators of the country's development:

The share of the manufacturing industry in the structure of GDP will be at least 12.5% ​​by 2015, and at least 13% by 2020;

The share of non-resource exports in total exports will increase from 10 to 40% by 2015 and to 45% by 2020;

Labor productivity in the manufacturing industry will increase 1.5 times by 2015 and 2 times by 2020;

Labor productivity in agriculture will increase by 2 times by 2015 and 4 times by 2020.

The energy intensity of GDP will decrease by no less than 10% by 2015 and by no less than 25% by 2020.

By 2015, the export potential of the agricultural industry will increase from 4 to 8%, 80% of internal construction needs will be met by Kazakh building materials, domestic oil refineries will fully satisfy the country's fuel needs.

Over five years, the production and export of metallurgical products will increase by 2 times, the production of chemical products – by 3 times.

Kazakhstan's gross domestic product (GDP) by 2020 will increase in real terms by at least a third compared to 2009 levels.

Financial strategy and tactics must be interconnected, but tactics are subordinate to strategy. If the state does not achieve results through tactics, it has to make adjustments to the strategic course.

The financial tactics of the Republic of Kazakhstan were clearly outlined in the 2009 message of the President to the People of Kazakhstan “Through the crisis to renewal”; today, after the announcement of the results of the Accounts Chamber, we can say that in general the financial tactics of 2009 were implemented in full.

The processes of reform in the state revenue system, the concentration within one department of all fiscal authorities related to issues of control over the receipt of state budget funds, have been successfully carried out.

Work is underway to improve tax legislation. A new Tax Code has been adopted, taking into account the prospects for economic development and aimed at creating a favorable environment for the optimal combination of the interests of the state and taxpayers, combining all regulations within one legislative act.

In order to reduce the tax burden, in 2009 the rates of value added tax were reduced to 16% and social tax to 12%.

Measures have been taken to create effective system expenses. The work of the Treasury is at the proper level. Kazakhstan was one of the first among the CIS countries to achieve timely and targeted financing of budget programs through the treasury system.

The National Fund of the Republic of Kazakhstan and the Development Bank of Kazakhstan were created.

A new budget classification of income and expenses has been introduced that meets the requirements of world standards.

Important measures have been taken to improve the cost system.

To prepare the economy for global recovery and increase its resilience to external challenges, a triune task must be solved:

First, significantly improve the business climate;

Secondly, to ensure the stable functioning of the financial system;

Third, continue to create a reliable legal environment.

As of January 1, 2010, republican budget revenues (including transfers) with a plan of 2,768.7 billion tenge amounted to 2,779.2 billion tenge, or 100.4%, exceeding the plan was 10.5 billion tenge.

The republican budget plan for January 1, 2010 for tax revenues with a plan of 1,381.3 billion tenge, the budget received 1,451.0 billion tenge, or 105.0%. In terms of non-tax revenues, the plan was exceeded by 24.7 billion tenge, or 127.5%. In terms of proceeds from the sale of fixed capital, the plan was fulfilled by 83.1%. Receipts of transfers were completed by 93.6%.

State budget expenditures as of January 1, 2010 (excluding loan repayments) amounted to 4,003.0 billion tenge or 97.7% of the financing plan for the year in the amount of 4,096.9 billion tenge, including expenses republican budget - 3,311.2 billion tenge, or 98.2% of the financing plan for payments for the year in the amount of 3,371.3 billion tenge, local budgets - 2,100.9 billion tenge of the financing plan - 2159, 6 billion tenge and fulfilled by 97.3%.

In order to implement the preliminary stage long-term Strategy By Presidential Decree No. 922 dated February 1, 2010, the Strategic Development Plan of the Republic of Kazakhstan until 2020 was approved.

Although significant progress has been made in many priority areas during the implementation of the 2010 Strategic Plan, many reform agenda items remain unfinished. The implementation of programs for the development of a competitive and diversified economy requires further continuation. The quality of education and health services still requires improvement. Reforms in the public sector, begun during the implementation of the Strategic Plan - 2010, also remain unfinished. Division of powers between levels of government, development of a system of incentives in the civil service, improvement of quality public services and the effectiveness of their administration - all these issues require further resolution during the implementation of the Strategic Plan - 2020.

Strategic planning or tactics are used by advanced countries and the largest transnational companies to increase their competitiveness. Using their experience of surviving in the modern world, Kazakhstan should strengthen the role of the state and strategic planning of its development. Without a clear strategic plan, the state loses the ability to realize its purpose. Instead of controlling the course of events, it becomes dependent on them.

At the same time, strategic plans should not turn into frozen dogmas, but be a flexible instrument of state regulation of the country’s socio-economic development. This means that 10-year strategic plans must be analyzed annually in terms of implementation and adjusted taking into account the evolving internal and external situation.

5.FINANCIAL STRATEGY AND TACTICS OF THE RUSSIAN FEDERATION

The presidential strategy for the socio-economic development of Russia until 2020 (hereinafter referred to as the Strategy), presented at a meeting of the State Council, is essentially a political decision to transfer the Russian economy from an inertial energy and raw materials to an innovative path of development. The implementation of this strategy should be based on the Concept of the socio-economic development of the country, developed by the Government based on this decision (hereinafter referred to as the Concept). The President, in his speech at the State Council, identified the main guidelines for the socio-economic development of Russia until 2020: the return of Russia to the ranks of world technological leaders, a fourfold increase in labor productivity in the main sectors of the Russian economy, an increase in the share of the middle class to 60%-70% of the population, a reduction in mortality one and a half times and increase average duration life of the population up to 75 years. At the same time, he called for “concentrating efforts on solving three key problems: creating equal opportunities for people, creating motivation for innovative behavior and a radical increase in economic efficiency, primarily based on increased labor productivity.”

To implement the socio-economic development strategy declared by the President, the Government will have to reconsider many fundamental components of economic policy. The Concept of long-term socio-economic development of the country until 2020 speaks of the transition of the Russian economy from the export of raw materials to an innovative type of development. At the same time, three development scenarios are presented: inertial, energy and raw materials, based on a further increase in investments in the energy and raw materials sectors of the economy, and innovative. As follows from Table 1, the forecast macroeconomic indicators for 2020 differ markedly among the scenarios. Although both the innovation and energy resource scenarios ensure a doubling of GDP over the forecast period, GDP growth under the innovation scenario is 21% higher. At the same time, the increase in investment under the innovation scenario is higher than under the energy raw materials scenario, by 59%, and amounts to 270% - this is more than twice the growth of GDP.

The Concept talks about the formation of a national innovation system and a powerful high-tech complex, about diversifying the economy and creating conditions for the realization of the creative potential of the individual. The goals are set to achieve world standards of financing science, education and healthcare, creating conditions for the effective use of skilled labor and improving the quality of human capital, building an effective, result-oriented social infrastructure.

To achieve these goals, the state has a limited set of tools: budget and taxes, money supply, regulation of prices and foreign economic activity, antimonopoly policy, state-owned enterprises. Based on their use, the state can formulate its development policy, counting on the correct reaction of the institutions of market self-organization. If in relation to the latter the Concept is limited to vague reasoning, the meaning of which is not always clear, then the plans for using the listed public policy instruments are presented quite clearly.

Firstly, in terms of social spending, the Russian budget will significantly approach global standards. According to the Concept, by 2020, spending on education from public and private sources will amount to at least 5.5% of GDP (2006 - 4.6%), on healthcare - 6.3% (2006 - 3.9 percent); research and development costs - 3.5-4% of GDP (2006 - 1% of GDP). Including the state will spend 4.5% of GDP on education, 4.8% of GDP on healthcare, and 1.3% of GDP on science.

Let us note that the level of government financing planned for 2020 for the reproduction of human potential and socio-economic development remains below the currently achieved level in developed countries. Its achievement, taking into account the accumulated funds of the Stabilization Fund, is quite realistic before 2010. Delaying until 2020 the process of equalizing the level of state financing of expenditures for socio-economic development in Russia with other countries does not contribute to the transition to an innovative path of development.

Moreover, in the next three years it is planned to maintain twice the level of underfunding of expenditures on education, science and health care, in comparison with global standards, in which it is now critically important to modernize and radically raise wages. Postponing these measures for several more years will lead to the deepening of irreversible trends in the degradation of Russian science and education and thereby make the implementation of the innovative scenario impossible in principle. The gap between the outgoing and rising generations of scientists and teachers, both in quantity and quality of personnel, in three years may become insurmountable.

Secondly, long-overdue measures to create internal mechanisms for lending to economic growth are being postponed beyond the current decade. Only after the deficit projected since 2011 trade balance it is planned to switch the issue of money from the purchase of foreign currency to the refinancing of banks to meet the domestic demand for loans. Until then, money supply will follow demand from the foreign market, subordinating economic development to the interests of exporters and foreign investors. Taking into account their isolation in the raw materials industries, this means that in the next three years, the state’s monetary policy will keep the economy within the framework of the inertial scenario, preventing the transition to an innovative path of development. Until the end of the forecast period, the process of demonetization of the economy extends to the level of developed countries - monetary policy in the foreseeable future will restrain economic growth, making it difficult for enterprises to access loans and pushing the best of them to lend abroad. According to the Concept, the contribution of the banking sector to investment financing will remain low, increasing from 11.3% in 2006 to 20% in 2020.

Thirdly, the Government continues to follow the lead of monopolists in the energy sector, planning further rapid growth of tariffs for gas and electricity. The average price of electricity will increase in 2011-2015. in the range from 35 to 45% and at the current rate in 2015 will be 7.8-8 cents per kW by 2015, and in 2016-2020. - in the range from 15 to 25% and 9.5-10.6 cents per kW in 2020, respectively (for the population - up to approximately 14-15 cents per kW). The average gas price for all categories of consumers will increase in 2011-2015. 1.5 -1.6 times for 2016-2020. - by 2 -5%. The average gas price for all categories of consumers will increase to 125-127 US dollars per 1000 cubic meters. meters in 2015 and 135-138 US dollars in 2020.

An increase in tariffs for basic energy resources by more than one and a half times in the next decade will undoubtedly reduce the already unsatisfactory competitiveness of the manufacturing industry. Taking into account the three times higher energy intensity of domestic products compared to competitors, such a large-scale rise in prices for key energy resources will lead to the ruin of many enterprises that have remained viable in the energy-intensive industries of the mechanical engineering and chemical-metallurgical complexes. Already today, the abuses of monopolists in connecting new consumers to gas and electricity supplies have become an insurmountable barrier to the creation of new production facilities, which many domestic investors are beginning to locate in China and other countries with more favorable price conditions. The government should understand that plans to increase gas and electricity tariffs by one and a half times exclude the achievement of the seven-fold increase in exports of engineering products planned in the same document and even casts doubt on the survival of many remaining engineering plants.

Fourthly, the Concept does not plan to eliminate tax barriers that impede the transition to an innovative path of development. It's about, first of all, on the abolition of VAT, which, by definition, oppresses complex industries with long cooperation chains, as well as on the revaluation of fixed assets. Currently, due to their undervaluation, the volume of depreciation charges is four times lower than the volume of capital investments required for simple reproduction fixed assets. In addition, enterprises should be given the opportunity to write off all expenses for R&D, personnel training and the development of new equipment as production costs.

Fifthly, the Government’s plans do not combine measures in the sphere of production and consumption of new equipment. For example, on the one hand, they talk about the priority of developing the civil aircraft industry, and on the other hand, decisions are made on the purchase of foreign aircraft by state-controlled airlines and the exemption of their import from import duties. Instead of mastering the mass production of already created modern domestic airliners, the Government is directing budget resources to develop unpromising American model based on imported components. Meanwhile, Russian engineers are working, investing their knowledge in the creation of a new generation of Boeing, being unclaimed in their own design bureaus. Thus, the development trajectory of a promising knowledge-intensive industry is formed under the influence of lobbyists of foreign competitors, as a result of which the previously created scientific and technical potential is depreciated, and its highest quality components are absorbed by foreign competitors.

Similar examples can be given in other industries. Thus, the state spends tens of billions of rubles on the purchase of foreign medicines when cheaper domestic analogues are available. For many years, the development of domestic capacities for the production of insulin, antibiotics, and vaccines has been blocked. State-controlled energy corporations are investing billions of dollars in purchasing foreign equipment when more competitive domestic equivalents are available. The transition of the mining industry to a foreign technological base means that most of the natural rent generated during the exploitation of Russian mineral deposits is developed abroad. A significant portion of foreign exchange earnings from the export of raw materials remains there, used to repay foreign loans. At the same time, the Russian manufacturing industry is losing its own raw material base, since more than half of hydrocarbons and 2/3 of mineral raw materials are exported.

Thus, the use of the main instruments of state policy to transfer the economy to an innovative path of development is either not expected at all or is postponed until the middle of the forecast period. With such a policy, it is unlikely that the transition to an innovative development path will be possible in principle. In any case, this will be hampered by: rapid increases in gas and electricity tariffs, delaying changes in monetary policy; the immutability of the tax system, postponing until the end of the forecast period the bringing of government spending on social development to the world average.

6.Conclusion

Depends on financial policy and financial strategy and tactics, as components of economic policy and mechanism. normal course process of expanded reproduction. Correctly formulated financial strategy and tactics, a clearly established, synchronously operating financial mechanism contribute to the socio-economic development of society.

The content of the state's financial policy is the systematic organization of finances, taking into account the operation of economic laws and in accordance with the objectives of the development of society. The financial policy of each stage of social development has its own character traits, solves various problems taking into account the state of the economy, urgent needs of the material and social life of society and other factors.

With all the diversity of financial policy in Kazakhstan, its content is expressed in the sequential implementation of the following stages:

1) development of a scientifically based concept for the development of finance in the country based on the operation of economic laws, studying the state of the economy, prospects for the socio-economic development of society;

2) formulation of strategic and tactical measures financial policy based on the relevant goals and objectives of economic policy;

3) practical implementation of the planned actions through the financial mechanism with its reconstruction or adjustment depending on the radicality of economic transformations.

Financial policy is a set of targeted intentions and activities carried out by the state in the field of finance to carry out its functions and tasks. Financial policy is an integral part of economic policy. Like economic policy in general, financial policy is developed by the state based on the requirements of economic laws - essential, consistently recurring, objective connections and interdependencies of phenomena and processes in the economic life of society.

Depending on the duration of the period and the nature of the tasks being solved, financial policy is divided into financial strategy and financial tactics.

Financial strategy is a long-term course of financial policy, designed for the future and providing for the solution of large-scale tasks determined by the economic and social strategy. During this period, the main trends in the development of finance are predicted, concepts for their use are formed, principles for limiting financial relations (tax policy) are outlined, and the issue of the need to concentrate financial resources in those areas of the economy that are developed and adopted by economic policy is resolved. Consequently, financial policy, as an integral part of economic policy, solves the problems of finding, concentrating and accumulating financial resources and their distribution along the lines of development that are developed by economic policy.

Financial tactics - aimed at solving the problems of a specific stage of development of society, through timely changes in the ways of organizing financial connections, regrouping financial resources. With the relative stability of the financial strategy, financial tactics should be more flexible, since it is determined by the mobility of economic conditions and social factors.

Financial policy strategy and tactics are interconnected. Strategy creates favorable opportunities for solving tactical problems.

Financial policy itself cannot be good or bad. It is assessed in accordance with the extent to which it corresponds to the interests of society (or a certain part of it) and the extent to which it contributes to achieving set goals and solving specific problems.

The effectiveness of financial policy is the higher the more it takes into account the needs of social development, the interests of all layers and groups of society, specifically the historical conditions and characteristics of life.

In conclusion, we can say that only with an integrated approach to the problem of improving the financial mechanism of Kazakhstan can the desired results be achieved, i.e. to form a modern socially oriented financial system that functions properly in market conditions.

LIST OF REFERENCES USED

1. Nazarbayev N., Kazakhstan 2030, Almvty: “Bilim”, 1997

2. Nazarbayev N., Strategic plan - 2020: global trends.

3. Nazarbayev N., Message of the President of the Republic of Kazakhstan to the people of Kazakhstan 2009 “Through the crisis to renewal and development”

4.Melnikov V.D., Finance, Almaty: “Karzhy-karazhat”, 1997.

5.Finance. /Ed. Rodionova V.M., - M.: Finance and Statistics, 1995.

6.Finance. Money turnover. Credit. /Ed. Drobozina L.A. – M.: Finance, UNITY, 1997.

7. Budget Code of the Republic of Kazakhstan, Astana 2007

8. Constitution of the Republic of Kazakhstan, Astana 2007

9.Finance, money turnover and credit: textbook 2nd ed., revised. and additional / Under. ed. VC. Senchagov, A.I. Arkhipov - M.: Prospekt 2007

10.Finance. Money turnover. Credit: Textbook for universities. /Under. ed.G.B. Polyakova. - M.: Unity, 2001.

11.Finance, money circulation and credit: Textbook / M.V. Romanovsky and others; edited by M.V. Romanovsky; O.V. Vrublevskaya. - M.: Yurait - Publishing house, 2007

12.Finance, money circulation and credit: textbook 2nd ed., revised. and additional / Under. ed. VC. Senchagov, A.I. Arkhipov - M.: Prospekt 2007.

Internet sites:

1.www.akorda.kz – official website of the President of the Republic of Kazakhstan;

2.www.minfin.kz – website of the Ministry of Finance of the Republic of Kazakhstan.

Depending on the duration of the period and the nature of the tasks being solved, financial policy is divided into financial strategy and financial tactics.

Financial strategy is a long-term course of financial policy, designed for the future and providing for the solution of large-scale tasks determined by the economic and social strategy. In the process of its development, the main trends in the development of finance are predicted, concepts for their use are formed, and principles for organizing financial relations are outlined. The choice of long-term goals and the drawing up of target programs in financial policy are necessary to concentrate financial resources on the main directions of economic and social development.

Financial tactics are aimed at solving the problems of a specific stage of development of society through timely changes in the ways of organizing financial connections and regrouping financial resources.

Financial policy strategy and tactics are interconnected. Strategy creates favorable conditions for solving tactical problems. Tactics, identifying critical areas and key problems in the development of the economy and social sphere, through timely changes in the methods and forms of organizing financial relations, allows us to solve the problems outlined in the financial strategy in a shorter period of time with minimal losses and costs.

For many years, Russia was in conditions of an acute systemic crisis. The decline in industrial production, a sharp reduction in the effective demand of enterprises and the population, and a narrowing of the money supply led to massive impoverishment of large sections of the population.

An analysis of the main trends in financial policy in the 20th century, unresolved problems and unjustified financial instruments allows us to identify the following strategic lines of Russia’s financial policy in the 21st century:

1. Ensuring the unity of goals and instruments of financial policy and goals of economic development, improvement political system, material well-being of citizens, their spiritual level. Without ensuring economic growth, it is impossible to solve a single important task of financial policy.

2. Increasing the efficiency of financial regulation will not only have an external focus on other areas of the economy (labor market, foreign trade, etc.), but also internal discipline, orderliness of financial instruments, their close interaction with monetary instruments. Without improving financial regulation in the 21st century. Financial crises will become more frequent, which will disrupt the functioning of commodity markets and affect the stability of the democratic system.

3. Successful implementation The above strategic lines will occur in the context of the integration of the Russian financial system into the international financial system. In order not to lose our role in the formation of economic policy, to find ways to take into account Russia’s national interests in this process, it is necessary to learn new financial technologies, master modern knowledge in the field public finance, corporate finance, financial management should be placed on the same level as the education system in natural sciences and engineering.

The basic, supporting structure of the financial policy strategy should be the strengthening of the ruble and increasing confidence in financial, banking and credit institutions. It is necessary to gradually move away from the practice of dividing money turnover into autonomous parts that develop according to their own rules: ruble, dollar, and the shadow component of money turnover, which stands apart and is in no way regulated by financial and monetary instruments. With a weak, unstable ruble, constantly dependent on the number of dollars that will come from the MICEX, solve the problem of restoring unified management money turnover impossible.

4. To ensure the commodity and resource supply of the ruble, the following tasks must be solved simultaneously:

moderately increase the production of fuel and energy resources that provide high financial returns, although requiring large one-time costs;

create mobile and liquid reserves of oil, gas, energy capacity, and valuable metals;

significantly increase (2-3 times) the share of food and light industry, which are characterized by high capital turnover;

develop the aviation and automotive industries based on new technologies, attracting foreign direct investment and creating favorable conditions for the relocation of transnational companies to Russia.

5. If the commodity supply of the ruble is in a more or less satisfactory condition, about half is imported, then its resource supply is much better than that of many countries, even with a strong currency. Russia has proven (profitable) mineral reserves worth $42 trillion and proven reserves worth more than $140 trillion.

6. It is important to create reliable financial instruments that make it possible to turn minerals into liquid resources, which are taken into account when determining the money supply and the volume of credit in collateral transactions. This will require creating reliable financial technologies providing national security countries.

The security of the ruble does not end there. It is necessary to create a fund of economic assets, including other resources (land, unfinished construction, etc.). To do this, it is necessary to classify economic assets and inventory all Russian property, including foreign ones, determine their value and liquidity, develop a balance sheet for these assets and conduct an international audit.

7. We need a system of measures aimed at stimulating demand for rubles. Considering that the ruble exchange rate is formed on the MICEX, it is in this space that it is necessary to purposefully create demand for rubles. As one of the options, it is advisable to introduce the sale of domestic goods (oil, gas, etc.) - potential carriers of currency - for rubles. In this case, those foreign buyers who need such goods will accumulate rubles, and after purchase, convert them into dollars and other hard currencies.

8. The potential of the ruble is weakened due to a large outflow of capital, unlicensed export of capital, concealment of part of the foreign exchange earnings from exports of products in offshore bank accounts, transfer of advance payments for the supply of imported products without receiving the corresponding goods. Only partly capital flight can be explained by motivational reasons. Preventing capital flight and its repatriation will contribute to the strengthening of the ruble.

9. It is necessary to implement a number of measures to strengthen depositors’ confidence in banks, build a long-term policy of savings and investments, increase the deposit rate, develop a deposit insurance system, allow foreign banks to attract deposits from the public, subject to their possible use in Russia for investment purposes with short loan repayment periods .

10. Development required national program expanding product exports with appropriate budgetary, tax and credit instruments to support exports, as well as ways to intensify diplomacy with clear government priorities.

11. The task of ensuring a balanced budget remains a strategic objective of financial policy for the next 10-15 years. However, the methods for achieving it will undergo major changes. The main thing is to achieve high quality budget development so that fiscal instruments contribute to expanding the structure and increasing the volume of goods and services, the sale of which will generate the greatest revenues.

12. An organizational development block has been created in the budget, including the scientific, innovation and investment spheres. As the economic growth policy is implemented, it must include investment projects with more long periods payback. High quality The budget is determined not only by the sustainability of income and high tax collection, but also by the well-functioning system of its execution. And here it is important to debug the treasury system, improve the vertical system of financial control, especially large transactions, and ensure a unified accounting system for budget expenses.

13. One of the issues of financial strategy is the question of the balance of budgets different levels. It is necessary to debug the system within the framework of the Budget Code of the Russian Federation, the concept of interbudgetary relations, compliance with the golden rule of budget policy - 50:50, and gradually increase the share of financial resources of regional budgets.

14. The most important part of financial policy is tax policy. It is necessary to continue codifying taxes, making tax policy realistic, taking into account the financial situation of enterprises, the need for their recovery, and at the same time observing the imperative nature of financial relations and the mandatory nature of tax payments. For taxes to have an impact on economic growth, it is necessary to combine uniform tax rates with a possible differentiated treatment of their use by providing discounts to companies that expand the market for their products, reduce prices, or invest their income in investments. It is necessary to simplify the taxation system for small businesses and make it a tool for its development.

15. The strategic objectives of financial and monetary policy include the task of increasing the monetization rate of the economy. In the next five years it is necessary to increase M2 to 30% of GDP and by 2015 to 50%. Maintaining a high share of cash in the M2 structure, insufficient binding Money in non-cash payments, hoarding of rubles, dollars and other foreign currencies narrows the economic basis for increasing the money supply (M2) and increases the imbalance between the supply and demand of money.

16. One of the most difficult tasks in the coming years will be the task of establishing the functioning of the stock market. This market, formed in conditions of high inflation, budget deficit, and continuous increase in domestic debt, is “accustomed” to operating at high levels of dividends. The stock market has not completely overcome the default syndrome. A way out of this situation is seen in several directions.

Firstly, it is necessary to issue a short-term financial instrument with a moderate income, not designed for dodgy financial speculators, but aimed at the average resident of our country who agrees to take less risks, keep their savings with a return on time and with moderate dividends that will be above average Sberbank Dividend rates (by 0.5 -1 point) and will not be supported by state guarantees.

Secondly, it is necessary to issue financial instruments with maturities of 1, 2, 3, 5 years, gradually increasing the share of five-year obligations secured by economic assets and with sufficient liquidity. They must be exchanged for gold, convertible currency, and possibly for real estate (housing, land, etc.). It is important to show confidence in the volume of their output.

Thirdly, it is necessary to introduce state regulation of interest rates - deposit and credit - for a period of 3-5 years, to eliminate the 2-3-fold excess of the latter over the former. Deposit rates should not be strictly oriented toward exceeding the inflation rate. Most of the population strives to preserve their savings and does not want to take risks, counting on high dividends.

Fourthly, for the flow of funds into investments, it is advisable to significantly strengthen the investment focus in the activities of stock and currency exchanges, including in the field of high technologies, establishing a listing of shares of enterprises and investing funds in investment projects.

17. To strengthen the investment and innovation-oriented financial policy, serious changes are needed in the activities of the banking system. Various schemes can be used: the creation of a group of investment banks (development bank, etc.), in a number of universal banks - the separation of investment activities from purely commercial ones. In this case, it is necessary to take into account the development trends of the global financial system.

In conditions of economic recovery and stabilization of the entire financial and banking system, part of the investment functions will be performed by insurance companies that could insure political risks, pension funds and other financial institutions.

18. Implementation of the most important strategic line of financial policy in the 21st century. involves active use in financial regulation international standards, including such new ones as codes of financial and monetary policy, criteria for the reliability of the financial sector, standards for managing corporate finance, accounting, and bankruptcy procedures.

Thus, to stabilize the economy and solve the financial problem it is necessary:

Ensure that budgets are balanced and approved on the basis of a real forecast of macroeconomic indicators;

Implement a set of measures to expand the tax base;

Establish upper limits on the profitability of government borrowing, expand the Bank of Russia’s operations on the open market;

Stabilize the exchange rate of the ruble through strengthening control by the Bank of Russia over foreign currency accounts and operations of commercial banks, creating prerequisites for the conversion of cash foreign currency individuals in ruble assets;

To form a system of trust management of state property in Russia and abroad;

Reform the treasury budget execution system, ensuring its transparency, increasing its status, and expanding its scope;

Orient monetary policy towards regulating interest rates.

It is important to pursue coordinated financial, monetary and socio-economic policies aimed at the interests of broad sections of the population who create national wealth and have enormous intellectual potential. The success of financial policy lies in the plane of macroeconomic growth based on the development of the real sector of the economy, leading to the expansion of the tax base, and the strengthening of Russia's geopolitical and strategic positions.

Depending on the nature of the tasks, financial policy is divided 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 problems 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 issues of theory and practice of financial formation, their planning and provision, solves problems that ensure the financial stability of an enterprise in market economic conditions, develops methods and forms of survival in the new conditions of preparing and conducting strategic financial transactions.

The financial strategy of an enterprise covers all aspects of the enterprise's activities, including optimization of fixed and working capital, profit distribution, non-cash payments, tax and pricing policies, and securities policy.

By comprehensively taking into account 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.

A distinction is made between a general financial strategy, an industry financial strategy and a strategy for achieving individual strategic objectives.

The general financial strategy is the financial strategy that determines the activities of the 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 the year.

An operational financial strategy is a strategy for the current maneuvering of financial resources (a strategy for controlling the expenditure of funds and mobilizing internal reserves, which is especially important in modern conditions of economic instability), developed for a quarter or 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, wages, repayment of obligations to budgets of all levels and banks), which creates the possibility of all upcoming turnover in cash receipts and expenses during the planned period. The normal situation is 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.

The strategy for achieving private goals consists of 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.

Objectives of the financial strategy:

Study of the nature and patterns of financial formation in market economic conditions;

Development of conditions for preparing possible options for the formation of financial resources of the state (enterprises) and actions of financial management in the event of an unstable or crisis financial condition;

Determination of financial relationships with parts of the financial system;

Identification of reserves and mobilization of resources for the most rational use of production capacities, fixed and working capital;

Ensuring the effective investment of temporarily free funds in order to obtain maximum profit;

Determining how to conduct a successful financial strategy and strategically use financial opportunities;

Developing ways to prepare a way out of a crisis situation, methods of personnel management in conditions of an unstable or crisis financial situation and coordinating efforts to overcome it.

The financial strategy is developed taking into account the risk of non-payments, inflation surges and other force majeure (unforeseen) circumstances. It must correspond to production tasks and, if necessary, adjust and change. Control over the implementation of the financial strategy ensures 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 adjust individual 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) of the implementation of a financial strategy.

Financial strategy and financial tactics are dialectically interrelated. The objectives of financial tactics not only follow from the objectives of the financial strategy, but can also significantly influence the decision of the financial strategy.

For example, the financial recovery of the economy and dynamic GDP growth, increasing the competitiveness of products should be considered as a financial strategy. Such a recovery can be achieved through reducing the government deficit, reducing inflation, government surplus, reducing inflation, inflation, and rationing. These activities will be considered, but the most significant way can be strengthening the exchange rate of the Belarusian ruble, which is what financial tactics do.

Depending on the nature of the tasks, financial policy is divided into financial strategy and financial tactics.

Financial strategy- this is a long-term course of the state’s financial policy, defined for the future and providing for the solution of large-scale tasks set by the economy and social development strategy of the country. It is focused on a long period of development and provides for the solution of large-scale problems within the framework of certain economic strategies of the state. In the process of development, the main trends in the development of finance, directions and use are predicted, the principles of organizing financial relations are outlined in accordance with the long-term goals of the socio-economic development of the Republic of Belarus.

Financial tactics- this is a set of measures aimed at solving the problems of a specific stage of development of the state on the basis of a developed financial strategy, associated with prompt changes in the forms and methods of organizing financial relations, regrouping financial resources based on the needs of the country. It is aimed at solving the problems of a specific stage of development of the state and is associated with changing the forms and methods of organizing financial relations based on its current needs.

Financial strategy and tactics are closely related. As a financial strategy, one should consider the financial recovery of the economy and the dynamic growth of the gross domestic product, increasing competitive products. Such a recovery can be achieved through reducing the budget deficit, reducing inflation, and strengthening the exchange rate of the Belarusian ruble.

At the present stage of economic development, the financial policy of the Republic of Belarus is aimed at fighting inflation, improving the tax system, creating favorable conditions for foreign economic activity, attracting foreign investment, reducing public debt, providing financial resources for targeted programs, increasing social protection of the population (according to the Socio-Economic Development Program RB).

The main directions of the financial strategy of the Republic of Belarus:

Ensuring sustainable economic growth at a high-quality level, allowing to increase real incomes of the population;

Creation of a tax system that meets the requirements of economic growth and financial stabilization;

Reducing the tax burden;

Increasing the efficiency of government spending and reducing the level of budget expenditures in relation to GDP;

Phased consolidation of government resources in the budget;

Concentration of budget funds in order to implement the most important government programs and activities;

Optimization and improvement of public debt management

Attracting foreign investment into the real sector of the economy.

Financial policy is implemented through the financial mechanism, its levers and incentives.

Financial mechanism is a system of types, types, methods and forms of financial relations established by the state.

Types financial mechanism (depending on the degree of state participation):

Directive financial mechanism associated with the participation of the state in the development and introduction of mandatory financial relations for all subjects in the field of budgetary taxation and the financial market.

Regulatory financial mechanism determines the procedure for financial relations in those areas and parts of the decentralized financial system where the interests of the state are not directly affected.

Kinds financial mechanism (depending on the areas and links of the financial system): budget mechanism, financial mechanism of organizations, financial market mechanism, etc.

Financial mechanism methods ma:

financial support carried out at the expense of own, borrowed and attracted resources.

financial regulation is associated with the regulation of distribution relations in society as a whole, in sectors of the national economy, and in enterprises of various forms of ownership.

taxation

planning and forecasting

management and control

self-financing, etc.

To regulate financial relations in the course of implementing financial policy, the state uses a certain system of financial levers and incentives. Financial levers include: profit, tax on income of enterprises and organizations various forms property, investments, exchange rates and securities, depreciation, price, dividends, social security contributions, etc. Financial incentives include rewards for good performance and economic sanctions for violations.

07.07.2016

Rapid changes in the external business environment, dynamic development information technologies, reduction life cycle products and other factors require companies to adopt . Solutions that will not only ensure the successful existence of a business today, but also answer the question of what it will be like tomorrow? And what needs to be done now to ensure that tomorrow’s business remains no less profitable, sustainable and efficient?

Such strategic decisions concern almost all areas of a company's work - research and development (R&D), production, personnel management, marketing and sales. However, they acquire special, and in some cases, critical importance in the financial sector. Because this is where answers are given to the questions that most worry owners and investors: what will be the market value of the business, how much profit can their company earn, and what will be the final return on invested capital?

Essential answers to all the questions that concern business owners and stakeholders are given as part of the development of a subordinate strategy for the financial development of the enterprise or, in simple terms, a financial strategy. And if there is a strategy, there must also be tactics.

Financial strategy and tactics of the enterprise

The company's financial strategy is not only a derivative of its general financial policy, but is also tightly intertwined with the latter. So much so that they are often confused.

To separate flies from cutlets, i.e. strategy from politics and, at the same time, from tactics, we will use two simple characteristics:

1) the time horizon over which the consequences of decisions made will influence the development of the business;

2) the significance of the decisions made, the power of influence on the company’s main financial KPIs - profitability, sustainability, financial independence.

For example, a decision to slightly reduce the collection period for receivables for counterparties is unlikely to have long-term, global consequences. But the decision to invest money in the development of new projects in the high-tech sector is certain.

The same applies to the second criterion. It is unlikely that by opening a line of credit with a bank to cover current needs, you will fundamentally change your financial KPIs. But a fundamental decision to maintain a certain capital structure, that is, a balance between own and borrowed money, will have much more significant consequences.

Thus, strategic financial decisions have long-term consequences for business development and can lead to significant changes in the most important financial KPIs.

Simply put, the financial and economic strategy of an enterprise is a long-term, long-term course of financial policy.

Financial tactics of the company - the course of financial policy for the current period (within a year or less). Tactics differs from strategy in greater flexibility and mobility.

And together they form a single whole: The financial strategy and tactics of the enterprise together is this financial policy:

Areas of the company's financial strategy

Financial strategy is responsible for making decisions in the following areas of the enterprise:

• accounting, taxes, pricing,
• depreciation, credit and dividend policies,
• , operating expenses and working capital,
• product sales and profit.

These same problems are solved by financial tactics, only, figuratively speaking, “at a short distance.”

To make your business profitable and sustainable, you need a competent financial management policy. If you have problems with this, contact a professional. For example, when contacting, our specialists will:

1. carried out the current financial strategy of the enterprise,
2. an assessment of its effectiveness is given,
3. if necessary, the company’s financial strategy was developed,
4. For your convenience, mentoring and coaching formats are provided, in particular - a coaching program