A finance strategy combines financial planning with strategic planning. It assesses current resources, costs, and budget, and aligns them with the company’s mission and goals. It sets a plan to align with enterprise goals to grow and innovate, despite changing and often unpredictable business conditions. The finance strategy should assess current resources, costs, and budget; define the long-term direction of the corporate finance function; and articulate what finance will do to deliver on goals for growth and innovation. A solid finance strategy must also take new technologies, capabilities, and efficiencies into account. AI, machine learning (ML), and robotic process automation (RPA), for example, allow traditional finance tasks to be performed faster and more accurately, and for finance to provide deep organizational insights to stakeholders. These technologies are fundamentally changing the way finance staff work and the skills they need to thrive.
To build a winning finance strategy for your business, you can use Gartner’s one-page finance strategic plan template. This template helps you communicate key elements of your strategic plan for finance. It also provides guidance on how to turn your finance strategy into action by connecting it to specific initiatives for your function.
Additionally, you may want to review your company’s strategic plan as a starting point for financial planning. Consider what you want to accomplish in the coming year and ask yourself questions such as: Do you need to expand? Do you need more equipment? Do you need to hire more staff? Do you need other new resources?
Please note that this is a general overview of a finance strategy. The specific details of a company’s financial strategy may vary depending on its unique circumstances.