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What do you do if strategic thinking is not integrated into your corporate finance practices?

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Strategic thinking is the ability to analyze, create, and execute a vision for the future of your organization. It involves identifying opportunities, challenges, and risks, and aligning your resources and capabilities with your goals and values. Strategic thinking is essential for corporate finance, as it helps you to optimize your financial performance, allocate your capital efficiently, and create value for your stakeholders. However, not all corporate finance practices are integrated with strategic thinking. This can lead to suboptimal decisions, missed opportunities, and wasted resources. In this article, we will discuss what you can do if strategic thinking is not integrated into your corporate finance practices.

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Ernest Festus Awudey

Accounting & Finance (BSc, ICAG Level 3) ? Financial Analysis (FMVA?) ? BI & Data Analytics (BIDA?)

1 Assess your current situation

The first step is to assess your current situation and identify the gaps and barriers that prevent you from integrating strategic thinking into your corporate finance practices. You can use various tools and frameworks, such as SWOT analysis, PESTEL analysis, Porter's five forces, and value chain analysis, to evaluate your internal and external environment, your strengths and weaknesses, your opportunities and threats, and your competitive advantage and value proposition. You can also review your financial statements, ratios, budgets, forecasts, and cash flows, to understand your financial position, performance, and potential. By assessing your current situation, you can gain a clear picture of where you are, where you want to be, and what you need to change.

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Stefano Passarello

Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
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Evaluate your internal and external environment using tools like SWOT analysis, PESTEL analysis, Porter's five forces, and value chain analysis. Review your financial statements, ratios, budgets, forecasts, and cash flows to understand your financial position, performance, and potential.

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2 Define your strategic objectives

The next step is to define your strategic objectives and align them with your corporate finance practices. Your strategic objectives are the specific and measurable outcomes that you want to achieve in the short-term and long-term, based on your vision and mission. They should be SMART: specific, measurable, attainable, relevant, and time-bound. Your strategic objectives should also be aligned with your financial goals, such as increasing profitability, improving liquidity, reducing debt, enhancing growth, or maximizing shareholder value. By defining your strategic objectives, you can set the direction and scope of your corporate finance practices and ensure that they support your overall strategy.

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Ernest Festus Awudey

Accounting & Finance (BSc, ICAG Level 3) ? Financial Analysis (FMVA?) ? BI & Data Analytics (BIDA?)
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Although the main aim of companies is to increase the wealth of its shareholders or to achieve value for money in the context of not-for-profit firms, these overarching objectives are achieved by pursuing relevant non-financial objectives. This implies having a strategic view of the corporate finance objective of maximising shareholder wealth or achieving value for money. By incorporating non-financial objectives and/or factors into the plan for achieving your key financial goals, then the overall strategic objectives of the company will be achieved as well.

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Stefano Passarello

Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
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Set specific, measurable, attainable, relevant, and time-bound (SMART) strategic objectives based on your vision and mission. Align your strategic objectives with your financial goals, such as increasing profitability, improving liquidity, reducing debt, enhancing growth, or maximizing shareholder value.

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3 Develop your action plan

The third step is to develop your action plan and implement it in your corporate finance practices. Your action plan is the detailed roadmap that outlines the steps, tasks, resources, responsibilities, timelines, and metrics that you need to follow to achieve your strategic objectives. Your action plan should also include the financial implications, such as the costs, benefits, risks, and returns, of each action. You can use various tools and techniques, such as project management, budgeting, forecasting, scenario analysis, and sensitivity analysis, to plan and execute your action plan in your corporate finance practices. By developing your action plan, you can translate your strategic objectives into concrete and actionable steps and monitor your progress and performance.

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Stefano Passarello

Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
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Outline the steps, tasks, resources, responsibilities, timelines, and metrics needed to achieve your strategic objectives. Consider the financial implications of each action, including costs, benefits, risks, and returns. Use tools like project management, budgeting, forecasting, scenario analysis, and sensitivity analysis to plan and execute your action plan.

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4 Evaluate your results

The final step is to evaluate your results and adjust your corporate finance practices accordingly. You should measure and compare your actual results against your expected results, using the metrics and indicators that you defined in your action plan. You should also analyze the causes and effects of any deviations, gaps, or errors, and identify the strengths and weaknesses of your corporate finance practices. You should then use the feedback and insights that you gained from the evaluation to improve, modify, or update your corporate finance practices and align them with your strategic objectives. By evaluating your results, you can ensure that your corporate finance practices are effective, efficient, and adaptable.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if strategic thinking is not integrated into your corporate finance practices?

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1 Assess your current situation

2 Define your strategic objectives

3 Develop your action plan

4 Evaluate your results

5 Here’s what else to consider

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