Strategic Financial Management

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The Elements of Strategic Financial Management

Our expert consultants will apply tools and techniques, use their skill set and combine financial expertise and business understanding to help improve the performance and financial management of your business or company.

Sound strategic financial planning, management, and control provide the basis for your business or company to achieve its business goals and operate more efficiently.

Elements are those features that make strategic financial management important.

Before discussing the elements of strategic financial management. It will be helpful to provide you with a working knowledge of what strategic financial management is.

What is Strategic Financial Management?

Strategic financial management (or financial management strategies) refers to the specific strategic planning of the usage and management of your business's or company's financial resources to attain its business objectives as a business concern. Strategic financial management can help you in a number of ways. For example when you are:

  • Defining your business's or company's business objectives.
  • Identifying and quantifying your business's or company's resources.
  • Devising a plan for utilising your business's or company's finances and other resources to achieve its business goals.
  • Establishing procedures for collecting and analysing data.
  • Tracking and analysing variances between budgeted and actual results to identify problems and take appropriate action.
  • Making financial decisions.
Elements of Strategic Financial Management

Strategic financial management involves elements or features designed to make the maximum efficient use of your business's or company's financial resources. These elements involve:

  • Deploying various tools, and techniques that can help your business or company implement its strategies and plans to support the achievement of its business objectives.
  • The managing of your business's or company's assets and liabilities as well as the monitoring its financial items such as:
    • Expenditure and revenues
    • Accounts receivable and payable
    • Cash flow and profitability
  • Reviewing and evaluating, how well your business is performing and if it is on-track to attaining its short-term and long-term business goals.
  • Budgeting your financial resources and operating expenses. This involves:
    • Identifying areas in your business or company that incurred the largest amount of operating expenses.
    • Ensuring sufficient liquidity is available to cover the day-to-day operating expenses, without having to access outside financial resources.
  • Focusing on maximising your business's or company's profitability and value.
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Financial Statements

The financial section of a business plan forms a large part of the plan for any business or organisation. This section of the business plan includes the following financial statements:

  • Income Statement (i.e. revenues, expenses and profitability);
  • Cash Flow Statement; and
  • The Balance Sheet (i.e. assets and liabilities)

For new start-up businesses or organisations, these financial statements will be projections, whereas for an existing business or organisation this section of the plan will contain several years of history as well as projections.

Financial Strategies

In addition to including the financial statements in the business plan, the plan should also include the financial strategies that a business or organisation will take, when handling their finances.

What is a Strategic Financial Management Plan?

strategic financial management plan, involves business owners and/or management performing a defined sequence of steps that will encompass the full range of their business’s or organisation’s finances. This will be from:

  • Setting out clearly defined and attainable objectives;
  • Identifying available resources;
  • Analysing data;
  • Making financial decisions;
  • Tracking variances between “actual” and “budget” results; and
  • Identifying the reasons for variances.

Measuring and Analysing Financial Performance

At the time of measuring and analysing the financial performance of your business or organisation, Singh Accountants will provide you with the required assistance. This assistance will involve:

  • Analysing the strengths, weaknesses, opportunities and threats to your business or organisation;
  • Evaluating the environment in which your business or organisation operates;
  • Setting your goals and objectives, and developing your KPIs;
  • Developing short-term and long-term strategies to help your business or organisation achieve its goals and objectives;
  • Improving the value of your business or organisation; and
  • Making informed decisions.

Setting Profitability Ratios

For any business or organisation to operate effectively, profitability ratios must be set. The profitability ratios will highlight any ineffective areas within your business or organisation that will require you and/or your management team to take the required corrective actions.

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