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    Strategic Financial Planning
    Strategic Financial Planning
    Strategic Financial Planning
    Ebook172 pages1 hour

    Strategic Financial Planning

    By Jennifer Bean and Lascelles Hussey

    ()

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    About this ebook

    Strategic Financial Planning for the Public Sector is one of a series of books entitled “Essential Skills for the Public Sector”. It promotes the importance of strategic financial planning and how this can have a dramatic impact on financial monitoring and control, as well as assisting the organisation to achieve value for money. The

    LanguageEnglish
    PublisherHB Publications
    Release dateOct 1, 2011
    ISBN9781899448791
    Strategic Financial Planning
    Author

    Jennifer Bean

    Jennifer Bean is a highly experienced consultant with an excellent track record of working with non-profit and public sector organisations. She is a UK Chartered Accountants and holds a Masters in Business Administration. Her expertise is in taking business principles and best practice and applying them to public sector organisations in a practical way.

    Read more from Jennifer Bean

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      Book preview

      Strategic Financial Planning - Jennifer Bean

      Chapter 1

      Introduction

      In an environment where the demand for public services continues to grow, whilst often the financial resources cannot keep pace, managers need to become increasingly creative in the way resources are deployed by developing realistic financial strategies.

      It may be considered that financial strategy should be left to the financial staff such as accountants, and finance managers. However, in organisations where operational managers often have devolved financial responsibility, they too need to be part of developing short and long term financial strategies.

      This book considers how financial planning should be approached, such that appropriate financial strategies can be developed and implemented. Long range financial plans shape the future of the organisation and its ability to deliver the corporate, business and service plans. Financial planning should, therefore, be seen as an integral part of the overall planning processes. This text also looks at areas that are fundamental to supporting the financial planning process such as resource management, cost benefit analysis, and income generation. One option open to the public sector is to incorporate out-sourcing as part of a financial strategy to reduce costs. We consider the differences between public and private sector service provision, and the financial implications of both.

      This book has been written as both a reference text and a development tool, which can be used by the reader as part of a self-development programme or to support recognised qualifications. At the end of each chapter are exercises and self-development activities, which can be undertaken by an individual or a team. The aim is to assist in interpreting the topics covered in each chapter as they are applied in practical and real life situations.

      Strategic Financial Planning for the Public Sector provides stimulating ideas for managers to think strategically about how they plan and use the finances under their control, in order to shape future service delivery.

      This book is one of a series of Essential Skills for the Public Sector titles. The series aims to assist public sector managers become more efficient and effective in carrying out their important management responsibilities. We consider this book to be an important part of the tool kit for public sector management development.

      Chapter 2

      Financial Planning

      Public sector organisations are responsible for the financial control of substantial amounts of public funds, and have a duty of care to ensure that those funds are well controlled and achieve value for money. In order to do this, a well thought out and robust financial plan against which to monitor performance is essential.

      The Financial Planning Process

      As with all plans, there needs to be clear aims, objectives, strategies, and action plans which are constantly monitored and reviewed. Planning should always be an ongoing process, and this is no different for financial planning. Ongoing financial monitoring should highlight whether or not the financial plans are being achieved.

      The financial planning process is illustrated in the following table.

      The Financial Planning Process

      - a continuous cycle -

      Financial planning cannot be undertaken in isolation and should be performed in conjunction with the organisation’s other planning activities. Most public sector organisations will develop a variety of plans setting out the key aims and objectives for at least the year ahead, if not for a longer period. The objectives identified in these plans will only be achieved if the financial resources are available to support them. The financial plans are critical in determining whether or not the objectives are realistic and achievable.

      Depending upon how the organisation is structured, there may be a range of plans produced for a variety of purposes. Shown below is an illustration of the plans produced by public sector organisations and the type of financial plans that should be attached.

      In order to produce meaningful financial plans, there needs to be a mix of bottom-up and top-down communication as follows:

      The corporate plan developed by senior managers, should be widely communicated such that all personnel understand the organisation’s core objectives, the wider financial picture, and the available financial resources.

      Service managers should then identify the level of financial resource they require, in order to deliver the objectives set out in their business plans.

      When the financial plans of all the

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