Responding to COVID-19: insight, support and guidance
This publication provides public service organisations with the tools they need to engage in effective strategic financial planning in today’s uncertain environment.
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Public service organisations operate in a challenging and volatile environment. Even the best-laid plans can quickly be overtaken by events. It might seem that long-term planning under such circumstances is futile. But this is far from the case. High levels of uncertainty make long-term planning more important, rather than less.
This publication provides public service organisations with the tools they need to engage in effective strategic financial planning in today’s uncertain environment. In particular, the guide introduces the concept of scenario planning, which is by far the most effective approach to strategic planning in a dynamic operating environment.
The guide covers:
• the principles of financial strategy, including what financial strategy is, why it is important and how it influences long-, medium- and short-term planning
• developing a financial strategy, including the aims of the strategy, approaches to developing one and the challenges of planning in an uncertain environment
• using scenarios for long-term financial planning, including the aims of scenario planning, the building of effective scenarios and their role in informing the development of long-term plans
• medium- and short-term financial planning, including the development of a medium-term financial plan, the identification of drivers of cost and demand, and the use of the annual budget as an instrument of financial control, and
• financial leadership, including the importance of strong leadership and the roles of the governing body, the senior management team and the chief financial officer.
This guide is essential reading for everyone involved in strategic financial planning. It also provides indispensable insights for governing bodies, senior managers and individuals with strategic or operational planning responsibilities, as well as for all those working in the finance function of public service organisations.
This publication is only available online.
The digital, online version is available as both searchable HTML and a bookmarked downloadable PDF of the publication that can be shared throughout your organisation. Customers will need to register and login to CIPFA’s website to access the publication.
Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department.
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