1. Positive or Negative cash flow.
2. The management of the investment.
3. Identification of risk in the environment.
4. Planning of tax is also considered an important factor of financial strategy.

Steps for the creation of financial strategy:

1. Creating an imaginary idea of the financial strategy
2. Organize finance
3. Prepare for the worst situation
4. Monitoring (Bender, 2013).

1. Decision Making: It is very essential from the business point of view. As we all know there are different-different sources of finance external and internal. An external source of finance includes Equity, Preference, and Debt. Another the internal source of finance retains earning the use of profit of the company. So the firm has to decide which source of finance helps them to achieve their goal.
2. Investment Decision: Investment decision is very important because it helps the organization to create or generate income from different sources some of the common sources of investment are real estate, securities, mortgages, etc.
3. Dividend Decision: So basically dividend is the amount of profit distributed to shareholders. A dividend policy helps to increase the value of a firm. So the organization has to decide how much amount of profit we distribute as dividends and how much to retain earnings.
4. Cash Flow Management: An organization has to manage its cash flow which helps the organization to decrease its financial cost (Bender, 2013).

1. Define Your Goal: A firm has to determine its long-term or short-term objective. It makes the work easier for creating a financial strategy. A goal provides a clear eyesight current position of the organisation and what is the future or aimed position of the organization
2. Gathering of data: The next step is the gathering of data from dissimilar sources whether from secondary sources or primary sources.
3. Data Analysing: Now according to data that we gather from the primary or secondary source we have to analyse the above data and create it into a numerical form that is easy to understand.
4. Creation of Budget: After analysing the next step is the creation of a budget according to finance which is available from both internal and external sources.
5. Creation of Strategy: Now we have to create a rough plan according to all the above-listed components.
6. Implementation of strategy: After all the hard work the next step is to implement the strategy and monitoring it on the regular basis (Chanias, et al., 2019).

1) Balance sheet: The balance sheet helps you to scan or inspect the assets and liabilities of the organization.

2) Income statement: It gives you a proper understanding of the revenues and expenses of the organization. When the expenses are minimized from revenues it gives you an amount of profit or you can have called as the organization’s net income.

3) Cash Flow Statement: There are two types of cash flow one is positive and the other one is negative. An organization has to maintain a positive cash flow to be profitable (Hess, et al., 2019).

1. Preparation of cash is considered very important to all small-scale or large-scale organizations whether are profitable or not.
2. Preparation is also important whether an organization is going from a changeover phase or in the phase of drop.
3. The interpretation of cash flow is also important because it gives the overall information about the performance and alms of every department of the organization.
4. It has a huge impact on the creation of budgets or hires or fire of employees (Anyushenkova, & Samorukova, 2019).

1) Identify the industry’s economic characteristics: It is very important to understand the economic conditions of your domain which gives you an upper hand on your competitor and helps in building effective strategies according to the environment.

2) Identify company strategy: Different-different strategies are formed during the process of strategy formulation but we have to choose the best strategy that helps an organization to reach its objective.

3) Assess the quality of the firm’s financial statement: This step includes determining the quality of the overall financial statement by analysing it.

4) Analysing of risk: The next step is to help in the finding of risks that are involved in choosing a particular strategy or in the external environment.

5) Forecasting of profitability: It includes all the assumptions we usually make about the future in terms of profit (Fuadah, & Setiyawati, 2020).

Feature of Business Budgets are:

1) Business budget is an objective achieving process that helps the organization to achieve its objective

2) It is futuristic and a business task.

3) It gives you a rough estimation of the overall expenses of the financial year.

4) It helps in determining the income and expenditure of the organization of the financial year.

5) Business budget is authorized by higher command and it should be in the return form.

6) It makes you educate about the administration and approaches of budget in fiscal or financial terms.

7) It involves the prediction of concluding the fiscal position of the business.

8) Business budget shows the business administration which needs to follow to accomplish organizational objectives (Murad, 2022).  

1.       Detect organizational profit: For the creation of a business budget, the first step an organization needs to follow is to adjust or detect the overall profit of the financial year of the organization subtracted from taxes and deductions.

2.       Detect organizational expenses: The next step is to adjust all the expenses of the organization during the financial year.

3.       Pick the proper budget ideas: In the third step, we create a list of different ideas related to our budget, and then after analysing all the alternatives we have to select the most suitable plan for our organization.

4.       Implementing the plan: The next step is to choose the best plan among all the plans and implement it in the organization.

5.       Monitoring of the implemented plan: The next and final step of the entire budget plan is to continue monitoring the implemented plan whether it is performing well or not (Murad, 2022).

1. So firstly understand the concern of the people interested in their domain or business. There are different concerns of the stakeholders they have to understand the individual concern of every stakeholder to target them.
2. Secondly after noting all the concerns of the stakeholders they have to create a narrative or an imaginary world to let them know about the advantages of joining their organization. An imaginary world constitutes different emotional elements.
3. After the above step, it is still not guaranteed business to get the stakeholders so you have to show different-different data to show them the possibilities of achieving profit.
4. The above step can give them a little bit of confidence about being a stakeholder. An organization has to take regular follow-ups with the stakeholders (Anyushenkova, & Samorukova, 2019).

1. Support staff works include the creation of figures which is an asset to the organization.
2. Other works include the maintenance of data.
3. Support staff also address acceptance.
4. Creation of structures and other important duties.

There are also different types of support staff they are:

1. Clinical settings
2. Community setting
3. Domestic settings (Navarro, 2015).

1.       By providing them with learning about the work they will do for the development or the improvement of the organization. An organization will perform well and achieve its objective if its support staff will be well trained.

2.       An organization can support staff by spinning them from job to job basically giving them an overview of different work they used to perform in the organization.

3.       Asking about their concerns on the particular work

4.       Provide mentoring which gives them new knowledge about the work they are doing and how to make it easier.

5.       Communicate with the know about their concerns and preferences it will make them feel and give them the confidence to work with their full potential

6.       Treat them as an important element of the team. One should treat a support staff as an important element of their team (Goel, et al., 2012).

The different reasons for the deviation in the budget are:

1.       Mistakes or errors: There are multiple reasons which cause the deviation in the budget the first one is the errors. Errors like not taking proper assumptions or any mistakes because of maths or because of wrong data and so on etc.

2.       Dynamic Conditions of Business: The second cause of the deviation in the budget is the change in the business condition. The everyday business has evolved and the environment of business is completely dynamic. It affects the budget of a business.

3.       Hopes: According to the budget plan we generally hope for the best outcome high hopes and sometimes it won’t happen as planned (Navarro, 2015).

Step 1. Find a photocopy of the last budget plan:

So basically every work starts from where it ends so to correct a budget deviation we firstly have to re-analyse or examine all the budget from start to end to find out the mistake.

Step 2. Examine the overall picture of expenses:

The next step is to manage or determine all the external cost or the cost that is going out of the organization and spend time investigating all the errors.

Step 3. Communicate to management:

The next thing is to collect and manage the data or the information that you have received and communicate all the information to the management as soon as possible.

Step 4. Implement the new budget:

Now after understanding all the issues and the problems present in the budget is solved so you can implement a new budget in the organization can follow along (Reta, et al., 2018).

The main points that are considered while developing a contingency plan are:

1. Create a menu of pitfalls: An organization is surrounded by a lot of pitfalls a to survive all the pitfalls organization should know about all the pitfalls.
2. Analyse every pitfall: Every pitfall has its unique impact so you have to understand all the impacts and it has gone affected your business.
3. Identify most adverse or critical pitfalls: Now in the above point we collect and analyse the impact and how it will affect a business the next step is to identify the most adverse or critical pitfalls.
4. Making of Contingency plan for the extreme pitfalls: After identification, your next step is to create or form a contingency plan for the most extreme pitfalls.
5. Confirmation of contingency plan: After the making or the creation of a contingency plan it should be confirmed with the top-level management or from the higher departments.
6. Allot contingency plan: Allot or give the contingency plan to the workers who need it or who work according to it.
7. Monitoring: The next role is the monitoring of the newly implemented contingency plan and how is it working
8. New contingency plan: During the phase of monitoring if you implemented plan is not suitable for that make a new contingency plan (Danto, et al., 2012).

1.       Analysing financial report on regular basis: If an organisation wants to perform well on a regular basis then the organisation has to analyse its financial report of the regular basis because the climate condition of the business world is not stable so the organisation have to track all the changes and then take a necessary action according to it.

2.       Recognition of where an organisation is not performing up to the mark: The next thing is to recognise where an organisation is not performing up to the mark or according to your assumptions and what is the reason behind it (Zhi, 2020).

3.       Checking of income statement: An organisation should review its income statement or profit and loss account to get the idea of performance or to maintain the records of finance.

4.       Assess cash flow statement: An organisation should inspect its cash flow statement to get the idea is the organisation id performing according to the plan or not in terms of finance.

5.       Audit your balance sheet: Last you also have to audit or analyse the organisations balance which gives the information about assets, liability and the fiscal place of the organisation (Jha, 2019).

1.       Resources related to finance: It very important to insure the availability of finance and use of finance in the right way whether it is coming from inside of the organisation and out the organisation whether short term or long term. Financial resource gives the power to the organisation to buy commodity and services which are used in business or day to day or for long term activities.

2.       Human Resources: The second or the most important in terms of making an organisation more profitable are the human resource or the humans which are working in the organisation. Every organisation need a penalized human resources which can provide strength by their work to the organisation.

3.       Other Resources: Others resources includes machine transportation facilities location all the resources have its own importance it terms of finances because the wastage of any resources lends to the wastage of finance (Jury, 2012).

The strategies used to monitor financial strategy are:

1.       Determining business fiscal situation: To understand and monitor the performance of the financial strategy an organisation had to understand the current situation of a business in financial terms.

2.       Regulate Fiscal objectives: On organisation should know about its objectives how it should be targeted and achieved.

3.       Substitute of: On organisation should maintain substitutes of funds so if one investment if failed we have other option to regulate the financial flow in and out of the organisation.

4.       Understanding of substitute investments: Assess all the others sources of finances from where an origination regulates its financial needs

5.       Arrange it with earlier fiscal idea or strategy: Basically arrange this ides or plan with the implemented strategy.

6.       Re-view again-again: Now monitor this strategy or method on the regular basis (Prastawa, et al., 2021).