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2 strategies and tactics for Finance Department

What is a Finance Department strategy?

Every great achievement starts with a well-thought-out plan. It can be the launch of a new product, expanding into new markets, or just trying to increase efficiency. You'll need a delicate combination of strategies and tactics to ensure that the journey is smooth and effective.

Identifying the optimal Finance Department strategy can be challenging, especially when everyday tasks consume your time. To help you, we've assembled a list of examples to ignite your creativity.

Copy these examples into your preferred app, or you can also use Tability to keep yourself accountable.

Building your own Finance Department strategy with AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own strategies.

Finance Department strategy examples

You will find in the next section many different Finance Department tactics. We've included action items in our templates to make it as actionable as possible.

Strategies and tactics for implementing OKRs in the Finance Department

  • ⛳️ Strategy 1: Define clear objectives

    • Conduct a meeting with finance team members to identify priorities for the upcoming quarter
    • Analyse past financial performance to determine areas needing improvement
    • Set three to five clear and measurable objectives for the finance department
    • Align finance objectives with overall company goals
    • Ensure that each objective is challenging yet achievable
    • Draft a document listing proposed objectives for review
    • Gather feedback from finance team on proposed objectives
    • Revise objectives based on team feedback
    • Present finalised objectives to leadership for approval
    • Communicate approved objectives to the finance team

  • ⛳️ Strategy 2: Draft measurable key results

    • Identify quantifiable metrics that align with each objective
    • Consult with team leaders to ensure key results are challenging yet realistic
    • Ensure key results include specific numbers or dates for assessment
    • Draft initial key results and share them with the finance team for input
    • Rework key results based on team feedback
    • Align key results to support achieving finance department objectives
    • Establish methods of tracking each key result consistently
    • Set up a shared digital workspace for OKR tracking
    • Publish finalised key results in the team’s communication platform
    • Tell the team about the importance of tracking and achieving key results

  • ⛳️ Strategy 3: Monitor progress regularly

    • Schedule weekly meetings to review progress on OKRs
    • Assign responsibility for each key result to specific team members
    • Create a dashboard to visualise progress towards key results
    • Set up reminders and updates for milestone deadlines
    • Recognise and celebrate small wins as they occur
    • Conduct monthly check-ins on OKR progress to adjust strategies as needed
    • Address obstacles hindering progress during meetings
    • Provide additional resources or support for key results lagging behind
    • Document learnings from ongoing OKR implementation
    • Prepare a quarterly review report to present to leadership on OKR outcomes
performance-enhancementtransparencyteam-leadersfinance-team-membersfinance-departmentleadership-team
Implement these strategies

Strategies and tactics for preparing a comprehensive mall review strategy

  • ⛳️ Strategy 1: Establish a robust mall management structure

    • Appoint a mall general manager to oversee overall operations
    • Set up specialized departments for operations, leasing, marketing, and finance
    • Designate managers for each department to ensure focused leadership
    • Implement weekly cross-departmental meetings for alignment on objectives
    • Create clear reporting structures with department heads reporting to the general manager
    • Conduct quarterly reviews of the management structure to identify areas for improvement
    • Develop a succession plan to maintain leadership continuity
    • Integrate communication and project management tools for improved collaboration
    • Organize bi-annual team-building activities to strengthen team dynamics
    • Set up performance evaluation criteria for department heads

  • ⛳️ Strategy 2: Maximize tenant occupancy through strategic lease management

    • Establish a dedicated leasing department for managing tenant relations
    • Develop a tenant mix strategy to balance retail, F&B, and service stores
    • Introduce a lease expiry management system for timely renewals and negotiations
    • Set up KPIs for monitoring occupancy rate, lease terms, and tenant satisfaction
    • Conduct market research to identify potential new tenants and sectors to enhance the mall's offering
    • Review and adjust lease terms to reflect current market conditions
    • Implement a feedback system for tenants to express needs and concerns
    • Organize regular tenant meetings to discuss and negotiate leasing issues
    • Provide incentives for anchor tenants to ensure long-term occupancy
    • Develop a contingency plan for managing high vacancy rates

  • ⛳️ Strategy 3: Enhance financial transparency and operational efficiency

    • Set up a finance and accounting department for revenue and cost management
    • Implement monthly financial reporting to track profitability and operational costs
    • Introduce a centralized billing system for tenant payments
    • Automate vendor and supplier payments to optimize cash flow
    • Conduct regular financial audits to ensure accuracy and compliance
    • Establish an expense management policy for cost control
    • Analyze financial data to identify trends and areas for cost reduction
    • Train staff in financial literacy to enhance fiscal responsibility
    • Create an annual budget plan aligning with mall objectives
    • Integrate accounting software for streamlined financial operations
mall-managementtenant-occupancygeneral-managerleasing-managerfinance-departmentleasing-department
Implement these strategies

Executing your Finance Department strategies

Having a plan is one thing, sticking to it is another.

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to keep your strategy agile – otherwise this is nothing more than a reporting exercise.

A tool like Tability can also help you by combining AI and goal-setting to keep you on track.

Tability Insights DashboardTability's check-ins will save you hours and increase transparency

More strategies recently published

We have more templates to help you draft your team goals and OKRs.

Planning resources

OKRs are a great way to translate strategies into measurable goals. Here are a list of resources to help you adopt the OKR framework:

Need more? Turn objectives into results with Tability AI

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✔ Stop wasting time on planning and reporting

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