The comprehensive assessment of the strategy of achieving financial sustainability in engineering companies

As today’s challenges require more innovations and a faster progress regionally and nationwide, the research and development products are increasingly in demand, competition is high, manufacturing relations globalize, assessing the effectiveness of the management system of achieving financial stability of engineering companies becomes especiallyimportant. The article explains why engineering companies should change from the operational management to the strategic one. It also gives the comparison of the operational and strategic management. The paper suggests the comprehensive assessment of the strategy of achieving financial stability. It is seen as a tool for regulating financial and business operations of engineering companies. The article provides the system approach to the definition of the main measures for achieving financial stability of engineering companies. It justifies functional components of the strategy such as finance, marketing, HR, production, research and development ones. The inclusion of research and development component into the strategic plans will allow reducing the expenditures of an engineering company which allow keeping competitive positions not onlyin the domestic market but also in the external market (competition with foreign organizations). The comprehensive assessment of the strategy of achieving financial stability of an engineering company comprises three steps: analyzing the economic and social conditions of the engineering company, evaluating the progress of the adopted strategy, and monitoring its implementation. In order to determine necessary adjustments in the strategy of achieving financial sustainability the authors propose a model of assessing the strategic financial position of an engineering company which will allow monitoring the criteria of financial components of the strategy. On the basis of the comprehensive assessment of the strategy of achieving financial sustainability of an engineering company the authors developed the matrix facilitating the identification of potential strategic approaches.