Decision PhaseIn the Decision Phase you develop strategies for long-term financial health and conclude the planning process.
Develop financial strategies. Collaboratively develop long-term financial strategies.
- The process and forums for developing the strategies are crucial. Provide for adequate participation from key stakeholders so that there is a wide awareness of the chosen strategies and shared desire to see them succeed.
- For more severe financial imbalances, the strategy development method will need wider participation (e.g., the public) because the impacts of the financial strategy are likely to be further reaching.
- A strategy that has both “expert legitimacy” (supported by “best practices” or other relevant data) and “democratic legitimacy” (supported by the public) is more likely to succeed.
- Develop financial strategies to correct the decision-making processes that contributed to financial imbalances (for example, financial policies to prohibit unsustainable practices, or a new budget process to produce structurally balanced budgets every year).
- If you need more information on how to gain commitment to any type of long-term financial strategy please consult this article. (provided courtesy of Public Sector Digest)
Plan conclusion and transition to action. Mark the official end of the planning process and put the financial strategies into practice.
- Design a clear culminating event to the planning process. Typically, this is the approval of the plan at a public meeting.
- Consider celebrating the success of developing the plan as part of the culminating activities.
- Gain formal commitment to the financial strategies at the culminating event – however, informal commitment should have been obtained much earlier by constantly engaging others in the planning process.
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