Financial management in times of crisis: efficiency mechanisms and areas for improvement

Abstract

Annotation: The article examines financial management as a strategic tool for responding to crisis challenges in the modern economy. It is demonstrated that global and local shocks, including military actions and their socio-economic consequences, alter the operating conditions of enterprises and necessitate the development of new approaches to financial management. The need for rapid decision-making drives the transformation of financial management, increasing stability and minimizing risk, which necessitates the development of a comprehensive systemic approach. It is proposed to consider a systemic approach that integrates risk forecasting, the use of anti-crisis tools, and the implementation of adaptive models of financial decision support. It has been proven that this approach enables enterprises to increase their financial efficiency, reduce vulnerability to external shocks, and ensure strategic stability. Particular attention is paid to tools for improving stability and adaptability, including the digitalization of processes, the use of modern IT solutions, diversification of funding sources, integration into international financial networks, and the development of partnerships. The Ukrainian context of the study is revealed through an analysis of financial management during the war and post-war periods. It is determined that for domestic enterprises, the key task is not only to maintain financial stability, but also to create conditions for long-term recovery and growth. The importance of state support, mechanisms of public-private partnership, and directing resources to strategic areas of development is emphasized. It is noted that promising areas include sustainable finance, "green" investments, and innovative solutions that can combine economic and social goals. It is concluded that financial management in the context of crisis challenges acquires new functions and becomes the foundation of economic modernization. Its improvement in Ukraine determines the possibility of transforming extraordinary circumstances into an impetus for qualitative changes and ensuring the long-term competitiveness of the national economy. Keywords: financial management, crisis management, financial security, strategic management, competitiveness.