Here are some thoughts for Germany.
Germany Objectives
Besides continuing the Russian invasion, do you commit to?
Battle of Britain (Air War) attempting to destroy their Industry
Battle of the Atlantic, reinforcing the uBoats via Bordeaux or the Baltic factories, as each Sea Zone with a German flag denies the enemy of 1pu and grant you 1pu per turn.
North Africa and attempt to taking Cario (Victory Centre & PUs) and then drive on to take Baghdad area Oil-Fields (2x Victory Centre & PUs)
Invest in a Industry-Lgt in Algiers to reinforce North Africa
Syria and stir up trouble by droping two Base-Camps (infantry production), forcing Britain to counter
Africa and stir up trouble by droping one or two Base-Camps (infantry production), again forcing Britain to counter
Committing to any of the above detracts from your primary object of crushing the USSR.
Destroy
Barents Sea Fleet - as they Blockade your coastal PUs and reduce your PU by 8 per turn
Black Sea Fleet - as they Blockade your coastal PUs and reduce your PU by 7 per turn
Occupy
Leningrad (Industry-Hvy) to join up with your Finland Army Group
Moscow (Industry-Hvy) - forward production centre
Baku area Oil-Fields (Victory Centre & PUs)
Uzbekistan area Oil-Fields (Victory Centre & PUs)
Any more strategies?