Financial section as part of a business plan. Financial section of the business plan. Cash flow analysis

Any modern company that conducts economic activities in a particular area of ​​business is engaged in planning. Planning in business plays, if not a leading, then at least an important role in matters of economic efficiency and is aimed at maximizing the efficiency that a business can show.

The financial plan of an enterprise is a subspecies of a group of managerial, interrelated documents, which is compiled and maintained for long-term planning and operational management of the resources available to the company in cash. Simply put, thanks to the financial plan, a balance is ensured between planned and actual receipts of revenue, and on the other hand, planned and actual expenses for the company's activities.

The balance of the financial and economic state of the company, which is achieved through high-quality financial planning, is perhaps the main profit of using such a management tool as the financial plan of the enterprise.

Types of financial plans of a modern enterprise

The fierce competition in today's market forces businesses to work much harder, looking for resources and opportunities to increase competitiveness within their activities. Subject-wise financial plans, as well as their variable use in business operational issues, allow solving these management tasks based precisely on the company's internal plans and resources, avoiding, if possible, the serious dependence of the business on a continuous flow of borrowing. Or, if not to solve, then at least to form a balance within the economic issues of the organization through financial planning tools.

It should be noted that financial plans at enterprises differ not only in the size of the planning period (duration), but also in composition. The composition of indicators or the composition of planning articles will differ in two parameters: purpose and degree of detail. Relatively speaking, for one company, the grouping of expenses “utility expenses” is sufficient, and for another, the planned and actual value of each indicator of the grouping is important: water, electricity, gas supply, and others. Therefore, the main classification of financial plans is considered to be the classification by the planning period, within which each specific company independently chooses the level of detail of the financial plan.

As a rule, modern companies in Russia use three main types of financial plans:

• Fin. short-term plans: the maximum planning horizon is one year. Used for operational activities and may include the maximum detail of planned and actual indicators managed by the company's team.
• Fin. medium-term plans: the planning horizon is more than a year, but not more than five years. Used for planning in the horizon of 1-2 years, include investment and modernization plans that contribute to the growth or strengthening of the business.
• Fin. long-term plans: the longest planning horizon, starting from five years, which includes the interpretation of the long-term financial and operational goals of the company.

Figure 1. Types of financial plans of modern companies.

Development of a financial plan for a modern enterprise

The development of a financial plan for an enterprise is an individual process for each individual enterprise, depending on the internal economic characteristics and talent of the financial block specialists. At the same time, any approach, even the most exotic one, to the financial planning process requires financiers to include mandatory, that is, identical for all, financial data when drawing up financial plans:

• Planned and operational data on the volume of production and sales;
• Planned and actual budget data of subdivisions;
• Expenditure budget data;
• Revenue budget data;
• Data on accounts payable and accounts receivable;
• Data of budgets of taxes and deductions;
• Regulatory data;
• BDDS data;
• Specific data of management accounting of a particular enterprise.

Figure 2. Composition of data for the financial plan.

In practice, the role of financial plans in modern business is enormous. It can be said that financial plans are gradually replacing traditional business plans because they contain only specific information and allow management teams to constantly monitor the most important values. In fact, for middle and top managers, the system of financial plans drawn up at the enterprise is the most dynamic tool. That is, any manager who has access to management information and the competence to manage such information can continuously improve the performance of the department entrusted to him through the use of various combinations of financial planning tools.

Form of the financial plan of the enterprise and management tasks solved with the help of the system of financial plans

Today, there is no approved form or recognized standard of a financial plan for an enterprise, and the variability of the forms of this management tool is due to the internal specifics of enterprises. In management practice, there are traditional tabular forms of the system of financial plans of enterprises, own IT-developments in the form special programs and bundles of these programs that provide data import and export, and specialized packaged software systems.

In order for an enterprise to determine the required level of detail in its own financial plan, it is worth listing the list of management problems that the financial plan will help solve:

• The financial plan solves the problem of preparing and implementing at the enterprise a system for continuous assessment of the company's financial performance;
• The financial plan allows you to set up the process of continuous preparation of forecasts and plans for the company's activities;
• Determine the sources of income and the volume of financial resources planned for the enterprise;
• Form plans for the needs of the enterprise in financing;
• Plan standards within the enterprise;
• Find reserves and internal opportunities to improve efficiency;
• Manage the planned modernization and development of the company.

Thus, the system of interconnected financial plans becomes that part of the enterprise management system that reflects and makes it possible to manage all financial, economic, production and business processes, both within the enterprise and in the interaction of the company with the external economic environment.

Enterprise financial plan - sample

To create a quality financial plan, it is recommended to use the following sequence of actions:

1. Formulate the goals of drawing up a financial plan;

2. Specify the composition of indicators and the degree of detail;

3. Study examples and samples of financial plans;

4. Develop an example of a financial plan form and agree within the organization;

5. Based on the feedback from users of the enterprise financial plan template, develop a final individual template for the company's financial plan.

Financial plans are drawn up not only to plan the work of a single company as a whole, they can perform various tasks - be the basis of projects, calculations within individual departments, or reflect financial data for a single manufactured part.

Figure 3. An example of a spreadsheet financial plan for a small project.

findings

The market economy dictates new requirements for business to its own organization. High competition forces businesses to focus on predictable results, which in turn is impossible without planning. This external market environment encourages companies to engage in financial planning to ensure their own efficiency.

Competent calculations and plans can provide the enterprise not only with current operating benefits, but also help in managing its prospects for the production of works and services, cash flow, investment activities and in the commercial development of the enterprise. The current financial condition of the enterprise and the corresponding reserve for the future directly depend on financial planning. A well-designed financial plan of an enterprise is a guarantee of protection from business risks and an optimal tool for managing internal and external factors that affect the success of a business.

The final section of the business plan is the financial plan. This section is necessary and important both for organizations and for their investors and creditors.

The structure and content of the financial plan depend on the potential contact audiences, i.e. from subjects who are potential "readers" of the business plan. If the business plan is developed as internal document, then the main focus is on determining the sources and amounts of the necessary financial resources, as well as profitability indicators. In a business plan designed to receive external financing, the main attention should be paid to assessing short-term liquidity, which confirms the solvency of the organization and is a guarantee of loan security, and only secondarily consider profitability indicators.

The purpose of the development the financial plan is to determine the sources of funding for the activities of the organization, the assessment of the ratio of income and expenditure of financial resources. To achieve this goal, when forming a financial plan, it is necessary:

• determine the conditions for maximizing the profit of the organization;
• optimize the capital structure to ensure its financial stability;
• ensure the investment attractiveness of the organization;
• create an effective mechanism for managing financial resources (accounting, tax, credit, depreciation and dividend policies).

The development of a financial plan intended for foreign creditors has its own characteristics. In this case, the financial plan as required elements should include the following sections:

1. profit and loss statement (income statement);
2. balance sheet (balance sheet);
3. cash flow plan.

These documents should be generated in accordance with the General Accepted Accounting Principles (GAAP).

In domestic practice, the financial plan, as a rule, includes:

1. forecast of sales volumes;
2. plan of income and expenses;
3. plan of cash receipts and payments;
4. balance of assets and liabilities;
5. plan for the sources and use of funds.

Forecast of sales volumes. This forecast is developed taking into account the indicators of the marketing plan (see subsection 2.5) and is based on information about the expected sales volumes for each product and the expected unit price of each product. Typically, such a forecast is made for three years in advance. It should be noted that the level of detail in the forecast of sales volumes depends on the length of the period. For the first year, it is advisable to take a month as an interval, for the second year - a quarter, for the third year indicate the total amount of sales for 12 months. The forecast of sales volumes can be presented in the form of a table (Table 2.29).

Income and expense plan make up to determine the magnitude and sources of formation and change in the financial result of the organization. The recommended compilation period is three years, with data for the first year reported monthly. An approximate scheme for the formation of a plan for income and expenses is given in Table. 2.30.


The development of a plan of income and expenses allows the organization to determine such key performance indicators as the profitability of output, profitability, the level of production and non-production costs, the amount of expected net profit.

Cash receipts and payments plan necessary to determine the liquidity and solvency of the organization. The cash flow is due to the peculiarities of the organization's activities and the mismatch in the timing of receipts and disposals of cash.

It is necessary to distinguish between the movement of financial flows that do not lead to cash expenditures, and the expenditure of pure cash. The first include depreciation and the formation of funds. The latter include proceeds from the sale of goods and services, advances received from customers, funds from the sale of securities, parts of fixed assets, financial investments, loans, loans, etc. The plan of cash receipts and payments is necessary to assess the organization's need for cash for its normal functioning. An approximate form of this section is given in Table. 2.31.


Used in planning cash flows, the term "cash" means the difference between real cash receipts and payments. Its amount changes only when the entity actually receives or makes the payment. At the same time, it should be taken into account that the sale of goods and services does not mean an automatic receipt of cash, just as the presentation of invoices does not lead to instant payment. Therefore, cash receipts and payments should be shown taking into account the specified intervals.

Balance of assets and liabilities it is recommended to draw up at the beginning and at the end of the first year of the project. It is believed that this subsection of the financial plan is less important than the previous ones, however, for specialists credit institution it is necessary to assess the amount of financial investments in assets of various types, as well as to determine the liabilities that provide these operations.

The balance sheet consists of two parts: an asset (left side) and a liability (right side), the final total values ​​of which should be equal to each other (Table 2.32). An asset is a list of property that an organization can dispose of. The liability shows to whom and how much she owes.


Plan for Sources and Use of Funds is designed to display the sources of funds and their use, as well as to change the assets of the organization over a certain period of time. It makes it possible to determine the relationship between possible sources of funds and the organization's working capital. Based on this section, the management of the organization, as well as potential investors, can more accurately assess the financial position, determine the effectiveness of the financial policy and the results of the organization's economic activities. An approximate form of the plan for the sources and use of funds is given in Table. 2.33.


The financial plan should end with a summary paragraph, which provides the required volume and structure of funding sources, an assessment of payback periods and profitability for investors. It should be especially emphasized that in order to increase the objectivity of the financial plan, when developing it, real economic conditions and the financial policy of the state should be taken into account.

The main objective of any business is to make a profit, but nothing is given to a person without any cost. Sometimes expenses are not covered by income from year to year and a business idea constantly requires new investments.

In most cases, this does not happen because luck has “forgotten how to smile”, it’s just that the financial plan (FP) was not sufficiently thought out or not drawn up at all. Sometimes small, timely adjustments can make a big difference.

What is a financial plan. Its main goals and objectives

The financial plan is the most important section, reflecting all the activities of the enterprise (income, expenses, forecasts, etc.) in monetary terms.

Its competent compilation allows you to calculate for several years ahead, track deviations from the plan and timely regulate business processes, attract investors, creditors and partners.

In financial planning important not only mathematical calculations, but also the ability to predict and analyze. In the conditions of today's instability, there are constant changes in demand, tougher competition, rising prices for raw materials, materials and energy resources. All these nuances must certainly be taken into account when drawing up the OP, otherwise it will be impossible to adhere to it, and the document itself will become useless.

primary goal financial planning is the control over the ratio of income and expenses of the enterprise, contributing to profit.

To reach the goal needs to be determined:

1. The amount of capital required to ensure production.
2. Sources of financing.
3. A list of essential expenses for equipment, materials, rent of premises, recruitment of personnel, advertising, payment of utility bills and taxes, etc.
4. Conditions for maximum profit and financial stability.
5. Strategy for achieving the investment attractiveness of the enterprise.
6. Intermediate and final results of activity in the financial plan.

The main task of the FP is to create an effective mechanism that manages all the financial resources of the enterprise and demonstrates to investors a profitable prospect of cash investments.

Sections and their content

The legislation of the Russian Federation establishes three forms of financial reporting, whose presence in the business plan is mandatory:

Only a comprehensive study of all three reports will allow an objective assessment of the financial condition of the company.

The composition of the financial statements is described in this video:

If you have not yet registered an organization, then the easiest this can be done using online services that will help you generate all the necessary documents for free: If you already have an organization and you are thinking about how to facilitate and automate accounting and reporting, then the following online services come to the rescue, which will completely replace an accountant at your plant and save a lot of money and time. All reporting is generated automatically, signed electronic signature and sent automatically online. It is ideal for an individual entrepreneur or LLC on the simplified tax system, UTII, PSN, TS, OSNO.
Everything happens in a few clicks, without queues and stress. Try it and you will be surprised how easy it got!

Calculation and analysis of risks

Business is always accompanied by certain risky situations that need to be foreseen and analyzed in advance. He who is forewarned is forearmed - this is a well-known fact. Calculating all the negative consequences, trying to avoid them or quickly finding a way out of an unpleasant situation with minimal losses is not an easy task.

Each line of business has its own certain risk groups, therefore, at the planning stage, it is very important to identify their most likely list for a particular type of activity.

To clearly define all possible negative consequences, the risks are divided into three main categories:

1. Commercial risks arise in the process of interaction of the enterprise with partners, the external environment and its factors:
   • Decrease in demand for products for various reasons.
   • The emergence of new competitors.
   • Unfair attitude of partners (delivery of low-quality raw materials or equipment, late deliveries, etc.).
   • Rise in the price of materials and components.
   • Raising tariffs for certain services: rent, transport, utilities, etc.
2. Financial risks- this is the failure to receive the expected profitability and the loss of the financial stability of the enterprise for the following reasons:
   • Growth and non-payment (late payment) by counterparties of the products received.
   • Raising interest rates by lenders.
   • Legislative changes, tax increases, etc.
   • fluctuations exchange rates(particularly should be taken into account by organizations working with imported raw materials and equipment)
3. Production. The reasons for these risks include:
   • Incompetence and dissatisfaction of employees (strike, acts of theft and sabotage).
   • Production of defective products, lack of professionalism of the staff.
   • Lack of necessary equipment, quality control. Safety violations that contribute to the occurrence of fires, floods, accidents at work.

All of the above factors can destroy a business that has taken a lot of money and effort to build. Preventive measures will help to avoid sad consequences: property insurance, monitoring the activities and pricing policy of competitors, creating a financial reserve for unforeseen expenses, etc.

Mathematical literacy does not play the most important role here, much more important is the expert ability to recognize the type of risks and their sources, as well as to minimize losses and the likelihood of critical situations.

Calculation of performance indicators

To the main performance indicators enterprises include: profitability, profitability, payback and the need for additional financing. It is by these criteria that one can judge what fate is in store for the enterprise, its reliability and prospects.

To calculate these indicators, there are a number of simple formulas, but you should only operate with actual numbers, otherwise all mathematics will be useless "monkey labor".

Net present value(NPV or NPV). Any income depends on the level of inflation, so it is calculated using a discount rate.

Approximate calculation for three years existence of the organization

NPV \u003d - NK + (D1-R1) / (1 + SD1) + (D2-R2) / (1 + SD2) + (D3-R3) / (1 + SD3)
where: NK - capital of initial investments and costs
D - income for the first, second, third year in accordance with the numbers next to it
P - expenses for the first, second, third year in accordance with the numbers next to it
SD - discount rate (accounting for inflation for the calculated year)

If, when calculating NPV = 0, the enterprise has reached TB (point of no loss).

Profitability of the enterprise- the indicator is not as unambiguous as income or expense. This indicator is often compared with efficiency (efficiency). Actions can be useful in different ways, just as the profitability of an enterprise is determined by more than one criterion.

There are various indicators of profitability: investment, fixed assets, sales - again, it all depends on the versatility of the company's activities.

In this case, the calculation of profitability will be considered main activity of the enterprise:

ROOD = POR / PZ
where: ROOD - profitability from the main activity;
POR - profit from sales; PP - incurred costs.

They are measured, of course, in units of time, not in currency.

The formula looks like this:

CO = NK / NPV
where: SO - payback period; NK - initial investments, additional investments must be added to them, if they were (loans, etc. during the existence of the organization); NPV is the company's net discount income.

Example: Investments in business 100,000 rubles, average monthly income 12,000 rubles, total: CO = 100,000/12,000 = 8.33 months. That is, in nine months the company will pay off its debts and begin to generate income. (Here, own costs are calculated, if we are talking about a loan, it is necessary to take into account the interest rate of 100 thousand + annual interest).

Data analysis

It is necessary to analyze a business plan, taking into account several main aspects. It is this approach that will allow you to identify weaknesses and manage with accurate adjustments. After all, this grandiose work can be corrected and should not be written off as scrap.

So, the basics of a successful financial plan:

• Maximizing profit while reducing costs.
• Thorough calculation and insurance of possible risks.
• Tracking the competitiveness of a business idea.
• Availability of initial capital and own property (premises, Vehicle, equipment).
• The idea must be real, feasible, and the products must be in demand.
• Projected income and expenses should be documented based on the activities of similar enterprises.

Produced analysis must confirm: a positive financial result of the enterprise, a minimum of risk with promising profits. Initially, the entrepreneur himself should make sure of financial success, and only then attract investors. However, the risk is a noble cause, gentlemen!

For the analysis and interpretation of financial statements, see the following video lesson:

Federal Agency for Education

State educational institution
higher professional education
"St. Petersburg State
University of Engineering and Economics"

Faculty of Entrepreneurship and Finance

Department of Finance and Banking

Coursework by discipline

FINANCIAL MANAGEMENT

Completed by: Alekseeva Anastasia Bakhtierovna

3rd year student 3.10 term of study

specialty 080105 "Finance and Credit"

Group 8/3371

Record book number 33980/07

Signature___________

Checked: ___________________________

Grade:______ Date_________________

Signature____________

St. Petersburg

In a rapidly changing economy, it is essential for managers to take appropriate responses in a timely manner. Invaluable assistance here is provided by planning, which allows you to analyze the entire range of future business operations. It is on the basis of planning the further development of the enterprise that there is a real opportunity to minimize the internal and part of the external risks of the company, to maintain the flexibility of production management. If work without a plan is a forced reaction to events that have already occurred, then activity based on a plan is a managerial reaction to expected and planned phenomena.

The relevance of the business plan is predetermined by the fact that not a single serious management decision can be made without a business plan presented in one form or another.

In difficult economic conditions of the period of transition to the market, the business plan of an enterprise should, first of all, solve the problems of improving its financial condition. In this regard, consideration of the financial aspect of the business plan is most relevant.

In the first chapter of the course work will be considered: characteristics of the market environment of the enterprise; state regulation of the financial activity of the enterprise; functions, goals and objectives of financial management; financial mechanism and financial instruments.

In the second chapter, we will briefly consider the business plan of the enterprise, and the financial section of the business plan will be disclosed in more detail.

In the third chapter, we will develop a financial plan for the production of confectionery.

In a broad sense, the market is a sphere of manifestation of economic relations arising between people in the process of production, distribution, exchange and consumption. In a narrower sense, the market is the sphere of commodity circulation and the associated set of commodity-money relations that arise between producers (sellers) and consumers (buyers) in the process of buying and selling goods.

An extended interpretation reveals a very important essential aspect of the market, which makes it possible to determine its place and role in the process of reproduction: the market provides an organic link between production and consumption, is influenced by them and itself influences them. The market determines the real volumes and structure of various needs, the social significance of the production product and the labor spent on its manufacture, establishes the relationship between supply and demand, which forms a certain level of prices for goods and services.

The desire to gain an advantage in the market stimulates the intensive innovative activity of manufacturers aimed at timely updating the technical and technological base of the enterprise, the development of new types of products and services, and also strengthens the motivational motives of employees to improve their skills, creative and high-performance work.

Market relations are of a general nature, extend to all economic spheres and regions of the country, penetrate into all parts economic system states. Many subjects enter into these relations, and a variety of goods and services enter the sphere of circulation, which formulates a complex and multidimensional market structure.

The greatest coverage of market entities, their grouping taking into account the specific features of market behavior is achieved by identifying five main types of markets:

consumer market - individuals and households who buy goods or receive services for personal consumption;

Producer market - a set of individuals and enterprises that buy goods to use them in the production of other goods and services;

· the market of intermediate sellers (intermediaries) - a set of persons and organizations that become the owners of goods for resale or leasing them to other consumers with a profit for themselves;

· the market of public institutions that buy goods and services for public utilities or to support the activities of various non-profit organizations;

international market - foreign buyers, consumers, manufacturers, resellers.

The uninterrupted functioning of such a complex and multi-level system as the market requires a highly developed and widely branched general and special infrastructure that takes into account market features. The market infrastructure is made up of a set of organizations (institutions) with different activities, ensuring effective interaction between commodity producers and other market agents that carry out the circulation of goods, the promotion of the latter from the sphere of production to the sphere of consumption.

The most important elements of the market infrastructure include: commercial information centers, commodity, stock, currency exchanges; commercial, investment, emission, credit and other banks; transport and storage networks; communication systems, etc.

Principles of behavior of business entities in the market:

1. A special place is occupied by the principle of social partnership, which, based on the breadth of coverage of behavioral aspects and directions for their implementation, belongs to the basic ones, and therefore defines any developed market economy as socially oriented.

2. Another important principle of behavior in the market is the principle of free enterprise.

In order to create a favorable economic environment, it is necessary to develop and comply with certain ethical norms for the behavior of business entities in any market. Along with general ethical values ​​(mutual trust, decency, conscientiousness, honesty, respect for a person, faith in his strength, high motivation for creative work), they also include the rules of ethical behavior in business: loyalty to the word and helpfulness in relationships, business honesty and partner reliability. , trade secrets and other rules that meet the highest standards of business honor. All this taken together contributes to the formation of the company's image as a partner with whom long-term, reliable and mutually beneficial cooperation is possible, which is vital in a rapidly changing market environment.

In modern conditions, the effectiveness of enterprises' activities largely depends on the state. The state influences all spheres of the society's economic activity by performing legal, economic, social, defense, managerial and other functions, tk. the market cannot regulate economic and social processes in the interests of the whole society. The prerogative of the state is to ensure proper law and order in the country and its national security, which is the basis for the development of entrepreneurship and the economy.

State regulation in market conditions is a legislatively formalized system of external influence on the finances of enterprises.

The state forms financial policy at the macro level and carries out legislative regulation of finance at the micro level. It determines the procedure for the formation, distribution and use of centralized funds of financial resources, which serve as one of the sources of financing for enterprises.

The main directions of state regulation of the financial activities of enterprises are: the tax system, pricing, foreign economic activity, money circulation, lending, forms of payments and settlements, organization of circulation of securities, budget financing, composition and competence of government bodies in deciding financial matters, state guarantees, licensing of certain types of activities.

The mechanism of state influence on entrepreneurial activity is economic (indirect) and administrative (direct) methods. They should be used in combination when conducting fiscal, investment, price, depreciation, monetary and other policies in such a way as not to destroy market fundamentals and prevent crisis phenomena.

The economic methods (indirect) of the state's influence on entrepreneurial activity are quite diverse. The main ones are: taxes; ways to redistribute income and resources; pricing; state entrepreneurial activity; credit and financial mechanisms, etc.

Administrative methods (direct) should be used if economic methods are unacceptable or not effective enough. These include: restrictions; prohibitions; limits; quoting; and etc.

Economic and administrative methods have an impact on the financial activities of enterprises.

Enterprise finances serve as the main instrument of state regulation of the economy. With their help, the regulation of the reproduction of the produced product is carried out, the financing of the needs of expanded reproduction is ensured on the basis of the optimal ratio between the funds allocated for consumption and for accumulation. Enterprise finance can be used to regulate sectoral proportions in a market economy, help accelerate the development of individual sectors of the economy, create new industries and modern technologies, and accelerate scientific and technological progress.

World experience shows that in conditions of economic reform, in crisis situations, the role of the state increases, in conditions of stability and recovery it decreases.

Financial management as a science is a system of principles, methods for developing and implementing management decisions related to the formation, distribution and use of financial resources of an enterprise and the organization of its cash flow.

Financial management can be defined as a purposeful activity of the subject of management (top management of the enterprise and its financial services), aimed at achieving the desired financial condition of the managed object (enterprise) in other words, managing the enterprise to achieve its intended financial results and their effectiveness.

The purpose of financial management is to maximize the wealth of owners with the help of a rational financial policy based on: long-term profit maximization; maximizing the market value of the firm.

Tasks of financial management:

Ensuring the formation of the volume of financial resources necessary to ensure the intended activities;

Ensuring the most efficient use of financial resources;

Optimization of cash flow;

Cost optimization;

Ensuring profit maximization of the enterprise;

Ensuring minimization of the level of financial risk;

Ensuring the constant financial balance of the enterprise;

Ensuring sustainable growth of economic potential;

Assessment of the potential financial capabilities of the enterprise for the coming periods;

Ensuring target profitability;

Bankruptcy avoidance ( crisis management);

Ensuring the current financial stability of the organization.

Carrying out its main goal, financial management performs certain functions. The functions of financial management are divided into two groups: the functions of financial management as a control system; functions of financial management as a special area of ​​enterprise management.

The main functions of financial management as a control system: the function of developing the financial strategy of the enterprise; organizational function; information function; the function of analyzing various aspects of the financial activity of the enterprise; planning function; stimulating function; control function.

Functions of financial management as a special area of ​​enterprise management: asset management; capital Management; investment management; cash flows; financial risks.

As a management process, financial management is based on the use of a financial mechanism - a system of organization, planning and use of financial resources. The financial mechanism is a system of basic elements that regulate the process of development and implementation of management decisions in the field of finance, that is, the financial management system of enterprises.

The financial mechanism should contribute to the most complete effective implementation of its functions by finances, their interaction.

As a system of basic elements regulating the process of development and implementation of management decisions in the field of financial activities of enterprises, the financial mechanism includes: state legal regulation; market regulation (supply-demand); internal regulatory mechanism (plans, regulations, procedures, organizational structure); a system of methods and techniques for managing the financial activities of an enterprise (technical and economic calculations, balance sheet, economic and statistical, economic and mathematical, comparisons, etc.).

The structure of the financial mechanism includes financial: instruments (various forms of short- and long-term investment, which are traded on financial markets); techniques and methods; supporting subsystems (personnel, legal, regulatory, information, technical and software).

Financial assets include: cash; contractual right to receive money or any other type of financial assets from another enterprise; a contractual right to exchange financial instruments with another entity for a potentially favorable conditions; shares of another company.

Financial liabilities include contractual obligations: to pay cash or provide some other type of financial asset to another entity; exchange financial instruments with another company on potentially unfavorable terms (in particular, such a situation may arise in the event of a forced sale of receivables).

Financial instruments are divided into: primary (cash, securities, loans, accounts payable and receivable for current operations); secondary, or derivatives - contracts and securities issued on the basis of primary contracts and securities (financial options, futures, forward contracts, interest rate swaps, currency swaps).

Methods (techniques) of financial management (methodological tools for assessing the finances of an enterprise) are diverse. The main ones are: budgeting; the financial analysis; management of attraction of borrowed funds; management of free funds placement; investment management; issue, capital management; bankruptcy and anti-crisis management; factoring; leasing; insurance; mortgage transactions; stimulation, etc.

The main predictive-analytical methods and techniques of financial management are divided into formalized and non-formalized.

Non-formalized ones are based on the description of analytical procedures at the logical level, and not with the help of strict analytical dependencies. These include methods: expert assessments, scenarios, psychological, morphological, comparisons, building systems of indicators, analytical tables.

Formalized predictive-analytical methods of financial management are formalized analytical dependencies. These methods, together with models, are used to assess and predict the financial condition of enterprises:

1. Descriptive models are models of a descriptive nature. With their help, mainly, the financial condition of the enterprise is assessed, they use information from financial statements.

2. Predictive models are predictive models used to predict the income of an enterprise and its future financial condition.

3. Normative models make it possible to compare the actual performance of enterprises with the expected ones calculated according to the budget. These models are used mainly in internal financial analysis, as well as in management accounting, in particular in cost management.

As part of the mechanism of financial management, an important role is given to systems and methods of internal financial control.

Internal financial control is a process organized by the enterprise to verify the execution and ensure the implementation of all management decisions in the field of financial strategy and the prevention of crisis situations leading to its bankruptcy.

The financial management system includes both information support and financial management based on the information received.

The current economic situation forces business to be especially attentive to intra-company planning. It is the business plan that is the most progressive form of such planning. Success in the business world is critically dependent on understanding the current state of affairs, having a clear idea of ​​what the business intends to achieve, and planning the transition from one state to another.

A business plan is a document that analyzes the main problems that an entrepreneur may face and determines the main ways to solve them. It is with the help of a business plan that a manager is able to assess what market shocks the business can withstand and adequately meet the emergence of many unexpected problems. It is unrealistic, of course, to eliminate all errors, but business planning allows you to evaluate possible further actions, monitor the state and development of the business, and not just specifically respond to events. That is why one of the most used terms in the modern market economy is "business plan".

“A business plan is a plan for the development of an enterprise, necessary for improving existing and developing new areas of an enterprise, creating new types and forms of business.

A business plan is a comprehensive document that reflects key aspects and data that provides an objective and holistic view of the current and future state of the business. In other words, a business plan is a planned business optimization program. Such a plan can be developed both for an enterprise that is just being created, and for an already existing economic organization at the next stage of its development, taking into account the stage of their development. life cycle» .

Business planning allows you to solve the following problems:

Determine the degree of viability and future sustainability of the enterprise, reduce the risk in business activities;

Specify business prospects in the form of a planned system of quantitative and qualitative indicators of development;

Attract the attention of potential investors to the company to its capabilities;

Help to gain a positive planning experience.

Unlike a traditional organization plan, a business plan takes into account the interests of all stakeholders. In addition to investors, such persons are potential consumers and suppliers of the company.

In relation to a novice entrepreneur, a business plan is a tool to attract the attention of investors. The quality of the submitted business plan is an indicator of the viability of the entrepreneur and his business.

The business plan contains the advantages of a flexible combination of production and market, financial and technical, internal and external aspects of the enterprise.

The business plan consists of the following sections:

1. Business concept (summary);

2. Current situation and brief information about the enterprise;

3. Characteristics of the business object;

4. Market research and analysis;

5. Organizational plan;

6. Personnel and management;

7. Production plan;

8. Plan of marketing actions;

9. Potential risks;

10. Financial plan and financial strategy.

Both the structure and the content of the business plan are of great importance. Pay special attention to the title page and table of contents. The title page contains the following: title of the plan; the date of its preparation; who is the author of the plan, full name and address of the company for which the plan was developed.

It is useful to reflect on the title page an indication that the information contained in the document is not subject to disclosure.

The summary is prepared last, after the entire business plan as a whole has been drawn up. It should include all the main provisions and ideas of the business plan, as well as conclusions. The structure of the resume is as follows. First of all, the introduction, which includes the goals of the plan, characterizes the essence of the project.

Then the main content is covered: a brief presentation of all the key elements of the business plan, its main parts (nature of activities, demand analysis, project cost, sources of financing, etc.).

In conclusion, the main factors of the expected success of the business are summarized, data on the actions of management are presented.

The main part of the business plan is the financial section. It is based on three documents: balance sheet, income statement and balance sheet. This also includes a report on the movement of funds and some other documents. The text of the business plan is intended to include the justification of the parameters that formed the basis of all financial projections. The initial calculated data are: price, sales forecast, cost structure, cost of fixed assets and depreciation, number of employees, their wages, the amount of working capital, the speed of their movement.

In the financial plan, all indicators are based on the estimates contained in the main parts of the business plan. Based on these data, capital investment schedules, the forecast of the cash flow statement, financial statement and balance sheet projections are developed. The financial plan is an informative document. The main place in it is occupied by the balance of cash flow, which shows what cash resources and when they will be needed, what they will be used for and what incomes are expected. The financial plan states the most likely option for business development. The objective of the financial plan is to demonstrate the features of business finance without excessive detail, however, so that the investor gets a comprehensive understanding of the financial mechanism of the project.

The financial cut of the business plan is represented by the sections "Financial plan" and "Funding strategy". The financial plan is the final one and is intended to summarize the materials of all previous sections in cost form. Commercial organizations are interested in financial planning in order to succeed in business activities, in order to fulfill their obligations to the budget, banks, insurance companies and other institutions in a timely manner. To do this, it is important to calculate income, expenses, profits in advance, take into account the consequences of inflation, changes in the situation, the financial market and other factors.

In the "financial plan" section, the issues of financial support of the company and the most efficient use of available funds are considered. The purpose of financial planning is to determine the possible volumes of financial resources, capital and reserves based on forecasting the value of financial indicators. These indicators include, first of all, own working capital, depreciation deductions, accounts payable permanently at the disposal of the enterprise, profit, taxes paid from profit, etc. Financial support for a business is carried out on the basis of a financial plan, which is a balance of its income and spending or budget.

“Financial planning is a kind of management activity aimed at identifying the required amount of financial resources, income, their optimal distribution and use in order to ensure the financial stability of the organization.

The main tasks of financial planning include providing the business process with the necessary financial resources, determining the planned volumes of the necessary funds and directions for their spending; establishment and development of financial relations with the budget, banks, insurance organizations and other business entities, observance of the interests of shareholders and investors; identification of ways for the most rational investment of capital and reserves for its effective use; increase profits through the rational use of funds and exercise control over education and spending money and capital investments.

Financial planning is used in capital budgeting and evaluation investment projects, as well as long-term projects, as well as a long-term financing strategy.

The process of financial planning includes an analysis of the financial performance of the enterprise for the previous period. The calculation of indicators is based on the main financial documents of the company - balance sheet, income statement, cash flow statement, long-term financial planning and operational financial planning. Financial planning ends with the practical implementation of plans and control over their implementation.

When planning financial indicators, different methods are used: normative, analytical, balance, economic and mathematical modeling.

The essence and content of the normative method of planning financial indicators is that, on the basis of pre-established norms and technical and economic standards, the need of an enterprise for financial resources and their corresponding sources is determined. Such standards are the rates of taxes, tariff contributions and fees, the norms of depreciation, the norms of the need for working capital, etc.

The calculation-analytical method of planning financial indicators consists in the fact that, based on the analysis of the indicator taken as a base, and the indices of its change in the planning period, the planned value of this indicator is calculated. This planning method is used in the absence of technical and economic standards, and the relationship between indicators can be established not directly, but indirectly, based on an analysis of their dynamics and relationships. This method is based on the use of expert judgment. The calculation and analytical method is usually used when planning profits and incomes, when determining the amount of deductions from profits to accumulation, consumption, reserve, etc. funds.

The use of the balance method of planning financial indicators consists in the fact that by building balances, the link between the available financial resources and the actual need for them is achieved. This method is used when planning the distribution of profits and other financial resources, planning the receipt of funds in various financial funds, etc.

Economic and mathematical modeling in the planning of financial indicators allows you to identify a quantitative expression of the relationship between financial indicators and the factors that determine them. This connection is expressed by an economic-mathematical model representing a mathematical description of the economic process, i.e. representation of factors that characterize the structure and patterns of change in a given economic phenomenon with the help of mathematical symbols and techniques.

In the conditions of market relations, the enterprise independently develops its plans, determines the prospects for development, achieving high economic results. Hence, maximum attention is paid to the most complete identification of internal reserves, the efficient use of all types of resources, and the optimization of the organization of production and labor.

General approach: the work of the enterprise should be profitable and provide cash receipts and profits in volumes that satisfy the interested parties (owners, managers, the state, etc.).

“Financial planning at an enterprise is a systematic determination of all its income and expenditure of funds in order to ensure the successful development of an enterprise through the preparation of financial plans, the content and purpose of which is determined by the tasks and objects of planning.” Financial plans are strategic (perspective), current and operational.

Strategic financial planning is a study of possible ways to develop the finances of commercial organizations for the future. It is designed to ensure high efficiency of management, the growth of financial resources and income, their rational use, and the strengthening of the financial position of the enterprise.

The task of strategic planning is to identify the problems that a business will face in realizing its goals in an uncertain, competitive market environment, and to determine specific ways to solve such problems. It is not only about strategic financial planning, but also about financial forecasting, the development of a probabilistic view of the limiting and desirable states of the enterprise in the future.

The leading financial plan in modern conditions is the current one. It is developed for a year, half a year, a quarter, a month and represents a balance of income and expenses of a commercial organization (or its budget). It reflects in monetary terms all aspects of the financial and economic activities of the enterprise, the income and savings received by it, and the expenditure of funds. Such a financial plan (budget) is necessary for any commercial organization.

Operational financial planning acquires particular relevance in market conditions. The need to develop such a plan is associated with changes in the terms of settlements and lending to enterprises, large penalties for late payments, large volumes of receivables and payables. Hence - increased attention to the daily balance of receipts and payments, and, if necessary, to the timely adoption of measures to attract additional funds.

The role of operational financial plans, first of all, in determining the specific financial and economic situation, more precisely, the sequence and timing of financial transactions with optimal maneuvering of own, attracted and borrowed financial resources to obtain the greatest financial result.

Operational financial planning includes the preparation and execution of a credit plan, cash plan, payment calendar.

Credit plan - a plan for the receipt of borrowed funds and their return within the terms specified by the agreements. When an enterprise needs a short-term loan, the necessary documents are submitted to the bank, and a loan service agreement is concluded.

Cash plan - a plan for the turnover of cash, which reflects the receipts and payments of cash through the cash desk of the enterprise. The main thing is to provide the necessary needs of the enterprise with cash in a timely manner. Cash plans, control over their implementation help to ensure the solvency of the enterprise. Cash plan - quarterly.

A very important role is played by the payment calendar - a program for optimizing the operational financial activities of an enterprise, in which sources of cash receipts (sales proceeds, loans and borrowings, other receipts) are calendar-related with expenses. The payment calendar records income, receipts of funds, relations with the budget for taxes, credit relations. It covers, therefore, the movement of all the funds of the organization. Its main goal is to control solvency and creditworthiness.

The payment calendar is based on the refinement of the specification of planned indicators and the breakdown of these indicators by months, five days, weeks, decades. In the payment calendar, the receipt of money and their expenses are balanced.

The results of the financial activity of the enterprise must represent a specific system of planning and reporting documents. Such documents provide data for the calculation and analysis of the financial performance of the company and serve as the basis for the preparation of financial forecasts. The main financial documents include a forecast of financial results, a cash flow plan, and a project balance.

For the preparation of forecast financial documents, the sales forecast method is used. The revenue forecast in monetary terms is the basis on which other costs are based. Sales volume actively influences the formation of current profit. Unlike the balance sheet, which represents the static situation of the company's finances, the forecast of financial results gives the dynamics of its financial operations. This forecast compares the costs and results of the enterprise, reveals the amount of net profit.

A cash flow plan demonstrates the process of receipts and expenditures of funds within a business. It helps to determine the need for capital and evaluate the effectiveness of its use. This plan is compiled in dynamics, for example, by year or by quarter. It allows you to control the timing of cash receipts, check the future liquidity of the enterprise.

The project balance records the results of the economic and financial performance of the company for the reporting period. It acts as the final part of the financial planning documents.

The main thing in the balance method of planning financial indicators is in forecasting key articles balance sheet (cash, other current assets - raw materials, amounts receivable, work in progress and finished products, fixed, equity and borrowed capital, as well as current liabilities necessary for the normal functioning of the enterprise). The company's balance sheet as a reporting document is the basis for analyzing financial performance.

When forming a financial plan, an enterprise is able to more successfully solve key tasks: identifying reserves for increasing the enterprise's income, as well as optimal ways to mobilize them; more rational use of financial resources, determination of the most rational direction of investments, providing the greatest profit within the framework of the plan; guarantee of coordination of indicators production plan enterprises with financial resources and, finally, the search and implementation of optimal financial relationships with the budget, banks, and other creditors.

The leaders of many enterprises (especially small ones) believe that they should not waste time on business planning, since the economic situation is changing so quickly that they have to constantly make changes and additions to the original scheme. That is, they believe that in a rapidly changing economic environment, it is enough to keep everything in mind and there is no need to spend time planning their actions.

However, experts and managers of large enterprises consider business planning to be a higher-order activity and believe that it provides many benefits:

Helps the management of the company to think ahead;

Promotes clear coordination of ongoing efforts;

Forms a system of target performance indicators for subsequent control;

Prepares the enterprise for possible sudden changes;

Demonstrates the interconnection of the duties of all officials.

So, it makes sense to develop a business plan even in constantly changing conditions, if there is a desire that the normal activity of the enterprise should not be disturbed by the course of future events.

In general, an increase in the level of financial planning is associated with a more thorough definition of future expenses and incomes, an accurate calculation of the required funds and a correct assessment of future financial results. High-quality financial planning contributes to the stability of the financial situation, the stability of solvency, the constant availability of funds, the optimal use of working capital, and the better organization of settlements.

1. Goncharuk O.V., Knysh M.I., Shopenko D.V. Financial management in the enterprise. Tutorial. - St. Petersburg: Dmitry Bulanin, 2002. - 264 p.;

2. Kovalev V.V. Introduction to financial management. - M.: Finance and statistics, 2005. - 768s.;

3. Kovalev V.V., Kovalev Vit.V. Enterprise Finance: Proc. - M.: TK Velby, 2003. - 424 p.;

4. Lyubanova T.P., Myasoedova L.V., Gramotenko T.A., Oleinikova Yu.A. Business plan: Educational and practical guide. - M .: "Book service", 2003. - 96s.;

5. Financial management: Textbook / Ed. N.F. Samsonov. - M.: UNITI, 2004. - 468s.;

6. Finance and credit: Proc. allowance / Ed. A.M. Kovaleva. - M.: Finance and statistics, 2003. - 574 p.;

7. Enterprise Finance: Textbook / Ed. N.V. Kolchina. - M.: UNITI, 2003. - 331p.;

8. Ostapenko V.V. Enterprise Finance: Textbook. - M .: Omega - L, 2003. - 392 p.;

9. Financial Management (Enterprise Finance): Textbook / A.A. Volodin and others - M .: INFRA-M, 2004. - 504 p.;

10. Utkin E.A., Kotlyar B.A., Rapoport B.M. Business planning. - M .: EKMOS Publishing House, 2004. - 320s.

This section should consider the company's financial security and ways to make the most efficient use of cash in accordance with the analysis of the market situation and the forecast sales of goods and services over subsequent periods.

About how to write it correctly, and will be discussed in our article.

What should be reflected here?

The paragraph should include the following indicators and documents:

• forecast values ​​of financial results;
• cash flow project;
• planned balance of the company;
• a number of key proposals and key indicators of a financial nature;
• profit and loss forecast.

The forecast period is usually considered to be a period of time 3 to 5 years.

Opening costs

Writing a section involves a mandatory breakdown of the costs required to open a business. Each of these activities can be included in one of the following groups:

• organization of the physical space, including the preparation of the premises and the required number of workplaces, the arrangement of a suitable space for working with consumers, etc.;
• acquisition of the required amount of equipment, its installation and configuration (industrial, commercial or office);
• installation of communication systems - telephone and Internet;
• providing the object with a burglar alarm if necessary;
• payment for the services of such categories of employees as a lawyer, accountant or any other professional assistant;
• payment of tax contributions, payment of the state fee during the official registration procedure, as well as obtaining various types of licenses (if required by the planned type of activity);
• payment for the services of a designer who makes signs, posters, indoor advertising stands, etc.;
• payment for the services of a recruitment agency that will select any necessary personnel.

For information on how to properly plan this item, see the following video:

Monthly expenses

Almost any newly opened enterprise cannot do without the following fixed costs:

• rent - the amount depends on the area and location of the premises;
• monthly payment for telephone and Internet, other utility costs;
• payment for accounting or other support;
• other expenses of the office plan;
• payment of salaries to employees;
• payment of taxes and mandatory contributions;
• advertising placement.

Sources of funds

The financial part of the project assumes the existence of certain financing schemes based on the individual characteristics of the business.

So, the necessary funds can be obtained:

• from an internal source;
• from attracted investments;
• from borrowed funds;
• from a mixed (complex, combined) source.

Internal sources are the company's own finances or the amount of its profit and depreciation. The most acceptable and cheapest way to expand the activities of the organization is profit reinvestment.

External sources add up:

• from attracted investments- usually in this case, the investor is interested in a high level of profit in the company itself;
• from borrowed- the use of funds is carried out in accordance with the terms of the contract.

The implementation of the funding strategy also involves a combination of the following financial instruments, representing funds from different sources:

• an investor can acquire a share of the company;
• application of venture financing;
• obtaining the necessary funds through a public or private offer of securities;
• depository receipt;
• obtaining a commercial, government or bank loan;
• implementation of insurance of operations of export character.

cash flows

Reach effective management finance is possible only by applying planning in relation to each financial resource and its source. This section must necessarily provide for the development and adoption of targets that have a quantitative and qualitative expression, as well as clearly define the ways, following which you can achieve the desired with the least loss.

called cash flow current cash flow. Otherwise, it is called the difference between the amounts of receipts and payments of funds that occurred in the company during a certain period of time.

The business plan should analyze the movement of these flows, that is, determine the moments and amounts of cash inflow and outflow. At the same time, the calculation should be based on operating (current) activities.

The value of the flow determines such basic indicators of the company as self-financing, financial strength, potential opportunities and profitability.

The organization must have a sum of money that can cover all its obligations. If the minimum required stock is missing, then this can be called the beginning of financial difficulties. The redundancy of the amount of money also cannot be called a positive characteristic, on the contrary, it can mean unprofitable time.

It is also worth paying attention to external and internal factors that have a significant impact on the formation of cash flow:

• The influence of market conditions, the applied taxation system, the established procedure for granting credit to the supplier and the buyer (business turnover), the availability of an external source of financing are external factors.
• The life cycle, or rather its stage, the presence of seasonality in the production and sale of goods, the depreciation policy of the company, as well as a number of personal qualities and the level of professionalism of the management team are classified as internal factors.

When drawing up a company flow management plan, the following principles should be observed:

• informative reliability and transparency;
• planning and control;
• solvency and liquidity;
• efficiency and rationality.

The basis of the "correct" management is always operational and reliable information formed on the basis of accounting and management accounting. The components of this information are a variety of information: the budget for future purchases, the amount of funds in the account and on hand, as well as their movement, suppliers requiring advance payment, the level of accounts payable and receivable, etc. All this is usually drawn up in the form of tables.

The sources of information are no less diverse, therefore, it must be collected and systematized with the utmost care, since the untimeliness or unreliability of information can lead to disastrous consequences for the enterprise as a whole.

Income calculation

The expected level of income can be called the climax of the business plan. Income items include revenue from the sale of goods, the performance of work or the provision of services.

Other income includes:

• proceeds from a non-core activity, including the sale of a fixed asset or material;
• positive exchange rate difference;
• receiving interest on a previously granted loan, etc.

So, the calculation of the total income of the company is to sum the proceeds from the main activity and other funds received.

How to properly compose a section?

The financial plan should determine the range of actions that allows you to get the maximum amount of profit against the backdrop of minimal costs. The basics of its competent compilation:

• Well-defined and well-defined goals. It should be remembered that the goal is formed depending on the financial capabilities of the enterprise, but not vice versa. If this rule is not observed, you can not read further - the business is doomed to failure.
• An effective and organized system for monitoring and controlling the actions performed in relation to the goals. This allows you to constantly "keep abreast" and control the progress towards the tasks.
• A clear forecast of the project payback with a monthly breakdown. If the implementation of the project involves a long-term, then the breakdown of the first year should be done monthly, and each subsequent period - quarterly.