Financial strategy represents one of the most important types of the enterprise's functional strategy, providing all the main directions for the development of its financial activities and financial relations by forming long-term financial goals, choosing the most effective ways their achievement, adequate adjustment of the directions of formation and use financial resources when conditions change external environment.

Financial strategy development plays big role in providing effective development enterprises. This role is as follows:

1. The developed financial strategy provides a mechanism for the implementation of long-term general and financial goals of the upcoming economic and social development the enterprise as a whole and its individual structural units.

2. It allows you to realistically assess the financial capabilities of the enterprise, ensure the maximum use of its internal financial potential and the possibility of active maneuvering with financial resources.

3. It provides the ability to quickly implement new promising investment opportunities that arise in the process of dynamic changes in environmental factors.

4. The development of a financial strategy takes into account in advance possible options for the development of environmental factors that are not controlled by the enterprise and allows minimizing their negative consequences for the activities of the enterprise.

5. It reflects the comparative advantages of the enterprise in financial activities in comparison with its competitors.

6. The presence of a financial strategy provides a clear relationship between the strategic, current and operational management of the financial activities of the enterprise.

7. It ensures that the appropriate mentality of financial behavior is implemented in the most important strategic financial decisions of the enterprise.

8. In the system of financial strategy, the value of the main criteria-based assessments of the choice of the most important financial management decisions is formed.

9. The developed financial strategy is one of the basic prerequisites for strategic changes in the overall organizational structure management and organizational culture enterprises.

The development of the financial strategy of an enterprise is based on the principles of a new management paradigm - the system strategic management. The main of these principles that ensure the preparation and adoption of strategic financial decisions in the process of developing the financial strategy of an enterprise include (Fig. 4.1):

1. Consideration of the enterprise as an open socio-economic system capable of self-organization. This principle of strategic management lies in the fact that when developing a financial strategy, an enterprise is considered as a certain system, completely open for active interaction with environmental factors. In the process of such interaction, the enterprise has the property of acquiring the appropriate spatial, temporal or functional structure without specific external influence in the conditions of the economy market type, which is considered as its ability to self-organize. The openness of the enterprise as a socio-economic system and its ability to self-organize make it possible to provide a qualitatively different level of formation of its financial strategy.

"Conservative type of financial policy" characterizes the style and methods of making managerial decisions aimed at minimizing financial risks. Ensuring a sufficient level of financial security of the enterprise, this type of financial policy cannot provide sufficiently high end results his financial activities.

Table 4.6

3. Formation of a portfolio of possible strategic financial alternatives. At this stage, based on the specific parameters of the model of the strategic financial position of the enterprise and taking into account the formulated financial policy for certain aspects financial activities, a list of all possible ways achieving various strategic financial goals. Each of these possible ways is an independent financial alternative, and their combination is a portfolio of possible financial alternatives.

So, for example, within the framework of a moderate profit formation policy, such alternatives aimed at realizing the strategic goal of increasing the amount of net profit by the end of the strategic period by at least two times can be:

• increase in income from sales of products;
• increase in profits from other types operating activities;
• increase in profit from investment activities;
• reducing the level of variable costs of the enterprise;
• reduction in amount fixed costs enterprises;
• changing the tax policy of the enterprise in order to reduce the level of tax intensity of products and others.

When forming a portfolio of possible strategic financial alternatives for certain aspects of financial activity, it is necessary to put forward more non-traditional ways to achieve the goals that were not previously used in the financial practice of the enterprise. In the course of further evaluation, such financial alternatives may prove to be the most appropriate.

4. Evaluation and selection of strategic financial alternatives. In the process of evaluating individual alternatives, the greatest attention should be paid to the use modern methods comparative financial analysis. The main of these methods can be:

• scenario analysis;
• sensitivity analysis;
• decision tree construction method;
• linear programming method;
• simulation method;
• method of expert assessments and others.

In the process of selecting strategic financial alternatives, the system of criteria used plays the greatest role. Such criteria may be:

• growth rate or absolute amount of net cash flow growth;
• the level of return on equity;
• level financial risk other.

Based on the results of the assessment and preliminary selection of strategic financial alternatives, they are ranked according to selected criteria. The final strategic financial decision is made on the basis of such a ranked possible list of them.

5. Drawing up a program for the strategic financial development of the enterprise. Such a program should reflect the main results of the strategic financial choice of the enterprise and ensure their synchronization in the dominant areas and segments of strategic financial development, as well as in terms of the implementation of individual interdependent strategic decisions. The program should not contain rigidly determined actions to ensure the strategic goals of the financial development of the enterprise, indicating only the directions of these actions.

The approximate format of the program of strategic financial development of the enterprise is presented in Table. 4.7.

The developed program for the strategic financial development of the enterprise must be approved by the owners and top managers of the enterprise.

Company financial strategy is a complex multi-factor oriented model of actions and measures necessary to achieve the set long-term goals in the general concept of development in the field of formation and use of the company's financial and resource potential.

Economic entity financial strategy is determined by the financial relations of the company with economic entities and government bodies, interaction with them in the process of implementation business relations in the field of finance.

The financial strategy is the basic strategy because it provides (through financial instruments, methods financial management etc.) implementation of other basic strategies, namely, competitive, innovative. This requires a study of the relationship between the financial strategy and the above strategies. The tasks of reforming domestic business involve solving the interrelated problems of formulating a strategy and introducing a new high-quality level of financial management based on the achievement and implementation of competitive advantages.

The need to identify a financial strategy within a common company is due to:

Diversification of activities large companies in terms of coverage various markets, including financial;

The need to find sources of financing for strategic projects;

The presence of a single ultimate goal for all companies when choosing strategic guidelines and evaluating them - maximizing the financial effect;

The development of international and national financial markets as a "field" for borrowing financial resources and profitable investment of capital, which is associated with the strengthening of the role of finance in the life of companies.

The strategic goal of the financial strategy is provided by a set of auxiliary financial tasks presented in specific programs. Taking into account the volatility of the conjuncture and trends in the development of financial markets, the high degree of innovativeness of financial instruments operated by companies, their significant dependence on the vectors of movement of macroeconomic and socio-political processes in the world community, it is necessary to formulate a number of directions for the formation of programs and projects for the implementation of the financial strategy.

Among them:

Identification of priority financial markets for companies and target market segments for work in the future; this implies that the company has a strong target development block based on the processing of existing information databases;

Analysis and justification of sustainable sources of financing;

Selection of financial institutions as acceptable partners and intermediaries that effectively cooperate with the company in the long term;

Development of a long-term investment program, consistent with the priority areas for the development of business types, due to the overall strategy of the company;

Creating conditions for the future to sustain sustained growth market value company and rates of securities issued by it;

Formation and improvement of intra-company financial flows, transfer pricing mechanisms;

Development from the position of the strategy of the program of effective centralized financial management in combination with reasonable decentralization of other management functions;

Predictive calculations of financial indicators of economic security and sustainability of the company in the strategic planning of the company's activities.

A hypothetical model of a financial strategy may include the following interrelated blocks (Figure 1):

Goals and objectives;

implementation levels;

External and internal factors formations;

Tools and methods of implementation;

The effectiveness of the strategy.

Figure 1 - A hypothetical model for the formation of a financial strategy

The company achieves its strategic financial goals when financial relations correspond to its internal financial capabilities, and also allow it to remain receptive to external socio-economic requirements. Considering the concept and content of a financial strategy, it must be emphasized that it is formed mainly by the same conditions of the macro- and microenvironment, factors affecting the overall strategy of the company, and other components that were mentioned above.

An important block of the company's financial strategy model is the levels of its implementation. It is legitimate to consider two levels: corporate and business level (project level).

Differences in the implementation of the financial strategy of the company at these levels are determined by:

different strategic goals;

Scale of activities and market coverage;

Functions performed (with an appropriate degree of centralization or decentralization within the enterprise);

Environmental factors (tax regulation, antitrust laws, etc.).

The model of the financial strategy of the company shows through the system of which tools (programs, projects, restructuring, globalization, diversification, etc.) and methods (modeling, planning, analysis, forecasting, etc.) it is implemented.

The use of tools and methods of financial strategy is situational in nature: specific factors, including socio-economic and political, determine the choice of one or another combination of them in various options. The study of the interaction of the financial strategy with the management of the company allows us to conclude that the financial strategy plays an important role.

The study of the methodology for the formation of a financial strategy and the theoretical foundations of the functioning of a company in a market environment involves taking into account integration trends, the importance of which is increasingly growing. Integration into her different forms and manifestations has now become a powerful structure-forming factor of the market. The integration of banking and industrial capital is considered as a factor in the formation of a strategy Russian companies, directions of their reforming within the framework of restructuring.

The merger of companies based on the integration of banking and industrial capital is one of the key areas for the structural restructuring of the Russian economy, a tool for shaping the financial strategy of domestic companies. AT modern conditions legitimately identify the concept of financial capital large corporations, FPG, TNK.

When developing a financial strategy for a company, it is effective to use the method of scenarios (a description of trends that are close to reality that may appear in the financial and economic sphere of the company's activities).

Scenarios make it possible to identify the main factors of the macro- and microenvironment that must be taken into account when developing an effective financial strategy for a large company.

The modeling of the financial strategy of an enterprise is carried out on the basis of the implementation of the following principles:

Consistent implementation of the adopted strategy for sustainable development of the enterprise;

Based on a modern theoretical model;

Accounting for the organizational structure of the enterprise and the proposed changes in it;

Variations in strategy formation.

The general scheme for the formation of a financial strategy includes the following steps:

Description of the company as an open system;

Development of strategic goals;

Development of strategy options;

Definition of selection criteria for options;

Specification of the selected financial strategy option;

Drawing up a financial strategy, its adoption and bringing to the executor;

Organization of control over the implementation of the strategy.

The development of a company's financial strategy model should be organically integrated into the preparation and implementation of the company's overall strategy.

In the system of developing a financial strategy, one of the key places is occupied by financial planning, implemented on the basis of production and sales planning, as well as control over spending. In recent years, in most companies, traditional forms of planning have been drifting in the direction of using it. modern form- budgeting.

The financial plan of the company (in the modern format of its understanding) is the definition of the directions of a variety of products and goods that are in demand and ready for sale, the choice of financial sources and the distribution of financial resources, as well as monitoring the implementation of individual financial activities (payments, budgeting, remuneration of employees )

Course work

"Financial strategy of the enterprise"

Introduction

Financial strategy of the enterprise

1 Types of financial strategy

2 Goals and objectives of the financial strategy

3 Development of financial strategy

Analysis of the enterprise's activity

Conclusion

Bibliography

Annex A

Annex B

Annex B

Annex D

Introduction

The transformational processes taking place in domestic companies are largely related to finance. Analysis cash flows, the search for effective sources of financing, profitable investment decisions, the development of a variety of accounting and tax policies - all this is put at the forefront of activity modern enterprises.

It is especially important to use a financial strategy to ensure the sustainable development of companies in modern conditions, which necessitates the most serious analysis of problems and the development practical advice in this area of ​​activity.

The company's financial strategy is a complex multifactorial, oriented model of actions and measures necessary to achieve the set long-term goals in the general concept of development in the field of formation and use of the company's financial and resource potential.

The purpose of this course work is a comprehensive study of the financial strategy of the enterprise in market conditions.

In the course of achieving this goal, the following tasks were solved:

· explored theoretical basis financial strategy of the enterprise, incl. the essence of the financial strategy, types of financial strategy are considered, goals and objectives are defined, as well as the development of a financial strategy;

· the practice of developing a financial strategy for a specific business entity is considered, including its a brief description of, the analysis of the main financial indicators was carried out, the formulation of financial planning and formation of financial strategy.

The object of study of the course work is a complex system for the development and implementation of the financial strategy of the enterprise.

The subject of the study is OJSC Voronezhsintezkauchuk.

The main activities are:

· production of high-quality rubbers and latexes and their sale;

· production of industrial and technical products, as well as other goods and services in demand in the consumer market;

· implementation project activities associated with the assessment environmental safety industrial productions and objects;

· commercial and intermediary activities;

· implementation foreign economic activity in accordance with the current legislation of the Russian Federation.

When conducting the study, the reporting materials of OAO Voronezhsintezkauchuk were used. In the work, general research methods were used - systems approach, comparative, economic analysis, statistical groupings, and sample statistical surveys.

This course work consists of three chapters. In the first part, we will consider the essence of financial strategy, types of financial strategy, define the goals and objectives of financial strategy, as well as the development of financial strategy. The second part consists of an analysis financial reporting JSC "Voronezhsintezkauchuk" The third part contains recommendations for the development of OAO Voronezhsintezkauchuk.

financial strategy reporting

1. Financial strategy of the enterprise

In the conditions of market relations, the independence of enterprises, as well as responsibility for the results of their activities, there is a need to identify trends financial condition, orientation in financial opportunities and prospects (obtaining a bank loan, attracting foreign investment), assessing the financial condition of other business entities. The solution of these issues is provided by the financial strategy of the enterprise.

A financial strategy is a master plan of action to provide an enterprise with cash. It covers both theory and practice, the formation of finances, their planning and provision. The financial strategy of the enterprise solves the problems that ensure the financial stability of the enterprise in the market economy.

The theory of financial strategy explores the objective patterns of market conditions of management, develops methods and forms of survival in the new conditions of preparation and conduct of strategic financial transactions.

The financial strategy of the enterprise covers all aspects of the enterprise, including the optimization of fixed and working capital, profit distribution, cashless payments, tax and pricing policy, securities policy, etc.

The financial strategy ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the product market, taking into account the financial capabilities of the enterprise and considering the nature of internal and external factors. Otherwise, the company may go bankrupt.

1.1 Types of financial strategy

There are general financial strategy, an operational financial strategy and a strategy for the implementation of individual strategic objectives, in other words - the achievement of private strategic goals.

The general financial strategy is called the financial strategy that determines the activities of the enterprise. For example, relationships with budgets of all levels, the formation and use of enterprise income, the need for financial resources and sources of their formation for the year.

An operational financial strategy is a strategy for the current maneuvering of financial resources, i.e. the strategy of control over the spending of funds and the mobilization of internal reserves, which is especially important in the current conditions of economic instability; developed for a quarter, a month. The operational financial strategy covers:

· gross income and receipts of funds: settlements with customers for products sold, receipts from credit operations, income from securities;

· gross expenses: payments to suppliers, wage, repayment of obligations to the budgets of all levels and banks.

This approach creates an opportunity to provide for all upcoming turnovers in the planning period in terms of cash receipts and expenditures. The normal situation is the equality of expenses and income or a slight excess of income over expenses. The operational financial strategy is developed within the framework of the general financial strategy, detailing it for a specific period of time.

The strategy for achieving private goals is the skillful execution of financial transactions aimed at ensuring the implementation of the main strategic goal.

1.2 Goals and objectives of the financial strategy

The main strategic goal of finance is to provide the enterprise with the necessary and sufficient financial resources.

The financial strategy of the enterprise in accordance with the main strategic goal provides:

) formation of financial resources and centralized strategic management of them;

) identifying decisive areas and focusing on their implementation of efforts, flexibility in the use of reserves by the financial management of the enterprise;

) ranking and step-by-step achievement of tasks;

) compliance of financial actions with the economic condition and material capabilities of the enterprise;

) an objective account of the financial and economic situation and the real financial position enterprises in a year, quarter, month;

) creation and preparation of strategic reserves;

) taking into account the economic and financial capabilities of the enterprise itself and its competitors;

) identification of the main threat from competitors, mobilization of forces to eliminate it and a skillful choice of directions for financial actions;

) maneuvering and fighting for the initiative to achieve a decisive superiority over competitors.

To achieve the main strategic goal, in accordance with the requirements of the market and the capabilities of the enterprise, a general financial strategy of the enterprise is being developed.

In the general financial strategy, the tasks of forming finance are determined and distributed by performers and areas of work.

Tasks of the financial strategy:

) study of the nature and patterns of formation of finance in market conditions of management;

) development and preparation of possible options for the formation of the financial resources of the enterprise and the actions of financial management in the event of an unstable or crisis financial condition of the enterprise;

) determination of financial relationships with suppliers and buyers, budgets of all levels, banks and other financial institutions;

) identification of reserves and mobilization of enterprise resources for the most rational use production capacity, fixed assets and working capital;

) providing the enterprise with the financial resources necessary for the production economic activity;

) ensuring efficient investment of temporarily free Money enterprises in order to obtain maximum profit;

) study of the financial strategic views of potential competitors, their economic and financial capabilities, development and implementation of measures to ensure financial stability;

) development of ways to prepare a way out of a crisis situation;

) development of methods for managing the personnel of an enterprise in an unstable or crisis financial condition;

) coordination of the efforts of the entire team to overcome it.

When developing a financial strategy, special attention is paid to:

· identification of cash income;

· mobilization of domestic resources;

· the maximum reduction in the cost of production;

· proper distribution and use of profits;

· determining the need for working capital;

· rational use enterprise capital.

1.3 Developing a financial strategy

The financial strategy is developed taking into account the risk of non-payments, inflation and other force majeure circumstances. Thus, the financial strategy should correspond to the production objectives and, if necessary, be adjusted and changed.

Control over the implementation of the financial strategy ensures the verification of revenues, their economical and rational use, as a well-established financial control helps identify internal reserves, increase the profitability of the economy, increasing cash savings.

An important part of the financial strategy is the development of internal standards, which determine, for example, the direction of profit distribution. This approach has been successfully used in practice. foreign companies.

Thus, the success of the financial strategy of the enterprise is guaranteed under the following conditions:

) with mutual balancing of the theory and practice of financial strategy;

) if financial strategic goals correspond to real economic and financial opportunities through strict centralization of financial strategic leadership and the flexibility of its methods as the financial and economic situation changes.

The development of the financial strategy of an enterprise can be represented as a diagram:

Rice. 13. Development of the financial strategy of the enterprise

2. Analysis of the enterprise's activities

Table 1 - Dynamics of the composition of the property of the enterprise

Property of the enterprise-core stringing of indicators by year, thousand steering of thousands of growth, %2009.2010 Nematerial assets1036883496-192-5,21-naked construction1301274275363571-910704-71.4701.01.133308-39-11. 1723-48,99Отложенные налоговые активы145212346222-15012-70,7Прочие внеоборотные активы1505727931959-25320-44,2Итого внеоборотные активы190277642529938632174387,83Запасы2105130995734426034311,76в том числе: сырье, материалы и другие аналогичные ценности211413530403796-9734-2,35затраты в незавершенном производстве213737741183154454160,37готовая продукция и товары для перепродажи214134955402-8093-59,97расходы будущих периодов216123004592933629273,41Налог на добавленную стоимость по приобретенным ценностям2203034370967522,25Дебиторская задолженность (платежи по которой ожидаются более чем через 12 месяцев после отчетной даты)23046143899-715-15,5Дебиторская задолженность2404840741671 85-316889-65.46 including buyers and customers24120156288383-113179-56.15 Property of the enterprise Line code Value of indicators by years, thousand rubles Deviation, thousand rubles Growth rate, % 2009 2010 Short-term financial investments 2501322153-1169-88.43 Cash 2607-69.56 Other current assets270900138848854.22Total current assets2901010791750917-259874-25.71Total assets30037872163744780-42436-1.12

The study showed that the balance sheet decreases in general from 3,787,216 thousand rubles. for 3,744,780 thousand rubles, the deviation amounted to 42,436 thousand rubles. The growth rate was -1.12%.

Non-current assets increased by 217,438 thousand rubles. or amounted to 7.83%

current assets decreased by 259,874 thousand rubles, and the growth rate was -25.71%

Table 2 - Dynamics of the structure of the property of the enterprise

Property of the enterprise Line code Value of indicators by years, thousand r Deviation, thousand r Growth rate, % 2009 2010 .15 Profitable investments in material assets1350.010.010-10.23 Long-term financial investments 1400.090.05-0.04-48.41 Company property Line code Value of indicators by years, thousand r Deviation, thousand r Growth rate, % 2009 2010 Deferred tax assets 1450 ,560.17-0.39-70.37Other non-current assets1501.510.85-0.66-43.57Total non-current assets19073.3179.956.649.05Inventories21013.5515.311.7613.03 including: raw materials, materials and others similar values ​​211 10.92 10.78 -0.14 -1.25 work-in-progress costs 2131.953.161.2162.19 finished goods and goods for resale2140.360.14-0.21-59.52 64Value added tax on acquired valuables2200,080.10,0223.63Accounts receivable (payments for which are expected more than 12 months after the reporting date)2300,120.1-0.02-14.54 Accounts receivable (payments for which are expected within 12 months after the reporting date)24012,784.46-8.32-65 .07 including buyers and customers2415.322.36-2.96-55.65Short-term financial investments2500.030-0.03-88.3Cash2600.10.03-0.07-69.21Other current assets2700.020.040.0155 .97Total current assets29026.6920.05-6.64-24.87Total assets300100.00100.00--

Table 3 - Dynamics of the composition of the sources of formation of the property of the enterprise

Имущество предприятияКод строкиЗначение показателей по годам, тыс.рОтклонение тыс.рТемп прироста, %2009 г.2010 г.Уставный капитал4102651462651460100,00Добавочный капитал420133849133717-132-0,10Резервный капитал4304425248218,55Нераспределенная прибыль (непокрытый убыток)47016070136826120756751,44Итого собственного капитала49041550753621312070629,05Долгосрочные кредиты и займы5101186833956427-230406-19,41Отложенные налоговые обязательства515281987880150603179,46Итого долгосрочные обязательства59012150311035228-179803-14,80Краткосрочные кредиты и займы6101406643183282142617830,30Кредиторская задолженность620749092339546-409546-54,67в том числе: поставщики и подрядчики 621 623522 241466 -382056 -61,27задолженность перед персоналом организации62224271438971962680, 86debt to state off-budget funds6234310497566515.43tax debt6243514639685453912.91other creditors625628439523-53320-84.85Deferred income640943972293.08Total short-term liability assets69021566782173339166610.77Total liabilities70037872163744780-42436-1.12

At the enterprise in question equity increased by 120,706 thousand rubles or by 29.05%

Table 4-Dynamics of the structure of the sources of formation of the property of the enterprise

Company property Line code Value of indicators by years, thousand r Deviation, thousand r Growth rate, % 2009 2010 Authorized capital4107,007,080,081.13 Additional capital4203.53,570.041.03 Reserve capital4300.010.010.0019.90 Retained earnings (uncovered loss)23.06.423.06.4 .09Total equity49010.9714.323.3530.51Long-term loans and borrowings51031.3425.54-5.80-18.50Deferred tax liabilities5150.742.101.36182.62Total long-term liabilities59032.0827.64-4.44-13.83Short-term loans and loans61037.1448.9411.8031.77 Accounts payable62019.789.07-10.71-54.16 including: suppliers and contractors62116.466.45-10.02-60.84 debt to the personnel of the organization6220.641.170.5382.91 debt to state off-budget funds6230.110.130.0216.74 debts on taxes and fees6240.931.060.1314.19 other creditors6251.660.25-1.41-84.67 Deferred income6400.020.030.014.24 Enterprise property Line code Value of indicators by years thousand rGrowth rate, %20092010Total short-term liabilities69056.9558.041.091.91Total liabilities700100.00100.00--

In structural terms, as at the end of the period under review, its share was 14.32%, i.e. financial stability is observed.

The sum of groups P1 and P2 is the indicator "current liabilities". For our company in 2009

P1 + P2 = 749,092 + 1,406,643 = 2,155,735

As you can see, current liabilities for the year increased by 0.77%

This is a forecast of solvency based on a comparison of future receipts and payments

For the researched enterprise for 2009:

TL.= 5 070+484 074-749 092-1 406 643= -1 666 591<0;

PL \u003d 521 647-1 215 974 \u003d -694 372<0;

As you can see, the current liquidity is negative, which indicates the insolvency of the organization for the next period of time. The same prospective liquidity is also negative, which indicates the insolvency of the enterprise in the future.

Table 5 - Assessment of the liquidity of the company's assets

ASSETS2009 thousand rubles2010 thousand rubles LIABILITIES2009 thousand rubles2010 thousand rublesPayment surplus or deficit thousand rubles20092010Most liquid assets (А1)50701294Most current liabilities (L1)749092339546-744022-338252Quickly realizable assets (А2) 484074167185Краткосрочные пассивы (П2)1466431832821-922569-1665636Медленно реализуемые активы (А3)521647582438Долгосрочные пассивы (П3)12159741036200-694327-453762Трудно реализуемые активы (А4)27764252993863Постоянные пассивы (П4)41550753621323609182457650Баланс37872163744780Баланс3788216374478000

The calculation results show that in this organization, the comparison of the results of groups by asset and liability is as follows: for 2009

A1< П1; А2 >P2; A3< П3; А4 < П4.

Based on this, it is possible to characterize the liquidity of the balance sheet as insufficient. Comparison of the first two inequalities indicates that in the closest time interval to the considered moment, the organization fails to improve its solvency.

Calculate the urgency factor:

For 2009, Ksroch = 5,070/749,092 = 0.0068, although a theoretically sufficient value (normative limit) for the urgency coefficient is considered to be more than 1.

Both that, and other values ​​of coefficient of urgency are so small that it is possible to consider that the organization is not capable to pay the short-term obligations.

Table 6 - Assessment of the solvency of the enterprise

Indicators 2009 2010 Changes (+,-)1. General indicator of solvency, 0.220.17-0.052. Absolute liquidity ratio 0.00240.0006-0.00183. Coefficient of "critical evaluation" 0.230.08-0.154. Current liquidity ratio 0.680.35-0.335. The coefficient of maneuverability (functioning capital) - 0.46- 0.41 + 0.056. Share of working capital in assets 0.270.20-0.77. Current activity security ratio own funds- 2,34- 3,37-1,03

General indicator of solvency, L1

For 2009 : L1 = (5070+0.5*484074+0.3*521647)/(749092+0.5*1406643+0.3*1215974) = =403601.1/1 817 205.7=0.22

Absolute liquidity ratio L2

For 2009 L2=(1 322+3 748)/(1 406 643+749 092) =5 070/2 155 735=0.0024

Shows what part of urgent debt the organization can repay in the near future at the expense of cash and equivalent financial investments.

The value of the absolute liquidity ratio is completely negligible (the normal limit is L2> 0.2-0.5), and therefore the company is not able to repay even a small share of its debt within a few days.

Coefficient of "critical evaluation" L3

For 2009 L3 =(1 322+3 748+484 074)/(1 406 643+749 092) = 489 144/2 155 735=0.23

Current liquidity ratio L4

For 2009: L4 = 1,010,791/(1,406,643+749,092) = 1,010,791/1,480,735=0.68< 1 серьезные проблемы с платежеспособностью

Shows what part of current liabilities on loans and settlements can be repaid by mobilizing all working capital.

Factor of maneuverability (functioning capital)L5

For 2009: L5= (513,099+3,034+4,614+900)/(1,010,791-1,406,643-749,092)=521,647/(-1,144,944)= - 0.46

Share of working capital in assets L6

For 2009: L6 =1,010,791/3,787,216=0.27

Depends on the industry sector of the organization.

Equity ratio of current activities, L7

For 2009: L7 = (415,507-2,776,425)/1,010,791= - 2.34

Which means lack of funds for current activities.

Table 7 - Determining the type of financial stability

IndicatorPeriod 2009 20101. Total reserves, thousand rubles513099573442IndicatorPeriod 200920102. Own working capital, thousand rubles - 2360918-24576503. Own and long-term borrowed sources of formation of reserves and costs, thousand rubles - 1145887-14224224. The total value of the main sources of formation of reserves and costs, thousand rubles2607564103995. Surplus (+) or shortage (-) of own working capital, thousand rubles -2 874 017-3 031 0926. Surplus (+) or shortage (-) of own and long-term borrowed sources of formation of reserves and costs, thousand rubles -1 658 986-1 995 8647. Surplus (+) or shortage (-) of the total value of the main sources of reserves formation, thousand rubles - 252343-1630438. Indicator of the type of financial situation S = (0; 0; 0) S = (0; 0; 0)

Total reserves for 2009 Stocks= 63,834

Own working capital: for 2009 :415 507-2 776 425=-2 360 918

Own and long-term borrowed sources of formation of reserves and costs: For 2009. SD = 415 507-2 776 425+1 215 031=-1 145 887

The total value of the main sources of formation of reserves and costs:

For 2009 OS = 415,507+ 1,215,031+1,406,643- 2,776,425=260,756

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of formation

For 2009 ?SOS = -2 360 918-513 099 = -2 874 017

For 2009 ?SD = -1 145 887-513 099=-1 658 986

For 2009 ?OS = 260 756-513 099=-252 343

These indicators form a three-component indicator of financial stability, S (Ф) = ( ; ; ), with components: 1, if Ф>0; 0 if F<0.

The result for 2009 and 2010 is the same. We got the scheme = (0; 0; 0), which means that the current financial activity is carried out at the expense of overdue accounts payable.

Table 9 - Indicators of the financial stability of the enterprise

Indicators for 2009 2010 Changes (+,-) Equity capital concentration ratio 0.110.14+0.03 Funds concentration ratio 0.890.86-0.3 Financial dependence ratio 9.116.98-2.13 Equity capital maneuverability ratio-2.76 -2.65+0.11 Long-term investment coverage ratio 0.320.35+.03 Long-term borrowing ratio 0.270.66+0.39 Financial independence ratio of capitalized sources 0.770.34-0.43 Debt structure ratio 0.0360.32 +0.284Ratio of own and borrowed funds0.120.17+0.05

) The equity concentration ratio determines the share of funds invested in the activities of the enterprise by its owners. The higher the value of this ratio, the more financially stable, stable and independent of external creditors the enterprise.

Equity concentration ratio for 2009 Kksk \u003d 415 507 / 3 787 216 \u003d 0.11

The calculations show that the equity concentration ratio last year was 0.11, in 2010 it increased by 0.14 or 0.03%. This coefficient shows that in 2010 0.14 of the company's assets was formed from its own sources of funds.

) Concentration ratio of borrowed funds in 2009 Kkzk \u003d (1 215 031 + 2 156 678) / 3 787 216 \u003d 0.89

)Coefficient of financial dependence for 2009 Kz = 3,787,216/415,507=9.11

) Equity flexibility ratio for 2009: Kmsk = (1,010,791-2,156,678)/415,507 = -2.76

)Coefficient of the long-term investment coverage structure for 2009: Kcdv = 121,503/3,776,425=0.32

) Long-term borrowing ratio for 2009: К dp =121,503 / (121,503+415,507) = 0.27

)Coefficient of financial independence of capitalized sources

For 2009: Kfn = 415,507/ (121,503 +415,507) = 0.77

)Coefficient of debt capital structure for 2009: Kszk = 121,503 /(1,215,031+2,156,678) = 0.036

) Ratio of equity and borrowed funds for 2009: Kc/c =415,507 / (1,215,031+2,156,678) = 0.12

Table 10 - Assessment of the business activity of the enterprise

IndicatorsPeriodChanges (+,-)2009 2010 Proceeds from product sales, thousand rubles3 620 0244 212 459+592 435 (in turnovers)7.4825.2+17.72Turnover of funds in settlements (in days)48.1314.29-33.84Inventory turnover (in turnovers)6.076.16+0.09Inventory turnover (in days)59.3158, 44-0.87 Accounts payable turnover (in days) 0.210.08-0.13 Operating cycle duration 107.4472.73-34.71 Financial cycle duration 107.2372.65-34.58 capital8,717.86-0.85Total capital turnover0.961.12+0.16Coefficient of sustainability of economic growth0.030.008-0.022

) Capital productivity for 2009 = 3,620,024/1,416,085=2.56

) Turnover of funds in settlements (in turnover) for 2009 = 3,620,024/484,074=7.48

) Turnover of funds in calculations (in days) for 2009 = 360/7.48 = 48.13

)Inventory turnover (in turnovers) for 2009 = 3,133,326 / (513,099+3,034) = 6.07

)Inventory turnover (in days) for 2009 = 360/6.07 = 59.31

) Accounts payable turnover (in days) for 2009 = (623 522+24 271)/ 3 133 326=0.21

)Duration of the operating cycle for 2009 = 48.13+59.31=107.44

)Duration of the financial cycle for 2009 = 107.44-0.21=107.23

)Coefficient of repayment of accounts receivable for 2009 = 1/7.48=0.13

)Turnover of own capital for 2009 = 3,620,024/415,507=8.71

)Turnover of total capital for 2009 = 3,620,024/3,787,216=0.96

)Coefficient of stability of economic growth for 2009 = 13469/415507=0.03

Table 11 Profitability assessment

IndicatorsPeriodChanges (+,-)20092010Net profit13 4694 251-9 218Product profitability0.0150.019+0.004Core activity profitability0.0150.019+0.004Return on total capital0.0040.001-0.003Return on equity0.0320.00 0.024

)Net profit for 2009 \u003d 29,039-15,570 \u003d 13,469 thousand rubles.

) Product profitability for 2009 = 55 248/3 620 024=0.015

) Profitability of core activities in 2009 =55248/(3133326+38515+503431) = 0.015

)Return on total capital for 2009 =13469/3787216=0.004

) Return on equity for 2009 =13469/(415507+943)=0.032

)Payback period of own capital for 2009 = (415,507+943)/ 13,469 = 30.92

In the course of the work, the following conclusions were made.

In our case, non-current assets increased by 217,438 thousand rubles, including fixed assets by 1,129,572 thousand rubles. And current assets, on the contrary, decreased by 42,436 thousand rubles. The equity concentration ratio last year was 0.11, in 2010 it increased by 0.14 or 0.03%. This coefficient shows that in 2010 0.14 of the company's assets was formed from its own sources of funds. The coefficient of maneuverability is low, which is explained by the insufficiency of the company's own working capital, which are in a mobile form, and the restriction of freedom in maneuvering these funds. An increase in the coefficients of long-term (from 0.04 to 0.11) debt, namely from 0.27 to 0.66, indicates a greater dependence of the organization on external sources of financing and less solvency.

A three-component indicator of financial stability S = (0; 0; 0) This means a crisis state in which the enterprise is completely dependent on borrowed sources of financing. The company has loans and borrowings that are not repaid on time, as well as overdue accounts payable. The company is on the verge of bankruptcy, because in this situation, cash, short-term securities and receivables of the company do not cover even its accounts payable and overdue loans. Since own funds and borrowed funds are not enough to finance tangible working capital, the formation of reserves is due to a slowdown in the repayment of accounts payable. Restoring stability can be done by optimizing the structure of liabilities, a reasonable reduction in the level of inventories and costs, or accelerating the turnover of capital invested in assets.

Based on the results of the analysis of the financial condition of the enterprise, it can be concluded that the analyzed enterprise has an unstable financial condition, the weakness of certain financial indicators, financial stability is far from normal, solvency is problematic, solvency is impaired, financing of current activities is carried out at the expense of short-term loans and loans. But at which it is still possible to restore equilibrium by accelerating inventory turnover

Our strategic goals for the next 10 years - this is an annual attraction of 1.0 - 1.5 billion rubles. investments for the reconstruction of existing and construction of new industries. And secondly, due to the efficiency of the enterprise, increase wages, which, according to the master plan, will make it possible to outperform the median average wage of the regional labor market by 10%.

In 2009, a master plan for the development of JSC Voronezhsintezkauchuk until 2020 was presented. As a general direction for the development of technologies, it is planned to introduce measures aimed at improving the efficiency of technological processes, reducing costs, energy intensity and increasing consumer properties of products, as well as reducing the impact of the enterprise on environment.

Another major project that we have to implement is the construction of a new production of thermoplastic elastomers (TEP) with a capacity of 50,000 tons per year. The new technology presented at this site will fully meet the needs of domestic and foreign consumers of thermoplastic elastomers and will fully satisfy the needs for TPEs used in road construction.

Reconstruction of old production facilities and construction of new ones will increase the competitiveness of products and ensure production and environmental safety.

At the same time, while creating new industries and mastering advanced technologies, we will simultaneously take care of increasing the efficiency of our work. Latexes and TEPs should bring the largest share of profits, good economic performance is expected in the production of compounded rubber compounds and polymer-bitumen concentrate, in order to remain attractive for the production of SKD and SCS, it is necessary to look for ways to increase efficiency.

It is impossible to implement an enterprise development program without training qualified personnel. The further development of the enterprise involves the further allocation of non-core and support functions, such as the production of acetylene and industrial gases, maintenance and repair, rescue services, personnel and financial management. At the beginning of 2010 a transport shop was allocated. As priority areas personnel policy, which should balance the balance between the interests of the employee and the employer, can be called:

· high level of capitalization through personnel;

· efficient use of human capital;

· development of competence centers;

· balancing the interests of employees and the company;

· performance appraisal of personnel not by actions, but by results.

The main directions of development of JSC "Voronezhsintezkauchuk" for 2011.

Construction of new and reconstruction of existing industries.

In 2011, it is planned to complete the implementation of the investment project “Installation of automatic rubber packaging lines in the extraction and drying shops of DK-2 and No. 28. The first stage. Modernization of the DK - 2 shop.

In the first quarter of 2011, the first stage of the investment project “Complete transfer of polybutadiene rubber production to neodymium catalytic system” was completed. Separation of SKD-ND and DSSK schemes. In 2011, it is planned to attract investments and implement design and estimate documentation for the second and third stages of this investment project.

It is planned to continue the implementation of the investment project "Construction of a new production of thermoplastic elastomers with a capacity of 50,000 tons per year."

Development of new initiatives.

The issue of establishing a joint venture at the site of OAO Voronezh-sintezkauchuk for the production of commercial latexes is being considered.

Together with OAO SIBUR Holding, R&D is being carried out to replace water degassing with waterless degassing in the production of SKD-ND and DSSK rubbers together with European partners.

Consultations are underway on the construction of a new plant for the production of polymer-bitumen concentrates at our enterprise.

Documents are being prepared for entering the investment committee for the construction of a modern industrial gas production unit.

Implementation of a program to reduce costs.

Conclusion

Financial stability is a characteristic that indicates a stable excess of income over expenses, free maneuvering of the company's funds and their effective use, an uninterrupted production process and product sales. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

The stability of the enterprise is influenced by various factors:

The position of the enterprise in the commodity market;

The level of attractiveness of the industry in business;

Financial and production potential of the enterprise;

Degree of financial independence;

Level of business activity;

Efficiency of financial and economic operations, etc.

To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for normal functioning.

Creditworthiness is closely related to the financial stability of the enterprise. It is characterized by how accurately (i.e., on time and in full) the company calculates for previously received loans, whether it has the ability, if necessary, to mobilize funds from various sources, etc. But the main thing that determines creditworthiness is this is the current financial position of the enterprise, as well as possible prospects for its change.

At the analyzed enterprise OJSC “Voronezhsintezkauchuk”, non-current assets increased, including fixed assets, while current assets, on the contrary, decreased. The equity concentration ratio increased by 0.03%. This coefficient shows that in 2010 0.14 of the company's assets was formed from its own sources of funds. The coefficient of maneuverability is low, which is explained by the insufficiency of the company's own working capital, which are in a mobile form, and the restriction of freedom in maneuvering these funds. An increase in the coefficients of long-term (from 0.04 to 0.11) debt, namely from 0.27 to 0.66, indicates a greater dependence of the organization on external sources of financing and less solvency.

The three-component indicator of financial stability S = (0; 0; 0) shows us a crisis state in which the enterprise is completely dependent on borrowed sources of financing. The company has loans and borrowings that are not repaid on time, as well as overdue accounts payable. The company is on the verge of bankruptcy, because in this situation, cash, short-term securities and receivables of the company do not cover even its accounts payable and overdue loans. Since own funds and borrowed funds are not enough to finance tangible working capital, the formation of reserves is due to a slowdown in the repayment of accounts payable. Restoring stability can be done by optimizing the structure of liabilities, a reasonable reduction in the level of inventories and costs, or accelerating the turnover of capital invested in assets.

According to the results of the analysis of the financial condition of the enterprise JSC "Voronezhsintezkauchuk", it can be concluded that the analyzed enterprise has an unstable financial condition, the weakness of certain financial indicators, financial stability is far from normal, solvency is problematic, Solvency is impaired, financing of current activities is carried out at the expense of short-term loans and loans. But at which it is still possible to restore equilibrium by accelerating inventory turnover

To stabilize the work of the enterprise, he needs to: increase the share of his own working capital in a mobile form, change the credit policy in relation to debtors, reduce the funds frozen in stocks.

The results of the analysis carried out are somewhat contradictory. This is due, first of all, to the lack of data presented, as well as to very high inflation rates, which, of course, distort the real state of the enterprise at the moment.

Developed technical measures that will reduce production costs in 2011 in the amount of 260 million rubles.

Technical measures are being worked out in order to develop a plan for further reduction of production costs for 2012.

Approximately, the volume of investments in the enterprise will be more than 3.1 billion rubles.

It is impossible to implement an enterprise development program without training qualified personnel.

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Annex A

· À assets - part of the balance sheet (left side), characterizing the composition, placement and use of funds, grouped according to their role in the production process.

· À Mortization is the gradual transfer of the value of fixed assets to the product produced with their help, the targeted accumulation of funds for the reproduction of worn-out fixed assets. It is part of the cost when calculating costs, but after the sale of products as part of the sales proceeds, it becomes the financial resource of the enterprise.

· Balance sheet profit - profit from the sale of products and services, profit from other sales and non-operating income.

· Gross margin - the difference between sales revenue and variable costs, or the sum of fixed costs and profits.

· Vertical analysis - determination of the specific weights of the articles of financial statements and the degree of their influence on the final results.

· Non-operating income - income not related to the production and sale of the main products, but attributable to the financial results of economic activity (income from equity participation, dividends and interest on shares and bonds, donated amounts).

· Horizontal analysis - comparison of each reporting position with the previous period and determination of relative changes in indicators.

· Accounts receivable - the amount of accounts receivable, a form of temporary diversion of funds from the turnover of the enterprise, resulting from the supply of goods, works or services on credit.

· Investment is a long-term investment of capital, the expenditure of resources in the hope of receiving in the future, after a sufficiently long period of time.

· Liquidity ratios - reflect the current solvency of the enterprise, i.e. the ability to pay off short-term obligations with current assets (cash, securities, receivables, stocks)

· Financial stability ratios - reflect the long-term solvency of the enterprise, determined by the level of its dependence on borrowed capital (the degree of use of own and borrowed funds to finance current and permanent assets)

· Profitability ratios - reflect (1) the profitability of sales, i.e. the amount of operating profit per ruble of sold products (detailing by type of activity is possible) and (2) return on assets, i.e. return on the ruble of the company's assets (detailing by type of assets is possible)

· Turnover ratios - reflect the intensity of the use of assets in general and, above all, working capital (stocks, receivables), as well as the duration of the financial cycle (the period of inventory turnover + the period of turnover of receivables - the period of turnover of accounts payable) and, therefore, the degree of need of the enterprise in working capital

· Liquidity ratios - the ratio of various asset balance items with certain liability items:

a) general (current) liquidity ratio - the ratio of current assets (working capital) to short-term liabilities;

b) urgent (adjusted) liquidity ratio - the ratio of current assets minus reserves to short-term liabilities;

c) absolute liquidity ratio - the ratio of cash and short-term financial investments to short-term liabilities.

· Coefficient of independence (autonomy) - the ratio of own funds to the value of assets (balance sheet currency).

· The turnover ratio of working capital - the ratio of the volume of products sold to the average balance of working capital. The turnover ratios are calculated for individual items and elements of working capital, taking into account a number of features.

· Accounts receivable turnover ratio - the ratio of the volume of products sold to the average balance of receivables;

· Accounts payable turnover ratio - the ratio of the cost of goods sold to the average balance of accounts payable;

· Inventory turnover ratio - the ratio of the cost of goods sold to the average balance of stocks.

· Accounts payable - funds temporarily attracted by the enterprise and subject to return to the relevant legal entities and individuals.

· Creditworthiness - the ability of an individual or legal entity to pay off its debt obligations in full and on time. It is expressed by a set of indicators: liquidity, turnover, profitability, etc.

· Balance liquidity - the mobility of the company's assets, which implies the possibility of uninterrupted payment of credit and financial obligations and claims on time, that is, the ability of the enterprise to fulfill its short-term (current) obligations from its current assets.

· Working capital - a set of funds advanced to the working capital and circulation funds of the enterprise.

· Circulating production assets serve the production process (stocks of raw materials, fuel, low-value and wearing items, work in progress, semi-finished products of own manufacture, deferred expenses).

· Circulation funds serve the circulation process (finished products, cash on hand, in bank accounts, in transit, in settlements).

· Turnover of working capital - economic efficiency of the use of working capital; expressed by the turnover ratio and the turnover period. The calculation of these indicators is carried out both for the entire total amount of working capital, and for individual items and elements (stocks, receivables, cash, etc.).

· Fixed assets are means of labor and long-term used property for production purposes (buildings, structures, machinery, equipment, etc.), which are repeatedly involved in the production process and, gradually wearing out, transfer their value to products in the form of depreciation.

· Liabilities - part of the balance sheet (right), reflecting the sources of financing of the enterprise, grouped according to their ownership and purpose.

· Turnover period - the time (in days) during which current assets go through all stages of the circulation; is defined as the ratio of the duration of the period in days (year, quarter, month) to the turnover ratio of working capital, calculated for the corresponding period.

· The payback period is the time required for the income from the project to become equal to the initial investment.

· Solvency - the ability to fulfill its external obligations (short-term and long-term) using its assets. Solvency is measured by a coefficient showing the share of the company's equity in its total liabilities (the ratio of equity to total liabilities or the ratio of equity to external liabilities).

· Profitability threshold (break-even point) - the value of sales proceeds at which the company no longer has losses, but still does not have profit, the gross margin is equal to fixed costs, profit is zero.

· Profitability is a criterion for the economic efficiency of production. Unlike the profit indicator, which expresses the absolute value of production efficiency, profitability is its relative indicator: it is defined as the ratio of the amount of profit to the volume of sales, fixed assets, costs, share capital, etc. The calculations mainly use the amount of net profit .

· The cost price is the current costs of production and sale of products expressed in cash. They include the cost of consumed means of production, funds for wages, direct and indirect general factory costs and costs of distribution.

· Capital productivity is the ratio of the volume of sold products to the average annual cost of fixed assets. Reflects the efficiency of the use of fixed assets.

· Net profit is the balance sheet profit, net of taxes, the profit remaining at the disposal of the enterprise.

Annex B

1.A1 \u003d line 250 + line 260; (f. No. 1)

2.A2 = line 240; (f. No. 1)

.A3 = line 210 + line 220 + line 230 + line 270; (f. No. 1)

.A4 = line 190. (f. No. 1)

.P1 = line 620; (f. No. 1)

.P2 \u003d line 610 + line 630 + line 660; (f. No. 1)

.P3 \u003d line 590 + line 640 + line 650 (f. No. 1)

.P4 = line 490 (f. No. 1)

Ksroch \u003d A1 / P1

.Current liquidity (TL) = A1 + A2 - P1 - P2

.Prospective liquidity (PL) = A3 - L3

.General indicator of solvency, L1

L1 \u003d (A1 + 0.5A2 + 0.3A3) / (P1 + 0.5P2 + 0.3P3) or \u003d ((p.250 + p.260) + 0.5 (p.240) + 0.3 (p.210+p.220+p.230+p.270)) / (p.620+05(p.610+p.630+p.660)+0.3(p.590+p.640) + p. 650)) (f. No. 1)

Absolute liquidity ratio L2=(line 250+line 260)/(line 610+line 620+line 630+line 660)(form No. 1)

.Coefficient of "critical evaluation" L3= (p.250+p.260+p.240)/(p.610+p.620+p.630+p.660)(form No. 1)

.Current liquidity ratio L4=s.290/(s.610+s.620+s.630+s.660) (form No. 1)

.Coefficient of maneuverability (of functioning capital) L5= (c.210+c.220+c.230+c.270)/(c.290-c.610-c.620-c.630-c.660)(f. #1)

.The share of working capital in assets L6 = p.290 (f. No. 1) / p. 300 (f. No. 1)

.The coefficient of security of current activities with own funds, L7 = (p. 490 - p. 190) (f. No. 1) / p. 290 (f. No. 1)

19.Own working capital: SOS = SK - VnA or p. 490 (f. No. 1) - p. 190 (f. No. 1)

.Own and long-term borrowed sources of formation of reserves and costs: SD = SOS + DO or p.490 - p.190 + p.590 (f. No. 1)

.The total value of the main sources of formation of reserves and costs:

OS \u003d SD + KK, or (p. 490 + p. 590 + p. 610 - p. 190) (f. No. 1), where KK is short-term loans (p. 610)

22.?SOS \u003d SOS - Z, where Z is reserves or p. 210 (f. No. 1)

23.?OS = OS - Z

.The equity concentration ratio is calculated by the formula Kksk = SK / VB

where SC - equity (p. 490) (f. No. 1)

WB - balance currency, i.e. (p. 700) (f. No. 1)

The concentration ratio of attracted funds is calculated according to the formula Kkzk = ZK / VB

where ZK is borrowed capital (long-term and short-term obligations) (p. 590 + p. 690) (f. No. 1)

The coefficient of financial dependence is calculated by the formula

Kz \u003d WB / SK

The coefficient of maneuverability of equity capital is calculated according to the formula: Kmsk = (OA-KO) / SC,

where OA - current assets, (p. 290) (f. No. 1)

KO - short-term liabilities (p. 690) (f. No. 1)

SK - equity (p. 490) (f. No. 1)

The coefficient of the structure of coverage of long-term investments is calculated by the formula Ksdv \u003d DO / VnA,

where DO - long-term obligations (p. 590) (f. No. 1)

VnA - non-current assets (p. 190) (f. No. 1)

The long-term borrowing ratio is calculated using the following formula: К dp = DO / (DO + SK)

The coefficient of financial independence of capitalized sources is calculated according to the following formula: Kfn = SK / (DO + SK)

.The debt capital structure ratio is calculated according to the following formula: Kszk = DO / ZK,

32.The ratio of own and borrowed funds is calculated by the formula Кс/з = СК/ЗК

.We take the proceeds from the sale of products in form No. 2 "Profit and Loss Statement" and is equal to s. 010

.Net profit is calculated as the difference from. 140 - p. 150 (f. №2)

.The return on assets is calculated as the sales proceeds divided by the average cost of fixed assets or c. 010 (f. No. 2) / s. 120 (f. No. 1)

.The turnover of funds in calculations (in turnovers) is calculated as the sales proceeds divided by the average receivables or s. 010 (f. No. 2) / s. 240 (form №1)

.The turnover of funds in settlements (in days) is calculated as 360 days divided by the turnover of funds in settlements (in turnovers)

.Inventory turnover (in turnovers) is calculated as cost of sales divided by average inventory or c. 020 (f. No. 2) / [s. 210 (f. No. 1) + p. 220 (f. No. 1)]

.Inventory turnover (in days) is calculated as 360 days divided by inventory turnover (in turnovers)

.Accounts payable turnover (in days) is calculated as an average accounts payable of 360 * days. divided by the cost of sales or [p.611 + p.621 + p.622 + p.627 (form No. 1)] / p.020 (form No. 2)

.The duration of the operating cycle is calculated as the sum of the turnover of funds in the calculations (in days) + the turnover of inventories (in days)

42.The duration of the financial cycle is equal to the difference between the duration of the operating cycle - the turnover of accounts payable (in days)

43.Repayment ratio of receivables = 1 / Turnover of funds in calculations (in turnover)

.The turnover of equity is calculated as the proceeds from the sale divided by the average value of equity or s.010 (form No. 2) / [s.

.The turnover of the total capital, its formula is the sales proceeds divided by the total of the average balance - net or p.010 (form No. 2) / [p.300 - p.252 - p.244 (form No. 1)]

.The economic growth sustainability coefficient is equal to = (net profit - dividends paid to shareholders) / equity (p. 490 f. No. 1)

.Net profit \u003d balance sheet profit - payments to the budget or p. 140 - p. 150 (f. No. 2)

.Product profitability \u003d sales profit / sales proceeds or s.050 / s.010 (form No. 2)

.Profitability of the main activity \u003d profit from sales / costs of production and marketing of products or p. 050 / (p. 020 + p. 030 + p. 040) (form No. 2)

.Return on total capital \u003d net profit / average balance sheet total - net or [p.140 - p.150 (form . No. 2)] / [p. 300 - p. 252 - p. 244 (form No. 1)]

.Return on equity = net profit / average equity or [p.140 - p.150 (f. No. 2)] / [p.490 - p.252 - p.450+ p.640 (f. No. 1) ]

.Payback period of equity = average equity / net profit or [p. 490 - p. 252 - p. 450 + p. 640 (form No. 1)] / [p. 140 - p. 150 (form No. 2) )]

Annex B

Table. Balance sheet of OAO Voronezhsintezkauchuk.

ASSET Line code Amount, thousand rubles 2009 2010 I. ВНЕОБОРОТНЫЕ АКТИВЫНематериальные активы11036883496Основные средства12014160852586513Незавершенное строительство1301274275363571Доходные вложения в материальные ценности135347308Долгосрочные финансовые вложения14035171794Отложенные налоговые активы145212346222Прочие внеоборотные активы1505727931959Итого по разделу I19027764252993863II. ОБОРОТНЫЕ АКТИВЫЗапасы210513099573442в том числе: сырье, материалы и другие аналогичные ценности211413530403796готовая продукция и товары для перепродажи214134955402затраты в незавершенном производства21373774118315расходы будущих периодов2161230045929Налог на добавленную стоимость по приобретенным ценностям22030343709Дебиторская задолженность (платежи по которой ожидаются более чем через 12 месяцев после отчетной даты)23046143899АКТИВКод строкиСумма, тыс. руб. 2009 г.2010 г.Дебиторская задолженность (платежи по которой ожидаются в течение 12 месяцев после отчетной даты)240484074167185в том числе покупатели и заказчики24120156288383Краткосрочные финансовые вложения2501322153Денежные средства26037481141Прочие оборотные активы2709001388Итого по разделу II2901010791750917БАЛАНС30037872163744780ПАССИВIII. CAPITAL AND RESERVESShare capital410265146265146Additional capital420133849133717Reserve capital430442524Retained earnings (uncovered loss)47016070136826Total for Section III490415507536213IV. LONG-TERM LIABILITIESLoans and credits5101186833956427Deferred tax liabilities5152819878801Total for section IV59012150311035228V. КРАТКОСРОЧНЫЕ ОБЯЗАТЕЛЬСТВАЗаймы и кредиты61014066431832821ПАССИВКод строкиСумма, тыс. руб.2009 г.2010 г.Кредиторская задолженность620749092339546в том числе: поставщики и подрядчики621623522241466задолженность перед персоналом организации6222427143897задолженность перед государственными внебюджетными фондами62343104975задолженность по налогам и сборам6243514639685прочие кредиторы625628439523Доходы будущих периодов640943972Итого по разделу V69021566782173339БАЛАНС70037872163744780

Annex D

Table. Profit and loss statement of OAO Voronezhsintezkauchuk.

ASSET Line code Amount, ths. rub. 828Прочие01364 21376 976Себестоимость проданных товаров, продукции, работ, услуг0203 133 3263 553 761В том числе:Услуг по процессингу0212 779 6723 115 607Перепродажа товаров022297 136360 296Прочие02456 51877 858Валовая прибыль029486 698658 698Коммерческие расходы03038 51537 136Управленческие расходы040503 431542 952Прибыль (убыток) от продаж05055 24878 610Проценты к получению060500566Прочие доходы105325 271119 869 Personal costs1110241 484170 715 PROP (loss) before taxation14029 03928 330 set tax assets1416974 777 Milled tax liabilities1428 2546 335 TECHNARY TORITURALS OF COMPLEMENTS OF CALLENTS151204590ACCOMMAMAMAMAMAMAMAMA similar payments (fines, penalties)152218458Net profit (loss) of the reporting period1905 8981 645

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Financial strategy- one of the main tools for managing the work of the enterprise. The financial strategy assumes that the enterprise needs to develop strategic, tactical and operational plans, since the system of market relations is inextricably linked with financial performance.

The financial strategy is an integral part of the enterprise development strategy, which means that it is consistent with its goals and objectives. The development of the financial strategy of the enterprise is predetermined by certain conditions. The main condition of the financial strategy is the speed of transformation of the macro-factors of the economic environment.

There are also conditions that do not allow you to optimally manage the finances of an enterprise: the main macroeconomic indicators, the pace of technological growth, constant changes in the state of the financial and commodity markets, the imperfection and instability of the economic policy of the state and methods of regulating financial activities.

The financial strategy is developed on the basis of all factors of the macro-environment of the economy in order to exclude a decrease in the profitability of the enterprise.

Types of financial strategies of the enterprise

The general financial strategy is a strategy that establishes the direction of the enterprise, its relationship with the budgets of various levels, the emergence and distribution of enterprise income, the need for financial resources, the sources of formation of these resources, and much more.

An operational financial strategy is a strategy that involves the management of financial resources and their distribution in the near future, control over the use of enterprise funds, and the search for internal reserves. An operational financial strategy is developed for a quarter or a month. It forecasts gross income and receipts (mutual settlements with buyers, payments on credit transactions, cash receipts, profitable transactions with securities) and gross expenses (settlements with suppliers, remuneration of employees, settlements on obligations to banks and budgets). The operational financial strategy provides for all income and expenses of the enterprise for the planned period. The optimal ratio of revenue and expenditure suggests that they should be equal, or the revenue side is slightly larger than the expenditure. The operational financial strategy is part of the general financial strategy, which characterizes the general financial strategy in a certain time period in more detail.

The financial strategy for achieving private goals involves the definition of a strategy to ensure the achievement of the main strategic goal.

Strategies that helped companies survive the crisis

The editors of the General Director magazine spoke about financial strategies that helped foreign companies emerge victorious from the crisis.

Goals and objectives of the financial strategy of the enterprise

Providing the enterprise with sufficient financial resources in sufficient quantities is the main goal of the financial strategy of the enterprise. Based on the goal, the financial strategy of the enterprise makes it possible to:

• identify financial resources and establish their strategic management;
• identify the main areas of work and focus on their implementation, optimize the use of the company's reserves;
• to rank and gradually achieve the set goals;
• establish the compliance of the financial strategy with the economic situation and financial potential of the enterprise;
• to carry out an effective analysis of the economic situation and the existing financial condition of the enterprise in a specific period of time;
• create and prepare enterprise reserves;
• determine the economic and financial capabilities of the enterprise and its counterparties;
• identify the main competitors, plan measures to weaken the competing side in the market:
• be proactive in financial activities to gain an advantage in the market.

In order to achieve the main goal of the financial strategy, the enterprise develops a general financial strategy, which defines the tasks of generating financial resources in areas of activity and performers.

Objectives of financial strategy

• study of the state and conditions for the formation of financial resources in the economic conditions of activity;
• planning and selection of possible variations in the formation of financial resources of the enterprise and activities financial management as a result of unfavorable and inefficient activities of the enterprise;
• establishing financial relationships with suppliers and customers, budgets of various levels, banks and other financial counterparties;
• establishing reserves and attracting enterprise resources that will increase production capacity, use it efficiently, increase fixed and working capital, effective capital productivity;
• mobilization of financial resources to ensure production and economic work;
• ensuring a positive effect from the use of the company's funds released from the turnover for the purpose of maximum benefit;
• analysis of the financial activities of competitors, their economic and financial potential, development and application of measures to establish the financial stability of the enterprise;
• preparation of measures to overcome adverse situations and the crisis of the enterprise;
• determination of methods of enterprise management in situations of unsatisfactory financial condition;
• use of all the capabilities of the company's employees to overcome the crisis consequences.

CEO speaking

Elena Buklova, CEO, City Courier Service, Moscow

For the City Courier Service, the financial strategy is a clear understanding by the shareholders of the company of the development plan, fixed in the form of a document. The plan contains the following sections:

1. Market analysis.
2. Competitive environment.
3. Product analysis.
4. The target audience.
5. Positioning.
6. Marketing tasks.
7. Communication tasks.

But such a document did not appear immediately. Formalization took place six years after the creation of the company, when it was restructured. At the dawn of business development, no one even thought about strategies and marketing plans. We all learned along the way. But to be successful tomorrow, you need to plan your activities today! That is why a strategy is needed, that is, a set of measures that covers the current work of the company and ensures its future development.

What are the principles of the financial strategy of the enterprise

When developing a financial strategy, the risks of non-payment, inflationary processes and other circumstances beyond the control of the enterprise are taken into account. It can be concluded that the financial strategy is developed in order to ensure the effective operation of the enterprise with adjustments in case of any changes.

Principles of the financial strategy of the enterprise

• current and long-term financial planning, which allows you to set planned indicators for cash receipts and directions for their use;
• centralization of financial resources, establishing their flexibility, focusing on the main areas of production and economic activity;
• creation of financial sources that will allow maintaining a stable financial position in the opportunistic market;
• full closure of financial obligations to counterparties;
• implementation of accounting, financial policies, as well as the depreciation policy of the enterprise;
• creation and maintenance of accounting for the finances of the enterprise and certain types of activities in accordance with established standards;
• preparation of financial statements of the enterprise and certain types of activities in accordance with applicable rules and regulations in compliance with the requirements of standards;
• financial analysis of the enterprise and certain types of activities (economic and geographical areas of activity and others);
• financial control over the work of the enterprise and certain types of activities.

What tools and methods to use in developing the financial strategy of an enterprise

Financial strategy tools

• financial policy,
• financing of measures to improve the state of the enterprise in the opportunistic market,
• providing the necessary information,
• temporary agreements
• diversification,
• legal tactics.

Methods of financial strategy

• financial Modeling,
• strategic financial planning,
• the financial analysis,
• examination of financial markets,
• forecasting.

The use of certain methods and tools of financial strategy depends on the financial situation of the enterprise, as well as the socio-economic and political situation in the country.

Development of the financial strategy of the enterprise: stages of the process

Stage 1. Analysis of the financial condition of the enterprise. Financial condition is the availability of financial sources and reserves that allow the company to carry out activities at its own expense. The enterprise has a sufficient amount of financial resources, effectively uses them in its activities, ensures normal relationships with partners, has a satisfactory balance of payments and is financially stable.

An analysis of the financial condition of an enterprise also involves a profit and loss statement, which are analyzed over past periods in order to determine trends in its activities and key financial indicators.

Analysis of the financial condition of the enterprise has the following stages:

• analysis of property status;
• analysis of the financial condition.

Stage 2. Determination of the period for which the financial strategy of the enterprise is formed. The goals and objectives of the financial strategy, as well as the calculation of financial indicators, depend on the period for which the financial strategy is established. The long-term finance strategy determines gross income and expenses, sources of income generation, and their needs. The short-term financial strategy is part of the long-term one, which plans financial performance in more detail and determines the current financial planning of resources for the near future. Long-term and medium-term financial plans are developed for 3-5 years. They form general financial indicators, and short-term financial plans are developed in detail for one year.

Stage 3. Definition of the purposes of financial activity of the enterprise. The financial strategy is part of the functional strategy of the enterprise, so it is included in the structure of its overall goals. The main financial goal of the company is to increase the market value, taking into account the maximum reduction of risks. This goal can be represented in relative and absolute terms. This goal is achieved if the enterprise has the necessary amount of resources, profitable and balanced equity capital, borrowed capital meets the standards.

The subgoals of finance are also planned:

• profit;
• level and return on equity;
• asset structure;
• financial risks.

Each goal is modified into a specific numerical and percentage indicator:

• profitability of sales;
• financial leverage (the ratio of equity capital to borrowed capital);
• solvency level;
• liquidity level.

Stage 4. Development of an action plan to achieve these goals. The management of the enterprise controls the current position of the enterprise and corrects it in accordance with the objectives of the financial strategy. In order to control the implementation of the main strategic goals, these goals are broken down into strategic tasks that must be implemented in a specific period of time. Also, financial goals should be grouped in areas that make up the unified financial policy of the enterprise.

Stage 5. Development of financial policy on certain aspects of financial activity. The difference between the financial policy of the enterprise and the financial strategy is that the financial policy determines the aggregated indicators and directions of the enterprise. The financial policy regulates the optimal management of the enterprise and ensures the achievement of its strategic goals.

Stage 6. Development of a system of organizational and economic measures to ensure the implementation of the financial strategy involves the creation of various types of "responsibility centers" at the enterprise; establishing the rights, duties and responsibilities of management for the results of financial activities; development of incentives for employees for effective work and increase in income of the enterprise, etc.

Stage 7. Evaluation of the effectiveness of the developed financial strategy is carried out after all stages of the financial strategy of the enterprise.

3 Important Points for Developing a Strategy

Alena Fomina, Head of Strategic Management, BDO Unicon, Moscow

The first thing to do when developing a strategy is to define goals and objectives. Why does a company need a strategy? Who is on the development team? What does each participant in the process expect from the strategy?

The second is to identify technologies, that is, to clearly understand what methods should be used at each stage of strategy development: choose diagnostic methods, create an algorithm for constructing scenario models, a format for conducting strategic sessions, etc.

Next - to form a working group, determine the centers of responsibility and control centers for the development and implementation of the strategy, as well as establish how (in what format) the management will receive and evaluate the results of the project for its development.

Development of a financial strategy by example

We can consider the formation of a financial strategy as an example, in which it is necessary to establish the direction of tactical money management. In this case, the manager will indirectly influence the indicators of expenses and income, but will strengthen control over the movement of funds and manage the use of additional credit sources, etc. It is necessary to determine: can the financial manager influence the cost part of the balance sheet of the enterprise, and how? You can calculate limits on materials, labor rates, electricity consumption, and more. Of course, the financial manager will not check the work of an employee who, for example, cuts a sheet or spends resin, will not take readings from electricity meters, and much more. But a financial manager can rationally distribute the use of financial resources, encourage employees to reduce costs by creating motivation methods. You can also determine the main directions for the use of financial resources and focus on their efficient use. Therefore, one way or another, the management of the capital of the enterprise affects the indicators of income and expenses.

You can ask the question: how to manage capital without taking into account indicators of income and expenses? In this case, the main goal of the financial manager will be to achieve such a level of return on investment, shareholder capital, working capital, which will allow you to get the maximum profit. To achieve this goal, the financial manager needs to develop a financial strategic plan within the overall strategy of the enterprise. It is possible to consider, using the example of the industrial holding Concern High-Voltage Union, the development of a financial strategy, the directions of which are very similar to any type of economic activity of an enterprise.

The main directions of the financial strategy. To begin with, it is necessary to select and establish the most important factors of capital management - the attraction of resources and the direction of their use. It is necessary to analyze those areas of activity of the enterprise, which the financial manager can influence by the performance of his direct duties. Further, the main factors are detailed into smaller ones in accordance with the directions of their use (example in the table). Then small directions are even more signed for exact parameters. The example shows a detailed description of the financial strategy.

Creation of a strategic matrix. First you need to establish a goal, the basic principles for realizing this goal. Then the financial strategy is presented in the form of a matrix, where the decomposition elements are indicated vertically, and the principles and ideology, the state at the date, smaller goals, the main directions of management, management tools and methods, management methods and structural divisions, i.e. in matrix form, it is possible to describe all areas of work of a financial manager in developing a financial strategy.

So, to implement the strategy of managing the structure of working capital, one can define the following strategic goal: to achieve an effective investment of capital in current assets in order to establish the optimal financial position of the enterprise.

The most important word is “optimal”, since the main mistake of entrepreneurial activity is freezing the financial resources of the enterprise in stocks. In such situations, large-scale or small enterprises do not change the cost structure when changing the nomenclature. This means that it is necessary to set a limit on the remaining products in stocks and exercise control over their level. To do this, a financial strategy is developed taking into account the timing of release, the technological volume of the batch, the terms of contracts, the terms of payment, customs clearance and filling out declarations, efficient loading of vehicles, and more.

"Concern High-Voltage Union" carries out its production activities under the order. In this case, a different approach is required. The concern produces a wide range of high-voltage and switching equipment. The main types of products are vacuum circuit breakers, integrated switchgears (KRU), transformer substations, generator circuit breakers and other equipment. Vacuum and generator circuit breakers are mono-products, while switchgear and substations are custom-designed and designed by engineers for each order separately. Therefore, for the concern, the development of the goal of the financial strategy involves the definition of financial indicators that can bring the financial activity of the enterprise closer to the optimal level of reserves.

The main principles of the concern in this case are: the greatest increase in the rate of return, the maximum reduction in liquidity and commercial risks.

The object of management is working capital, which includes such indicators as finished products, cash, raw materials and materials, receivables and payables. These indicators are considered in correlation with the sources.

Then the financial strategy can be represented as a matrix with decomposition indicators indicated vertically:

• management strategy for working capital and reserves for its financing;
• strategy for managing the structure of production working capital;
• management strategy for the ratio of non-working capital to working capital.

With the help of these indicators, you can set both low-hierarchy sections of movement and digitized criteria. For example, the main target indicator is the ratio of the ratio of non-working capital to working capital.

The following indicators are indicated horizontally in the matrix:

• basic principles and ideology;
• status on the date;
• intermediate goal;
• main criteria for leadership, tools and methods;
• way of leadership;
• structural units involved in the process.

At the intersection of the rows and columns of the matrix:

• in the column "Basic principles and ideology of the strategy" - a description of the idea of ​​leadership for a specific goal and evaluation criteria;
• the column "Status as of the date" contains links to documents containing an information field for the starting point. For example, by clicking on the link at the intersection of the line “Strategy for managing the structure of industrial working capital” and the column “State at the date”, you can open a document that shows the state of the enterprise at the starting point and its development trends, trends and targets for a separate parameter of the working capital structure;
• in the column "Main criteria of management, tools, methods" the enterprise standards are indicated, which consider the main concepts, regulations, where business processes, calculation methods, etc. are characterized;
• in the column "Management method - process involved" - the name of the business process in accordance with the documents of the quality management system and ways to manage it;
• according to the column "structural divisions involved" - departments of the financial and economic service, the responsibility of which involves the management of business processes.

It can be concluded that in the form of a matrix, all directions of the financial strategy are described. Due to the fact that it is impossible to give an example of the matrix itself, we will characterize some areas of the financial strategy.

Strategy for attracting financial resources. The main purpose of attracting resources is to ensure the creditworthiness and investment attractiveness of the enterprise.

The main criterion for fulfilling this goal is the optimal ratio of debt to equity capital.

Objects of management: borrowed capital (acquired advances, invoices for payment, obligations received for operational work, taxes on payment, credit obligations, accounts payable of enterprises).

The main tools and methodology are established by the company's standards (Economic and Financial Management, Cash Flow Regulations, Credit Policy, etc.).

Management method: centralized influence on the size and composition of current working capital, coordination through the redistribution of financial sources, setting the allowable amount of credit obligations.

Officials and various divisions: general and financial directors of the holding, head of the production department, financial and economic department, treasury.

Cash and cash equivalents management strategy. The main goal of cash management is the effective distribution of these funds for the timely fulfillment of the terms of the contract, ensuring investment and innovation activities. Main criteria: balance of liquidity and financial independence indicators.

Management objects: cash and non-cash funds and their varieties (securities, etc.).

The main principles and ideology of management: budgeting - construction of BDDS in accordance with the BDR, plan-fact analysis in the context of the day, month, quarter.

Main tools and methods: established by the company's standards and associated with the attraction of financial resources.

Method of management: centralized influence through regulation of payments, determination of preferential directions for spending financial resources and their use, direct management of urgent payments and payments over the limit.

Officials and various departments: financial and economic department, budget department, treasury, financial director of the holding.

In the same way, all directions of the financial strategy are signed. But this is not a strict list, you can change something, add, delete, everything is individual. It is necessary to implement the financial strategy from a non-standard point of view and determine the main directions and goals.

• Implementation of the enterprise development strategy: a step-by-step algorithm

Evaluation of the developed financial strategy

It is necessary to conduct an analysis in order to determine whether the developed financial strategy can lead to the financial performance of the enterprise and to the established goals of the financial strategy in a constantly changing external financial environment. Such an analytical process is carried out by financial managers or experts invited for this purpose. The evaluation of the financial strategy involves the establishment of the following parameters:

1. Compliance of financial strategy with the overall strategy of the enterprise.
2. Compliance of the financial strategy of the enterprise with the changing external financial environment.
3. Compliance with the financial strategy of the enterprise with its reserves and capabilities.
4. Internal balance of financial strategy indicators.
5. Reality of application of financial strategy.
6. A sufficient level of risk that will allow the implementation of a financial strategy.
7. Economic efficiency of implementation and use of financial strategy (benchmarking).
8. Non-economic efficiency of implementation and use of financial strategy.

After the effectiveness of the financial strategy of the enterprise has been evaluated and it has been established that it will have positive results and correspond to the financial philosophy of the enterprise, it can be implemented.

Stages of financial strategy implementation

1. Ensuring strategic changes in the financial activities of the enterprise. Strategic changes - a process aimed at changing all types of activities of the enterprise to a level that will ensure the full implementation of the developed financial strategy of the enterprise.

The coverage of strategic changes in the financial activity of an enterprise is influenced by the existing level of management of this activity, as well as financial relationships with counterparties, the nature of the sources, the level of the information base, the degree of innovativeness of financial operations, the financial instruments used, the level of organizational culture of financial workers and other intra-organizational parameters. In accordance with the above, it is possible to characterize the strategic changes in the financial activities of the enterprise as follows:

1. Constant intra-organizational indicators of financial activity.
2. Small strategic changes in financial activities.
3. Medium strategic changes in financial activity.
4. Big strategic changes in financial activity.

To implement strategic changes in the financial activities of an enterprise, it is necessary to transform the following financial management systems: information system, organizational culture, organizational structure of management, personnel system, incentive system for employees of the enterprise, innovation system.

2. Diagnostics of the nature of changes in the conditions of the external financial environment at each stage of the implementation of the financial strategy of the enterprise. Constant analysis of the external financial environment will allow the company to make effective decisions in a timely manner and implement a set of measures that will contribute to the financial stability of the company and its economic development. The theory of strategic management establishes 4 main options for changing the external financial environment in which the financial strategy of the enterprise is implemented:

• relative constancy of the conditions of the external financial environment;
• projected changes in the conditions of the external financial environment;
• unpredictable changes in the conditions of the external financial environment, which are determined at the initial stage of their occurrence;
• unpredictable unexpected changes in the conditions of the external financial environment.

In order to determine changes in the conditions of the external financial environment, monitoring of the financial market is used, which shows the impact of various factors that significantly affect the financial condition of the enterprise and its development, as well as changes in interest on loans, the exchange rate, the rate of return on investments, the level of insurance tariffs and much more.

• 10 Steps to Move From a Stated Strategy to Real Results

Financial Strategy Implementation vs. Implementation: What's the Difference?

Efim Pykov, Managing Partner, Formula Development Consulting Company, Moscow

The financial strategy of an enterprise, like any other business tool, is effective only when it is used in work. Any, even the most remarkable and verified strategy, if it gathers dust in a drawer or hangs in a gilded frame, costs absolutely nothing (except for the cost of the frame). The strategy must work. Every day and every hour. But it needs to be clarified: there is often some confusion between understanding strategy implementation and strategy implementation. These concepts must be clearly separated.

The implementation of the strategy is the achievement of the goals that are laid down in the strategy. It is possible to assess the degree of implementation of the strategy over time by comparing the quantitative parameters of the goals recorded in the strategy and the parameters that the company achieves.

Strategy implementation is the process of implementing the strategic operations plan. Evaluation of performance occurs upon the implementation of all the points of the plan with due quality.

Without the implementation of the strategy in the daily work of the company, the implementation of the strategy, that is, the achievement of the set goals, is hardly possible.

Analysis of financial strategy

The “golden rule of economics” can be used as a measure of the effectiveness of a financial strategy:

Tp > Tv > Ta > 100, where

• Tp - profit growth rate;
• TV - the growth rate of sales;
• Ta is the growth rate of the advanced capital.

If, as a result of the development of financial policy in the main areas of the financial strategy of the enterprise, this ratio does not correspond to that recommended in this model, the strategy or part of it must be changed so that it fulfills the main goal - ensuring maximum efficiency of the enterprise.

Financial strategy is one of the most important types of the enterprise's functional strategy, which provides all the main directions for the development of its financial activities and financial relations by forming long-term financial goals, choosing the most effective ways to achieve them, and adequately adjusting the directions for the formation and use of financial resources when environmental conditions change.

Role financial strategy is as follows:

1) the developed financial strategy provides a mechanism for the implementation of long-term general and financial goals for the upcoming economic and social development of the enterprise as a whole and its individual structural units;

2) it allows you to realistically assess the financial capabilities of the enterprise, ensure the maximum use of its internal financial potential and the possibility of active maneuvering with financial resources;

3) it provides the ability to quickly implement new promising investment opportunities that arise in the process of dynamic changes in environmental factors;

4) the development of a financial strategy takes into account in advance possible options for the development of environmental factors uncontrolled by the enterprise and minimizes their negative consequences for the enterprise's activities;

5) it reflects the comparative advantages of the enterprise in financial activities in comparison with its competitors;

6) the presence of a financial strategy provides a clear relationship between the strategic, current and operational management financial activities of the enterprise;

7) it ensures the implementation of the appropriate mentality of financial behavior in the most important strategic financial decisions of the enterprise;

8) in the system of financial strategy, the value of the main criteria-based assessments of the choice of the most important financial management decisions is formed;

9) the developed financial strategy is one of the basic prerequisites for strategic changes in the overall organizational structure of management and organizational culture of the enterprise.

The development of the financial strategy of the enterprise is based on the following principles strategic management systems:

1) consideration of the enterprise as an open socio-economic system capable of self-organization . This principle of strategic management lies in the fact that when developing a financial strategy, an enterprise is considered as a certain system, completely open for active interaction with environmental factors;

2) accounting for the basic strategies of the enterprise's operating activities . As part of an overall strategy economic development enterprise, which primarily ensures the development of operational activities, the financial strategy is subordinate to the overall strategy. Therefore, it must be consistent with the strategic goals and directions of the enterprise's operating activities. At the same time, the financial strategy is considered as one of the main factors for ensuring the effective development of the enterprise in accordance with the corporate strategy chosen by it. The whole variety of operating strategies, the implementation of which is designed to ensure the financial activities of the enterprise, can be reduced to the following basic types:

- limited(or concentrated) growth. This type of operating strategy is used by businesses with a stable product mix and production technologies weakly influenced by technological progress. The choice of such a strategy is possible in conditions of relatively weak fluctuations in the commodity market and a stable competitive position of the enterprise. The main types of this basic strategy are: the strategy of strengthening the competitive position; market expansion strategy; product improvement strategy;

- accelerated (integrated or differentiated) growth. This type of operating strategy is usually chosen by enterprises in the early stages of their development. life cycle, as well as in dynamically developing industries under the influence of technological progress. The main types of this basic strategy are: vertical integration strategy; reverse integration strategy; horizontal diversification strategy; conglomerate diversification strategy. The financial strategy in this case is the most complex due to the need to ensure high rates of development of financial activity, its diversification into various forms, regions, etc.;

- cuts(or compression). This operating strategy is most often chosen by enterprises in the last stages of their life cycle, as well as in the stage of financial crisis. It is based on the principle of "cutting off the excess", which provides for a reduction in the volume and range of products, withdrawal from certain market segments, etc. The main types of this basic strategy are: structure reduction strategy; cost reduction strategy; harvesting strategy; elimination strategy. The financial strategy of the enterprise in these conditions is designed to ensure effective disinvestment and high flexibility in the use of released capital in order to ensure further financial stabilization;

- combinations(or combinations). Such an operational strategy of the enterprise integrates the considered Various types private strategies of individual strategic economic zones or strategic economic units. This strategy is typical for most large enterprises(organizations) with a wide industry and regional diversification of operations. Accordingly, the financial strategy of such enterprises (organizations) is differentiated in the context of individual objects of strategic management, being subordinated to various strategic goals of their development;

3)predominant focus on the entrepreneurial style of strategic financial management . The financial management of an enterprise in a strategic perspective is characterized by an incremental or entrepreneurial style. basis incremental style of strategic financial management is the setting of strategic goals from the achieved level of financial activity with minimization of the alternativeness of strategic financial decisions. basis entrepreneurial style of strategic financial management is active search effective management decisions in all areas and forms of financial activity. This style of financial management is associated with a constant transformation of the directions, forms and methods of financial activities all the way to achieving the set strategic goals, taking into account changing environmental factors.

4)identification of dominant areas of strategic financial development . This principle makes it possible to ensure the identification of priority areas of the financial activity of the enterprise, ensuring the successful implementation of its chapters.

the target function is the increase in the market value of the enterprise in the long term. There are the following financial development strategies:

- formation of financial resources of the enterprise. Goals, objectives and main strategic decisions this dominant of the financial strategy should be aimed at financial support for the implementation of the corporate strategy of the enterprise and, accordingly, subordinate to it;

- distribution of financial resources of the enterprise. The parameters of the strategic set of this dominant financial strategy should, on the one hand, be aimed at financial support for the implementation of individual functional strategies and strategies of economic units, and on the other hand, form the basis for the formation of directions for the investment activity of an enterprise in a strategic perspective;

- ensuring the financial security of the enterprise. The goals, objectives and most important strategic decisions of this dominant financial strategy should be aimed at the formation and support of the main parameters of the financial balance of the enterprise in the process of its strategic development;

- improving the quality of financial management of the enterprise. The parameters of the strategic set of this dominant financial strategy are being developed financial services enterprises and are included as an independent block in the corporate and individual functional strategies of the enterprise;

5)ensuring the flexibility of the financial strategy . The future development of the financial activity of the enterprise is always characterized by significant uncertainty. Therefore, it is practically impossible to keep the developed financial strategy of the enterprise unchanged at all stages of the process of its implementation. Basis for alternative strategic actions financial managers in such conditions, there is a high level of flexibility of the developed financial strategy;

6)ensuring alternative strategic financial choice .

7)ensuring the continuous use of the results of technological progress in financial activities . When forming a financial strategy, it should be borne in mind that financial activity is the main mechanism that ensures the introduction of technological innovations that contribute to the growth of the company's competitive position in the market. Therefore, the implementation of the general goals of the strategic development of an enterprise largely depends on how its financial strategy reflects the results of technological progress and is adapted to the rapid use of its new results;

taking into account the level of financial risk in the process of making strategic financial decisions . Almost all major financial decisions taken in the process of forming a financial strategy, to one degree or another, change the level of financial risk. First of all, this is due to the choice of directions and forms of financial activity, the formation of financial resources, the introduction of new organizational structures for managing financial activities. especially strong

1) the level of financial risk increases during periods of interest rate fluctuations and inflation growth;

8)orientation to the professional apparatus of financial managers in the process of implementing the financial strategy . Whatever specialists are involved in the development of individual parameters of the financial strategy of the enterprise, its implementation should be ensured by trained specialists - financial managers. These managers must be familiar with the basic principles of strategic management, the mechanism for managing certain aspects of financial activity, must be familiar with the methods of strategic financial controlling;

9)providing the developed financial strategy of the enterprise with the appropriate organizational structure for managing financial activities and organizational culture . The most important condition for the effective implementation of the financial strategy is the corresponding changes in the organizational structure of management and organizational culture. The envisaged strategic changes in this area should be integral part parameters of the financial strategy that ensure its feasibility.

Stages of formation of financial strategy

The financial strategy is formed in stages:

1) The general period for the formation of a financial strategy is determined . This period depends on a number of conditions. The main condition for its determination is the duration of the period adopted for the formation of the corporate development strategy of the enterprise. Since the financial strategy is subordinate to the corporate one, it cannot go beyond this period (a shorter period for the formation of a financial strategy is acceptable).

Also, an important condition for determining the period of formation of the financial strategy of an enterprise is the predictability of the development of the economy as a whole and the conjuncture of those segments of the financial market with which the future financial activity of the enterprise is associated. Under the conditions of the current unstable (and in certain aspects unpredictable) development of the country's economy, this period cannot be too long and should be 3-5 years on average.

The conditions for determining the period for the formation of a financial strategy are also the industry affiliation of the enterprise, its size, stage of the life cycle, and others.

2) The factors of the external financial environment are being studied .Such a study predetermines the study of the economic and legal conditions of the financial activity of the enterprise and their possible changes in the coming period. In addition, at this stage of developing a financial strategy, the financial market situation and the factors that determine it are analyzed, and a forecast of the situation is developed in the context of individual segments of this market related to the upcoming financial activities of the enterprise.

3) Strong and weak sides enterprises that determine the features of its financial activities . In the process of such an assessment, it is necessary to determine whether the enterprise has sufficient potential to take advantage of emerging investment opportunities, as well as to identify which internal characteristics weaken its financial performance. To diagnose the internal problems of the implementation of this activity, the method of managerial survey of the enterprise is used, based on the study of various functional areas of the enterprise that ensure the development of financial activities. To develop a financial strategy, it is recommended to include the following functional areas in the management survey:

Marketing opportunities for expanding the volume and diversification of operating (and, accordingly, financial) activities;

Financial opportunities for the formation of investment resources;

Number, professional and qualification structure of the personnel providing development and implementation of its financial strategy;

Available at the enterprise information base providing preparation of alternative strategic financial solutions;

The state of the organizational structure of management and organizational culture of the enterprise.

4) Produced comprehensive assessment strategic financial position of the enterprise . In the process of such an assessment, a clear idea of ​​the main parameters characterizing the opportunities and limitations of the development of the financial activity of the enterprise should be obtained. It is necessary to determine:

What is the level of strategic thinking of the owners, managers and financial managers of the enterprise;

What is the level of knowledge of financial managers (their informational awareness) about the state and upcoming dynamics of the most important elements of the external environment;

What is the efficiency of the systems of financial analysis, planning and control operating at the enterprise;

To what extent are they focused on solving strategic problems, etc.

5) The strategic goals of the financial activity of the enterprise are formed . The main goal of this activity is to increase the level of well-being of the owners of the enterprise and to maximize its market value. However, this the main objective requires a certain specification, taking into account the tasks and features of the forthcoming financial development of the enterprise. The system of strategic goals should provide:

Choice of the most effective directions of financial activity;

Formation of a sufficient amount of financial resources and optimization of their composition;

Acceptability of the level of financial risks in the process of carrying out the forthcoming economic activity, etc.

6) Target strategic standards of financial activity are being developed . The system of strategic financial goals formed at the previous stage should be specified in certain target strategic standards. The development of such target strategic standards for financial activity serves as the basis for making key management decisions and ensuring control over the implementation of the financial strategy.

7) Major strategic financial decisions are made . At this stage, based on the goals and target strategic standards of financial activity, the main strategies for the financial development of the enterprise in the context of individual dominant areas, financial policy for certain aspects of its financial activity are determined, a portfolio of alternatives of strategic approaches to the implementation of the intended goals is formed and their evaluation and selection are carried out. . This allows you to create a comprehensive program of strategic financial development of the enterprise.

8) The developed financial strategy is evaluated . Such an assessment is carried out according to a system of special economic and non-economic criteria established by the enterprise. According to the evaluation results in; developed financial

necessary adjustments are made to the strategy, after which it is accepted for implementation.

9) Implementation of the financial strategy is ensured . In the process of implementing the financial strategy, along with the previously planned strategic measures, new ones are being prepared and implemented. management decisions due to unforeseen changes in the factors of the external financial environment.

10) Control over the implementation of the financial strategy is organized . This control is carried out on the basis of strategic financial controlling, which reflects the progress in the implementation of the main strategic target standards for the financial activity of the enterprise.