Financial business plan of the enterprise. Enterprise financial plan

• Gross profit \u003d revenue - cost of production.
• Financial profit = financial income - financial expenses.
• Operating income = operating income - operating expenses.

The balance sheet profit is calculated as follows:

An important indicator is profitability, it is calculated as follows:

Most often, it is necessary to determine the return on capital, assets, products. The profitability of activities is calculated as the ratio of profit from sales to costs.

Important: for the base year when planning the criteria for economic efficiency, the current year of the business plan is taken.

Cash flow planning

Cash flow planning includes a cash flow forecast Money from all sources, it can not only be income from sales, but also interest from the sale of shares or the lease of land.

When forecasting the movement of funds, the following aspects are taken into account:

• the total amount of money invested in starting a business;
• assets and liabilities of the firm;
• forecast of profit (income from sales and interest on rent) and losses (expenses on materials and wages of workers employed on, inflation, payment of interest on a loan);
• evaluation of financial efficiency.

In performance planning, all cash costs and revenues are discounted and brought to present value.

Table 1 - Example of cash planning

Index	1st year	year	3rd year	4th year	5th year
Cash	X	X	X	xx	xxx
The arrival of money
Sales revenue	X	X	xx	xxx	xxx
Proceeds from the sale of shares	xx	X
Total income
Spending of money
Operating costs
Payment of salary
Raw material
Other costs
Capital investment
Payment of interest on a loan	X	xx	xx	X
Repayment of accounts payable	X	X	X	X	X
Paying income taxes					xx
Total Expenses
Total cash

When making a forecast, it is important to take into account such aspects as the inflation rate (taking into account the optimistic and pessimistic options) and risks.

The activities of the firm may depend on:

• commercial risk (includes aspects such as problems with the sale of goods or the activities of competitors);
• financial risk (includes aspects such as insufficient financing of the project, inability to return borrowed funds);
• production risk (includes aspects such as poor equipment, low quality products) and is a part for investors.

The balance of assets and liabilities is compiled based on the calculation of net profit and cash turnover.

Enterprise balance forecast

The company's balance sheet contains specific indicators that reflect the success of the company. The forecast is made at the end of each year, and all the features of the company's activities for the coming year are taken into account. This may be a loan of funds or attracting investors.

After drawing up the balance sheet, you can see the rate of return, return on assets and capital, the ratio of own to borrowed funds in the future.

The company's balance sheet might look like this:

Table 2 - Balance sheet of the enterprise

Assets	1st year	2nd year	Liabilities and capital	1st year	2nd year
Working capital:			Short-term liabilities:
cash			short-term debt
accounts receivable			settlements with creditors and suppliers
inventory			Long-term debt
other			Tax debt
Main capital			Equity
Initial cost:			Profit to distribute
depreciation
book value of fixed capital
other
Tangible assets
Intangible assets
Total			Total

Summing up, reports are prepared containing the financial indicators of the business plan. Namely, income and expense statement, cash flow statement, asset and liability statement.

The financial plan, as an integral part of the business plan, involves the provision of all calculations for a period of up to 5 years, thanks to which you can see the main economic indicators, as well as identify the liquidity of the project model.

Features of different financial models

Clothing store:

1. This will require an initial capital of 900 thousand rubles.
2. Store cost planning will include the costs of rent, utility bills, purchase of goods and equipment, and labor costs. You also need to spend money on advertising the store.
3. The profitability of the clothing store will be about 50%.

Goose farm:

1. The financial model of a goose farm contains calculations for a large number of economic efficiency indicators, because the farm will require borrowed funds for the purchase of equipment and the arrangement of bird habitats, the lease or purchase of agricultural equipment and vehicles, the arrangement of a reservoir and places for birds to walk, the rent of a slaughterhouse .
2. Opening a goose farm is a model of a large-scale project with large investments, but with a herd of 1000 heads (more than 70% of which are females), you can get an annual income of 9 million rubles.

Tattoo parlor:

1. The initial costs of the tattoo parlor are 800 thousand rubles.
2. The average amount left by one visitor is 2500 rubles.
3. The monthly expenses of the tattoo parlor are in the range of 85 thousand rubles.
4. Net profit is 100 thousand rubles.

An example of a coffee shop financial plan

When planning the financial model of a coffee shop, it is necessary to take into account what will depend on the location, prices, quality of service, as well as the services provided.

Table 3 - Financial performance indicators of the coffee house for the first year

Consider an example of a financial model when there is 1 million rubles to open a coffee shop. equity and 12 million in debt to be repaid within a year with an interest of 18%. We make a forecast for two years, since the project should pay off in a year.

Indicators	Total
Net profit (thousand rubles)	2668
Own funds (thousand rubles)	1000
Product profitability (%)

A business plan is a document that is designed to convince a potential investor that the profit from the money invested in a particular entrepreneurial project will be at least not lower than the bank interest rate acceptable to the investor.

Usually the main elements of a business plan are, as S.I. Golovan and M.A. Spiridonov: title page, introductory part (project summary), analytical section, substantive section (project essence) and internal planning sections. A business plan may be more complex in terms of the sections included in it and the issues to be resolved.

The key section of a business plan is, of course, considered financial plan. It includes information on the plan of income and expenses associated with the production and sale of goods during a certain time of its life cycle, on the balance of income and expenses for individual goods (if there are several), on the profitability and payback period of the project. All calculations in the financial section must confirm that, starting from a certain level of production of the goods, its release will be profitable.

The financial plan, as part of a business plan, is generally divided into two subsections:
- financial plan;
— financing strategy.

In the first subsection it is desirable to include the following items:

1. Forecast of sales volumes. The study of this issue gives an idea of ​​the market share that is planned to be won in the near future, based on the optimal volume of production with the existing production capacity of the enterprise. This forecast is usually made for three years;

2. Plan of receipts and payments. It is advisable to draw up this plan of receipts and payments in the form of a table for three years. Items and amounts of investment, proceeds from the sale of products are reflected as follows: the first year - monthly, the second year - quarterly, the third year - as a whole for twelve months. The main objective of the plan is to check the future liquidity of the company and the synchronism of cash receipts and expenditures. The content of the plan of receipts and payments is reflected in table 1.

Table 1

3. Plan of income and expenses. It is advisable to draw up this plan of income and expenses in the form of a table for three years. Income and expenses are reflected as follows: the first year - monthly, the second year - quarterly, the third year - as a whole for twelve months. The main task of the plan is to show how profit will be formed and changed. The content of the plan of income and expenses is reflected in table 2.

table 2

4. Consolidated balance of assets and liabilities of the enterprise. The consolidated balance sheet, as noted by O.G. Karamov, compiled at the beginning and end of the first year of the project. Bank specialists evaluate what amounts are planned to be invested in assets of various types and with what liabilities the company is going to finance the creation or acquisition of these assets.

Table 3

In the second subsection of the financial plan, which is called "Funding strategy", it is recommended to answer the following questions:
How much money is needed to implement the project?
Where are these funds going to come from?
What share of finance is planned to be received in the form of a loan, and what share - to be attracted in the form of share capital?
For what purpose will the investment be spent?
When will the first profit be received?
What is the return on investment?

To answer these questions, a set of calculations is made.

Different authors give different calculated coefficients. In any case, in the opinion of A.M. Lopareva, the business plan should include:
— calculated financial and economic indicators included in the calculation of the effectiveness of the investment project;
— assessment of the current financial condition of the company;
- plan tax payments and calculation of the budgetary effect;
— integral indicators of the commercial effectiveness of the project;
- summary tables.
When drawing up a financial plan, the state of cash, the stability of the enterprise, the sources and use of funds are analyzed. In conclusion, the payback period or the breakeven point is determined.
The most important part of the calculations is the calculation of the project's breakeven point using the formula:

It is also very important for an entrepreneur to know when, in what period of time, he will fully pay back the capital invested in the business. For this, a schedule for calculating the payback period of an investment project is often used, as shown in Fig. one.


Rice. 1. Calculate the breakeven point in the business plan

Thus, the financial plan is considered the key section of the business plan. The financial plan, as part of the business plan, is generally divided into two subsections: the financial plan and the funding strategy. It is desirable to include the following items in the first subsection: a forecast of sales volumes, a plan for receipts and payments, a plan for income and expenses, a consolidated balance sheet of assets and liabilities of the enterprise. In the second subsection of the financial plan, which is called "Funding strategy", it is recommended to answer a number of questions. To answer these questions, a set of calculations is made. Different authors give different calculated coefficients. When drawing up a financial plan, the state of cash, the stability of the enterprise, the sources and use of funds are analyzed. In conclusion, the payback period or the breakeven point is determined.

TASK 2

Your firm in the mass market is faced with a situation where secondary demand has stabilized and primary demand is saturated, though not completely satisfied. In the near future, we should not expect the rapid development of new markets. What marketing strategy will the firm choose if it operates in the markets of primary and secondary demand?

A. Extensive development.
B. Intensive development.
C. Strengthening competitiveness.
D. Creation of a circle of reliable clients.

According to the definitions of I.S. Berezina and N.K. Moiseeva:

— strategy of extensive development — strategy of increasing primary demand. Purpose of the strategy: aimed at conquering new markets and new consumers;
- strategy of intensive development - strategy of increasing the consumer. Purpose of the strategy: used to increase secondary demand;
— competitive strategy- a thorough analysis of the competitive situation in the market for a particular product, which means a conscious choice of a set of different actions in order to deliver a unique combination of values ​​to the buyer. These actions are aimed at creating a sustainable competitive advantage for the firm;
- a strategy of trusting relationships - a strategy aimed at retaining regular customers, which contribute to attracting new ones.
That is, in the current situation, when primary and secondary demand has stabilized and it is not worth waiting for the development of the market, the strategy of trusting relationships should be used.
This will allow to retain regular customers in the stabilized market of primary and secondary demand, which contribute to attracting new ones.
At the same time, in our opinion, in the current situation, the company should still use not one, but a combination of strategies for extensive development, strengthening competitiveness and creating a circle of reliable customers. The strategy of intensive development in the current situation of fully saturated secondary demand will be ineffective. The use of a complex of the three noted strategies will allow the company to operate and develop more effectively in the prevailing market conditions.

BIBLIOGRAPHY

1. Berezin I.S. Marketing analysis. Market. Firm. Product. Promotion. – M.: Vershina, 2012. – 480 p.
2. Gainutdinov E.M., Podderegina L.I. Business planning at the enterprise. - Kyiv: Higher School, 2011. - 432 p.
3. Golikova N.V., Golikova G.V. Teaching aid on the development and implementation of the business strategy of a commercial organization. - Voronezh: Publishing house of VSU, 2007. - 94 p.
4. Golovan S.I., Spiridonov M.A. Business planning and investment. Textbook. Rostov-on-Don, 2010. - 302 p.
5. Zarubinsky V.M., Zarubinskaya N.S., Semerenko I.V., Demyanov N.I. Business planning. - M.: Finance and statistics, 2012. - 176 p.
6. Kaplan Robert S. A strategy-oriented organization. - M .: CJSC "Olimp-Business", 2011. - 416 p.
7. Karamov O.G. Business planning: Educational and practical guide. — M.: Ed. Center EAOI, 2011. - 124 p.
8. Lopareva A.M. Business planning. – M.: Forum, 2011. – 208 p.
9. McDonald M. Strategic marketing planning. - St. Petersburg: Peter, 2011. - 258 p.
10. Marketing management: theory, practice, Information Technology/ Ed. N.K. Moiseeva. - M.: Finance and statistics, 2012. - 349 p.

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

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

What should be reflected here?

The paragraph should include the following indicators and documents:

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

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

Opening costs

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

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

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

Monthly expenses

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

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

Sources of funds

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

So, the necessary funds can be obtained:

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

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

External sources add up:

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

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

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

cash flows

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

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

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

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

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

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

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

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

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

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

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

Income calculation

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

Other income includes:

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

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

How to properly compose a section?

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

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

Financial plan. For many aspiring entrepreneurs, this part of working on a business plan seems intimidating. Complex graphs are immediately drawn in the mind, long and painstaking hours at the computer, the search for errors that have crept into the calculations from nowhere and, of course, nerves and nerves again. The mobile application “Business Calculations” from the company “1000 Ideas” can significantly facilitate the process and even make it enjoyable and exciting.

The mobile application was created to simplify financial calculations when preparing business plans. It allows you to determine all key parameters with high accuracy. investment projects. With it, you can easily calculate all the main financial indicators of the project, including revenue, net profit, fixed and variable costs, payback period, cash flow (cash flow), and secondary ones. For example, to make a more thorough and serious assessment of your project according to the so-called discounted performance indicators.

Working with the Business Calculations application is convenient because the user can quickly estimate the prospects and profitability of the project by entering and changing the financial parameters of the type of business he has chosen. The final calculation is made automatically based on the data entered by the user, divided into nine stages. The results themselves can be viewed both in the application itself, and by sending them a more detailed version to your e-mail.

We invite you to get acquainted step by step with the operation of the Business Calculations application using the example of drawing up a financial plan for the Pancake Cafe project.

Stage 1. Choice of taxation system. First, we introduce the most appropriate taxation system. In case you do not know which taxation system will be less burdensome for your type of activity, you can change the choice after receiving the results, and then compare the final calculations for different systems and rates.

In the case of a pancake cafe, we chose a simplified taxation system, the object of taxation of which is income, and where the rate is 6%.

Stage 2. Input of initial data. After choosing a taxation system, you must enter the initial data: the start date of the project, the start date of sales, the approximate date for reaching the planned sales volumes, and the refinancing rate.

If, in principle, everything is clear with the first three points, then the value of the refinancing rate must be found using the link provided in the application. From January 1, 2016, its value is equal to the key rate of the Central Bank of the Russian Federation on the corresponding date. In any search engine we find the value of the key rate for today. In our case, it turned out to be 9%.

Stage 3. Investment costs. The next step is called “Investment costs”. In it, you must include all initial expenses invested in real estate, for example, the acquisition or renovation of premises, the purchase and installation of equipment and intangible assets.

In our case, in the “Real Estate” section we will enter the cost of repairing the rented premises (500 thousand rubles), in the “Equipment” column - a list of production and commercial equipment for the production of pancakes (389 thousand rubles), and in “Intangible assets ” (115 thousand rubles) - the costs of registering an LLC and obtaining permits from various authorities (SES, Gospozhnadzor), as well as the costs of conducting a starting advertising campaign.

Stages 4-5. Selecting the income calculation method and entering income. Next, you have to choose one of three methods for calculating income: “Calculation of income from the production and sale of products and services”, “Calculation of income by the average check amount”, “Calculation of income by planned revenue per month”.

The most convenient way is to calculate income by the average check amount. By varying the size of the average check and the number of customers per day, you can quickly estimate under what conditions the business will be highly profitable, and under what conditions it will not bring much income or even turn out to be unprofitable.

Please note that for the indicator of the size of the average check and the number of customers per day, you can set seasonality factors by clicking on the corresponding icon on the right and entering percentages between months.

For example, if during the summer period the number of buyers of pancakes is halved, then 50% is entered in the columns “June”, “July” and “August”. At the same time, if 70% more buyers buy pancakes in the autumn period, then 170% should be recorded in the corresponding months. Similarly, you can vary the size of the average check if it is subject to the seasonality factor.

The easiest way to calculate income is to calculate the planned revenue per month. It is suitable if you already have an idea of ​​how much revenue can serve as your benchmark. Assuming it is 100%, you can also enter seasonality factors for the planned revenue.

The third option for calculating income is the calculation depending on the production and sale of products and services. It is useful primarily for manufacturing companies. In it, you can calculate the revenue by entering the planned sales volumes for each product you sell.

To do this, you need to fill in the fields “Product name”, “Unit of measurement”, “Sales cost per unit. rub." and “Sales volume per month, units”. For example, in the case of pancakes, we can separately set sales plans for grilled pancake, pancake with salmon, pancake with salami, pancakes with sweet fillings, and so on. If your product value and sales figures are seasonal, you also set seasonal factors for those figures. Once you have completed filling in the data for one product, you can add the next product by clicking on the orange “+” sign.

Stage 6. variable costs. After filling in the income data, you will need to enter variable costs. The content of this step will depend on which of the three methods of income calculation described above you choose. For example, with a simplified entry by revenue, you will be prompted to enter only a single average amount of variable costs. If you are doing calculations on the size of the average check, then you will need to determine the cost of average check. If the calculations are made for each product separately, then variable costs will need to be indicated for each product.

In our example with a pancake cafe, to simplify the calculation, we took the cost of the most popular grilled pancake on the menu, which costs 135 rubles, as the size of the average bill. Having calculated the cost of the ingredients that make up one pancake (flour, milk, eggs, sugar, vegetable and butter, chicken meat, onions, tomatoes, cheese and white sauce in the required proportions), and adding to this the cost of packaging, we determined the cost in the amount of 37 rubles. This amount became our cost for the average check.

Stage 7. Fixed costs. The next step is called “Fixed Costs”. Here it is necessary to add permanent monthly expenses. It could be rent, advertising, utilities, telephony and the Internet, stationery, household inventory, depreciation deductions, fuel and lubricants and more. Many of these you can choose from a pop-up list. If the required column is not available, you can choose your option. In fixed costs, it is also possible to set seasonality coefficients for any expense item.

The key expense item at the pancake cafe was rent, advertising and utility bills (87,000 rubles). All other small expenses for we combined into the item “Other” (6.8 thousand rubles).

Stage 8. Employees. Next, enter data about the company's personnel. For convenience, in the application, it is divided into administrative, trade, service, main and accounting. You need to specify the position of the employee, his wages and the number of employees in the same position. If the salary of employees varies depending on the season, it is possible to indicate this using seasonal coefficients.

Accordingly, in the example with a pancake cafe, we bring in all the necessary administrative staff in the person of the general director and administrator, the main one in the person of cooks, the trade one in the person of cashier sellers and the service person in the person of cleaners. For the first time, to reduce costs, we choose the self-service format, so waiters can not be included in the service staff. By the way, in the event that you suddenly want to add more employees or make any adjustments to the project after some time, you can always find it in the archive of the Business Calculations application.

Stage 9. Credit and other income. At this stage, it is necessary to indicate the sources of start-up capital. Namely, how much own funds were raised (filled in the “Own funds” section), and how much borrowed (filled in the “Credit” column). In the "Loan" section, in addition to the borrowed amount, it is also necessary to indicate the interest rate and the term of the loan. In the event that borrowed funds will not be attracted, the fields in the “Credit” section should not be filled in. Also, one should not forget that the amount of own funds should take into account not only the investment costs indicated in stage 3, but also the working capital necessary to cover losses in the first months of operation.

In our case, the “Cafe-Pancake” project will be fully financed from its own funds in the amount of 1,254,000 thousand rubles, 250 thousand of which will be working capital.

Results. Depending on the data you entered, the program will calculate all the main financial indicators made for a three-year perspective, i.e. for 3 years of project existence.

At the top of the screen, sometimes you can see a message in red text indicating that your project is unprofitable or some of its indicators cannot be calculated correctly. In this case, especially if the results you are also not satisfied with, you can go back to any of the 9 steps we have described and make adjustments. For example, reduce fixed or variable costs, or increase revenue items. In this case, the data entered in the fields of other sections will be saved and you will not need to enter them again.

In the results section, you can find a summary report that shows the annual figures for revenue, net profit, and variable costs.

In the data presented above, for example, we can see that, with the parameters we have entered, by the time we reach the planned sales volumes, we can bring up to 1215 thousand rubles. profit (yes, yes, maybe this is not real, but this is just an example). Moreover, the first month of sales will be unprofitable, requiring from the entrepreneur additional investments in the amount of almost 160 thousand rubles from the working capital fund.

Also given is the payback period, cash balance (cash-flo), the break-even point of the project. From the data obtained for a pancake cafe, we see, for example, that the institution will pay for itself in 5 months of operation, and its break-even point will be almost 120 thousand rubles.

This section of the business plan summarizes all the previous sections of the business plan and presents them in the form of financial formulations and cost indicators.

The section combines three areas:

Financial and economic results of the enterprise:

Financial statements of the enterprise;

Analysis of the financial and economic state of the enterprise.

2. Planning of the main financial indicators:

Preparation of planning documents;

Forecast of the balance of assets and liabilities of the enterprise;

Forecast of profits and losses;

Cash flow forecast;

Financial evaluation of the project;

Forecast of the margin of financial strength.

3. Financial strategy

Need for investments and sources of their financing;

Evaluation of the effectiveness of the project as a whole;

Evaluation of the effectiveness of participation in the project;

Project sensitivity analysis;

Portfolio investment.

Financial and economic results of the enterprise. Financial documents of the last reporting period may be included in the "Financial plan" section or in the "Appendix to the business plan". It is desirable to bring financial reporting forms to the requirements of international standards.

In the paragraph “Financial statements of the enterprise” or in the “Appendix to the business plan”, financial documents of the last reporting period can be presented: profit and loss statement, cash flow statement, balance sheet of assets and liabilities of the enterprise.

At present, work is being actively carried out in Russia to converge the forms of accounting, statistical and banking reporting used in international practice, so it is advisable to use the forms recommended by the International Committee on Accounting Standards in a business plan. In this regard, the data financial statements should be brought to a form that provides the possibility of their use in the process of financial analysis based on methods that comply with international standards.

According to international standards, in countries whose currencies are subject to significant inflation, it is necessary to recalculate the main reporting data taking into account price changes. The financial statements in this case should be restated on the basis of constant purchasing power at the balance sheet date. This applies to the corresponding figures for the previous period.

In world practice, inflation-correcting revaluation of the analyzed objects is carried out either by fluctuations in exchange rates, or by fluctuations in price levels.

Revaluation of assets denominated in national currency at the rate of a more stable currency is a very simple way (this is the main advantage). However, this method gives inaccurate results due to the fact that the exchange rate ratios of the ruble and the dollar do not coincide with their real purchasing power. Because of this, the revaluation of the second method is more accurate, which can be either the method of taking into account changes in the general level, or the method of recalculating balance sheet items in current prices.

The method of accounting for changes in the general level is that various items of financial objects are calculated in monetary units of financial purchasing power (without taking into account the structure of assets, all property is valued).

Based on the results of the adjustment, a profit indicator is displayed, which is the maximum amount of resources that can be directed by the enterprise for consumption over the next period without prejudice to the reproduction process.

The universal formula for converting balance sheet items into monetary units of the same purchasing power:

where РВ is the real value of this article; HB - nominal article; – inflation index at the moment or for the period of analysis; - inflation index in the base period or on the initial date of tracking the value of the item in the balance sheet.

The method of recalculating items is advisable to apply when prices for different groups of inventory items grow differently. This method allows you to reflect the varying degree of changes in the value of inventories, fixed assets, depreciation that occurred as a result of inflation. The essence of the method is the revaluation of all items based on their current value. As the current value, the cost of reproduction, the price of a possible sale (liquidation) or economic value is used.

Liquidation expresses the potential net current selling price of assets, less the costs of their completion and disposal.

Only so-called “non-monetary” items should be subject to inflationary adjustment: fixed assets (including intangible assets), inventories, work in progress, finished goods, IBE, liabilities that must be repaid by the supply of certain goods and (or) the provision of services, and etc. On the contrary, “monetary” items (cash, receivables and payables, credits, loans, deposits, financial investments, etc.), regardless of changes in the general price level, are not subject to inflationary adjustment. This is due to the fact that at each given moment they are already expressed in monetary units of current purchasing power. “Cash” items are included in the revalued financial statements at par or at cost, and “non-cash” items are included in the conditional valuation obtained as a result of the recalculation of initial costs.

The balance of assets and liabilities is achieved by regulating the item "Retained earnings".

When assessing the financial and economic condition of an enterprise in a business plan, it is recommended to analyze the main technical and economic indicators of the enterprise and its financial condition.

The analysis is carried out on the basis of the financial statements of the enterprise using a combination of technical, economic and financial indicators for three recent years. In the course of the analysis, the change in the absolute values ​​of the most important indicators requires an explanation or justification. In addition, indicators and ratios are used for analysis, the calculation of which is based on determining the ratios between individual reporting items - financial indicators.

When analyzing the financial and economic condition of an enterprise, first of all, it is necessary to establish whether the following rule characterizing the economic activity of the enterprise is fulfilled:

Tpb > Tor > So > 100% , (5.2)

where Tpb - the rate of change in balance sheet profit,%; Tor - the rate of change in the volume of sales,%; So - the rate of change of the advanced capital, %.

The economic meaning of this rule is that the size of the property must increase (i.e., the enterprise must develop), while the growth rate of sales volume must exceed the growth rate of property due to the fact that this means a more efficient use of the resources (property) of the enterprise , and the growth rate of balance sheet profit should outstrip the growth rate of sales volumes, since this indicates, as a rule, a relative decrease in production and distribution costs.

Giving a general assessment of the activity of the enterprise, it is possible to determine the form of economic growth, Iek.r, by comparing extensive and intensive factors:

Iek.r \u003d (Ipt? Ifo) / (Ich? Iof) , (5.3)

where Ipt - labor productivity index; Ifo - index of return on assets; Ih – abundance index; Iof is the index of fixed assets.

If Iek.r > 1, then the enterprise develops mainly due to intensive factors. When Iek.r In the course of the analysis, the type of financial stability of the enterprise should be determined. For an enterprise that has an unstable financial position, the probability of its potential bankruptcy should be assessed.

It should be noted that in the course of analytical work, very contradictory results can be obtained in various areas of analysis. For example, an improvement in profitability indicators can be observed with a decrease in the level of liquidity and financial stability of the enterprise. In this regard, in the business plan, it is advisable to complete the analysis of the financial condition of the enterprise with a comprehensive comparative assessment of the financial condition, profitability and business activity of the enterprise, based on the theory and methodology of financial analysis of enterprises in market relations.

The final comprehensive assessment takes into account all the most important parameters (indicators) of the financial, economic and production activities of the enterprise, i.e. economic activity in general. As a rule, a comprehensive assessment of the financial and economic condition of an enterprise is based on a certain set of financial indicators selected depending on the goals of the analysis.

Planning of the main financial indicators. The starting point for financial planning is the sales forecast (section "Sales Market Analysis") and the cost forecast (section "Production Plan").

This subsection begins with the preparation of planning documents: the forecast of the balance of the enterprise, the forecast of profits and losses, the forecast of cash flows.

In a business plan, it is advisable to present planning documents in a form similar to reporting ones, and it is desirable that the structure of these documents comply with the requirements of international standards. Detailed forms for filling out the relevant documents are presented in Appendix. 3 - 5.

It should be noted that the degree of detail in the presentation of information in the forecast forms of financial statements is determined by the goals of the projected business. As a rule, in the business plan, the forms of financial statements according to the forecast are given in an enlarged form and are detailed as necessary, taking into account the specific conditions of the enterprise.

The forecast of profits and losses, as well as cash flows, are presented in the business plan, as a rule, for the first planned year on a monthly basis (or quarterly), for the second - quarterly (or semi-annually), for the third and further - as a whole for the year. The forecast balance of assets and liabilities of the enterprise is compiled at the end of each year of the planning period.

In the business plan, it is mandatory to submit planning documents in forecast prices, i.e. prices expressed in monetary units corresponding to the purchasing power of each period of the project. The forecast prices include the forecast inflation rate.

The forecast of profits and losses reflects the operating activities of the company in the target period.

The purpose of this forecast is to present in a generalized form the results of the enterprise in terms of profitability. The forecast of profits and losses shows how the profit will be formed and changed, and, in essence, is a forecast of financial results. The business plan should present all types of taxation (Table 14).

In the profit and loss forecast, all values ​​are given without VAT, payments for sales and direct costs are shown at the time of delivery of the products.

The forecast balance characterizes the financial position of the enterprise at the end of the calculated period of time and reflects the resources of the enterprise in a single monetary value in terms of their composition and directions of use, on the one hand (assets), and according to the sources of their financing, on the other (passive).

Table 14

Tax calculation

Name of indicator	The value of the indicator by periods
	200_				200_		200_
	1 sq.	2 sq.	3 sq.	4 sq.	1 p / g.	2 p/g.
Indirect taxes
Including:
Taxes to be included in the cost, total
Including:
Taxes attributable to income statement
Including:
income tax

The cash flow forecast contains information that supplements the data of the forecast balance sheet and profit and loss forecast in terms of determining the cash inflow necessary to carry out the planned volume of financial and business operations. All receipts and payments are recorded in time periods corresponding to the actual dates of these payments, taking into account the delay in payment products sold(services), the delay in payments for the supply of materials and components, the conditions for the sale of products (on credit, with advance payments), as well as the conditions for financing inventories.

The cash flow forecast does not include depreciation, although depreciation charges are classified as accounting costs; but they do not represent a monetary obligation. In fact, the accrued depreciation amount remains on the company's account, replenishing the balance of liquid funds. All values ​​in the forecast are reflected including VAT, payments for sales and direct costs are displayed at the time of actual payments.

According to the three most important areas of the enterprise - operating, or production, investment and financial - the cash flow forecast consists of three sections.

1. Cash flow from current (production) activities. The main source of cash from the main activities of the enterprise are cash received from buyers and customers.

2. Cash flow from investment activity. In this area, cash flows are concentrated from the acquisition and sale of fixed assets, intangible assets, securities and other long-term financial investments, the receipt and payment of interest on loans, from the resale of own shares, etc.

The cost of acquiring assets in future operating periods should be accounted for by inflation on fixed assets.

Considering that in a normal economic environment, enterprises usually tend to expand and modernize production capacities, investment activity most often leads to an outflow of funds.

3. Cash flow from financial activities. As income, the contributions of the owners of the enterprise, equity capital, long-term and short-term loans, interest on deposits, positive exchange differences are taken into account here. As payments - repayment of loans, dividends, etc. Financial activities at the enterprise are carried out in order to increase its cash and serve to provide financial support for production and economic activities.

The amount of Cash Flow (Cash Balance) of each section of the Cash Flow Forecast will be the balance of liquid funds in the corresponding period, while the Cash Balance at the end of the settlement period will be equal to the amount of liquid funds of the current period of time.

The balance of funds in the account (cash balance) is used by the enterprise for payments, to ensure the production activities of subsequent periods, investments, repayment of loans, tax payments and personal consumption.

It should be noted that the cash balance at the end of the period should not be negative in any period of the project, because a negative value indicates a project budget deficit or, in other words, insufficient funds in the accounts and cash of the enterprise.

Therefore, the main task of the cash flow forecast is to check the synchronism of cash receipts and expenditures, and therefore, to check the future liquidity of the enterprise.

The cash flow forecast is the main document designed to determine the need for capital, develop an enterprise financing strategy, and evaluate the effectiveness of its use.

If the enterprise makes settlements not only in rubles, but also in foreign currency, financial and economic indicators should be calculated separately in rubles and foreign currency. The estimates are also given in rubles, while the forecast of exchange rates should be taken into account.

Thus, the business plan presents three forecasts of cash flows: a forecast for financial transactions in foreign currency, in rubles, and a summary forecast of all financial transactions in rubles.

Financial evaluation of the project. Assessment of the financial viability of the project involves the analysis of the financial enterprise during the planning period. The analysis is carried out on the basis of the forecast data of the financial statements of the enterprise.

In conditions of inflation, financial statements should be brought to a comparable form. In this case, it is most convenient to recalculate planning documents into basic prices. Financial documents formed in this way can be placed in the "Appendix to the business plan".

The financial evaluation of the project includes the calculation and analysis of the main indicators of the financial and economic state of the enterprise. The set of indicators must correspond to the list of indicators selected in the "Analysis of the financial and economic condition of the enterprise" subsection.

When predicting the financial and economic state of the enterprise under the project, they give an assessment of the form of economic growth, the type of financial stability of the enterprise, the likelihood of potential bankruptcy. At the end, a comprehensive assessment of the financial and economic state of the enterprise is determined.

The results of the financial assessment may necessitate the development of a new version of the financial plan when the initial data changes.

Forecast of the margin of financial strength. In the business plan, the critical sales volume (break-even point or profitability threshold) and the financial strength of the enterprise are determined graphically or analytically.

The critical sales volume (Vpr) can be calculated using the following formula.