Current economic conditions under which enterprises find themselves alone with the uncertain external environment, the unpredictable behavior of other market actors, encouraged them to implement and maximize forecasting and financial planning, further improving the methodology and technique development as forecasts and plans.
Resort to financial planning as a process of future financial needs of the enterprise, and to determine how the funding was conducted in the past period and that the money spent. With the help of financial planning and control of enterprise managers can assess the extent consistent with its objectives of applied methods of financial calculations. Substantiating the necessity and importance of financial planning, it should be noted that in the context of financial stability financial planning vidvodytysya has a special role because it is connected with the resource factor - formation, placement and use of financial resources and profit on invested capital in economic activity. [16, c. 69-71]
It is in the process of financial planning needs of the enterprise economically grounded in equity to enforce the business plan projected volume of economic activities, which trail linked to a real and existing sources of funding to attract and create financial stability conditions of the enterprise. Implementing the financial planning process, keep in mind that its purpose should be practical feasibility capital requirements for amounts of projected operating and investing, mutual deviations of the prison with the real needs to attract capital, resource access cycle on the basis of production assets financial stability, solvency, creation of preconditions for net income in an amount sufficient to economic and social development.
To achieve this goal, companies must:
• determine the amount needed and the possible financial resources by source of their directions and use for operating, investing and other activities;
• optimize the capital structure of the sources and areas of accommodation;
• identify predictors of return to capital, advanced to the formation of a business;
• develop alternative or preventive measures in case of deviations from predicted values;
• monitor and respond to the implementation of financial plan. [12, c. 89]
To finance investments in companies to attract long-term capital through the stock market. You can also resort to issuing new shares. Also involved and loan capital through bonds.
In world practice, made the specific innovation strategy, the main ones are "borrowing" and "capacity". [4, c. 121]
The strategy of "borrowing" is that by attracting cheap labor and use of private scientific and technological capabilities, master the production company, which previously produced in developed countries, underdeveloped countries with the following build-up. More umozhlyvlyuyetsya perform their own research and doslidnokonstruktorskyh work (R & D).
The strategy of "growth" is that using their own scientific and technological capacity, participation of foreign scientists and designers integrate basic and applied science is constantly creating new products, high technology, realized in the production and social sphere, that grows up innovation. This strategy is actively used in the U.S., Britain, France and Germany. [11, sec. 73 - 77]
One way of improving financial stability is to improve the forms and methods of enterprise financial management and in particular forms and methods of financial planning, so you can anticipate the potential financial risks and ensure this by improving the efficiency of financial and business enterprises. [11, c. 73]
The process of financial planning at the enterprises of mechanical engineering depends heavily on the technological, organizational and economic features of this industry which is highly depreciated assets, lack of investments in fixed assets and their use of ineffective, low investment attractiveness, low innovation potential of enterprises.
First, the planning process takes place in changing economic environment, so in a crisis to create financial plans, based on figures of previous periods, is illogical and wrong. Furthermore, traditional methods of budgeting (operational establishment of financial plans) has significant shortcomings:
• the basis of all budgets take resources, budgets are not focused on output and customer needs;
• budgets to put most of past periods, and planned and projected figures calculated using linear correlation;
• budgeting shows no evidence of non-capacity, lack of, equipment failures, their causes and sources, does not regulate the workload of equipment;
• budgets do not include the ratio of costs and benefits obtained at different levels of production. [2, c. 86]
Thus, it should be noted that to ensure the financial stability of enterprises should pay more attention to financial planning in order to enforce the business plan projected range of operational and investment activities and taking into account scientific and technical potential of component companies have long-term development options for companies.
2.2 Financial management strategy
In a market economy, enterprise autonomy, responsibility for their performance objective necessity arises trending financial position, orientation in the financial situation and prospects, assessing the financial status of other entities. Address these issues helps financial strategy of the enterprise.
Formation of the financial strategy is quite difficult and laborious process, and requires significant time, labor and performance of complex calculations. Important to this process is the consideration of the following factors:
• orientation of the financial strategy for the total development strategy for the market;
• the level of legislative and legal regulation of business;
• economic and political situation in the country;
• The type of market position of the company, the choice of financial strategy depends on the marketing policies of the entity, including whether the target audience for which production is directed by market share and type (domestic or international) plans to take the company;
• resource support for companies, since the financial strategy of the quantity and quality of resources, including the number and qualification of workers, the availability of essential drugs, availability of internal funds, the possibility of borrowing and investments, innovative capacity [5, c. 123];
• financial position and competitive advantages of existing and potential business competitors, reliability of suppliers and buyers;
• the risk of financial activities that caused inflation fluctuations, abrupt exchange rate, risk of nonpayment, the probability of occurrence of financial crisis and more. [14, c. 131]
The main purpose of the financial strategy of the enterprise is to maximize its market value and improve business performance. It is reached by concrete goals and objectives, taking into account the peculiarities of the financial future of the enterprise. The system of strategic financial goals to ensure formation of sufficient own financial resources and high return of equity capital, optimizing the structure of assets and working capital, establishing an acceptable level of financial risk in the process of production and economic activities in the long run.
Formation of the financial strategy includes a sequence of certain stages. First, it is not possible without gathering information about the market environment for enterprises (competitors, suppliers, customers, intermediaries, government agencies and services, banks) and its detailed analysis. At this stage, financial managers should apply the financial instrument: the microeconomic financial planning, forecasting, strategic and financial analysis (including SWOT analysis, which includes analysis of strengths and weaknesses of the company, risks, and additional features), statistical methods and economic-mathematical modeling. After performing the analytical work of relevant calculations, discussion of alternative scenarios adopted administrative decision on the choice of financial strategy, which further detail in the areas of financial policy and implemented according to plan. [4, c. 92 - 94]
If in the formation and implementation of financial strategies revealed certain deviations of actual values of the planned and prescribed conditions of the enterprise, there is an adjustment strategy on the stage at which detected this deviation.
To facilitate the implementation of financial strategies appropriate to conduct its BIR detail by building tactical plans. Tactical planning is intended to form the mechanisms for implementing the chosen strategy. It comes in two varieties: Early and current. Current planning - a type of administration, aimed at developing options, activities, budgets and administatyvno-financial factors of the current plans to form a functioning specific areas of the enterprise or its activities in the whole year in terms of the objectives of the chosen financial strategy. Operational planning is aimed at forming narrow, detailed, short-term plans with specific issues of business, which are formed by detailing the current plans. Operating current plans and shall not deviate from the financial strategy of the enterprise, but rather to specify and complement it.
The financial strategy should be a component of the overall enterprise strategy, in order to conform to it and challenge. At the same goal and objectives are determined by its financial nature, the economic relations between market participants about the formation and use of financial resources. A characteristic feature of the financial strategy supports its relationship with the general finance at the macro and micro level.
Financial strategy, in our opinion, considered as:
- Component of the overall strategy - one of the functional strategy, which aims to capture the financial position in the market;
- Basic strategy, which provides (through financial instruments and methods of financial management, etc.) the realization of any basic strategy, its purpose - efficient use of financial resources and management. [11, c. 47]
To ensure sustainable development on the market should clearly articulate the financial strategy dotrymuvyuchys main strategic goal, namely:
1. of financial resources and centralized strategic guidance to them;
2. identify critical areas and focus on their performance, agility in the use of financial reserves management company;
3. objective account of financial and economic situation and the real financial condition of the company for a year, quarter, month;
4. account of economic and financial capabilities of the enterprise and its competitors;
5. identify the main threats from competitors, the mobilization of its forces in the removal and skillful choice of areas of financial action;
6. maneuver and fight for the initiative to achieve decisive advantages over the competition. [15, c. 129]
The financial strategy includes methods and practices of financial resources, their planning and ensure stability and financial stability of enterprises in market competition operating conditions. According to financial strategy is determined by the financial policies of the company - as a form of overall economic strategy of the enterprise on separate pages of its financial activities. Forming a financial policy, taking into account that the financial trends of business - to achieve its main strategic goal of - need better management. [20, p.. 94]
The financial strategy is the steering vector management, and without its proper formation is practically impossible to miss the financial problems during the production and economic activity in today's competitive market environment.
2.3 Role of financial management in the enterprise
The role of financial management in the enterprise is to scientific principles, means and forms of monetary relations companies, aimed at managing its financial and economic activities, which includes:
1. development and implementation of the financial system;
2. informational support (preparation and analysis of audit);
3. evaluation of investment projects and the portfolio investment;
4. Current financial planning and control. [8. 264]
The financial condition of the enterprise is the foundation of its prosperity, because the main purpose of financial management is finding a reasonable compromise between tasks, which puts the enterprise and financial capabilities to implement these tasks:
- Increase sales and profits
- Maintaining sustainable profitability of the enterprise;
- Increase income owners (shareholders);
- Increasing market value of its shares and others.
These objectives addressed by rational management of financial flows between the company and its funding sources (both internal and external) obtained:
- Due to financial and economic activities;
- The financial market from the sale of stocks, bonds, borrowing;
- Return of financial market interest and dividends as payment for capital;
- Payment of tax payments;
- Investment and reinvestment in the development of enterprise. [8. 269]
Experience shows that no strategic or even tactical decisions and managers will not be met unless it is backed by movement of financial resources. So, how much a managerial decisions related to available financial capacity, depend on the viability and long-term business. Common to all solutions is a basic principle of "economic compromise, whereby each time a decision the manager must weigh the benefits that are, and actual costs. Periodically, the cumulative effect of these compromises can be seen when work or financial value of the business are assessed or due to the financial statements, or using a special analysis.
Decisions are made by managers affect the movement of controlling resources. These movements are described by the term "equity flows» (funds flows), which means the resources invested businesses in the form of cash, accounts receivable, inventory, equipment, or business received in the form of loans, bonds or equity. E. Helfert substantiates the relationship equity flows in the business. [8. 282 - 284]
The system consists of three segments that correspond to the three main branches of decision making. The top segment shows the three components of investment: already existing investment base, additions as new deposits and withdrawal of deposits that are unnecessary.
The central segment shows the interaction in the process of the three main elements: prices, sales and cost of production. Lower segment provides double the financing business, first part reflects the disposal of profits from production activities, the second - the possible source of funding long-term capital. It shows the ownership of shareholders, which increased the amount of retained earnings and long-term loans from the side. Decisions related to retained earnings and long-term capital, affect the stock of potential, supporting amendments to the investment base.
E. The proposed concept Helfertom base system displays multiple dynamic business relationships between the key management decisions, strategies, types of financial policies and movement of funds.
Orderliness between these variables is an important aspect Dovhove success. Financial management has many techniques for solving complex business problems. [10, sec. 67]
CHAPTER III. Means of improving financial planning
3.1 Improving financial planning in modern business environment
The main problem for any business - cost saving. The main ways to reduce costs is to save all kinds of resources consumed in production: labor and material. Thus, a significant portion in the structure of production costs is wages. Therefore the task of saving labor manufactured products, increase productivity, reduce headcount.
Reduced complexity of products, increase labor productivity can be achieved in different ways. The most important of them - the mechanization and automation of production, development and application of advanced, high technology, modernization and replacement of obsolete equipment.
As sources of funds for improvement finasovoho planning, then these include:
1. The implementation of products with immediate payment or a discount.
2. Getting receivables.
3. Sale of reserve cash assets.
4. Sale of tangible and intangible assets (excess inventory).
5. Obtaining bank loans.
6. Attracting investments, private equity and other contributions to the statutory fund. [20, p.. 102]
The first four ways more appropriate because it does not lead to an increase in the balance sheet. In these cases, funds are created through restructuring of assets. The last two can be used to support the current solvency in extreme cases, because they lead to the diversion of borrowed funds from the targeted use.
But on current liquidity, then this ratio is within normal limits. The company has a problem with cash. Therefore we must pay attention to sales for cash. This should facilitate the marketing policy (search for new, better-paying customers, new markets, expanding distribution network, improving product quality).