Strategic and financial planning. Strategic financial planning of a corporation

Perspective (strategic) financial planning involves the development of a financial strategy and financial policy of the corporation.

The concept of "strategy" (gr. strategy means the art of warfare) became a managerial term in the 1950s. Today, strategy refers to a detailed, comprehensive, integrated plan designed to ensure that the organization's mission and goals are achieved.

Financial strategy(FS) is a long-term financial program for the development of a corporation. It allows financial service corporations to optimize financial resources. On fig. 9.4 the place of financial strategy in strategic planning of activity of corporation is shown. It is classified as a functional strategy that takes into account the main elements of the basic strategy.

Rice. 9.4.

The financial strategy of the corporation includes the following.

1. Time horizon. It depends on the duration of the period adopted for the formation of the general development strategy of the corporation. Should take into account the predictability of the development of the economy and market conditions, the industry affiliation of the corporation and the stage life cycle.
2. Factor research external environment and market conditions. The environmental factors influencing the activities of the corporation are presented in fig. 9.5. The conjuncture of the industry, commodity, financial and other market segments and the factors that determine it are analyzed, and a conjuncture forecast is developed in the context of individual market segments related to the upcoming financial activities.
3. Setting strategic goals and objectives of the corporation's financial activities. The purpose of the functioning of the corporation is to achieve sustainable development. By formulating tasks, its concretization is achieved and the features of financial development in the future are taken into account. The tasks set must be achievable and provide sufficient financial resources and high profitability capital at an acceptable level of financial risks.

Rice. 9.5.

4. Formation of alternatives. From the variety of proposed goals and objectives, the most appropriate ones are selected according to the criterion of the ratio of profitability and risk, taking into account future prospects.
5. Development of a system of measures to ensure the implementation of the FS. Specification of the strategy by periods involves the distribution of tasks in accordance with the period of implementation and their coordination with common strategy corporations, projected changes in market conditions. The development of measures for the periods of implementation of the strategy involves the development of a financial policy, the formation of responsibility centers, the definition of rights, duties, and responsibility of managers for results. The factors shown in Fig. 1 influence the implementation of the strategy. 9.6.
6. FS feasibility assessment assumes the presence of:
- opportunities of the corporation in the formation of the required amount of financial resources;
- qualified top management, its commitment to the set goals, interest in the implementation of the strategy;
- in the financial market of tools for the formation of an effective investment portfolio;

Rice. 9.6.

organizational and technical capabilities;
appropriate level of information and technological support of financial management.
7. Revision of the FS depending on changes in the factors of the internal and external environment.

The implementation of the corporation's financial strategy ensures:

optimization of corporate financing sources and its financial stability;
interests of owners and investors in terms of increasing market value;
strengthening the image in the external environment.

financial policy is a form of implementation of the financial strategy of the corporation. (See in detail in Chapter 6.) Its formation has a multilevel character. For example, within the framework of an asset management policy, a current and non-current asset management policy can be developed. In turn, the policy of managing current assets may include, as independent blocks, the policy of managing their individual types, etc.

Strategic financial planning involves the development of a forecast of income and expenses, movement Money and balance.

Forecast of income and expenses reflects operating activities corporations. The purpose of compilation is to determine the results of activities in the process of implementing a business idea. It is based on the assortment program, cost estimates for the production and sale of goods, the amount of depreciation and the budget for labor costs. It reflects the profit received after taxes. In terms of its content, it corresponds to form 2 of the financial statements discussed in Ch. 5. When compiling it, only income and expenses for the main type of activity are predicted, it is difficult to predict other income and expenses. This forecast is made for the entire planning horizon. The first year of the project in this document is reflected in a breakdown by months, the second and third - by quarters, all subsequent - by years.

The following is drawn up cash flow forecast. It includes data on expected income and expenses from the operating, investing and financing activities of the corporation, i.e. shows the formation and outflow of cash, as well as their balance (Table 9.2). The final value reflects the balance of cash flow. It reflects the actual receipt of funds from the relevant sources.

Table 9.2

Sections of the pro forma cash flow statement

Activities
Current (main, operational)	Proceeds from the sale of products (works, services), resale of goods received by barter. Proceeds from repayment of receivables. Advances received from buyers and customers	Payment for purchased goods, works, services and accounts payable. Issuance of advances for the purchase of goods, works, services. Salary. Payment of dividends, interest. Calculations for taxes and fees
Investment	Proceeds from the sale of non-current assets, the sale of securities and other financial investments. Proceeds from the repayment of loans granted to other organizations. Receiving dividends and interest	Payment for acquired non-current assets and financial investments. Issuance of advances for the acquisition of non-current assets and financial investments. Providing loans to other organizations. Contributions to the authorized (share) capital of organizations
Financial	Income from the issue of equity securities, loans and credits provided by other organizations	Repayment of loans, credits, financial lease obligations

With proper planning, a cash flow forecast allows you to estimate future inflows and outflows for a certain period, maintain balances on optimal level avoid excess and deficiency.

When forecasting cash flows, two methods are used.

1. direct method is based on the reflection of funds received from buyers and paid to suppliers through a settlement account, cash desk or cash equivalents. It can be used to control the process of generating profits and draw conclusions regarding the adequacy of funds for payments on current obligations. In the long term, it makes it possible to assess the liquidity of the corporation, and also shows the degree to which investment and financial needs are covered by the available financial resources.

The disadvantage of the method is that it does not reveal the relationship between the obtained financial result and the change in the absolute amount of the corporation's cash.

2. indirect method provides for the construction of cash flows on the basis of financial statements: balance sheet, income statement. It is used to build cash flows for long-term projects. Its disadvantages include insufficient accuracy (especially for projects with a complex structure of calculations) and inconvenience for modeling situations and scenario analysis.

Cash flow from investing activities is calculated based on the required amount of investment. To assess them, the need for capital investments is studied in accordance with design estimates and non-current assets, as well as sources of financing.

Cash flow from financial activities is defined as the difference between the amount of proceeds from the sale of own shares, received loans and borrowings, and the amount of interest on the funds provided, repayment of the principal debt, payment of dividends.

The result of the summation of flows from the main, investment and financing activities is a net cash flow.

It allows you to determine the growth rate of the market value of the corporation.

To assess the quality of pure cash flow the net cash flow sufficiency ratio (KDCCF) is applied:

where NPV is net cash flow; ПЗТМЦ - an increase in stocks of inventory items; OD - the amount of the principal debt; DU - dividends and interest payable.

When KDCHDP = 1, the cash inflow is equal to the outflow, when KDCHDP< 1 приток недостаточен, при КДЧДП >1 is redundant.

Grade financial position corporation is calculated by calculating the liquid cash flow (change in net credit position) (LCF), which is an indicator of a deficit or excess cash balance.

where DK - long-term loans; QC - short-term loans; DS - cash; H and K - the beginning and end of the period.

It characterizes the absolute value of funds received from the corporation's own activities (main and investment), shows the impact of loans and credits on the efficiency of the corporation's activities in terms of generating cash flow.

The result of the decision depends on the accuracy and reliability of the cash flow statement forecast, so the construction of cash flows is carried out on the basis of verified data.

A mandatory document developed as part of the financial plan is forecast balance. It enables the financial manager to assess how the financial position will look after some time (one, two, etc.). Forecast balance allows:

identify the adverse financial consequences of decisions made;
estimate financial ratios taking into account market requirements;
reveal financial sources and obligations;
check the correctness of the calculations.

There are several methods for compiling a forecast balance.

1. The method of proportional dependence of balance sheet items on sales volume (percent of sales method) involves a change in balance sheet items in proportion to sales. It is the simplest, but its predictions are not always accurate. The procedure for compiling the forecast balance sheet is as follows:
1) the increase in sales in the forecast period is determined;
2) items are identified that change in proportion to the volume of sales, and increase by the increase in the volume of sales proceeds. Long-term liabilities and equity are recognized as unchanged;
3) the obtained values of the asset and liability items are summed up and checked for compliance with balance sheet equality;
4) identify the need to adjust the balance, for which they determine the need for additional external financing as the difference between the need for an increase in assets, liabilities and retained earnings. The resulting value is taken to adjust the balance and bring it to balance compliance.
2. Methods using mathematical apparatus.
1) simple linear regression method- reveals the type of relationship between sales volume and each balance indicator. Based on it, a forecast of the values of these indicators is made;
2) curvilinear dependence method- assumes that there are curvilinear dependencies between indicators and sales volume, on the basis of which the balance is built;
3) multiple dependency method allows you to take into account the influence of not only sales, but also other factors on the balance sheet items.

The use of this group of methods is carried out in the presence of specialized software products.

3. Specialized Methods based on the development of separate predictive models for each variable. These include projecting a balance sheet based on a forecast of the size of each item. This is how the amounts are predicted for each of the assets, accounts payable, the amount of profit, additional sources of financing are determined when a deficit is identified, or calculations are made related to investing funds in case of excess resources.

The quality of the developed forecast documents depends on the reliability of the forecasts of the main indicators economic activity, market conditions, the state of money circulation and the ruble exchange rate. Therefore, under the current conditions, both underestimation and overestimation of the need for financial resources are possible, and therefore it is necessary to provide for additional financial reserves.

Example 9.2

We will develop financial plan project but the opening of the trade pavilion network "XXX".

Objective of the project: obtaining a loan for the purchase of modern trade and technological equipment, to create a corporate style and image.

Summary of the project: opening of a new pavilion. This requires the purchase and installation of trade and technological equipment, mainly refrigeration.

The main indicators of the project:

total investment - i million rubles;
bank loan - 600 thousand rubles.

Providing resources: goods, energy supply, personnel, communications, retail space – 100%.

Readiness stage: documentation development stage.

A contract was signed with LLC "Volgotorgservis" for the supply of trade and technological equipment.

Loan repayment source- Proceeds from the sale of goods.

Repayment of borrowed funds is envisaged within two years after the completion of the installation of equipment and the start of operation of the outlet.

Loan repayment guarantees: guarantee.

Description of the situation and task for solution

The results of the study in the region showed that an average of 120 kg of meat products per day can be sold in the pavilion. Therefore, 240 kg of meat products will be purchased at the rate of delivery of products every two days.

The range of products offered should be designed for different groups consumers. In this regard, the proposed range and sales volumes are given in Table. 9.3.

The state is supposed to involve three people: the store director and two salesmen. The salary of the seller will be 20 thousand rubles, the director - 40 thousand rubles. monthly.

To implement the project, it is planned to carry out the stages given in Table. 9.4.

Table 9.3

Planned range of products and sales volumes

Table 9.4

Schedule for the implementation of the main activities and their cost

Project stage	Cost, thousand rubles	Duration	Payment period
Paperwork		1st month (3 days)
Maintenance		1st month (15 days)
Purchase and installation of equipment		1st month (15 days)
		2nd month (14 days)
Coordination in state bodies		1st month (14 days)
Certification		1st month (14 days)
Purchase of meat products		1st month (2 days)

In the process of carrying out activities, it is planned to apply common system taxation. The financial plan was calculated under the following assumptions (Table 9.5).

Table 9.5

Initial information on the project

	Indicators	Values
general information
	Project duration, year
	Bank loan, rub.
	Cost of own captain, %
	Cost of borrowed capital, %
	Annual growth rate of income and expenses, %
	Return on invested capital payout ratio, %
Project costs, per month
	Rent of premises, rub.
	Electricity, rub.
	Water supply, sewerage, waste disposal, rub.
	Transportation costs, rub.
taxes
	Income tax, %
	Insurance premiums, %

Decision.

1. Calculate the sales plan, provided that the trade markup is 45% (Table 9.6). The initial information for the calculations is presented in Table. 9.3. In the process of calculations, it must be taken into account that VAT on food is 10%. An exception are delicacies, which are taxed at a rate of 18%. Every day it is planned to purchase products for 22,835 rubles. without VAT, and sell for 33,110.75 rubles.
2. Calculate labor costs per month. From Table. 9.7 shows that these costs will amount to 104 thousand rubles.
3. Let's determine the total amount of costs included in the cost (Table 9.8). We will carry out calculations on the condition that depreciation on the purchased equipment will be accrued on a straight-line basis over 5 years of the project's existence.

In the first year, in addition to these costs, it is also necessary to write off the cost of current repairs of premises in the amount of 420 thousand rubles to the cost price. Thus, the cost for the first year will be 10,575 thousand rubles.

In the future, according to the condition of the example, expenses and incomes will grow by 4% per year, except for the amount of depreciation charges.

4. Commercial expenses for the project are expected in the amount of 150 thousand rubles, which are directed to advertising. They will be written off in the first year.
5. Management expenses include the salary of the store director and the costs of paperwork, certification, approval in government agencies. In the first year they will amount to 671 thousand rubles. (52 12 + 12 + 25 + 10). Starting from the second year, only director's salary will be included in this category, which will increase by 4%.
6. Let's draw up a debt service schedule (Table 9.9). In doing so, we will be guided by the following considerations:
- the loan is repaid in equal installments at the end of each year;
- interest on the loan is paid to the bank at the time of repayment of the main part of the debt.

Table 9.6

Sales plan, rub.

Name	Purchase price per kg, rub.	Sales volume per day, kg	Purchased products per day without VAT, rub.	Revenue per day without VAT, rub	Purchased products per day with VAT, rub.	Revenue per day with VAT, rub.
Premium boiled sausage - "Milk"
Boiled sausage 1st grade - "Tea"
Semi-smoked - "Krakow"
Semi-smoked - "Armavirskaya"
Sausages
Sausages of the 1st grade
Deli meats - brisket
Meat delicacies - neck

Table 9.7

Plan of expenses for wages, thousand rubles.

Table 9.8

Costs included in the cost, rub.

	Cost item	The amount of costs
	Cost item
	Premises for rent
	Electricity
	Water supply, sewerage, waste disposal
	Sellers labor costs
	Insurance premiums
	Procurement costs	22835 30 = 685 050
	Fare
	Equipment depreciation	300 000/(5 12) = 5000

Table 9.9

Loan repayment schedule

7. Let's form the forecast of financial results. To do this, fill in the table. 9.10. To simplify the calculations, we will analyze the data at the end of the corresponding year. Detailed algorithm given in ch. 5.

Table 9.10

Forecast of financial results for the project




Cost of sales
Gross profit (loss)
Selling expenses
Management expenses
Profit (loss) from sales
Percentage to be paid
Profit (loss) before tax
Current income tax
Net income (loss)

8. Let's make a cash flow forecast (Table 9.11). To do this, we transfer to the income column, the revenue for each year. In the column "Payments" we will reflect the costs for the purchase of products and services, for the remuneration of sellers and directors, corporate income tax. This line does not reflect the amount of annual depreciation and interest on a loan taken for the purchase of equipment.

The organization is not expected to receive income from investment activities. Payments for investment activities in this case will be associated with the acquisition of property in the amount of 300 thousand rubles. and paying interest on loans. In practice, the amount of interest recorded in this section must be divided between payments for the main and investment activities, since the bank loan exceeds the amount of the equipment purchased. For simplicity of calculations, we will reflect it in this section in full.

Financial activity assumes receipts in the amount of 1 million rubles, of which 600 thousand rubles. are long-term loans. Payments for financial activities are related to the repayment of the loan within two years and the payment of income to owners of capital.

9. To ensure that the organization has all necessary resources for the implementation of the project, we will draw up a forecast balance (Table 9.12). This step is the most labor intensive. Calculation of forecast balance sheet items is carried out as follows.
The value of the article " Authorized capital" is defined as the difference between the total investment in the project and the amount of the bank loan.
The value of the item "Retained earnings" is determined as the sum of the profit of the reporting period in the previous year and retained earnings of the same year.
Article size " Borrowed funds"is formed at the expense of a bank loan. Data on it is transferred from the loan repayment schedule.
Since it is supposed to buy meat products for cash, no accounts payable and receivable arise, and there is no delay in settlements with other creditors (for taxes).
The total value of the liabilities of the project balance is calculated by summing up all the calculated components.
The value of the item "Fixed assets" is formed as the sum of the costs for the purchase of equipment, its delivery and installation. At the same time, each next year their value becomes less by the amount of depreciation deductions.
The last to be assessed is cash. Since the values of total assets and liabilities are the same, among active articles only the value of money remains unknown. It is calculated as the difference between the balance sheet currency and the sum of known asset accounts.

Forecast cash flow statement

Table 9.11



Operating activities
Income

Balance of cash flows from current operations
Investment activities
Income
Payments - total
including:
in connection with the acquisition, creation, modernization, reconstruction and preparation for the use of non-current assets
interest on debt obligations included in the cost of an investment asset
Balance of cash flows from investment operations
Financial activities
Income - total
including:
obtaining credits and loans
cash deposits of owners (participants)
Payments - total
including:
payment of dividends and other payments for the distribution of profits in favor of the owners (participants)
in connection with the redemption (redemption) of promissory notes and other debt securities, repayment of credits and loans
Balance of cash flows from financial operations
Balance of cash flows for the reporting period

Table 9.12

Forecast balance




NON-CURRENT
fixed assets

CURRENT ASSETS

Receivables
Cash and cash equivalents
Value added tax on acquired valuables

TOTAL ASSET

CAPITAL AND RESERVES
Authorized capital
Undestributed profits

LONG TERM DUTIES
Borrowed funds

SHORT-TERM LIABILITIES
Accounts payable
Interest on a loan
Tax debt

TOTAL LIABILITIES

Order of the Ministry of Economy of the Russian Federation "On approval guidelines on the reform of enterprises (organizations)" dated October 1, 1997 No. 118

Topic 10. Financial planning in the organization

Under the conditions of a command-administrative economy, enterprises had a strict system of financial planning. A comprehensive plan for the socio-economic development of the enterprise was determined by the tasks of the sectoral ministry, compiled on the basis of the control figures of higher authorities. All the most important indicators were regulated: the volume of sales, the range of manufactured products, the amount of profit, profitability, payments to the budget. The plans turned out to be cumbersome, difficult to apply for management. The distribution of profits was carried out through a system of standards and finally regulated by a contribution to the budget of the free balance.

The role of financial planning in these conditions was as follows:

determining the proportions of the distribution of financial resources between the enterprise and the budget according to criteria set from above;

in providing financial control for the priority fulfillment of obligations to the budget.

The need for planning in market conditions is due to objective reasons: the uncertainty of development economic situation on a global and local scale;

the coordinating role of the plan, which brings the activities of the enterprise into a certain system;

optimization of economic consequences.

Financial planning is a broad concept, including planning the volume of sales and profits, drawing up a financial plan, calculating the planned balance structure, determining the level of solvency of the organization for the planned period. Planning is an essential part of the economic activities of the organization.

A serious approach to planning creates the basis for the sustainable and efficient operation of the organization. "Planning the activities of the company" as a concept has two meanings.

The first is general economic, from the point of view of the general theory of the firm, its nature. In this case, planning is a mechanism that replaces prices and the market, the firm as a subject of the market system is subject to the price mechanism, the law of supply and demand. Within this system, prices are the main coordinator of the actions of its participants, and it is they who determine the volumes and methods of production and consumption of goods and services that are beneficial for sellers and buyers. However, during internal environment of each business unit, the price mechanism is superseded by the conscious and authoritative actions of managers who determine the main directions of intra-company activity.

The second meaning is specifically managerial. Here planning is a natural part of management. This is the ability to anticipate the goals of the organization, the results of its activities and the resources necessary to achieve certain goals.

Both aspects of planning are closely related. Financial planning is the most important component of the process of planning the activities of an enterprise and should be adequate to it in terms of goals and objectives.

The object of financial planning are financial resources, this led to the allocation of financial planning as a special type of planning. The movement of funds has a relative independence in relation to the material elements of production; and distribution mediated by money actively influences social reproduction.

The purpose of financial planning is to ensure production process appropriate in terms of volume and structure of financial resources (management of sources of funds) and their optimal distribution (investment policy and asset management).

For an organization, the value of financial planning is determined by the fact that it:

Worked out strategic goals transforms into concrete form financial indicators;

Sets standards for organizing financial information;

Shows the acceptable boundaries of the costs required to implement the entire set of plans of the company;

In terms of operational financial planning, it provides the necessary information for the development and adjustment of a company-wide strategy.

Financial planning is the process of developing a system of measures to provide the organization with the necessary financial resources and improve the efficiency of financial activities in the coming period. The financial planning process consists of several stages,

1. Analysis of the financial performance of the organization for the previous period. The calculation of indicators is based on the main financial documents of the organization - balance sheet, income statement, cash flow statement (cash).

2. Long-term financial planning.

3. Operational financial planning. Financial planning, like any other process, ends with the practical implementation of plans and control over their implementation.

In an organization, financial planning contributes to the identification of internal reserves, compliance with the savings regime. This is manifested in the fact that, firstly, it aims at the effective use production capacity, improve product quality; secondly, the fulfillment of plans for profit and other financial indicators (for example, the amount of depreciation deductions for the complete renewal of fixed assets) is possible if the planned norms of labor and material resources are implemented; thirdly, the amount of financial resources determined by the plan does not allow the organization to create excess stocks of material resources, to make unscheduled capital investments.

The main tasks of financial planning on a national scale:

Determining the sources and volumes of financial resources necessary for expanded reproduction, their division between production and non-production areas;

Concentration in the hands of the state of a centralized fund of funds necessary for the successful performance of state functions;

Ensuring the necessary proportions in the division and use of financial resources;

Stimulating the most efficient use of material, labor and financial resources, reducing the cost of production and identifying intra-production reserves.

Tasks are performed through:

The main financial plan of the state - the state budget and budgets of all levels;

Credit and cash plan Central Bank and commercial banks;

Balance sheets and reports of state organizations and organizations, as well as collective owners;

Financial plans of economic organizations;

Estimates of institutions that are financed from the budget.

The formation of financial plans and forecasts is based on the principle of scientific justification and subject-target approach. Scientific rationale planning provides economic justification financial indicators, displaying the real processes of economic and social development, balance of financial resources.

The subject-target approach provides for a specific purpose of financing (wages, food, medicines, construction of specific facilities or their overhaul etc.).

In financial planning, special methods are used, including: the method of coefficients, normative and balance.

The method of coefficients is based on the use of appropriate coefficients in relation to the results of a certain period of time: year, quarter, month. For example, indexing wages is carried out using coefficients that are determined by the statistical authorities according to the price increase index.

The main disadvantage of this method is that it does not encourage the discovery of reserves and does not promote the implementation of a savings regime.

The normative method is based on the use of progressive norms and standards, while taking into account the characteristics of the industries of the production and non-production spheres, as well as the corresponding changes in the previous period.

This method makes it possible to objectively assess the needs of industries for financial resources, create real conditions of interest and responsibility in an economical and efficient use financial resources. In the context of the transition to a market economy, it is the normative method of planning that makes it possible to foresee the strategic needs for financial resources.

However, the normative planning method is not a panacea, its effectiveness depends on:

Consistency of methods for determining norms and standards at all levels in different years;

The complexity of planning for all sections, paragraphs and articles of the budget classification and for sectors of the national economy;

Timely determination of norms and standards (for example, during price liberalization), substantiation of methods for their calculation;

Efficiency of regulation and use of norms and standards.

As well as normative method in the transition to market economy the balance method is used, which helps to balance the sources of resources with the planned costs, establish the relationship between production and financial indicators, and create financial reserves.

For our conditions, the most optimal is the combination of normative and balance methods. In organizations, almost the entire financial planning system is based on the balance method. Each financial plan is developed in the form of a balance of expenses and income. That is, the proportions are determined by comparing and linking the needs for financial resources with the sources of their formation.

Despite the supposed independence of individual financial plans and movements of financial resources at various levels of management, they are all interconnected, as they are generalizations of different aspects of the creation, distribution and use of a part of the value of the total domestic product.

AT government organizations the planning function is traditional, but their planning experience comes mainly from the period of the centrally controlled economy. Planning for them was of a secondary nature, reflecting planned activities at the central and sectoral levels, and, therefore, did not imply a serious ability to analyze and foresee, determine own goals development.

Modern market makes special demands on the organization, which master the experience of intra-company planning.

Within these two directions it is possible to detail the tasks of financial planning as follows.

The first direction involves a detailed assessment:

The volume of required financial resources;

Terms of engagement (on a short-term or long-term basis);

Degrees of availability and timing of provision;

The cost of owning this type of resource;

The risk associated with this source of funds.

The second direction provides for the analysis and evaluation of long-term and short-term investment decisions:

The optimality of the transformation of financial resources into other types of resources (material, labor, etc.);

Expediency and efficiency of investments in fixed assets, their composition and structure;

Optimality working capital;

Efficiency of financial investments.

In the economic literature, the management and planning of an enterprise's activities are usually divided into two large categories - strategic and tactical.

Strategic planning involves the formulation of goals, strategies, scope, scope of the enterprise for a long period.

Strategic planning consists in the development and implementation of a set of functional (specific) strategies - innovative, marketing, investment, financial, organizational, pricing, etc. Accordingly, strategic financial planning is designed to form the financial strategy of an enterprise.

The formation of a financial strategy is associated with the setting of financial goals and objectives of the enterprise; maintenance of financial relations between the enterprise and subjects environment(business partners, financial market, government bodies and etc.).

The financial strategy should be consistent with the goals and directions formulated by the overall strategy. Also, the financial strategy itself has an impact on the overall strategy of the enterprise, since a change in the situation in the financial market entails an adjustment in the financial, and then the general development strategy of the economic entity.

Financial goals are individual for each enterprise, since enterprises may have different interests in the formation and use of profits, payment of dividends, increase in property and sales volumes.

The period of formation of the financial strategy depends on the duration of the period of formation of the general strategy for the economic development of the enterprise. The factor influencing the general and financial strategies of an enterprise is the stability and predictability of the development of the economy as a whole. It is advisable to define the period of strategy formation as medium-term - 3-5 years.

The final document characterizing the ways of achieving the set financial goals of the enterprise and linking its income and expenses is the strategic financial plan. The plan is designed to provide management of the enterprise, based on the chosen strategy, in order to solve the tasks facing it. AT general view the structure of the strategic financial plan is as follows:

1. Investment policy.

2. Management of current assets.

a) money management;

b) inventory management;

c) management accounts receivable and credit policy.

3. Structure of sources and dividend policy.

4. Financial forecasts.

a) analysis financial terms;

b) income and expenses of the enterprise;

c) pro forma financial statements;

d) cash budget;

e) the need for external financing.

5. Accounting policy.

6. Management control system.

Strategic planning is the process of selecting long-term goals for an organization and the best way their achievements. Strategic financial planning determines the most important indicators, proportions and rates of expanded reproduction, this is the main form of achieving the goals of the enterprise. Need strategic planning of any business entity consists in such a choice of the goals of the organization, in which an increase in the value of the enterprise is achieved, profit is maximized and its financial structure is optimized.

AT modern conditions strategic financial planning covers a period of one to three years. Strategic planning includes the development of the financial strategy of the enterprise and the forecasting of financial activities.

Financial strategy development is a special area of financial planning, as being integral part the general strategy of economic development, it must be consistent with the goals and directions formulated by the general strategy. In turn, the financial strategy affects the overall strategy of the enterprise. A change in the situation in the financial market entails an adjustment in the financial, and then the general development strategy of an economic entity. The financial strategy includes the definition of long-term goals of financial activity and the choice of the most effective ways their achievements.

Based on the financial strategy, it is determined financial policy, which serves as a general guideline in making all financial decisions of the organization in specific areas of activity: tax, depreciation, dividend, emission, etc. The adopted financial policy determines everything management decisions. For example, the policy of financing the creation of a new product through the use of equity should be based on the reinvestment of all received net profit only for this development.

The basis of strategic planning is forecasting, which embodies the company's strategy in the market. Forecasting consists in studying the possible financial condition enterprises for the long term. Unlike planning, forecasting tasks do not include the implementation of developed forecasts in practice. The basis of forecasting is the generalization and analysis of available information, followed by modeling options development of situations and financial indicators.

Strategic financial planning includes the development of three main forecast financial documents:

* income statement;
* cash flow;
* balance sheet.

To draw up forecast financial documents, it is important to correctly determine the volume of future sales (volume of products sold). This is necessary for the organization of the production process, the effective distribution of funds, control over stocks. After compiling this forecast, the financing strategy of the enterprise is determined. Its essence is to determine the sources of long-term financing, the formation of the structure and costs of capital, the choice of ways to increase long-term capital.

Strategic planning is the process of selecting the long-term goals of an organization and the best way to achieve them. Strategic financial planning determines the most important indicators, proportions and rates of expanded reproduction, is main form realization of the goals of the organization.

The need for strategic planning of any business entity lies in such a choice of the goals of the organization, in which an increase in its value is achieved, profit is maximized and the capital structure is optimized. With the help of strategic financial planning, you can achieve:

1) optimal distribution and use of production, financial and labor resources;

2) achievement by the organization of a dominant position in the market;

3) adaptation to the external market environment through the analysis of strengths and weaknesses organization, use of its advantages, assessment of potential risks.

Strategic financial planning in modern conditions covers a period of time from one to three years. However, such a time interval is conditional, since it depends on economic stability and the ability to predict the volume of financial resources and directions for their use. In the course of strategic planning, active search alternative options, the choice of the best of them is carried out and the organization's development strategy is built on this basis.

The elements of strategic planning are the financial strategy of the organization and the forecast of its financial activities, the choice of goals and mission, scope, business targets and, on this basis, the development of a corporate strategy.

Financial strategy involves the definition of long-term goals of financial activity and the choice of the most effective ways to achieve them, which affects the overall strategy of the organization. A change in the situation in the financial market entails an adjustment in the financial, and then the general development strategy of an economic entity.

The goals of the financial strategy should be subordinated to the overall development strategy of the organization and aimed at maximizing its market value.

Important point when developing a financial strategy - determining the period of its implementation, which is influenced by a number of factors:

- dynamics of macroeconomic processes;

Trends in the development of domestic financial market(taking into account dependence on world financial markets);

Industry affiliation of the organization and the specifics of production activities.

Based on the financial strategy, it is determined financial policy - a general guideline in making all financial decisions of an organization in specific areas of activity: investment, tax, depreciation, dividend, emission, etc. For example, the policy of financing the creation of a new product through the use of equity should be based on the reinvestment of all net profits received in this development.

Tactical decisions are specific and designed to implement strategic plans in the short term. Great importance when forming a financial strategy, it takes into account risk factors.

The basis of strategic planning is forecasting, which is the embodiment of the company's strategy in the market. Forecasting consists in assessing the possible financial condition of the organization in the long term.

It involves the development of alternative financial indicators and parameters, the use of which allows you to choose the best option for the development of the financial position of the organization.

In the process of forecasting, the generalization and analysis of the available information, modeling of possible scenarios for the development of events and the calculation of financial indicators for the selected models are carried out.

Unlike planning, the task of forecasting is not the implementation of the developed forecasts in practice, since they are only a prediction of possible changes. Methods and methods of forecasting should be dynamic enough to take into account these changes in a timely manner.

The list of forecast indicators differs significantly from the indicators of the future plan. In some ways, the forecast may seem less detailed than the calculations of planned targets, but in some ways it will be worked out in more detail.

The starting point of forecasting is the recognition of the fact of stability of changes in the main indicators of the activity of an economic entity from one period to another. This position is all the more true because information base forecasts is accounting and statistical reporting organizations.

One of the most important elements strategic planning - the choice of goals of the organization. This process begins with the selection of a mission. The main purpose of the organization, reflecting the reason for its existence, is defined as mission of the organization. It defines the rules for the operation of the organization, taking into account external conditions functioning and allows you to highlight the main issues: what, how and for whom is produced by the organization, what technologies are used in this process. If an organization faithfully realizes its mission, then it will certainly receive the profit necessary to ensure its sustainable growth.

On the basis of the formulated mission, organizations determine their goals. Strategic goal finds expression and implementation in the strategic plan and is closely related to the financial goals of the organization. In strategic planning, three stages are distinguished: growth, steady state, maturity (harvest), in which financial goals differ significantly.

Growth- this is the stage that the organization goes through at the very beginning of its life cycle, and the financial goal for it is the growth of income and sales in the target segment.

On the stage steady state most organizations set themselves financial goals related to ensuring profit (operating income, gross profit).

Stage maturity typical for organizations that are at that stage of their development, when it is time to "reap the harvest" received from investments in previous stages. The main goal is to achieve the maximum return on investment. The financial challenge at this stage will be to increase cash flow from operations and reduce working capital requirements.

Another element of strategic planning is the identification areas of activity organization to prioritize certain types her activities.

Business targets- the next element of strategic planning. They represent a set of criteria to achieve which the work of financial managers will be directed: market share, profitability, profit growth, the amount of economic value added.

Corporate strategy as the final element of strategic planning, it is aimed at achieving the goals of the organization and is an expression of general approaches to business, which will subsequently be reflected in financial plans.

In strategic planning, it is important to timely engage balanced system indicators (BSC). At the same time, it is also important to correctly transform the mission of the organization into specific tasks and indicators of the BSC.

After making this prediction, determine organization's funding strategy. Its essence is as follows:

In identifying sources of long-term financing;

In the formation of the structure and costs of capital;

In choosing ways to increase long-term capital.

In order to finance in domestic practice, equity and partner capital are attracted. Obtaining bank loans is currently extremely difficult due to a number of economic reasons.

The main mechanism for the implementation of the financial strategy is current and operational financial plans that allow for the current management of the organization's activities.

Strategic financial planning determines the most important indicators, proportions and rates of expanded reproduction, it is the main form of achieving the company's goals.

Strategic planning includes the development of the financial strategy of the enterprise and the forecasting of financial activities. The development of a financial strategy is a special area of financial planning, since, being an integral part of the overall strategy for the economic development of the company, it must be consistent with the goals and directions formulated by the overall strategy. The formation of the strategic goals of the financial activity of the company is the next stage of strategic planning. The system of strategic goals of the company should be formed clearly and concisely, reflecting each of the goals in specific indicators - standards. Typically, such strategic standards are used:

the average annual growth rate of own financial resources formed from internal sources;
minimum share of own capital ;
return on equity of the firm;
the ratio of current and non-current assets of the company, etc.

Based on the financial strategy, the financial policy of the company is determined in specific areas of financial activity: tax, depreciation, dividend, emission, etc.

The final stage in the development of the company's financial strategy is to evaluate the effectiveness of the developed strategy, which is carried out according to several parameters:

assesses how the developed financial strategy is consistent with the overall strategy of the company, by identifying the degree of consistency of goals, directions and stages of implementation of these strategies;
the consistency of the financial strategy of the company with the predicted changes in the external business environment is assessed;
the feasibility of the developed financial strategy is assessed, i.e., the company's capabilities in forming its own and attracting external financial resources are considered.

In conclusion, the effectiveness of the financial strategy is evaluated. Such an assessment can be based on predictive calculations of various financial indicators, as well as on the basis of a forecast of the dynamics of non-financial results of the implementation of the developed strategy, such as growth business reputation firms, increasing the level of manageability of the financial activities of its structural divisions etc.

The basis of strategic planning is forecasting, which is the embodiment of the strategy entrepreneurial firm On the market . Forecasting consists in studying the possible financial condition of the company in the long term. Forecasting is based on the generalization and analysis of available information with subsequent modeling of possible scenarios for the development of situations and financial indicators. An important point in the implementation of forecasting is the recognition of the fact of the stability of changes in the performance of the company from one reporting period to another.