To achieve its goals, an enterprise needs a financial strategy. During its development it is possible various options, but for any of them you will need to determine the planning period, outline the main financial goals and ways to achieve them. Equally important is monitoring the implementation of the strategy, which allows you to evaluate the effectiveness of activities, identify deviations from the planned result and adjust the strategy for subsequent periods.

Financial strategy of the enterprise or any other organization represents a master plan of action to ensure the enterprise in cash and their disposal. In our company, as in any enterprise, it includes the following elements:

• analysis and assessment of the financial and economic condition of the company;
• development accounting policy , as well as tax policy;
• fixed capital management and depreciation policy;
• management of current assets and accounts payable ;
• debt management;
• management of current costs, product sales and profits;
• dividend and investment policy;
• assessment of the company's achievements and its market value.

Expert opinion
Mikhail Pukemo,

For me, a financial development strategy means a set of principles and rules that define cash flows company, risk boundaries, as well as goals formulated in a specific set of indicators and rules for their formation. This strategy is closely related to the company's development strategy 1.

Personal experience
Alexander Papin,

The formation of a company's financial strategy is impossible if there is no general development strategy for the company, which is always set “from above” - by the owners, shareholders or board of directors 2. Even if the development strategy is not expressed in any detailed document, there is always a certain direction. Shareholders voice their wishes regarding market share, geographic distribution of business, level profitability . The company’s financial strategy is adjusted to this, in which the wishes of shareholders are reflected in certain numbers and indicators. I note that the initial information usually comes from marketing departments (primarily the revenue forecast), and the financial service is included in the calculations and contributes to the selection of the most suitable business development model.

Often, a company does not have a developed and approved corporate strategy, so the financial director, as a rule, helps the manager and owners formalize business development criteria and determine key indicators. Sometimes it is necessary to choose the most optimal one from two or three options for the development of a holding.

Personal experience
Mikhail Pukemo, President of Alta Group (Moscow)

Since the goal of any business is profit, any strategy should be aimed at financial success. Any actions and strategies used in the enterprise must lead to changes in the monetary component, otherwise these actions are meaningless. I will give an example of the relationship between strategies in trading company: the financial component of the corporate strategy involves increasing revenue and profit by X times. To achieve this, the marketing component of the strategy involves expanding the product portfolio. Financial indicators of revenue and profit are based on the actions and goals described in the marketing part of the corporate strategy.

Sergey Vorobiev, Financial Director of the Relief Center company (Ryazan)

Finance is a service function, and the financial strategy matrix will largely depend on marketing strategy companies. Therefore, the first thing we need to do is get an answer to the question of what will happen to the market in which we operate in 3 – 5 – 10 years (depending on the planning horizon), then decide on a marketing strategy - who we are, where we want to be and who we want to become. As a rule, marketing analysis reveals several development paths.

For example, when analyzing the market, it was revealed that one of three products can be sold - A, B or C. Investments in the production of each product are significant, the payback period exceeds three years. During the calculations, it turned out that the NPV indicator for product B is maximum, but if you choose product A, then if the market situation changes and demand shifts towards product C, it will be possible to re-adjust the equipment in as soon as possible without investing significant funds. And vice versa: if you launch product C, then if the market situation changes, you can switch to product A.

Next, these options are offered to owners, who choose the most suitable risk-return ratio for them: either the maximum value of the business with high risks, or a lower value with the least significant risks. In any case, it is necessary to invest in projects with a positive NPV indicator.

Development of a financial strategy in large companies shareholders almost always delegate to the board of directors. In this case, the financial director plays the role of consultant and coordinator of the entire process. In particular, he advises other top managers of the company in developing their own functional strategies (production, marketing, HR strategy, etc.). The main challenge is to ensure that functional strategies meet the objective of increasing profits. Through financial director There is a primary coordination of the provisions of these strategies and the elimination of contradictions between them, for example, resolving the always existing dilemma between profitability and liquidity of the business. In addition, he is responsible for disclosing to owners information about financially problematic areas.

However, it is highly undesirable for the financial service to be solely responsible for the process of developing a financial strategy. In this case, the company's business interests may be sacrificed to the goal of maximizing monetary results. For example, the CFO may insist on increasing per-unit profits without considering the risk of losing market share, or suggest issuing additional shares instead of issuing bonds as a less expensive option.

Personal experience
Vadim Karlinsky,

Typically, strategies begin to be developed when external business conditions change dramatically, or when the number of internal contradictions and inconsistencies in business processes leads to an awareness of the need for qualitative changes.

In my practice, the main incentive for developing a financial strategy for an enterprise was often external factors. In the first case it was the crisis of August 1998, in the second it was the need to find one’s place in an industry that was subject to restructuring. And only once was this caused by an understanding of the need for internal business improvement.

All managers of the financial block were involved in developing the strategy of our company. Initially, a SWOT analysis was carried out, on the basis of which, given the vision of the overall development of the company during discussions, brainstorming a search was conducted for strategic alternatives. Then a specially created group of analysts, led by the financial director, selected the best one from the alternatives, which became the basis for further refinement of the strategy.

Alexey Purusov, Group CFO Ralf Ringer believes that a financial strategy is especially necessary for two cases. Firstly, to hedge risks. Secondly, to manage enterprise expenses. For more detailed tasks, watch the video.

Stages of developing a financial strategy

First of all, you need to determine the period of validity of the strategy, the goals of financial activities, formulate a financial policy and detail the financial indicators for the periods of implementation of the strategy. Let's take a closer look at each of the stages.

Strategy period

Types of financial strategy are divided into general and operational. The first covers, for example, the relationship of budgets at all levels, the principles of formation and use of company income, the need for resources and the sources of their formation for the medium (long-term) period.

Operational strategy addresses the day-to-day management of financial resources. It is developed within the framework of the general plan, detailing it for a specific period of time.

The period of validity of the general financial strategy of the enterprise should not exceed the period for which the general corporate development strategy is being developed. Depending on the predictability of the situation in the markets (financial and commodity), the duration of the general strategy can vary from three to five years. In a rapidly changing environment external environment this period may be reduced to one calendar year.

An operational strategy is usually short-term; it is formed for a year, a quarter, a month, and, if necessary, for a shorter period.

Personal experience
Valery Temkin,

In our company, the financial strategy is developed for three years. The business is of a project nature (development and development consulting), the duration of projects is 2-3 years. Every new project involves a new or updated strategy. Longer term strategic plans lose practical value due to the too volatile business environment.

Picture 1 Strategic financial goals of the company

Formation of strategic financial goals

The system of financial strategy goals can be presented as a “branch” of a tree of the company’s general strategic objectives. Building such a branch may include the following steps.

Step 1. Incorporating finance strategy into the overall company strategy in accordance with the ranking of corporate strategy goals. For example, a company's strategic goals tree can be set to three levels (see Figure 1).

Step 2. Establishing an integral financial goal, that is, a first-level goal. In most cases, this goal is the market value of the company, which can be determined both in absolute (increase in market value by N cu) and in relative terms (increase in market value by N%).

Step 3. Determination of the basic goals of the financial strategy (2nd level). The integral goal of the first level is detailed into subgoals, which will require specification of the assigned tasks and taking into account the specifics of the development of the enterprise. The first level goal can be achieved if the company has enough of its own resources, the return on equity is high, the structure of assets and liabilities provides an acceptable level of risks in the implementation process economic activity and so on.

Each of the goals outlined at this level must be formulated briefly and clearly, reflected in specific indicators - target strategic standards. For example, such target standards for certain aspects of the financial activity of an enterprise may be the share of the company’s own working capital in the total amount of equity capital; return on equity ratio; ratio of current and non-current assets; the minimum level of monetary assets ensuring the solvency of the enterprise; rate of self-financing of investments.

Step 4. Determining actions to achieve financial goals (3rd level). At this stage, a list of specific activities is proposed, for example, to carry out a bond loan in the amount of $N while paying P% for each bond period.

Personal experience
Alexander Papin, Vice President for Finance at Euroset (Moscow)

As an example, in our company, when developing a financial strategy, the marketing department first prepares a revenue forecast, that is, data on how many goods and services need to be sold in order to occupy the intended market share. Next, it is determined how much you need to open for this. retail outlets, how much it will cost. Based on forecast data, the financial service creates a budget of income and expenses, a cash flow budget, from which it becomes clear what resources will be required and whether there will be enough own funds to achieve the set goals. If the strategy is aggressive enough, then, most likely, one’s own profit will not be enough; accordingly, it will be necessary to determine what resources to attract and how to fill possible gaps.

Once all the information is compiled, you can understand whether the company is achieving a given level of profitability. If not, then certain measures are taken based on the proposals of the financial and analytical department - expenses are cut, margins are increased (the difference between revenue and cost), etc.

Financial indicators depend on the stage of business development

Igor Averchev,
senior project manager at MAG Consulting LLC

The life cycle of any enterprise includes several stages (initial stage, period of rapid growth, period of maturity, decline), which must be taken into account when planning and assessing the financial results of the company.

Initial stage. At this stage of development, product development, construction organizational structure companies or seeking investors may have more important than the financial indicators themselves. Gaining a place in the market with limited financial resources is the main task for young companies. Therefore, the most important financial indicators at the initial stage of enterprise development are revenue growth and operating cash flows.

A period of rapid growth. At this stage, the company continues to track revenue growth, but in comparison with profitability and asset management indicators (return on investment, residual profit). As capital increases, estimating cash flows becomes less important.

The period of maturity. At this stage of development, the company's main focus is on increasing income from attracted assets and equity capital. Therefore, strict control over fixed assets, associated cash flows and profitability is necessary.

Recession period. At this stage, there is a significant decrease in income. Operations remain profitable, but net income as a percentage of revenue is declining. However, operating cash flows tend to accelerate as working capital is reduced. Therefore, the management of the enterprise must take a very balanced approach to investment opportunities.

An enterprise can invest moderately in fixed assets and other assets, but the decrease in net attracted assets 3 is already quite significant. Return on investment and residual income indicators are relatively low. Returns on net assets attracted decline as quickly as net income declines relative to the base of net assets attracted.

Expert opinion
Ekaterina Demyanova,

To predict the financial result of activities for a given perspective, a financial model is used - a document containing the calculation of the holding’s performance indicators based on data on expected expenses and the planned volume of revenue. The initial data in it will be goals, forecasts, plans current activities and company development. If there are any regulations or restrictions in the industry (for example, the company operates in a market where quotas apply), then these should also be taken into account when modeling. The processed data will be a forecast of sales, costs and investments, and the output will be forecast budgets with specific target values. When the initial parameters change, the final financial indicators are recalculated 4.

Detailing of financial indicators

Planned indicators and a system of measures to achieve them are detailed for each period. For example, to implement a financial strategy, the board of directors can set a goal for 2007: to ensure, through a conservative dividend policy, an increase in equity capital by 10%, to attract a bond loan at a rate of no more than LIBOR + 5%, to reduce the financial cycle for the period remaining until the end of the year , up to N days.

Figure 2 Division of strategy into areas

Development of financial policy

The financial goals established at the previous stage are grouped in certain areas, forming the company’s financial policy (see Fig. 2). It can be multi-level. Thus, within the framework of the asset management policy, a management policy for current and non-current assets can be developed. Management of current assets may include principles for managing their individual types.

Personal experience
Vadim Karlinsky, project manager for opening a branch of Rosselkhozbank OJSC in the Perm region (Perm)

Developing a financial strategy usually involves several stages. First of all, we clarify the financial structure of the company, rethink the placement of responsibility centers (for example, we transfer investment centers to profit centers upon completion of the investment part of the projects). Then we analyze the factors influencing the value of the company, assess their significance (degree of influence) and outline an action plan to manage them.

In the future, “digitizing” the strategy, we determine, based on an analysis of the external environment, the values ​​of profitability indicators (capital, investments, assets, etc.) that must be adhered to, as well as their dynamics. Then we develop a policy regarding debtors and creditors. In addition to the usual indicators for monitoring the status and ratio of debts, it also includes mechanisms for working with debtors, schemes for offsetting mutual claims, rules for providing discounts, principles for placing temporarily available funds, and more.

The next step is to forecast business performance based on comparison with industry best practices. After calculating the turnover ratios of receivables and inventories, the need for working capital is determined and its profitability is calculated. Based on these calculations, plans for working with receivables and payables are adjusted, and decisions are made on the sale of non-core and unprofitable assets. When developing an investment policy, investments are grouped into categories, for each of which payback periods and internal rate of return are set, investment needs, goals and directions of capital investments are predicted.

The last step is the development of accounting policies for accounting and tax purposes.

Monitoring the implementation of the financial strategy

Typically, information for shareholders and the board of directors about the achievement of the company’s strategic goals and possible scenarios further development prepared by the financial service or internal audit service. Both the general and operational strategy are subject to control.

Expert opinion
Ekaterina Demyanova, Managing Director for Finance (CFO) of Intercomp Technologies LLC

To simplify control over the implementation of assigned tasks, you can draw up a general schedule for reporting on the holding from each business unit.

The graph can be a regular table along the vertical - a list of those responsible for reporting, along the horizontal - calendar days and periodic segments, and at the intersections - the names of the reports being submitted. It is better to develop unified report templates and distribute them to those responsible in advance along with detailed instructions by filling.

It is preferable to assess the degree of achievement of the intended goals in two ways. First, the level of achievement of the target indicator is determined (as a percentage of the planned value), and in addition, the target indicators are ranked according to the degree of their implementation. This will allow you to immediately identify leaders and outsiders. The latter should become " target audience» to find out the reasons for the failure.

For example, the board of directors considered several scenarios for implementing the strategy and approved the final indicators (see Table 1).

Table 1 Strategy targets

To assess their implementation at the end of the reporting period, a table is generated in which deviations of the actual indicators of strategy implementation from the planned ones are determined (see Table 2).

table 2 Financial Strategy Assessment

Figure 3 1 – borrowed capital, 2 – profitability of the insurance company, 3 – growth of balance sheet currency

Personal experience
Valery Temkin, Financial Director of Creswick Development LLC (Moscow)

Availability of a financial strategy and various methods its use had a positive impact on the results of our company. The owners made it clear what they want, and the managers - what they can do. The number of conflicts has decreased, the result has increased. However, I would not say that this is due solely to the emergence of a strategy. Its development was only the first step in the restructuring of the company - now this is often called the establishment of basic order in the company. Here is the opposite statement: without developing a strategy financial results It’s unlikely that they would improve, perhaps that’s true.

So, if a company has a financial strategy, it certainly becomes more manageable for management and transparent for owners, more flexible in responding to changes in the surrounding business environment and internal processes.

1 On the formation of the general development strategy of the company, see the articles “The role of the financial service in the formation of the company’s strategy”, “Features of the development of corporate strategy”. - Note. editors.
2 To learn how a financial director can find out the goals of a business owner, read the article “The first steps of a financial director in a new company.” - Note. editors.
3 Regulations management accounting Enterprise Performance Measurement (SMA 4D) defines net assets raised as the sum working capital, fixed assets, other assets, debt (long-term and current) and share capital. That is, this is the entire amount of funds that the enterprise has. Changes in their balance are caused only by incoming or outgoing cash flows of the enterprise. - Note. author.
4 About the connection between the budget and the strategy of the enterprise, see the article “How to link the budget with the company’s strategy.” - Note. editors.

• ensuring financial stability;
• ensuring financial positioning from an optimal point of view;
• fulfilling the tasks of shareholders, etc.

Introduction

1. Financial strategy of the enterprise

1.2 Principles and stages of developing a financial strategy

2. Express analysis of the financial condition of DAKGOMZ LLC, Komsomolsk-on-Amur for 2005

2.1 Characteristics of the enterprise

2.2 Production and economic activities of the enterprise

2.3 Headcount structure and level of wage costs

2.4 Structure of the enterprise's fixed assets

2.5 Determination of unsatisfactory balance sheet structure

2.6 Analysis of stability based on the amount of surplus (shortage) of own working capital

3. Development of a financial strategy for the development of the enterprise JSC "DAKGOMZ" for 2007 - 2010

Conclusion

Bibliography

Annex 1

Appendix 2

Introduction

Any society always sets itself the task of further self-improvement and raising the standard of living. Setting goals and their implementation require organized activity, and the latter requires planning. At the same time, the mechanisms for implementing plans, forms and methods of planning can be completely different and themselves influence the nature of production relations.

IN Lately The Russian economy has experienced two diametrically opposed approaches to the planning problem. Until the end of the 80s, planning was considered the basis for the organization of socio-economic life, the main lever of state economic policy and was largely of a directive nature.

Refusal to use planned methods of organizing activities has become last years in Russia, one of the reasons for the deep crisis in the country's economy. The issue of planning has received very little attention recently. Many of its aspects turned out to be undeveloped in market conditions.

Planning is often unjustifiably associated only with a pre-existing system, and its place in a market economy is not defined. In market conditions, enterprise finance becomes especially important. Bringing to the fore the financial side of enterprise activity has recently been one of the most characteristic features of the economic life of developed capitalist countries. The increasing role of business finance should be seen as a trend occurring throughout the world.

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time.

In the process of supply, production, sales and financial activities, a continuous process of capital circulation occurs, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, change. The financial condition can be stable, unstable (pre-crisis) and crisis. An enterprise's ability to make timely payments, finance its operations on an expanded basis, withstand unforeseen shocks, and maintain its solvency under adverse circumstances is evidence of its sustainability. financial condition, and vice versa.

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

The main goal of financial activity comes down to one strategic task - increasing the assets of the enterprise. To do this, it must constantly maintain solvency and profitability, as well as the optimal structure of assets and liabilities of the balance sheet.

Thus, sustainable financial position is formed by the entire economic activity enterprise, and its level indicates the quality of management and, in particular, financial management.

As part of the overall strategy economic development enterprise, the financial strategy is subordinate to it and must be consistent with its goals and directions. At the same time, the financial strategy itself has a significant impact on the formation of the overall strategy for the economic development of the enterprise.

This is due to the fact that the main goal of the overall strategy is to ensure high rates of economic development and increase the competitive position of the enterprise is associated with the development trends of the corresponding product market (consumer or production factors).

The purpose of this thesis is to examine theoretical aspect financial strategy of the enterprise and conducting an express analysis of the enterprise based on financial statements. An express analysis of the state of the enterprise is carried out on the basis of the financial statements of OJSC DAKGOMZ, Komsomolsk-on-Amur.

Based on your goals, you can formulate tasks:

Conduct a preliminary balance sheet review;

Analyze the property of the enterprise and give its characteristics;

Analysis of the enterprise's sources of funds;

Assessment of liquidity and financial stability;

Analysis of profitability and business activity;

Development of a financial strategy to improve the efficiency of financial activities of JSC DAKGOMZ.

The object of research of the thesis is OJSC "DAKGOMZ".

The subject of the study is the financial activities of JSC "DAKGOMZ".

The following techniques and methods were used to carry out this analysis:

Horizontal analysis;

Vertical analysis,

Method of financial ratios (relative indicators),

Comparative analysis.

To solve the above problems, an annual financial statements JSC "DAKGOMZ" for 2004, 2005, 2006, namely:

Balance sheet (Form No. 1 according to OKUD),

Profit and loss statement (Form No. 2 according to OKUD).

The practical significance of the thesis lies in the fact that the developed ways of improvement can be practically used to increase the efficiency of the financial activities of JSC DAKGOMZ.

1 Theoretical basis formation of the enterprise's financial strategy

1.1 The concept of financial strategy and its role in the development of the enterprise

When developing a financial strategy, it is necessary to take into account the dynamics of macroeconomic processes, development trends in domestic financial markets, and opportunities for diversification of the enterprise’s activities.

The financial strategy, the main objective of which is to achieve complete self-sufficiency and independence of the enterprise, is built on certain principles of the organization and includes the following:

Current and long-term financial planning, which determines for the future all cash receipts of the enterprise and the main directions of their expenditure;

Centralization of financial resources, ensuring maneuverability of financial resources, their concentration on the main areas of production and economic activity;

Formation of financial reserves that ensure sustainable operation of the enterprise in the face of possible fluctuations in market conditions;

Unconditional fulfillment of financial obligations to partners;

Development of accounting, financial and depreciation policies of the enterprise;

Organization and maintenance of financial accounting of the enterprise and business segments based on current standards;

Preparation of financial statements for the enterprise and business segments in accordance with current rules and regulations in compliance with the requirements of standards;

Financial analysis of the activity of the enterprise and its segments (priority economic and geographical segments, other segments as part of unallocated items);

Financial control of the enterprise and all its segments.

Covering all forms of financial activity of an enterprise, namely: optimization of fixed and working capital, formation and distribution of profits, monetary settlements and investment policy, financial strategy explores the objective economic laws of market relations, develops forms and methods of survival and development under new conditions.

Financial strategy includes methods and practices of generating financial resources, planning them and ensuring the financial stability of the enterprise. By comprehensively taking into account the financial capabilities of enterprises, objectively assessing the nature of external and internal factors, the financial strategy ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the market. Financial strategy involves determining long-term goals for financial activities and choosing the most effective ways their achievements. The goals of the financial strategy must be subordinate to the overall strategy of economic development and aimed at maximizing profits and market value of the enterprise.

Based on the financial strategy, the financial policy of the enterprise is determined in the following main areas of financial activity:

tax policy;

price policy;

depreciation policy;

dividend policy;

investment policy.

In the process of developing a financial strategy, special attention is paid to the production of competitive products, the mobilization of internal resources, the maximum reduction of product costs, the formation and distribution of profits, effective use capital, etc.

Taking into account risk factors is of great importance for the formation of a financial strategy. The financial strategy is developed taking into account the risk of non-payments, inflationary fluctuations, and the financial market.

Involves the formation and use of financial resources to implement the basic strategy of the enterprise and the corresponding courses of action. It allows the economic services of the enterprise to create and change financial resources and determine their optimal use to achieve the goals of the operation and development of the enterprise.

The importance of this functional strategy lies in the fact that it is in finance that all types of activities are reflected through a system of economic indicators, the balancing of functional tasks occurs and their subordination to the achievement of the main goals of the enterprise. On the other hand, finance is the source, the starting point for developing other functional strategies, since financial resources are often one of the most important limitations on the volume and directions of an enterprise’s activities.

The process of financial management at an enterprise, as a fairly dynamic process, is very sensitive to changes in the external economic and sociopolitical environment (business cycles of the economy, inflation rates, state economic policy, political situation, etc.). The process of justifying and making decisions in the field of finance, including structure and directions entrepreneurial activity, debt, dividends and assets - this is a process of strategic management, since it concerns primarily the long-term prospects for the development of the enterprise, and not operational actions. It is in this regard that the heads of economic services of enterprises must be in alliance with the top management of enterprises and participate directly in the development of the general (basic) strategy of the enterprise.

In conditions market economy The development of a financial strategy is preceded by detailed economic functioning of the enterprise, including:

Analysis of the economic activity of the enterprise;

Determination of the financial capabilities of the enterprise.

Analysis of the economic activity of an enterprise allows you to assess the efficiency of its activities, reveal bottlenecks and production reserves, determine factors for reducing production costs, increasing profitability, ways to increase labor productivity, the nature of workload and the efficiency of using basic production assets.

From the point of view of justification and development of the financial strategy of the enterprise, it is advisable to analyze economic activities in the following main areas:

Assessing the company’s ability to pay short-term obligations;

Assessment of the level (limit) to which the enterprise can be financed with borrowed funds;

Measuring the efficiency of the enterprise's use of the entire complex of its own resources;

Assessing the effectiveness of enterprise management, including the profitability of its activities.

Determining the financial capabilities of an enterprise is determined by assessing its present and future potential in fund formation, the size and sources of implementation of the basic development strategy of the enterprise. Therefore, financial capabilities not only determine the enterprise’s readiness for strategic actions, but also largely determine the nature of these actions. So, for example, with a growth strategy, such financial opportunities as the volume of financial resources in rubles and convertible currency, wear and tear of equipment and a number of others determine the choice of an alternative to the growth strategy: the development of new production, diversification, inter-company cooperation or foreign economic activity.

The main components of the enterprise's financial strategy.

1. Business structure. In accordance with the strategic goals, which are expressed in specific numerical indicators, and the developed basic strategy development of the enterprise, its economic services develop the basic principles of financial strategy:

Main directions of profit distribution;

Ensuring enterprise liquidity.

Increasing the assets of the enterprise, including financial resources and rationalizing their structure;

Special attention focuses on identifying sources of financing, including borrowing opportunities (for example, a special policy for obtaining loans may be justified).

2. Structure of accumulation and consumption. This component of the financial strategy is to optimize the ratio between consumption and accumulation funds, ensuring the implementation of the basic strategy.

3. Debt strategy. It determines the main elements of the credit plan: the source of the loan, the amount of the loan and the schedule for its repayment.

The importance of this component of the financial strategy of an enterprise is determined by the fact that the creditworthiness of an enterprise is one of the main properties of a stable existence in the market. It is for this reason that methods and methods of obtaining loans and repaying them are highlighted in a special debt strategy.

4. Strategy for financing functional strategies and major programs. This component of the financial strategy involves managing the financing of functional strategies and major programs, which does not fit within the annual period. Most often, this strategy includes decisions on capital investments:

On social programs;

To improve and restore existing assets (fixed production assets);

For new construction, acquisitions and acquisitions, R&D, etc.

As a result of the implementation of all components of the enterprise’s financial strategy, a long-term financial plan is developed, which is considered as a synthesizing document that balances all functional strategies, major programs and ensures the achievement of previously developed strategic development goals of the enterprise.

In the process of developing a financial strategy for an enterprise, it is necessary to be guided by three basic principles:

Simplicity;

Consistency;

Security.

The simplicity of an enterprise's financial strategy suggests that it should be elementary in its construction for perception by all employees of the enterprise, regardless of which department they work in. This allows us to hope that the actions of all employees of the enterprise will be aimed at achieving common goals of its development.

The constancy of the enterprise's financial strategy is due to the fact that in the event of fundamental changes in the implementation process, other functional divisions of the enterprise will not be able to immediately restructure, which will lead to an “imbalance” in the functioning of the enterprise.

The security of an enterprise's financial strategy presupposes that it is designed with a certain “margin of safety”, taking into account possible disturbances in the external environment. The presence of financial reserves and clear coordination of functional strategies means the security of the financial strategy from the point of view of achieving strategic development goals.

Successful implementation financial strategy is largely determined by the formation and development of a financial planning system, including short-, medium- and long-term planning.

Long-term financial planning should include planning for the capital structure and its relatedness. It is closely related to investment planning. the main task long-term financial planning - to ensure the enterprise long-term structural balance. This makes it possible to take timely measures if a certain imbalance occurs.

The purpose of structural maintenance of liquidity is to ensure that the enterprise is able to finance its activities by attracting its own and borrowed capital. Potential creditors of an enterprise evaluate it based on the use of special financial indicators, such as, for example, liquidity ratio.

As part of long-term financial planning, a certain balance of plans should be laid down. The financial system of balance sheets for the future is based on investment business projects, calculated taking into account discounted cash flows of funds advanced from own and borrowed capitalized resources. Planning the balance sheet structure allows you to assess the financial capabilities of the enterprise and predict at the early stages the potential willingness of creditors to provide borrowed capital.

At the same time, planning the balance sheet structure cannot reflect whether long-term receipts and payments in the field of investment turnover and long-term financing are in equilibrium for the same planning period. For these purposes, long-term balance sheet financing must be supplemented with generalized (integrated) financial planning focused on payment flows.

Long-term financial planning should be supplemented by medium-term planning, which provides for clarification of planned payments and receipts, their volumes and timing.

The approximate structure of the medium-term financial plan is given in table. 6.1.

The medium-term financial plan should have a rolling nature, which focuses on the main flows of payments in the enterprise. This plan should serve as a basis for ensuring current liquidity and complement the long-term financial plan.

Table 6.1 Structure of the medium-term financial plan

In addition, the medium-term financial plan should provide the opportunity for timely recognition of either a shortage or excess of financial resources in the enterprise.

The most detailed financial planning is carried out within the framework of a short-term financial plan. This plan should reflect the financial reserves that the company may have. Such reserves may include:

Liquid funds that exceed a predetermined amount;

Mobilized property of the enterprise (for example, funds from the sale of financial assets);

Expansion of credit lines;

Short-term expansion of the enterprise's equity capital base.

The financial strategy of any enterprise is determined by the strategic goals facing the enterprise, as well as the goals of the enterprise itself. financial management. As you know, the main goal of financial management is to ensure growth in the welfare of owners and maximize the market value of the company. Hence, financial strategy company is a master plan of action for the timely provision of the enterprise with financial resources (cash) and for their effective use in order to capitalize the company.

The development of a financial strategy for an enterprise consists of several stages. From the very beginning, it is necessary to determine for what period the financial strategy is being formed. Depending on the duration of the strategy, both the goals of financial activities and the degree of elaboration of financial plans depend.

The long-term financial strategy describes the principles of generation and use of income, the need for financial resources and the sources of their formation. The short-term financial strategy is developed within the framework of the long-term financial strategy, details it and describes the ongoing management of financial resources. Long-term and medium-term financial strategic plans for 3-5 years are formed in an enlarged form, and short-term financial plans for a year are worked out with a great degree of detail.

The next step in developing a financial strategy is to determine the goals of financial activities. Financial strategy is functional in relation to the company's corporate strategy, therefore, it must be included in the structure of the company's overall strategic goals. As you know, the main financial goal is to maximize market value while minimizing risk. Such a goal can be defined in both absolute and relative terms. The main goal is achieved if the enterprise has sufficient financial resources, optimal return on equity, and a balanced structure of equity and debt capital. The main financial goal is detailed into financial subgoals, for example:

• Profit
• Equity value
• Return on equity
• Asset structure
• Financial risks

Each goal must be clearly formulated and expressed in specific indicators, for example:

• Return on sales
• Financial leverage (ratio of equity and debt capital)
• Solvency level
• Liquidity level

Developing a financial strategy involves developing not only goals, but also developing an action plan to achieve those goals. The company's management must know how the current situation relates to the company's strategic goals. It is necessary to regularly monitor the achievement of strategic goals. To control the implementation of the strategy strategic goals are broken down into specific strategic tasks that need to be solved within a certain period of time. Control over the achievement of strategic goals is carried out by solving tactical problems. Established financial goals are grouped into areas, forming the financial policy of the enterprise.

Having a financial strategy makes the company more manageable for management and transparent for owners.

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The financing strategy is based on the selection of sources (internal and external) of own and borrowed funds for business development. For example, if new companies (startups) attract third-party investors, the financing strategy is based on borrowed funds from external sources.

Types of Financing Strategies

• Rapid growth strategy. The company's available funds are invested in current assets: more raw materials and supplies are purchased, and fixed assets are actively updated and repaired. production capacity. Variable costs(additional transportation costs, investments in personnel training, overtime payments) are financed through short-term loans. Financing based on a rapid growth strategy is important for conquering a new market segment and expanding the product range.
• Internal financing strategy (“ideal”). Operating activities and the company's current liabilities are covered exclusively by borrowed funds. This strategy increases the amount of available funds, allows you to actively increase staff salaries, and invest in research and development. However, in long term The model is very risky: lenders may demand immediate repayment of borrowed funds and also suddenly increase the interest rate.
• Equilibrium strategy. Fixed assets of the company (production facilities, technologies) and fixed costs production is covered by long-term loans with low interest rates. Working capital financed from the company's free finances, as well as through short-term loans. This model is universal, protects owners from sudden payments on expensive loans, and allows you to increase the amount of available funds in the company’s accounts.
• Traditional strategy. All company expenses are covered through long-term loans issued to owners at low interest rates. This model is suitable for young companies entering the market with little capital and lack of an established customer base. Traditional financing is liberating own funds company to expand the business, but the amount of capital must be sufficient to cover the loans.

Factors influencing the choice of financing strategy

• Duration of the operating cycle and sustainability of financial flows. Manufacturing companies that consistently sell large volumes finished products, can actively use expensive short-term loans. Costs are covered by profits, while own funds remain free.
• Structure and profitability of enterprise assets. A company in the service sector may own profitable assets (commercial real estate, funds in bank accounts, intellectual property). Manufacturing plants own fixed assets (machines, workshops, technologies, raw materials and supplies), which are more difficult to convert into financial assets.
• The magnitude of the tax burden and the level of risks in the industry. Depending on the market niche and the characteristics of production, the company pays additional taxes (for example, petrochemical production) or receives benefits (for example, builders of infrastructure and social facilities). Innovative companies traditionally operate with a higher level of risk than manufacturing and trading companies.
• The company's position in the market and the dynamics of demand in the industry. Manufacturers of unique products that are in stable demand are actively attracting borrowed funds with minimal risks for business.