Financial section of the business plan. Financial plan in a business plan: why you need it and how to make it. Return to the list of instructions for writing a business plan

Considers the issues of financial support for the activities of enterprises, firms, organizations and the most efficient use of available financial resources based on an assessment of current financial information and a forecast of the volume of sales of goods and services in the markets in subsequent periods.

The financial plan is developed in the form of the following forecast financial documents:

forecast financial results;
projecting cash flow;
forecast balance of the enterprise.

As a rule, the forecast period covers 3-5 years. Consider the sequence of designs using the same example of an enterprise that has already worked in the field of food production and wants to release a new type of product in the forecast period. He is interested in how the results of activities will develop in the future, taking into account the new production program.

Forecast of financial results

The purpose of the forecast of financial results is to present the prospects for the activities of the enterprise in terms of profitability (Table 1). Investors will be especially interested in the level of profitability in the coming period, as they can see what share of the profits the enterprises will receive.

1st, 2nd year, etc. are the years of the forecast period, beginning with the year following the business plan development (base year).

The starting position for compiling this forecast is planning the volume of sales in physical and value terms. In this case, the calculations are carried out for all types of products, and then summarized in the result presented in Table. 1 (line 1).

Subtracting from net sales, we get the gross profit. Cost indicators have already been calculated in the "Production plan" section of the business plan in question.

Table 1. Forecast of financial results, thousand rubles

Operating costs include the costs of developing a new type of product, marketing research, administrative and marketing costs.

The indicator "Balance sheet profit" (line 6) is obtained by subtracting operating costs and the amount of interest paid from gross profit.

Taxes from profits in our example are significant - 50% of book profit minus the amount of past losses carried forward (negative profit). Loss carry forwards are determined by adding last year's retained earnings (if negative) to current year's net income.

The difference between the balance sheet profit (line 6) and the corresponding amount of income tax paid (line 7) gives the net profit indicator (line 8).

This indicator, along with indicators of net sales and cost of goods sold, are fundamental for further analysis of the dynamics possible changes financial situation for five years.

As a rule, such calculations are of a multivariate nature depending on the expected sales volume, prices, production costs (optimistic forecast, pessimistic forecast, average forecast).

Cash flow design

This projection does not reflect income and expenses, but the actual receipt of funds and their transfer (Table 2). That is why the final figure of the cash flow projection reflects the balance of the company's cash flow. The forecast of financial results can be transformed into a cash flow projection through a number of adjustments.

In the projection of financial results, the estimated values of income from sales, net profit are shown. In contrast, cash flow reflects the actual receipt of sales revenue. To move from actual to calculated indicators, it is necessary to take into account the expected timing of receipt of sales payments.

If the forecast of financial results reflects the costs incurred in a given period, then the cash flow projection shows the actual payment of these costs. It should be taken into account that some costs may be covered immediately, while others - after a certain period of time. To carry out the harmonization of indicators, it is necessary to understand the nature of the credit policy of the enterprise.

It should be borne in mind that in the initial period of the existence of an enterprise, its position with funds will be much more important than profitability, since this factor most accurately characterizes its viability.

Table 2. Projection of cash flow, thousand rubles.

The cash flow projection reflects the flow of all money from all sources, including not only proceeds from the sale of products, but also proceeds from the sale of shares or borrowed funds from the sale of certain assets.

In our example, it is assumed that the minimum cash balance will be 7 thousand rubles. The funds are planned to come from sales of manufactured products (line 1) and proceeds from the sale of company shares in the first two years of the forecast period (225 thousand rubles and 125 thousand rubles, respectively). The level of proceeds from sales will depend on the nature of settlements with buyers of products.

When designing the expenditure of funds, the amounts of operating costs are planned, for payment of direct labor costs, the raw materials used (depending on the volume and range of products).

Line 5 "Capital investments" reflects the expenditure of funds to replenish fixed assets (purchase of equipment, etc.) in the amounts provided for in the design of the "Production plan" section.

In our example, the development of production in the forecast period will occur due to own funds enterprises, their replenishment by additional issue of shares, as well as short-term loans. Long-term lending is not provided, so line 6 contains zero values for this indicator. Payment of interest on loans (line 7) is carried out only on short-term loans, taking into account the terms of the loan.

Having calculated the income and expenditure of funds by years, we obtain such an important indicator as net cash flow (line 8), as well as the balance of cash flow (line 9). Given the need to maintain reserve funds (the last line) and the volume of repayment of short-term loans already taken, it is possible to calculate the required volume of loans for the forecast periods.

When designing cash flow, keep the following in mind:

the uncertainty of most financial and other projections increases with the expansion of the time range: for the first 12-24 months, monthly and quarterly projections are quite acceptable;
when determining the amount of funds to start the production of new products, it is almost impossible to calculate the amount of necessary working capital without monthly cash flow projection.

The calculation of the monthly cash flow can become the basis for developing a number of goals, thanks to which it becomes possible to manage the enterprise and correctly assess the results actually achieved by it.

Enterprise balance design

As you know, the balance sheet does not reflect the results of the company's activities for any period of time, but is its instant "snapshot", showing from a financial point of view its strengths and weak sides at the moment. The balance sheet brings together the assets of the enterprise (what it has), its liabilities (how much and to whom it owes), as well as equity.

Balance projections are compiled, as a rule, at the end of each year from the forecast five-year period (Table 3). These balance sheets are compiled on the basis of the original balance sheet of the base year, taking into account the expected features of the development of the enterprise in the forecast period (changes in financial results, operating characteristics, attraction of own and borrowed money and etc.).

It is believed that this document is less important than projections of financial results and cash flows, but it is the predictive bank that specialists (lenders, investors) carefully study in order to assess what amounts will be invested in assets and at the expense of which liabilities.

When preparing balance sheet designs, special attention should be paid to the following features:

even if the enterprise is just starting to work, some part of the assets must be formed at the expense of its own funds;
the share of equity capital is of great importance for creditors and investors, since significant financial obligations of this kind will mean the seriousness of intentions to develop entrepreneurship;
the level of liquidity of the balance sheet plays a significant role, since having sufficient liquidity, the company can afford a more maneuverable policy.

Table 3. Projection of balance sheet indicators by years, thousand rubles

When designing the balance sheet, it was taken into account that the “Cash” item includes short-term investments, and their level is maintained at the minimum balance value (7 thousand rubles) by attracting short-term loans. The main assets include capital investments aimed at purchasing equipment that is depreciated for more than five years.

When designing liabilities, the need to obtain short-term loans to finance the cash deficit and maintain a minimum cash balance is taken into account. Equity capital includes the existing initial investments (55 thousand rubles) of the co-founders of the enterprise, as well as the planned issue of shares, which in the first and second years of the forecast period can provide the necessary inflow of funds for the successful launch of this production.

Retained earnings include gains and losses from the first year. Previous costs are included in pre-production costs and are planned to be reimbursed within 10 years in equal installments.

After completing the design of the financial section of the business plan, they proceed to express analysis financial activities businesses during the forecast period.

Express analysis of predicted indicators

The financial plan is the most important section of business plans, which are drawn up not only to justify specific investment programs, but also to manage the current and strategic financial activities of the enterprise.

At the same time, a very important step financial planning is to conduct serious analytical work by calculating the most important relative indicators (financial ratios), the dynamic series of which allow you to determine the trends in the development of the financial situation at the enterprise when making specific decisions (in our case, when releasing new products).

Financial ratios are calculated on the basis of the data obtained during the design and comprehensively characterize the project under consideration. As a rule, at this stage of forecasting, the calculation of the most important indicators is carried out, giving an idea of the level of solvency, profitability of the enterprise in the period under review.

The purpose of this kind of express analysis is to present in the most concrete form the development trends of the enterprise in the conditions of the declared action program, making a conclusion about the expediency (inexpediency) of this project. Financial ratios calculated based on the results of the projections are included in the financial summary table (Table 5) and can largely influence the opinions of potential creditors and investors.

Here are some indicators that are calculated to assess the predicted results of the enterprise. These include: liquidity indicators, characterizing the ability to repay short-term debt; indicators characterizing the management of funds, - the period of inventory turnover, receivables, the period of repayment of accounts payable (Table 4).

To assess the financial stability of an enterprise or the degree of dependence on debt obligations, the ratio of borrowed and own funds is calculated. It allows you to judge the stability of the company and its ability to raise additional funds.

Table 4. Projection of financial ratios

Profitability indicators include the rate of return (the ratio of net profit to net sales), return on equity (the ratio of net profit to equity) and return on assets (the ratio of net profit to the total assets of the enterprise).

Financial ratios characterizing the profitability of the enterprise, the expected level of solvency, along with other important indicators of the enterprise's activity, are included in the financial part of the summary business plan(section I).

For our example, the indicators of the financial summary are given in Table. 5. Forecast indicators of net sales, net profit for the coming period show a positive trend in the development of the enterprise (an increase in sales by the fifth year by more than four times, net profit - from negative values in the first year of the period (-190 thousand rubles) to high enough in Last year(+317 thousand rubles). The conclusions about the good prospects for the development of the enterprise in the implementation of the goal (production of a new type of product) are supported by the values of the calculated financial ratios (the rate of return increases from 0.0 to 11.2%; return on equity - from 0.0 to 53.6%; return on assets — from 0.0 to 36.2%).

From the calculations given in the financial section of the business plan, it can be seen that the current liquidity level of the balance sheet is unstable, however, starting from the fourth year of the forecast period, its values exceed the normative level.

Table 5. Financial Summary

One of the most important indicators is the ratio of borrowed and own funds (see Table 5). In the second and third years, it is planned to increase this indicator, and in the third year to 156.1%, which reflects the company's tactics for forced short-term borrowing to cover the increasing volumes of working capital. However, in the fourth and fifth years, this indicator noticeably decreases.

The above calculations allow us to assert that the values of financial ratios in the fourth and fifth years indicate good prospects for the development of the enterprise. In the first two years of its operation, financial difficulties will be quite tangible, although they will be overcome by a properly defined borrowing policy while maintaining a sufficient level of liquidity.

Sometimes a financial plan is concluded with a break-even analysis to show what the sales volume must be in order for the enterprise to break even. Such an analysis is of some importance for potential creditors of the enterprise.

federal agency of Education

State educational institution
higher vocational education
"St. Petersburg State
University of Engineering and Economics"

Faculty of Entrepreneurship and Finance

Department of Finance and Banking

Coursework by discipline

FINANCIAL MANAGEMENT

Completed by: Alekseeva Anastasia Bakhtierovna

3rd year student 3.10 term of study

specialty 080105 "Finance and Credit"

Group 8/3371

Record book number 33980/07

Signature___________

Checked: ___________________________

Grade:______ Date_________________

Signature____________

St. Petersburg

In a rapidly changing economy, it is essential for managers to take appropriate responses in a timely manner. Invaluable assistance here is provided by planning, which allows you to analyze the entire range of future business operations. It is on the basis of planning further development enterprises there is a real opportunity to minimize the internal and external risks of the company, to maintain the flexibility of production management. If work without a plan is a forced reaction to events that have already occurred, then activity based on a plan is a managerial reaction to expected and planned phenomena.

The relevance of the business plan is predetermined by the fact that not a single serious management decision can be made without a business plan presented in one form or another.

In difficult economic conditions of the period of transition to the market, the business plan of an enterprise should, first of all, solve the problems of improving its financial condition. In this regard, consideration of the financial aspect of the business plan is most relevant.

In the first chapter term paper will be considered: characteristics of the market environment of the enterprise; state regulation of the financial activity of the enterprise; functions, goals and objectives of financial management; financial mechanism and financial instruments.

In the second chapter, we will briefly consider the business plan of the enterprise, and the financial section of the business plan will be disclosed in more detail.

In the third chapter, we will develop a financial plan for the production of confectionery.

In a broad sense, the market is a sphere of manifestation of economic relations arising between people in the process of production, distribution, exchange and consumption. In a narrower sense, the market is the sphere of commodity circulation and the associated set of commodity-money relations that arise between producers (sellers) and consumers (buyers) in the process of buying and selling goods.

An extended interpretation reveals a very important essential aspect of the market, which makes it possible to determine its place and role in the process of reproduction: the market provides an organic connection between production and consumption, is influenced by them and itself influences them. The market determines the real volumes and structure of various needs, the social significance of the production product and the labor spent on its manufacture, establishes the relationship between supply and demand, which forms a certain level of prices for goods and services.

The desire to gain an advantage in the market stimulates intensive innovative activity manufacturers, aimed at the timely renewal of the technical and technological base of the enterprise, the development of new types of products and services, and also enhances the motivation of employees to improve their skills, creative and high-performance work.

Market relations are general character, extend to all economic spheres and regions of the country, penetrate into all parts economic system states. Many subjects enter into these relations, and a variety of goods and services enter the sphere of circulation, which formulates a complex and multidimensional market structure.

The greatest coverage of market entities, their grouping taking into account the specific features of market behavior is achieved by identifying five main types of markets:

consumer market - individuals and households who buy goods or receive services for personal consumption;

Producer market - a set of individuals and enterprises that buy goods to use them in the production of other goods and services;

· the market of intermediate sellers (intermediaries) - a set of persons and organizations that become the owners of goods for resale or leasing them to other consumers with a profit for themselves;

the market of public institutions that buy goods and services for the sphere public utilities or to ensure the activities of various non-profit organizations;

international market - foreign buyers, consumers, manufacturers, resellers.

The uninterrupted functioning of such a complex and multi-level system as the market requires a highly developed and widely branched general and special infrastructure that takes into account market features. The market infrastructure is made up of a set of organizations (institutions) with different activities, ensuring effective interaction between commodity producers and other market agents that carry out the circulation of goods, the promotion of the latter from the sphere of production to the sphere of consumption.

The most important elements of the market infrastructure include: commercial information centers, commodity, stock, currency exchanges; commercial, investment, emission, credit and other banks; transport and storage networks; communication systems, etc.

Principles of behavior of business entities in the market:

1. A special place is occupied by the principle of social partnership, which, based on the breadth of coverage of behavioral aspects and directions for their implementation, belongs to the basic ones, and therefore defines any developed market economy as socially oriented.

2. Another important principle of behavior in the market is the principle of free enterprise.

In order to create a favorable economic environment, it is necessary to develop and comply with certain ethical norms for the behavior of business entities in any market. Along with general ethical values (mutual trust, decency, conscientiousness, honesty, respect for a person, faith in his strength, high motivation for creative work), they also include the rules of ethical behavior in business: loyalty to the word and helpfulness in relationships, business honesty and partner reliability. , observance of trade secrets and other rules that meet highest standards business honor. All this taken together contributes to the formation of the company's image as a partner with whom long-term, reliable and mutually beneficial cooperation is possible, which is vital in a rapidly changing market environment.

IN modern conditions The effectiveness of enterprises' activities largely depends on the state. The state influences all spheres economic activity society by performing legal, economic, social, defense, managerial and other functions, tk. the market cannot regulate economic and social processes in the interests of the whole society. The prerogative of the state is to ensure proper law and order in the country and its National security, which is the basis for the development of entrepreneurship and the economy.

State regulation in market conditions is a legislatively formalized system of external influence on the finances of enterprises.

The state forms financial policy at the macro level and carries out legislative regulation of finance at the micro level. It determines the procedure for the formation, distribution and use of centralized funds of financial resources, which serve as one of the sources of financing for enterprises.

The main directions of state regulation of the financial activities of enterprises are: the tax system, pricing, foreign economic activity, money circulation, lending, forms of payments and settlements, organization of circulation of securities, budget financing, composition and competence of government bodies in resolving financial issues, state guarantees, licensing of certain types of activities.

The mechanism of state influence on entrepreneurial activity is economic (indirect) and administrative (direct) methods. They should be used in combination when conducting fiscal, investment, price, depreciation, monetary and other policies in such a way as not to destroy market fundamentals and prevent crisis phenomena.

The economic methods (indirect) of the state's influence on entrepreneurial activity are quite diverse. The main ones are: taxes; ways to redistribute income and resources; pricing; state entrepreneurial activity; credit and financial mechanisms, etc.

Administrative methods (direct) should be used if economic methods are unacceptable or not effective enough. These include: restrictions; prohibitions; limits; quoting; and etc.

Economic and administrative methods have an impact on the financial activities of enterprises.

Enterprise finances serve as the main instrument of state regulation of the economy. With their help, the regulation of the reproduction of the produced product is carried out, the financing of the needs of expanded reproduction is ensured on the basis of the optimal ratio between the funds allocated for consumption and for accumulation. Enterprise finance can be used to regulate sectoral proportions in a market economy, help accelerate the development of individual sectors of the economy, create new industries and modern technologies, acceleration of scientific and technological progress.

World experience shows that in conditions of economic reform, in crisis situations, the role of the state increases, in conditions of stability and recovery it decreases.

Financial management as science is a system of principles, methods of development and implementation management decisions associated with the formation, distribution and use of financial resources of the enterprise and the organization of the turnover of its funds.

Financial management can be defined as a purposeful activity of the subject of management (top management of the enterprise and its financial services), aimed at achieving the desired financial condition of the managed object (enterprise), in other words, managing the enterprise to achieve its intended financial results and their effectiveness.

The goal of financial management is to maximize the wealth of owners through rational financial policy based on: long-term profit maximization; maximizing the market value of the firm.

Tasks of financial management:

Ensuring the formation of the volume of financial resources necessary to ensure the intended activities;

Ensuring the most efficient use of financial resources;

Optimization of cash flow;

Cost optimization;

Ensuring profit maximization of the enterprise;

Ensuring minimization of the level of financial risk;

Ensuring the constant financial balance of the enterprise;

Ensuring sustainable growth of economic potential;

Assessment of the potential financial capabilities of the enterprise for the coming periods;

Ensuring target profitability;

Bankruptcy avoidance (anti-crisis management);

Ensuring the current financial stability of the organization.

Carrying out its main goal, financial management performs certain functions. The functions of financial management are divided into two groups: the functions of financial management as a control system; functions of financial management as a special area of enterprise management.

The main functions of financial management as a control system: the function of developing the financial strategy of the enterprise; organizational function; information function; the function of analyzing various aspects of the financial activity of the enterprise; planning function; stimulating function; control function.

Functions of financial management as a special area of enterprise management: asset management; capital Management; investment management; cash flows; financial risks.

As a management process, financial management is based on the use of a financial mechanism - a system of organization, planning and use of financial resources. The financial mechanism is a system of basic elements that regulate the process of development and implementation of management decisions in the field of finance, that is, the financial management system of enterprises.

The financial mechanism should contribute to the most complete effective implementation of its functions by finances, their interaction.

As a system of basic elements regulating the process of development and implementation of management decisions in the field of financial activities of enterprises, the financial mechanism includes: legal regulation; market regulation (supply-demand); internal regulatory mechanism (plans, regulations, procedures, organizational structure); a system of methods and techniques for managing the financial activities of an enterprise (technical and economic calculations, balance sheet, economic and statistical, economic and mathematical, comparisons, etc.).

The composition of the financial mechanism includes financial: instruments ( various forms short- and long-term investments traded on financial markets); techniques and methods; supporting subsystems (personnel, legal, regulatory, information, technical and software).

Financial assets include: cash; contractual right to receive money or any other type of financial assets from another enterprise; a contractual right to exchange financial instruments with another entity for a potentially favorable conditions; shares of another company.

Financial liabilities include contractual obligations: to pay cash or provide some other type of financial asset to another entity; exchange financial instruments with another company on potentially unfavorable terms (in particular, such a situation may arise in the event of a forced sale of receivables).

Financial instruments are divided into: primary (cash, securities, loans, accounts payable and receivable for current operations); secondary, or derivatives - contracts and securities issued on the basis of primary contracts and securities (financial options, futures, forward contracts, interest rate swaps, currency swaps).

Methods (techniques) of financial management (methodological tools for assessing the finances of an enterprise) are diverse. The main ones are: budgeting; the financial analysis; management of attraction of borrowed funds; management of free funds placement; investment management; issue, capital management; bankruptcy and anti-crisis management; factoring; leasing; insurance; mortgage transactions; stimulation, etc.

The main predictive-analytical methods and techniques of financial management are divided into formalized and non-formalized.

Non-formalized ones are based on the description of analytical procedures at the logical level, and not with the help of strict analytical dependencies. These include methods: expert assessments, scenarios, psychological, morphological, comparisons, building systems of indicators, analytical tables.

Formalized predictive-analytical methods of financial management are formalized analytical dependencies. These methods, together with models, are used to assess and predict the financial condition of enterprises:

1. Descriptive models are models of a descriptive nature. They are mainly used to evaluate financial condition businesses that use information financial statements.

2. Predicative models are predictive models used to predict the income of an enterprise and its future financial condition.

3. Normative models make it possible to compare the actual performance of enterprises with the expected ones calculated according to the budget. These models are mainly used in domestic financial analysis, as well as in management accounting, in particular in cost management.

As part of the mechanism of financial management, an important role is given to systems and methods of internal financial control.

Interior financial control is a process organized by the enterprise to check the execution and ensure the implementation of all management decisions in the field of financial strategy and the prevention of crisis situations leading to its bankruptcy.

The financial management system includes both information support and financial management based on the information received.

The current economic situation forces business to be especially attentive to intra-company planning. It is the business plan that is the most progressive form of such planning. Success in the business world is critically dependent on understanding the current state of affairs, having a clear idea of what the business intends to achieve, and planning the transition from one state to another.

A business plan is a document that analyzes the main problems that an entrepreneur may face and determines the main ways to solve them. It is with the help of a business plan that a manager is able to assess what market shocks the business can withstand and adequately meet the emergence of many unexpected problems. It is unrealistic, of course, to eliminate all errors, but business planning allows you to evaluate possible further actions, monitor the state and development of the business, and not just specifically respond to events. That is why one of the most used terms in the modern market economy is "business plan".

“A business plan is a plan for the development of an enterprise, necessary for improving existing and developing new areas of an enterprise, creating new types and forms of business.

A business plan is a comprehensive document that reflects the most important aspects and data that provides an objective and holistic view of the current and future state of the business. In other words, a business plan is a planned business optimization program. Such a plan can be developed both for a newly created enterprise, and for an existing one. economic organization at the next stage of its development, taking into account the stage of their life cycle» .

Business planning allows you to solve the following problems:

Determine the degree of viability and future sustainability of the enterprise, reduce the risk in entrepreneurial activity;

Specify business prospects in the form of a planned system of quantitative and qualitative indicators of development;

Attract the attention of potential investors to the company to its capabilities;

Help to gain a positive planning experience.

Unlike a traditional organization plan, a business plan takes into account the interests of all stakeholders. In addition to investors, such persons are potential consumers and suppliers of the company.

In relation to a novice entrepreneur, a business plan is a tool to attract the attention of investors. The quality of the submitted business plan is an indicator of the viability of the entrepreneur and his business.

The business plan contains the advantages of a flexible combination of production and market, financial and technical, internal and external aspects of the enterprise.

The business plan consists of the following sections:

1. Business concept (summary);

2. Current situation and brief information about the enterprise;

3. Characteristics of the business object;

4. Market research and analysis;

5. Organizational plan;

6. Personnel and management;

7. Production plan;

8. Plan of marketing actions;

9. Potential risks;

10. Financial plan and financial strategy.

Both the structure and the content of the business plan are of great importance. Pay special attention to the title page and table of contents. The title page contains the following: title of the plan; the date of its preparation; who is the author of the plan, full name and address of the company for which the plan was developed.

It is useful to reflect on the title page an indication that the information contained in the document is not subject to disclosure.

The summary is prepared last, after the entire business plan as a whole has been drawn up. It should include all the main provisions and ideas of the business plan, as well as conclusions. The structure of the resume is as follows. First of all, the introduction, which includes the goals of the plan, characterizes the essence of the project.

Then the main content is covered: a brief presentation of all the key elements of the business plan, its main parts (nature of activities, demand analysis, project cost, sources of financing, etc.).

In conclusion, the main factors of the expected success of the business are summarized, data on the actions of management are presented.

The main part of the business plan is the financial section. It is based on three documents: balance sheet, income statement and balance sheet. This also includes a report on the movement of funds and some other documents. The text of the business plan is intended to include the justification of the parameters that formed the basis of all financial projections. The initial calculated data are: price, sales forecast, cost structure, cost of fixed assets and depreciation, number of employees, their wages, the amount of working capital, the speed of their movement.

In the financial plan, all indicators are based on the estimates contained in the main parts of the business plan. Based on these data, capital investment schedules, the forecast of the cash flow statement, financial statement and balance sheet projections are developed. The financial plan is an informative document. The main place in it is occupied by the balance of the movement of funds, which shows what cash resources and when they will be needed, what they will be used for and what incomes are expected. The financial plan states the most likely option for business development. The objective of the financial plan is to demonstrate the features of business finance without excessive detail, however, so that the investor gets a comprehensive understanding of the financial mechanism of the project.

The financial cut of the business plan is represented by the sections "Financial plan" and "Funding strategy". The financial plan is the final one and is intended to summarize the materials of all previous sections in cost form. Business organizations are interested in financial planning in order to succeed in economic activity in order to fulfill their obligations to the budget, banks, insurance companies and other institutions in a timely manner. To do this, it is important to calculate income, expenses, profits in advance, take into account the consequences of inflation, changes in the situation, the financial market and other factors.

In the "financial plan" section, the issues of financial support of the company and the most efficient use of available funds are considered. The purpose of financial planning is to determine the possible volumes of financial resources, capital and reserves based on forecasting the value financial indicators. These indicators include, first of all, own working capital, depreciation deductions, accounts payable permanently at the disposal of the enterprise, profit, taxes paid from profit, etc. Financial support for a business is carried out on the basis of a financial plan, which is a balance of its income and spending or budget.

Financial planning is a kind management activities, which aims to identify the required amount of financial resources, income, their optimal distribution and use in order to ensure the financial stability of the organization.

The main tasks of financial planning include providing the business process with the necessary financial resources, determining the planned volumes of the necessary funds and directions for their spending; establishment and development of financial relations with the budget, banks, insurance organizations and other business entities, observance of the interests of shareholders and investors; identification of ways for the most rational investment of capital and reserves for its effective use; increase profits through the rational use of funds and exercise control over education and spending money and capital investments.

Financial planning is used in capital budgeting and evaluation of investment projects, as well as long-term projects, as well as a long-term financing strategy.

The process of financial planning includes an analysis of the financial performance of the enterprise for the previous period. The calculation of indicators is based on the main financial documents of the company - balance sheet, income statement, cash flow statement, long-term financial planning and operational financial planning. Financial planning ends with the practical implementation of plans and control over their implementation.

When planning financial indicators, different methods are used: normative, analytical, balance, economic and mathematical modeling.

The essence and content of the normative method of planning financial indicators is that, on the basis of pre-established norms and technical and economic standards, the enterprise's need for financial resources and their respective sources. Such standards are the rates of taxes, tariff contributions and fees, the norms of depreciation, the norms of the need for working capital, etc.

The calculation-analytical method of planning financial indicators consists in the fact that, based on the analysis of the indicator taken as a base, and the indices of its change in the planning period, the planned value of this indicator is calculated. This planning method is used in the absence of technical and economic standards, and the relationship between indicators can be established not directly, but indirectly, based on an analysis of their dynamics and relationships. This method is based on the use of expert judgment. The calculation and analytical method is usually used when planning profits and incomes, when determining the amount of deductions from profits to accumulation, consumption, reserve, etc. funds.

The use of the balance method of planning financial indicators consists in the fact that by building balances, the link between the available financial resources and the actual need for them is achieved. This method is used when planning the distribution of profits and other financial resources, planning the receipt of funds in various financial funds, etc.

Economic and mathematical modeling in the planning of financial indicators allows you to identify a quantitative expression of the relationship between financial indicators and the factors that determine them. This relationship is expressed by an economic-mathematical model representing a mathematical description of the economic process, i.e. representation of factors that characterize the structure and patterns of change in a given economic phenomenon with the help of mathematical symbols and techniques.

In the conditions of market relations, the enterprise independently develops its plans, determines the prospects for development, achieving high economic results. Hence, maximum attention is paid to the most complete identification of internal reserves, the efficient use of all types of resources, and the optimization of the organization of production and labor.

General approach: the work of the enterprise should be profitable and provide cash receipts and profits in volumes that satisfy the interested parties (owners, managers, the state, etc.).

“Financial planning at an enterprise is a systematic determination of all its income and expenditure of funds in order to ensure the successful development of an enterprise through the preparation of financial plans, the content and purpose of which is determined by the tasks and objects of planning.” Financial plans are strategic (perspective), current and operational.

Strategic financial planning is a study of possible ways of developing the finances of commercial organizations for the future. It is designed to ensure high efficiency of management, the growth of financial resources and income, their rational use, and the strengthening of the financial position of the enterprise.

The task of strategic planning is to identify the problems that a business will face in realizing its goals in an uncertain, competitive market environment, and to determine specific ways to solve such problems. It is not only about strategic financial planning, but also about financial forecasting, the development of a probabilistic view of the limiting and desirable states of the enterprise in the future.

The leading financial plan in modern conditions is the current one. It is developed for a year, half a year, a quarter, a month and represents a balance of income and expenses commercial organization(or her budget). It reflects in monetary terms all aspects of the financial and economic activities of the enterprise, the income and savings received by it, and the expenditure of funds. Such a financial plan (budget) is necessary for any commercial organization.

Operational financial planning acquires particular relevance in market conditions. The need to develop such a plan is associated with changes in the terms of settlements and lending to enterprises, large penalties for late payments, large volumes of receivables and payables. Hence - increased attention to the daily balance of receipts and payments, and, if necessary, to the timely adoption of measures to attract additional funds.

The role of operational financial plans, first of all, in determining the specific financial and economic situation, more precisely, the sequence and timing of financial transactions with optimal maneuvering of own, attracted and borrowed financial resources to obtain the greatest financial result.

Operational financial planning includes the preparation and execution of a credit plan, cash plan, payment calendar.

Credit plan - a plan for the receipt of borrowed funds and their return within the terms specified by the agreements. When a business is in need of a short-term loan, Required documents submitted to the bank, and a loan service agreement is concluded.

Cash plan - a plan for the turnover of cash, which reflects the receipts and payments of cash through the cash desk of the enterprise. The main thing is to provide the necessary needs of the enterprise with cash in a timely manner. Cash plans, control over their implementation help to ensure the solvency of the enterprise. Cash plan - quarterly.

A very important role is played by the payment calendar - a program for optimizing the operational financial activities of an enterprise, in which sources of cash receipts (sales proceeds, loans and borrowings, other receipts) are calendar-related with expenses. The payment calendar records income, receipts of funds, relations with the budget for taxes, credit relations. It covers, therefore, the movement of all the funds of the organization. Its main goal is to control solvency and creditworthiness.

The payment calendar is based on the refinement of the specification of planned indicators and the breakdown of these indicators by months, five days, weeks, decades. In the payment calendar, the receipt of money and their expenses are balanced.

The results of the financial activity of the enterprise must represent a specific system of planning and reporting documents. Such documents provide data for the calculation and analysis of the financial performance of the company and serve as the basis for the preparation of financial forecasts. The main financial documents include a forecast of financial results, a cash flow plan, and a project balance.

For the preparation of forecast financial documents, the sales forecast method is used. The revenue forecast in monetary terms is the basis on which other costs are based. Sales volume actively influences the formation of current profit. Unlike the balance sheet, which represents the static situation of the company's finances, the forecast of financial results gives the dynamics of its financial operations. This forecast compares the costs and results of the enterprise, reveals the amount of net profit.

A cash flow plan demonstrates the process of receipts and expenditures of funds within a business. It helps to determine the need for capital and evaluate the effectiveness of its use. This plan is compiled in dynamics, for example, by year or by quarter. It allows you to control the timing of cash receipts, check the future liquidity of the enterprise.

The project balance records the results of the economic and financial work companies for the reporting period. It acts as the final part of the financial planning documents.

The main thing in the balance method of planning financial indicators is in forecasting key balance sheet items (cash, other current assets - raw materials, amounts due, work in progress and finished products, main, joint-stock and borrowed capital, as well as current liabilities necessary for the normal functioning of the enterprise). The company's balance sheet as a reporting document is the basis for analyzing financial performance.

When forming a financial plan, an enterprise is able to more successfully solve key tasks: identifying reserves for increasing the enterprise's income, as well as optimal ways to mobilize them; more rational use of financial resources, determination of the most rational direction of investments, providing the greatest profit within the framework of the plan; guarantee of coordination of indicators production plan enterprises with financial resources and, finally, the search and implementation of optimal financial relationships with the budget, banks, and other creditors.

The leaders of many enterprises (especially small ones) believe that they should not waste time on business planning, since the economic situation is changing so quickly that they have to constantly make changes and additions to the original scheme. That is, they believe that in a rapidly changing economic environment, it is enough to keep everything in mind and there is no need to spend time planning their actions.

However, professionals and managers large enterprises consider business planning to be a higher-order activity and believe that it provides many benefits:

Helps the management of the company to think ahead;

Promotes clear coordination of ongoing efforts;

Forms a system of target performance indicators for subsequent control;

Prepares the enterprise for possible sudden changes;

Demonstrates the interconnection of the duties of all officials.

So, it makes sense to develop a business plan even in constantly changing conditions, if there is a desire that the normal activity of the enterprise should not be disturbed by the course of future events.

In general, an increase in the level of financial planning is associated with a more thorough definition of future expenses and incomes, an accurate calculation of the required funds and a correct assessment of future financial results. High-quality financial planning contributes to the stability of the financial situation, the stability of solvency, the constant availability of funds, the optimal use of working capital, and the better organization of settlements.

1. Goncharuk O.V., Knysh M.I., Shopenko D.V. Financial management in the enterprise. Tutorial. - St. Petersburg: Dmitry Bulanin, 2002. - 264 p.;

2. Kovalev V.V. Introduction to financial management. - M.: Finance and statistics, 2005. - 768s.;

3. Kovalev V.V., Kovalev Vit.V. Enterprise Finance: Proc. - M.: TK Velby, 2003. - 424 p.;

4. Lyubanova T.P., Myasoedova L.V., Gramotenko T.A., Oleinikova Yu.A. Business plan: Educational and practical guide. - M .: "Book service", 2003. - 96s.;

5. Financial management: Textbook / Ed. N.F. Samsonov. - M.: UNITI, 2004. - 468s.;

6. Finance and credit: Proc. allowance / Ed. A.M. Kovaleva. - M.: Finance and statistics, 2003. - 574 p.;

7. Enterprise Finance: Textbook / Ed. N.V. Kolchina. - M.: UNITI, 2003. - 331p.;

8. Ostapenko V.V. Enterprise Finance: Textbook. - M .: Omega - L, 2003. - 392 p.;

9. Financial Management (Enterprise Finance): Textbook / A.A. Volodin and others - M .: INFRA-M, 2004. - 504 p.;

10. Utkin E.A., Kotlyar B.A., Rapoport B.M. Business planning. - M .: EKMOS Publishing House, 2004. - 320s.

The main objective of any business is to make a profit, but nothing is given to a person without any cost. Sometimes expenses are not covered by income from year to year and a business idea constantly requires new investments.

In most cases, this does not happen because luck has “forgotten how to smile”, it’s just that the financial plan (FP) was not sufficiently thought out or not drawn up at all. Sometimes small, timely adjustments can make a big difference.

What is a financial plan. Its main goals and objectives

The financial plan is the most important section, reflecting all the activities of the enterprise (income, expenses, forecasts, etc.) in monetary terms.

Its competent compilation allows you to calculate for several years ahead, track deviations from the plan and timely regulate business processes, attract investors, creditors and partners.

In financial planning important not only mathematical calculations, but also the ability to predict and analyze. In the conditions of today's instability, there are constant changes in demand, tougher competition, rising prices for raw materials, materials and energetic resources. All these nuances must certainly be taken into account when drawing up the OP, otherwise it will be impossible to adhere to it, and the document itself will become useless.

the main goal financial planning is the control over the ratio of income and expenses of the enterprise, contributing to profit.

To reach the goal needs to be determined:

The amount of capital required to ensure production.
Sources of financing.
A list of essential expenses for equipment, materials, rent of premises, recruitment of personnel, advertising, payment of utility bills and taxes, etc.
Conditions for maximum profit and financial stability.
Strategy for achieving the investment attractiveness of the enterprise.
Intermediate and final results of activity in the financial plan.

The main task of the FP is to create an effective mechanism that manages all the financial resources of the enterprise and demonstrates to investors a profitable prospect of cash investments.

Sections and their contents

The legislation of the Russian Federation establishes three forms of financial reporting, whose presence in the business plan is mandatory:

Only a comprehensive study of all three reports will allow an objective assessment of the financial condition of the company.

The composition of the financial statements is described in this video:

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Calculation and analysis of risks

Business is always accompanied by certain risky situations that need to be foreseen and analyzed in advance. He who is forewarned is forearmed - this is a well-known fact. Calculating all the negative consequences, trying to avoid them or quickly finding a way out of an unpleasant situation with minimal losses is not an easy task.

Each line of business has its own certain risk groups, therefore, at the planning stage, it is very important to identify their most likely list for a particular type of activity.

To clearly define all possible negative consequences risks are divided into three main categories:

Commercial risks arise in the process of interaction of the enterprise with partners, the external environment and its factors:
- Decrease in demand for products for various reasons.
- The emergence of new competitors.
- Unfair attitude of partners (delivery of low-quality raw materials or equipment, late deliveries, etc.).
- Rise in the price of materials and components.
- Tariff increase for certain services: rent, transport, communal, etc.
Financial risks- this is the failure to receive the expected profitability and the loss of the financial stability of the enterprise for the following reasons:
- Growth and non-payment (late payment) by counterparties of the products received.
- Raising interest rates by lenders.
- Legislative changes, tax increases, etc.
- Fluctuations in exchange rates (especially should be taken into account by organizations working with imported raw materials and equipment)
Production. The reasons for these risks include:
- Incompetence and dissatisfaction of employees (strike, acts of theft and sabotage).
- Production of defective products, lack of professionalism of the staff.
- Absence necessary equipment, quality control. Safety violations that contribute to the occurrence of fires, floods, accidents at work.

All of the above factors can destroy a business that has taken a lot of money and effort to build. Preventive measures will help to avoid sad consequences: property insurance, monitoring of activities and pricing policy competitors, creating a financial reserve for unforeseen expenses, etc.

Mathematical literacy does not play the most important role here, much more important is the expert ability to recognize the type of risks and their sources, as well as to minimize losses and the likelihood of critical situations.

Calculation of performance indicators

To the main performance indicators enterprises include: profitability, profitability, payback and the need for additional financing. It is by these criteria that one can judge what fate is in store for the enterprise, its reliability and prospects.

To calculate these indicators, there are a number of simple formulas, but you should only operate with actual numbers, otherwise all mathematics will be useless "monkey labor".

Net present value(NPV or NPV). Any income depends on the level of inflation, so it is calculated using a discount rate.

Approximate calculation for three years existence of the organization

NPV \u003d - NK + (D1-R1) / (1 + SD1) + (D2-R2) / (1 + SD2) + (D3-R3) / (1 + SD3)
where: NK - capital of initial investments and costs
D - income for the first, second, third year in accordance with the numbers next to it
P - expenses for the first, second, third year in accordance with the numbers next to it
SD - discount rate (accounting for inflation for the calculated year)

If, when calculating NPV = 0, the enterprise has reached TB (point of no loss).

Profitability of the enterprise- the indicator is not as unambiguous as income or expense. This indicator is often compared with efficiency (efficiency). Actions can be useful in different ways, just as the profitability of an enterprise is determined by more than one criterion.

There are various indicators of profitability: investment, fixed assets, sales - again, it all depends on the versatility of the company's activities.

In this case, the calculation of profitability will be considered main activity of the enterprise:

ROOD = POR / PZ
where: ROOD - profitability from the main activity;
POR - profit from sales; PP - incurred costs.

They are measured, of course, in units of time, not in currency.

The formula looks like this:

CO = NK / NPV
where: SO - payback period; NK - initial investments, additional investments must be added to them, if they were (loans, etc. during the existence of the organization); NPV is the company's net discount income.

Example: Business investment 100,000 rubles, average monthly income 12,000 rubles, total: CO = 100,000/12,000 = 8.33 months. That is, in nine months the company will pay off its debts and begin to generate income. (Here, own costs are calculated, if we are talking about a loan, it is necessary to take into account the interest rate of 100 thousand + annual interest).

Data analysis

It is necessary to analyze a business plan, taking into account several main aspects. It is this approach that will allow you to identify weaknesses and manage with accurate adjustments. After all, this grandiose work can be corrected and should not be written off as scrap.

So, the basics of a successful financial plan:

Maximizing profit while reducing costs.
Thorough calculation and insurance of possible risks.
Tracking the competitiveness of a business idea.
Availability of initial capital and own property(premises, Vehicle, equipment).
The idea must be real, feasible, and the products must be in demand.
Projected income and expenses should be documented based on the activities of similar enterprises.

Produced analysis must confirm: a positive financial result of the enterprise, a minimum of risk with promising profits. Initially, the entrepreneur himself should make sure of financial success, and only then attract investors. However, the risk is a noble cause, gentlemen!

For the analysis and interpretation of financial statements, see the following video lesson:

It is hard to imagine a business plan for which you would not have to create calculations. Certain calculations require all parts of the business plan: marketing, operational, production.

But the most important in terms of calculations is the financial part of the business plan. It is she who allows you to identify how profitable and sustainable the business will be created.

The financial part should answer the following questions:

How much money will you need to start a business?
How much profit will it bring?
How soon will the business pay off?
How sustainable and profitable will it be?

Each of these questions is answered by one of the parts of the business plan. This means that in the structure of the financial part of the business plan there will be such sections as investment costs, profit and loss forecast, cash flow and project efficiency assessment.

Investment costs

The first thing to do when writing a business plan is to calculate in detail how much it will cost to create a business. This will allow the entrepreneur himself to understand how much money is needed to start a business and whether it is necessary to attract loans.

In this part of the business plan, you need to take into account all the items of expenses associated with starting a business. For clarity, it is worth referring to an example. Consider a business plan for the construction of a car wash for two posts. You will have to invest both in the construction itself and in the purchase of equipment. IN general view the list of investment costs for this business would look like this:

Design work
Procurement of building materials and construction work
Connection to electricity, water supply and other engineering networks
Purchase of equipment
Installation of equipment

According to Aidar Ismagilov, the owner of the Moidodyr car wash network in Kazan, the construction of a car wash will cost 30-35 thousand rubles per square meter, taking into account design work and making communications. As a result, the amount turns out to be quite solid, so now renting is more popular among novice businessmen, rather than turnkey construction. In this case, the investment plan will include both rent payments before opening a business and renovation of the premises.

Equipment costs will depend on the type of sink. If the car wash is of a manual type, then it will be enough to lay 400 thousand rubles for equipment. But for an automatic car wash, the costs will be at least 300 thousand euros.

For calculations, it is better to take a certain average price for each of the cost items. For example, if you need to calculate the cost of renting real estate, you should take into account not the highest and not the most low price per square meter, and the average price in the market. You can determine it by examining the rental offers in your city.

Another thing is if the supplier and his price are already known in advance. For example, a car wash requires only equipment from a strictly defined manufacturer. Then in the calculations you need to include exactly the prices that he offers.

Knowing the required amount of investment will allow not only to estimate how much money will be needed to start a business, but also how quickly it will pay off.

Profit and Loss Forecast

If you subtract the amount of business expenses from the amount of business income, you can find out what is the net profit. This indicator is much better than income, shows what the state of the business is and how much you need to invest in its further development.

At the beginning of a business, expenses often exceed income, and instead of net profit, there is a net loss. In the first months or even a year of work, this is a normal situation. You should not be afraid of it: the main thing is that the loss is reduced every month.

When making a profit and loss forecast, all indicators should be calculated monthly until the business pays off. At the same time, you should not make the forecast too optimistic: imagine that the income will not be the maximum possible, take the average figures.

Cash Flow

For a business that is still at the start-up stage, it is important to understand not only what its net profit will be. One of the most important indicators is the so-called cash flow or cash flow. By calculating the cash flow, you can determine what the financial condition of the business is and how effective the investment in it is.

Cash flow is calculated as the difference between cash inflows and outflows over a given period. If we return to the car wash example, then in order to calculate the cash flow in the first month of its operation, it is necessary to take net profit for receipts, and the amount of initial investment for outflows.

In this case, it will be more convenient to calculate if the outflows are designated as a negative number. That is, we add a minus sign to the amount of initial investment in a car wash, and add the net profit in the first month of work to the resulting number.

To calculate the cash flow in the second month, you need to find the difference between the result of the first month and the net profit received in the second month. Since the first month turned out to be a negative number, the net profit must be added to it again. The cash flow in all subsequent months is calculated according to the same scheme.

Project efficiency assessment

Having predicted profits and losses, as well as the cash flow of a business, it is necessary to move on to one of the most important sections - evaluating its effectiveness. There are many criteria by which the effectiveness of the project is evaluated. But for a small business, it is enough to evaluate only three of them: profitability, break-even point and payback period.

Profitability business - one of the most important indicators. In general, in the economy there are many different indicators of profitability - return on equity, return on assets, return on investment. All of them allow you to evaluate the effectiveness of a business in its various aspects.

To understand exactly which profitability indicators should be calculated in your business plan, you need to refer to the requirements of an investor or a credit institution. If the goal is to evaluate the profitability of the business "for yourself", it will be enough to calculate the overall profitability of the business.

Make it simple. It is enough to divide the profit of the business by the amount of its income, and then multiply the resulting number by 100 to get the result as a percentage.

It is difficult to name the optimal indicator of business profitability. It largely depends on the size of the business, the type of activity of the company. For micro-businesses with revenues up to 10 million rubles, a profitability indicator of 15 - 25% is considered good. The larger the business, the lower the percentage received can be. In the case of a car wash, the normal rate of return is from 10 to 30%, says Aidar Ismagilov.

Another indicator that needs to be calculated is break even. It allows you to determine at what income the company will fully cover its costs, but so far will not make a profit. You need to know this in order to understand how strong the business is financially. To find the break-even point, you first need to multiply the business income by its fixed costs, then subtract the variable costs from the income, and then divide the first number obtained by the second.

Fixed costs are those that do not depend on the volume of goods produced or services rendered. Businesses incur such expenses even when they are idle. In the case of a car wash, these costs include the salaries of accountants and administrators, public Utilities and communications, depreciation, loan payments, property taxes, and so on.

Variable costs are anything that changes with the volume of production. For example, at a car wash, the costs that change with an increase or decrease in the number of washed cars are the cost of auto chemicals, water consumption, and piecework wages.

Having received a certain number as a result of the calculations, you can correlate it with the income statement. In the month when the business income reaches or exceeds the amount obtained as a result of calculating the break-even point, it will be reached.

Most often, the break-even point is not reached in the first month of the business, especially if it is related to production. According to Aidar Ismagilov, in the case of a car wash, reaching the break-even point depends on the season. If the car wash opened during the dry summer season, when there is little demand for services, they will be unprofitable throughout that season. If the opening took place during the season of high demand, then you can reach the break-even point in the first month.

Payback period business is one of the most important indicators not only for the entrepreneur himself, but also for his potential investors. For example, if the payback period for a business is too long, then it becomes much more difficult to get a loan for it from a bank.

The easiest way to calculate the payback period is if the cash flow has already been calculated. In this case, you need to find the month in which, after adding a positive number of net income with a negative number of initial investments, you get a positive number. This will mean that the profit from the business fully covered the initial investment in it.

It is for this reason that it is necessary to calculate cash flow, as well as profits and losses, at least until the payback period is reached. The payback period of investments largely depends on the amount of investment costs. In the case of a car wash, the minimum period is 3 years.

Here are the main indicators that will need to be calculated in a business plan at the start of any business. Of course, this is far from an axiom, and depending on the requirements of investors, the state of the enterprise, its type of activity and other features, additional calculations may be required. Most of them you can do on your own.

* Calculations use average data for Russia

Step 9. Business Plan Section: Financial Plan

So, we are now entering the biggest and most important section of your business plan, which contains financial information for the project, determines its cost, and will help investors, business partners, and you assess the ability of the new venture to generate sufficient cash flow to make payments on credit liabilities (payment of interest or dividends, repayment of loans).

When describing the financial results of a project, be sure to include the terms, estimates, and assumptions you rely on. Indicate whether the cost estimate was prepared by you yourself or independent appraiser. Remember that logically based forecasts will help you set qualitative goals and achieve quantitative goals.

Please note: if you are planning to open a large (resource-intensive or manufacturing) enterprise and / or if you are going to take out a loan or a loan for its development, the calculations given in these tables will not be enough for you.

In this case, it is highly advisable to seek help in drawing up a business plan, and especially its financial part, from experts. As a result, you will receive a well-written document with sound economic calculations that will make a favorable impression on investors and creditors.

In the section with financial information can be included by law approved formsaccounting and financial reporting. As a rule, three main documents are given: a profit and loss statement, which reflects the company's activities by periods, a cash flow plan (Cash Flo), a balance sheet, which allows you to assess the financial condition of the enterprise at a certain point in time.

From the income statement, you can find out if your business is making a profit and how much, minus all existing expenses. Although this document does not provide an idea of either the value of the company (as opposed to the balance sheet of the enterprise), nor the cash which she has.

This data is contained in the cash flow statement, which shows whether the company has enough cash to pay current liabilities (settlements with suppliers, payment wages employees, payment of taxes and other obligatory payments, payments on loans and borrowings, etc.).

However, in order to find out the real value of the company, the company's balance sheet is necessary - the main form of financial statements. It contains information about all liabilities and assets of the company in value terms. Simply put, the asset of the balance sheet contains information about the property and cash of the enterprise, and the liability contains information about the sources of this property and funds. The total assets and liabilities in the balance sheet must match.

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Describe in detail the proposed funding sources and arrangements, loan repayment responsibilities, the guarantee system that you can provide, and indicate the need for additional financial resources, if any. Pay special attention to the description of the current and predictable situation in the market and the economy, offer several different scenarios for the development of events and ways to resolve possible crisis situations.

Prepare forecast and current financial reports, present the financial history of the company and its profit plan, assess the risks that investors and lenders may face, and indicate ways to minimize them.

Information on risks and guarantees is often placed in a separate subsection, which describes external and internal factors that affect a particular type of risk, as well as measures to protect against possible financial losses of the enterprise and the creditor. Information about what problems may arise during the implementation of the project and how the entrepreneur is going to solve them is of great interest to investors.

The depth and analysis of the riskiness of the enterprise depends on the type of activity and the amount of expected losses. Risk is understood as the probability (threat) of loss by the enterprise of part of its resources, loss of income or the appearance of unplanned expenses resulting from the production and financial activities of the company.

There are three main types of risk: commercial, financial and industrial.

Commercial risk reflects the unreliability of income associated with the competitive environment and sales problems.

financial risk due to insufficient project financing, inability or unwillingness of the company to repay borrowed funds and interest on them.

Production risk associated with factors of poor product quality, unreliability of equipment, lack or weakness of supply systems for raw materials and materials, as well as with the ecology of production.
Provide a clear description of project costs and use of funds.

If you have already taken any loans for the development of your project, indicate the terms and conditions of repayment. You can do this in the form of a loan repayment schedule and interest payments.

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Also provide information on working capital indicating changes during the loan term and the proposed tax payment schedule, attach calculations of the main solvency and liquidity indicators, as well as forecasts for the project's effectiveness.

Please note that the timing of your forecasts must match the timing of the loans or investments you are requesting.

In fact, you should reflect for several periods (monthly, quarterly, yearly) possible fluctuations in the exchange rate of the ruble against the dollar, the list and rates of taxes, inflation of the ruble, capital formation from own funds, loans, issuance of shares, the procedure for repaying loans and loans.

Business Plan: Project Performance Indicators

Evaluation of the effectiveness of an investment project will help the investor determine how much the price of the acquired asset (that is, the amount of investments) corresponds to the expected income, taking into account all the risks of the project. Thus, he will be able to understand whether it is advisable to invest in the project.

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If you registered as an individual entrepreneur, then when writing this section, use the following indicators, which are determined on the basis of the cash flows of the project and its participant: net income, net present value, internal rate of return, need for additional financing, cost and investment profitability indices, term payback.

net income is the profit, net of taxes, received by the company for a certain period of time. Net present value (NPV, NPV - Net Present Value) is the sum of the expected stream of payments, reduced to the cost of currently time. Usually this important indicator is calculated when evaluating economic efficiency investments for streams of future payments.

net income and net present value characterize the excess of total cash receipts over total costs for a given project. In order for an investor to recognize your project as effective and want to invest their money in it, it is necessary that the NPV of your enterprise be positive. Accordingly, the higher this indicator, the higher the investment attractiveness of the project.

Internal rate of return(profit, profitability, return on investment, Internal Rate of Return - IRR) determines the maximum acceptable discount rate at which funds can be invested without loss for the owner. This indicator, which is often abbreviated as IRR (Internal Rate of Return), denotes the discount rate at which the net present value of an investment project is zero.

The simple payback period of an investment project is the period of a simple return on the total net income from the project in which the capital was invested. For an investor, this indicator is not of great interest, since it does not indicate how much and for what period he will be able to receive additional profits.

And here discounted payback period(Discounted payback period) denotes the period for which the funds invested in this project will provide the same amount of profit, discounted (given by the time factor) to the present moment, which could be received from another investment asset during the same time.

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Need for additional funding- this is the maximum value of the absolute value of the negative accumulated balance from investment and operating activities. This indicator indicates the minimum amount of external funding for the project, which is necessary for its implementation. For this reason, the need for additional financing is also called risk capital.

Yield Indices(profitability indexes) reflect the "return" of the project on the funds invested in it. They can be calculated for both discounted and undiscounted cash flows. This indicator is often found in comparison of investment projects that differ from each other in terms of costs and income streams. When evaluating effectiveness, they usually use:

cost return index- the ratio of the amount of accumulated revenues to the amount of accumulated costs;
discounted cost return index- the ratio of the amount of discounted cash flows to the amount of discounted cash outflows;
return on investment index– increased by one unit the ratio of PV to the accumulated volume of investments;
discounted investment return index is the ratio of NPV to the accumulated discounted volume of investments increased by one.

Cost and investment return indices are greater than one if the net income for that cash flow is positive. Accordingly, the return indices of discounted costs and investments are greater than one if the net present value for this flow is positive.

Return to the list of instructions for writing a business plan

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