An example of a financial strategy in the Russian Federation. The essence of the financial strategy of the enterprise and methods of its development. identifying ways to conduct a successful financial strategy and strategically leverage financial opportunities, new products and comprehensive

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Introduction

Conclusion

strategy finances enterprise funds

Introduction

The financial strategy of an enterprise is an integral part of its economic policy. If finance is a basic category, historically formed in the conditions of the emergence and development of commodity-money relations, then the financial strategy is expressed by a set of activities carried out by the owner, administration, labor collective (depending on the forms of ownership and management of the enterprise) in order to find and use finance for implementation of basic functions and tasks.

Activities of this kind include the development of evidence-based organizational concepts. financial activities, determination of key areas for the use of financial funds for long-, medium- and short periods, as well as the practical implementation of the developed strategy.

The concepts of organizing the financial activities of an enterprise are based on researching the demand for products and services, assessing various (financial, material, labor, intellectual, information) resources of the enterprise and predicting the results economic activity.

The directions of using the financial funds of the enterprise are determined based on the goals set, the position of the enterprise in the market, the developed concept of organizing financial activities. The main goal of the financial policy of the enterprise is the most complete and efficient use and building up its financial capacity.

The financial strategy expresses the purposeful use of finance to achieve strategic and tactical objectives defined by the constituent documents (charter) of the enterprise. For example, strengthening positions in the market for goods (services), achieving an acceptable sales volume, profit and profitability of assets and equity, maintaining the solvency and liquidity of the balance sheet.

In the conditions of an unstable economic environment, high inflation, a crisis of non-payments, unpredictable tax and monetary policy of the state, many enterprises are forced to pursue a line of survival. It is expressed in the solution of the current financial problems as a reaction to uncertain macroeconomic attitudes of state authorities. Such a strategy in financial management generates a number of contradictions between the interests of enterprises and the fiscal interests of the state; the cost of external borrowing and the profitability of production; return on equity and stock market; the interests of production and financial services, etc.

ü development of an optimal concept for managing the financial (cash) flows of an enterprise, providing a combination of high profitability and protection from commercial risks;

ь identification of the main directions of the use of financial resources for the current period (ten days, months, quarters) and for the near future (a year and a longer period). At the same time, the possibilities for the development of production and trading activities are taken into account. The state of the macroeconomic environment (taxation, discount rate of bank interest, depreciation rates for fixed assets, etc.);

ь the implementation of practical actions aimed at achieving the goals (financial analysis and control, the choice of a method of financing the enterprise, assessment of real investment projects and financial assets etc.).

The unity of the three key links determines the content of financial policy, the strategic objectives of which are:

ь maximizing profits as a source of economic growth;

ь optimization of the structure and cost of capital, ensuring the financial stability and business activity of the enterprise;

ь achieving financial transparency of the enterprise for investors and creditors;

ь use of market mechanisms for raising capital through financial leasing, project financing;

ь development of an effective financial management mechanism (financial management) based on the diagnosis of financial condition, taking into account the setting of strategic goals of the enterprise, adequate to market conditions, and the search for ways to achieve them.

When developing an effective financial management system, there are constantly problems of harmonizing the development of the interests of the enterprise, the availability of sufficient volume monetary resources and maintaining high solvency.

Based on the length of the period and the nature of the tasks being solved, the financial strategy is classified into financial strategy and tactics.

The financial strategy is developed in accordance with the global objectives of the socio-economic strategy of the enterprise. It represents a long-term financial policy. In the process of its development, the main trends in the development of finance are predicted, the concept of use is formed, the principles of financial relations with the state (tax strategy) and partners (suppliers, buyers, creditors, investors, insurers, etc.) are outlined.

The strategy assumes the choice of alternative ways of enterprise development. At the same time, forecasts, experience and intuition of specialists (managers) are used to mobilize financial resources to achieve the set goals. From the standpoint of the strategy, specific goals and objectives of production and financial activities are formed and operational management decisions are made.

The most important areas of development of the financial strategy of the enterprise include:

· Development of credit policy;

· Management of fixed assets and depreciation strategy;

· Management of current assets and accounts payable;

· Management of borrowed funds;

· Pricing strategy;

Assessment of the achievements of the enterprise and its market value.

However, the choice of a particular strategy does not guarantee the receipt of the predicted effect (income) due to the influence external factors, in particular, the state of the financial market, tax, customs, budgetary and monetary policy of the state.

An integral part of the financial strategy is long-term financial planning, focused on achieving the main parameters of the enterprise: volume and cost of sales, profit, profitability, financial stability and solvency.

Financial tactics are aimed at solving more specific problems of a particular stage of enterprise development by timely changing the ways of organizing financial ties, redistributing monetary resources between types of expenses and structural units... With a relatively stable financial strategy, financial tactics should be flexible, which is caused by changes in market conditions (supply and demand for resources, goods, services and capital). The strategy and tactics of financial policy are closely interrelated. A correctly chosen strategy creates favorable opportunities for solving tactical problems.

The financial policy at the enterprises should be carried out by professionals - the main financial managers(directors) who have all the information about the strategy and tactics of the organization.

For adoption management decisions they use the information provided in the accounting and statistical reporting in operational financial accounting, which serves as the main source of data for determining the indicators used in financial analysis and intercompany cash flow planning.

Intercompany financial planning includes the development of the following operational documents (for a month, quarter, year):

· Budget of income and expenses for the enterprise as a whole and for its branches, if any;

· The budget according to the balance sheet (forecast of the balance of assets and liabilities for the most important items);

· Capital budget.

Financial analysis includes the following links:

ь assessment of financial capabilities to determine strategic goals;

distribution and assessment of the efficiency of the movement cash flows by areas of activity (current, investment and financial) based on the strategy of production and sales;

ь determination of additional need for financial resources and channels of their receipt (bank credit, leasing, commodity credit, etc.);

ь transformation of monetary resources into a form that clearly shows the financial capabilities of the enterprise, which is reflected in the reporting;

ü assessment of the effectiveness of financial and investment decisions made through indicators of financial stability, solvency, profitability of business and market activity of the organization.

1. The essence of the financial strategy of the enterprise

Financial strategy is a financial course designed for a long-term perspective and assuming the solution of large-scale problems of enterprise development.

In the process of its development, they predict the main trends in the development of finance, form a concept for their use, outline the principles of financial relations with the state (tax policy) and partners. The strategy assumes the choice of alternative ways of enterprise development. At the same time, they use forecasts, experience and intuition of specialists to mobilize financial resources to achieve the set goals. From the standpoint of strategy, they formulate specific goals and objectives of production and financial activities and make operational management decisions.

However, the choice of a particular strategy does not yet guarantee the receipt of the predicted effect (income) due to the influence of external factors and, in particular, the state of the financial market, tax and monetary policies of states.

If the financial strategy is relatively stable, the financial tactics should be flexible, ensuring a quick response to changes in market conditions (supply and demand for resources, goods and services). The strategic and tactical aspects of financial policy are closely interrelated: right choice strategy creates favorable opportunities for solving tactical problems.

Financial strategy is a long-term course of financial policy, designed for the future and assuming the solution of large-scale problems of the organization.

Financial strategy is general plan actions of the enterprise, covering the formation of finances and their planning to ensure the financial stability of the enterprise.

Financial strategy:

A system of long-term balanced goals of the financial activity of the company

Subordinated to the general strategy of the company

· Is aimed at increasing the market value of the enterprise.

Financial strategy includes the following:

· Planning, accounting, analysis and control of financial condition;

Optimization of basic and working capital; distribution of profits.

Ensuring the long-term development of an enterprise in the interests of its owners (shareholders) presupposes:

· Formation of the optimal amount of the authorized capital;

· Attraction of additional sources of financing from the capital market (in the form of loans and borrowings);

· Accumulation of monetary funds formed as part of proceeds from the sale of products (works, services);

· Formation of retained earnings directed to capital investments;

· Attraction of special targeted funds;

· Accounting and control of the formation of capital, income and monetary funds.

The most important areas of development of the financial strategy of the enterprise are as follows:

· Analysis and assessment of the financial and economic condition;

· Determination of pricing policy;

· Development of accounting and tax policies;

· Formation of credit policy;

· Management of fixed assets and the choice of the depreciation method;

· Management of working capital and accounts payable;

· Management of current costs, sales of products and profits;

· Choice of dividend and investment policy;

2. Goals and objectives of the financial strategy of the enterprise

The objectives of the financial strategy should be subordinate to the overall strategy economic development and aim at maximizing the profit and market value of the enterprise.

The economic development strategy is a set of main goals and the main means of achieving them.

The main objective of the financial strategy is to achieve full self-sufficiency and independence of the enterprise.

Within the framework of the financial activity of any economic entity, two equivalent tasks will certainly arise:

1. The task of attracting resources for the implementation of economic activities.

2. The problem of distribution of the received resources (investment).

Financial strategy objectives:

The financial strategy is based on certain organizational principles and includes the following:

Current and long-term financial planning, which determines all receipts for the future Money enterprises and the main directions of their spending;

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

· The formation of financial reserves, ensuring the stable operation of the enterprise in conditions 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 financial accounting enterprises and business segments based on current standards;

· Preparation of financial statements for the company and business segments in accordance with applicable rules and regulations in compliance with the requirements of standards;

· Financial analysis of the enterprise and its segments (priority business and geographical segments, other segments within unallocated items);

· Financial control of the enterprise and all its segments.

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

Based on the financial strategy, the financial policy of the enterprise is determined for the following main directions financial activities:

· tax policy;

· price policy;

· Depreciation policy;

· Dividend policy;

Investment policy,

· Capital and value management of the company.

Since a corporation is a set of divisions of an enterprise, it seems expedient to structure divisions of a corporation according to the goals and tasks performed by them within the group.

Based on this distribution of functions, the development of a financial strategy is based on a set of financial functions divisions of the corporation.

Formation and implementation of a financial strategy as the basis for financial planning of an enterprise is based on the use of tools:

The development of a financial strategy is part of the overall strategy for economic development, by virtue of which it must be consistent with its goals and directions.

In turn, the financial strategy has a significant impact on the overall economic strategy of the enterprise.

The strategic goal of the financial strategy is provided by a set of auxiliary financial tasks presented in specific programs. Given the volatility and development trends of financial markets, the high degree of innovativeness of financial instruments that companies operate, their significant dependence on the vectors of movement of macroeconomic and socio-political processes in the world community, it is necessary to formulate a number of directions for the formation of programs and projects to implement the financial strategy

Among them:

- identifying priority financial markets for companies and target market segments to work for the future; this presupposes that the company has a strong target development block based on the processing of existing information databases;

- analysis and justification of sustainable sources of financing;

- selection of financial institutions as acceptable partners and intermediaries who effectively cooperate with the company in the long term;

- development of a long-term investment program, coordinated with the priority areas of development of types of business, conditioned by the general strategy of the company;

- creating conditions for the future to maintain the progressive growth of the market value of the company and the rates issued by it valuable papers;

- formation and improvement of intra-firm financial flows, transfer pricing mechanisms;

- development from the standpoint of the strategy of the program of effective centralized financial management in combination with reasonable decentralization of other management functions;

- forecast calculations financial indicators economic security and stability of the company in the strategic planning of the company's activities.

A hypothetical model of a financial strategy may include the following interrelated blocks:

- targets and goals;

- levels of implementation;

- external and internal factors of formation;

- tools and methods of implementation;

- the effectiveness of the strategy.

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A hypothetical model for the formation of a financial strategy

A company achieves its strategic financial goals when financial relationships are in line with its internal financial capabilities, and also allow it to remain responsive to external socio-economic requirements. Considering the concept and content of a financial strategy, it is necessary to emphasize that it is formed basically by the same conditions of the macro- and microenvironment, the factors affecting the overall strategy of the company, and other components that were mentioned above.

An important block of the company's financial strategy model is the levels of its implementation. It is legitimate to consider two levels: corporate and business level (project level). Differences in the implementation of the company's financial strategy at these levels are determined by:

- different strategic goals;

- the scale of activities and market coverage;

- the functions performed (with an appropriate degree of centralization or decentralization within the enterprise);

- environmental factors (tax regulation, antimonopoly legislation, etc.).

The model of the company's financial strategy shows through the system of which instruments (programs, projects, restructuring, globalization, diversification, etc.) and methods (modeling, planning, analysis, forecasting, etc.) it is implemented.

The use of tools and methods of financial strategy is situational in nature: specific factors, including socio-economic and political, determine the choice of one or another of their combinations in various options. The study of the interaction of financial strategy with the management of the company allows us to conclude that critical role financial strategy.

The financial strategy of the company provides:

· Formation and effective use of financial resources;

· Identification of the most effective areas of investment and the concentration of financial resources in these areas;

· Correspondence of financial actions to the economic condition and material capabilities of the enterprise;

· Determination of the main threat from competitors, the correct choice of directions of financial actions and maneuvering to achieve an advantage over competitors;

· Creation and preparation of strategic reserves;

· Ranking and gradual achievement of goals.

Financial strategy objectives:

Defining ways successful use financial capabilities;

· Determination of prospective financial relationships of the enterprise with third parties;

· Financial support for operating and investment activities;

· Study of economic and financial capabilities of potential competitors, development and implementation of measures to ensure financial stability.

The formation and implementation of a financial strategy as the basis for financial planning of an enterprise is based on the use of tools:

· financial management- financial analysis, budgeting, financial control;

· Financial services market - factoring, insurance, leasing.

Financial planning determines the most important indicators, proportions and rates of extended reproduction and is the main form of implementation of the main goals of the enterprise. Long-term planning is an important part of the financial strategy of the enterprise and includes the development and forecasting of its financial activities.

The financial plan of the company (in the modern format of its understanding) is the definition of the directions of a variety of products and goods that are in demand and ready for implementation, choice financial sources and distribution of financial resources, as well as control over the implementation of certain financial measures.

3. Stages of formation of the financial strategy of the enterprise

Stages of the formation of the financial strategy of the enterprise

1. Determination of the general period of formation of the financial strategy of the enterprise

2. Investigation of the factors of the external financial environment and the conjuncture of financial markets affecting market position firms

3. Formation of strategic goals of the enterprise

4. Specification targets by periods of implementation

5. Development of a financial strategy for certain aspects of the enterprise

6. Development of a system of organizational and economic measures to ensure and implement a financial strategy

7. Evaluation of the effectiveness of the financial strategy Strategy development includes the implementation of several stages:

· Assessment of long-term prospects.

· Development forecast.

· Awareness of the goal.

Analysis of the strengths and weaknesses.

· Generalization of strategic alternatives.

· Development of optimization criteria.

· Choice of the optimal strategy.

· Planning of events.

After developing the general financial strategy of the corporation, special divisions in accordance with the strategy of the corporation, as well as in accordance with the state of the financial market, develop the investment and credit strategies of the corporation.

4. Types of financial strategy of the enterprise

Distinguish between a general financial strategy, an operational financial strategy and a strategy for the implementation of individual strategic tasks, in other words - the achievement of private strategic goals.

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Types of financial strategy

- General financial strategy is a financial strategy that determines the activities of an enterprise. For example, the relationship with the budgets of all levels, the formation and use of the company's income, the need for financial resources and the sources of their formation for the year.

- An operational financial strategy is a strategy for the current maneuvering of financial resources, i.e. the strategy of control over the spending of funds and the mobilization of internal reserves, which is especially important in modern conditions of economic instability; developed for a quarter, a month. The operational financial strategy covers:

§ gross income and receipts of funds: settlements with buyers for sold products, receipts from credit transactions, income from securities;

§ gross costs: payments to suppliers, wage, repayment of obligations to the budgets of all levels and banks.

This approach makes it possible to foresee all forthcoming turnovers in the planning period in terms of cash receipts and expenses. The normal situation is the equality of expenses and incomes or a slight excess of income over expenses.

An operational financial strategy is developed within the framework of a general financial strategy, and details it for a specific period of time.

- The strategy for achieving private goals is the skillful execution of financial transactions aimed at ensuring the implementation of the main strategic goal.

Goals and objectives of the financial strategy: the main strategic goal of finance is to provide the company with the necessary and sufficient financial resources.

The financial strategy of the enterprise in accordance with the main strategic goal provides:

1) formation of financial resources and centralized strategic management of them;

2) identification of decisive directions and focusing on their implementation of efforts, agility in the use of reserves by the financial management of the enterprise;

3) ranking and gradual achievement of tasks;

4) the correspondence of financial actions to the economic condition and material capabilities of the enterprise;

5) objective accounting of the financial and economic situation and the real financial situation of the enterprise in the year, quarter, month;

6) creation and preparation of strategic reserves;

7) taking into account the economic and financial capabilities of the enterprise itself and its competitors;

8) determination of the main threat from competitors, mobilization of forces to eliminate it and skillful choice of directions for financial actions;

9) maneuvering and fighting for the initiative to achieve decisive superiority over competitors.

To achieve the main strategic goal in accordance with the requirements of the market and the capabilities of the enterprise, a general financial strategy of the enterprise is being developed.

In the general financial strategy, the tasks of forming finance are determined and distributed by performers and areas of work.

Financial strategy objectives:

1) study of the nature and patterns of formation of finance in market conditions of management;

2) development and preparation of possible options for the formation of the financial resources of the enterprise and the actions of the financial management in the event of an unstable or crisis financial condition of the enterprise;

3) determination of financial relationships with suppliers and buyers, budgets of all levels, banks and other financial institutions;

4) identification of reserves and mobilization of enterprise resources for the most rational use of production capacities, fixed assets and working capital;

5) providing the enterprise with the financial resources necessary for production and economic activities;

6) ensuring the effective investment of temporarily free funds of the enterprise in order to obtain maximum profit;

7) determination of ways to conduct a successful financial strategy and strategic use of financial capabilities, new types of products and comprehensive training of the company's personnel to work in a market economy, their organizational structure and technical equipment;

8) study of the financial strategic views of potential competitors, their economic and financial capabilities, development and implementation of measures to ensure financial stability;

9) development of ways to prepare a way out of a crisis situation;

10) development of methods for managing the personnel of an enterprise in an unstable or crisis financial state;

11) coordination of the efforts of the entire team to overcome it.

When developing a financial strategy, special attention is paid to:

§ identification of cash income;

§ mobilization of internal resources;

§ maximum reduction of production costs;

§ correct distribution and use of profits;

§ determining the need for working capital;

§ rational use of the company's capital.

The implementation of a financial strategy in its specific mechanism for the functioning of enterprise finances should be based on certain principles that are adequate to a market economy.

Generalization foreign experience organization of corporate finance, the experience of domestic enterprises, analysis of the approaches of commercial banks to assessing the financial performance of their clients allows us to recommend being guided by the following basic principles modern organization finance of Ukrainian enterprises:

· Planning;

· Financial ratio of terms;

· The interdependence of financial indicators;

· Flexibility (maneuvering);

· Minimization of financial costs;

· Rationality;

· Financial stability.

Naturally, the implementation of these principles should be carried out when developing a financial strategy and organizing a financial management system for a particular enterprise. In this case, it is necessary to take into account:

Scope of activity ( material production, non-production sphere);

Industry affiliation (industry, transport, construction, Agriculture, trade, etc.);

· Types (directions) of activity (export, import);

· Organizational and legal forms of entrepreneurial activity.

Proposals for the formation of the financial strategy of the enterprise are developed according to the objects and components of the general financial strategy in several versions (at least three) with mandatory quantifying proposals and an assessment of their impact on the structure of the balance sheet of the enterprise.

Within corporate financial instruments, the development strategy is provided by the methods of financial planning and enterprise management: "flexible budget", percentage of sales, break-even analysis, cost management, as well as situational plans.

The “flexible budget” method provides for the determination of capital costs for projects of the development program not in the form of fixed amounts, but in the form of cost standards used as the basis for determining the performance indicators of the enterprise.

The percentage of sales method is used to obtain a projected budget and profit level for each item on the planned sales volumes. Relationships that take place in current activities obtained from retrospective or forecast data.

The break-even-point method is a break-point analysis method that allows:

§ determine the volumes of production and sales that meet the break-even conditions;

§ to obtain information to determine the amount of profit, to provide flexibility in long-term financial plans due to the possibility of varying costs, prices, sales volumes.

The method of cost management, which is based on three principles: a semi-finished method of accounting for costs, a system component of the activities of the main economic management of an enterprise and the use of motivational attitudes of individual industries (segments of activity), which are separated into independent centers of responsibility. This method it is effectively used for an already permanent nomenclature of the enterprise and can be extended to the management of expenses for large contracts. Each Responsibility Center can participate in one or more enterprise contracts.

Practice shows that it is advisable to build mechanisms for adapting enterprise plans to external conditions on the basis of situational plans. Traditionally, situational plans have been viewed as a methodological technique for ensuring the flexibility of the general corporate strategy.

The problem of choosing a financial strategy for an enterprise's activities is relevant in connection with the need to make decisions in market conditions. Here, the main focus is on assessing the current state of a business entity. Priority in this direction studies are a reasonable forecast of the directions of development of the enterprise, the development of specific recommendations to prevent possible mistakes and miscalculations and ascertaining the actual state of affairs. First of all, it is necessary to determine the financial strategy of the activity as a recommendation of a relative change in the financial and economic condition in the long term based on the quantitative characteristics of the actual financial and economic condition in the current and subsequent periods.

In modern conditions, the most effective development strategy for large enterprises is a diversification strategy. Its essence is that the activities of various divisions of the enterprise are organized in different areas, which strengthens its competitive position. Enterprises, especially those working in areas strategically important for the country's economy, should form their own financial mechanisms and instruments, based on the characteristics of both each contract and the specific conditions of the market environment: legislative framework, market conditions and other factors. Qualitatively developed and implemented financial strategy mechanisms, as a rule, provide a synergistic effect: the benefits and preferences formed as a result for the enterprise lead, ultimately, to a larger total result for the state economy as a whole (payments to the budget at all levels, employment of enterprise employees , development of the enterprise's potential).

The basis of any financial calculations, financial analysis, financial strategic and current planning is the data of financial statements, the basis of which, in turn, is the data of financial accounting, better known in our country as accounting. The task of accounting is to accurately identify the financial results of an enterprise for a certain period of time and for a certain date. Since the compilation and submission of quarterly reports on an accrual basis from the beginning of the year is legally established, which is more consistent with the objectives of control, rather than the management of the enterprise, more and more hopes are currently pinned on the so-called management accounting, which should promptly serve the goals of economic management of the enterprise. At the same time, a lot of schemes and samples of organization are described in the literature. management accounting(Management accounting) according to "Western models". In general, there is nothing wrong with studying Western experience, but to consider and create management accounting in isolation, as a third type of accounting (accounting, aka financial; accounting for tax purposes, aka tax; and accounting for management purposes, aka management accounting) more than irrational. Any business should be approached pragmatically, and before starting it, you should calculate the costs and compare with the source of their coverage.

In financial accounting, the accrual method is provided, that is, the determination of the financial result for the shipment of products, the performance of work, regardless of the fact and date of payment. As stipulated by international standards, although with certain exceptions, which follows from the structure of work and risks. The main disadvantage of such accounting is serving the interests of preparing official financial statements within the time frame established by the state. The result of this orientation is its inoperability and practical uselessness for management.

In order to make accounting operational, there is an accounting policy so as not to create the new kind accounting and organize unnecessary accounting jobs (and there are so many of them), since this is overhead in the literal sense. It is necessary to organize the maintenance of financial accounting in such a way that it becomes possible to display the results of activities every day. To do this, you need a little: organize the daily transfer of all documents on all business transactions to the accounting department and ensure their daily accounting processing based on the methodological principles adopted in the country. A theoretical concept highly accepted by all developed countries, can be defined as follows: financial accounting is necessary to calculate the financial results of economic activities of a particular enterprise. Question: Does it contradict the objectives of management accounting? No. Since management accounting should serve to ensure that the efficiency of management of the enterprise's activities increases, but the efficiency of activities is based on clarifying the financial result. The only problem is that financial results is needed for management not a month or a quarter after the end of production, but day in and day out. But the methods for calculating the result should be exactly those that are used in accounting and are determined by the state.

The theoretical foundations of the process of forming a financial strategy, developed by scientists, do not fully correspond to the current economic situation in Ukraine, since they do not take into account the peculiarities of the development of financial and economic relations in a transformational environment, and, therefore, their use does not allow the most effective implementation of strategic financial planning for the enterprise, taking into account all the features of its functioning. Since the issues of constructing the process of forming a financial strategy are not developed from the position of an integrated approach, it becomes necessary to further study this problem.

The study of existing approaches to the development of a strategy for the use of financial resources makes it possible to identify its following characteristics: phasing, target and temporal orientation, the presence of feedback, the use of criteria for choosing an effective option from a set of alternatives, etc. Since the analysis of the sequence of stages in the process of forming a financial strategy does not allow us to single out the only option that most fully takes into account its features, it becomes necessary to streamline the data in accordance with the main features of the generation of strategic alternatives.

5. The main directions of improving the financial strategy of the enterprise

In modern conditions, by optimizing the financial activities of an enterprise, the following factors will be described below.

An increase in the profitability of sales can be achieved by reducing costs, increasing prices for products sold, as well as exceeding the growth rates of the volume of products sold over the growth rates of costs.

Costs can be reduced by:

using cheaper raw materials and materials

automation of production in order to increase labor productivity

reduction of notional fixed costs

reduce inventories

accelerate the rate of payment of receivables

identify and liquidate unused fixed assets

use the funds received as a result of the above actions to pay off debt, repurchase their shares, or to invest in other more profitable activities

Increasing the prices of products sold can also serve as a means of increasing the return on assets. However, in the conditions market economy this is a rather difficult task.

An increase in the rate of turnover of assets can be ensured by increasing the volume of sales while maintaining assets at a constant level, or by reducing assets.

After management has considered the strategic alternatives available, it then turns to a specific strategy. The goal is to select a strategic alternative that will maximize the long-term performance of the organization. To make effective strategic choices, senior executives must have a clear, shared vision of the firm and its future. The strategic choice must be definite and unambiguous.

The choice of strategy is closely related to the assessment of alternative strategies. Managers with extensive experience in strategic planning typically compare strategies in pairs to ensure that each alternative is judged fairly before making a final decision.

Developing and implementing a corporate strategy that can better match the rapidly changing external environment has become an extremely important part of the management activities of most companies.

In this regard, the role of strategic analysis as a tool providing a basis for making strategic decisions. The emergence of new methods of analysis is an important source of increasing the competitiveness of a firm, helping it, within the framework of uncertainty, to clearly develop the main directions of activity.

Strategic analysis requires an understanding on the part of management of what stage of development the enterprise is at before deciding where to go next. This requires effective Information system providing data to analyze past, present and future situations.

A well-conducted diagnosis of the strengths and weaknesses of an enterprise provides a real assessment of its resources and capabilities, and is also the starting point for developing a strategy.

Due to imperfect legislation and unpredictability of the market, the choice of strategy must be approached very carefully.

Companies need to be able to assess their management performance if they intend to monitor financial transactions and achieve their organizational objectives.

Conclusion

The development of the financial strategy of the enterprise is preceded by an analysis of the financial condition of the enterprise.

When developing a financial strategy, special attention is paid to the completeness of identifying cash income, mobilizing internal resources, minimizing the cost of production, correctly distributing and using profits, determining the need for working capital, and rational use of the enterprise's capital. The financial strategy is developed taking into account the risk of non-payments, surges in inflation and other force majeure (unforeseen) circumstances. It must correspond to production objectives and, if necessary, be adjusted and changed. Control over the implementation of the financial strategy ensures the verification of income receipts, their economical and rational use, since well-established financial control helps to identify internal reserves, increase the profitability of the economy, increasing cash savings.

An important part of the financial strategy is the development of internal standards (with the help of which, for example, the directions of profit distribution are determined), which are successfully used in the practice of foreign companies.

Thus, the success of the financial strategy of the enterprise is guaranteed by balancing the theory and practice of financial strategy; when financial strategic goals are in line with real economic and financial opportunities through rigid centralization of financial strategic management and flexibility of its methods as the financial and economic situation changes.

List of used literature

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3. Kovaleva A.M. Financial management: Textbook for universities. / Ed. Doctor of Economics, prof. A.M. Kovaleva. M .: INFRA - M, 2003.284 p.

4. Semenov VM, Nabiev RA, Aseinov R.S. Enterprise Finance: Textbook. allowance. M .: Finance and statistics, 2005. p. 204.

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Defining a financial strategy

What is a financial strategy? Under this term, it is customary to understand a plan developed by any business entity - for example, a commercial firm - that is associated with the definition effective ways receiving revenue and reducing company costs.

Purpose of a financial strategy

The financial strategy is designed to help resolve issues related to the self-determination of the organization as an independent subject of commercial activities, obtaining the necessary funds for development, and optimizing the business model. Working in the appropriate direction, the management of the organization identifies the patterns of economic development of the company, develops methods of adapting the organization to the impact of certain market, social or political factors.

The financial strategy is most often associated with the optimization of fixed assets of the company, the distribution of profits, the implementation of calculations, tax, investment policy, the search for effective pricing mechanisms. Management activities in these areas can be carried out both in the internal space of the enterprise and in work in the territories outside the corporation - for example, it can be negotiations with investors, large clients, government agencies.

What does the implementation of the financial strategy allow to achieve?

Development of the financial strategy of the enterprise and its successful implementation allow you to gain significant advantages in the field of business. Among those:

formation of an effective system for managing the company's cash resources;
identification of the key factors affecting the profitability of business models with the subsequent concentration of activities on working with them;
the formation of a balanced, consistent, rational approach to the formulation of tasks and their solution;
identification of criteria for balancing the current business model, as well as potential sources of further growth of the company;
building transparent and objective instruments of control over economic efficiency enterprises;
identification of internal and external factors that predetermine the company's profitability;
identification of the organization's key competitive advantages relative to market players and ensuring their dynamic involvement.

Building a financial strategy is the most important area of activity in a commercial enterprise. These activities allow for a comprehensive analysis of the company's capabilities, its growth potential and increasing competitiveness in a particular business segment.

Elements of a financial strategy

The financial strategy of the enterprise consists of the following key elements:

planning (which can be classified into various categories - for example, current and future activities);
concentration of monetary resources and the formation of the necessary investment base;
formation of reserves that may be needed to maintain the stability of certain areas of the business in the event of a negative impact of certain factors;
interaction with partners - both in the aspect of current communications related to settlements and mutual fulfillment of obligations, and in the direction of searching for new counterparties or, for example, investors;
development of the accounting policy of the company;
standardization of the firm's activities at the level of certain business processes;
implementation of reporting procedures;
selection of new personnel;
professional development of staff members;
analysis of financial activities;
control over the implementation of the points of the strategy being developed.

The work of the firm's managers in the areas under consideration can be associated both with the search for objective patterns and factors that affect the economic development of the firm, and with the discovery of those that have subjective characteristics. That is, the figures that management received while planning may not be entirely relevant - for example, due to a political factor.

The development of a financial strategy can be carried out at the highest level - but in the presence of tension in the international arena, the enterprise may have difficulties with the implementation of the planned tasks.

Strategic directions of the company development

It will be useful to consider what key strategic directions in the development of the company are identified by modern researchers. Among those:

tax optimization policy;
research of opportunities for the formation of the most adequate prices;
investment policy.

The first direction of activities will be associated primarily with the study of the legal framework at the level of federal, regional or municipal legislation. With regard to pricing policy, the identification of its key directions is likely to predetermine the need for managers to focus on the study of external market factors. The investment policy, in turn, will be based to a greater extent on the study of the internal business processes built at the enterprise.

The goals of building a financial strategy

Let us now consider what the goals of the company's financial strategy may be. Most often they are of a commercial nature. That is, they will be associated with the desire of enterprise managers to extract as much profit as possible and reduce costs - as we said above. However, the financial strategy of the organization can also reflect the preferences of the owners of the firm in the field of solving not only commercial, but also social or political problems.

In the first case, the work of the owners and managers of the enterprise will probably involve the creation of as many jobs with high wages as possible. As for the solution of political problems, the priorities in the financial strategy of the company can be concentrated in this case in the direction of either the formation of a city-forming enterprise, or the economic development of the region. As a result, the owners and managers of the company can count on certain preferences in elections, on the implementation of "lobbies" and other activities in the field of municipal, regional politics, and in some cases - at the level of national processes.

Varieties of financial strategy

Let us study the varieties in which the financial strategy of the enterprise can be presented. Modern economists divide the activities under consideration into:

general;
operational;
tactical.

Let's study them in more detail.

General strategy

As for the first type of financial strategy, it predetermines on what principles the development of the enterprise will be based. These can be based on the formation of priorities in the release of a particular product, the use of a specific technology, an emphasis on the promotion of a company in a particular sales market.

Operational strategy

Financial strategy, classified as operational, will be associated with the definition of tools through which management should lead the enterprise to achieve those goals that are defined at the general level. For example, if the key principle of the company's development is the development of markets located in Southeast Asia, then operational tasks may be associated with the procurement of equipment that will make production competitive with suppliers from the corresponding region.

The operational financial strategy of the company, as a rule, is associated with the control over the current expenditure of financial resources at the disposal of the company. So, the management can solve problems related to: taking into account gross income, settlements with suppliers, making a profit through the issuance of securities, taking into account gross expenses, paying salaries to employees, paying taxes to the budget. If the modernization of production, which allowed the enterprise to reach the required level of competitiveness with respect to Asian competitors, has been achieved, then the task of management is to identify how the corresponding innovations turn out to be compatible with the current business model of the company, its obligations to counterparties and the state.

The tactical aspect of strategy

The tactical part of the financial strategy involves the localization of tasks at the level of specific business processes. Such activities may be associated with the purchase of new funds for individual production lines or, for example, by purchasing Supplies... Financial control over the settlements accompanying the solution of the corresponding problems can be carried out with a high frequency or in relation to local operations - for example, related to the transfer of funds to the equipment supplier under the current contract.

Criteria for the effectiveness of the financial strategy of the enterprise

Based on what criteria should be the formation of the financial strategy of the company, as well as its subsequent implementation?

Regarding the first stage of managerial activities, the following set of conditions can be distinguished that increase the likelihood of building effective approaches to business development:

required detail production processes(the key factor of competitiveness may be the local area of the business, which, it would seem, cannot be decisive in terms of the profitability of the enterprise);
adequate assessment of financial factors (overestimated revenue expectations may lead to a failure to implement investment plans, underestimated - to insufficiently dynamic growth of the company, as a result - a decrease in market share);
due attention to external factors (as we noted above, even the most effective business model may be useless if political events interfere with its implementation).

Regarding the stage of implementation of a financial strategy, researchers recommend paying attention to the following criteria for its effectiveness:

ensuring a stable institutional and personnel basis for the firm's activities at various stages of the implementation of the points of the developed plans (the idea of managers may turn out to be excellent, but insufficiently high qualifications of personnel or imperfect mechanisms of intracorporate communications may hinder its implementation);
ensuring effective control mechanisms over the solution of the assigned tasks;
timely analysis of the results achieved (which can help identify any shortcomings current strategy or, on the contrary, its strongest points, which can subsequently be used in order to increase the competitiveness of the business).

So, we examined how the financial strategy of an enterprise can be built. The owners and managers of the company in the course of its implementation are faced with the need to solve difficult problems, but such activities are worth it, since they predetermine the level of competitiveness of the business.

At the same time, the financial management strategy correlates with another category of management - tactics. Let's study this aspect in more detail.

Financial tactics

Financial strategy and financial tactics are closely related phenomena. There is a point of view according to which the second element is an integral part of the first, so it is not entirely correct to consider them in different contexts. We considered a similar scenario above - having studied one of the approaches to the classification of strategies, according to which it is supposed to highlight its tactical variety.

Financial tactics: practical examples

There is another thesis, according to which the financial strategy and financial tactics of the firm's management can be correlated at the level of methods, but involve the solution of different problems. For example, the management of an enterprise may decide to change the bank that serves the organization's cash settlement services. From the point of view of financial strategy, no significant tasks are solved in this case. However, the management is obviously taking a tactical move, possibly associated with signing a contract with a more stable bank.

Another example of a relevant type of decision: adjusting the list of powers CFO- as an option - in favor of transferring some of those to the general. Again, from a strategic point of view, the decision is insignificant. But in the aspect of tactics, it can be extremely important due to the fact that general manager After completing specialized training courses, he will acquire a greater amount of competence in some business issues, and therefore will cope with their solution better than a leader of a narrower profile.

Financial strategy of the enterprise

In the conditions of market relations, the independence of enterprises, as well as responsibility for the results of their activities, there is a need to determine trends in the financial condition, orientation in financial opportunities and prospects (obtaining a bank loan, attracting foreign investment), assessing the financial condition of other economic entities. The solution to these issues is provided by the financial strategy of the enterprise.

Financial strategy- This is a master plan of action to provide the enterprise with cash. It covers both theoretical and practical issues, the formation of finance, their planning and provision. The financial strategy of the enterprise solves the problems that ensure the financial stability of the enterprise in the market conditions of management.

The theory of financial strategy explores the objective laws of market conditions of management, develops methods and forms of survival in the new conditions of preparation and conduct of strategic financial transactions.

The financial strategy of the company covers all aspects of the company's activities, including the optimization of fixed and circulating assets, distribution of profits, cashless payments, tax and pricing policy, policy in the field of securities, etc.

The financial strategy ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the product market, taking into account the financial capabilities of the enterprise and considering the nature of internal and external factors. Otherwise, the company may go bankrupt.

Types of financial strategy

Distinguish between a general financial strategy, an operational financial strategy and a strategy for the implementation of individual strategic tasks, in other words - the achievement of private strategic goals.

General financial strategy call the financial strategy that determines the activities of the enterprise. For example, the relationship with the budgets of all levels, the formation and use of the company's income, the need for financial resources and the sources of their formation for the year.

Operational financial strategy- This is a strategy for the current maneuvering of financial resources, i.e. the strategy of control over the spending of funds and the mobilization of internal reserves, which is especially important in modern conditions of economic instability; developed for a quarter, a month. The operational financial strategy covers:

gross income and receipts of funds: settlements with buyers for sold products, receipts from credit transactions, income from securities;

gross expenses: payments to suppliers, salaries, repayment of obligations to budgets of all levels and banks.

This approach makes it possible to foresee all forthcoming turnovers in the planning period in terms of cash receipts and expenses. The normal situation is the equality of expenses and incomes or a slight excess of income over expenses.

An operational financial strategy is developed within the framework of a general financial strategy, and details it for a specific period of time.

It consists in the skillful execution of financial transactions aimed at ensuring the implementation of the main strategic goal.

Goals and objectives of the financial strategy

The main strategic goal of finance is to provide the company with the necessary and sufficient financial resources.

The financial strategy of the enterprise in accordance with the main strategic goal provides:

1) formation of financial resources and centralized strategic management of them;

2) identification of decisive directions and focusing on their implementation of efforts, agility in the use of reserves by the financial management of the enterprise;

3) ranking and gradual achievement of tasks;

4) the correspondence of financial actions to the economic condition and material capabilities of the enterprise;

5) objective accounting of the financial and economic situation and the real financial situation of the enterprise in the year, quarter, month;

6) creation and preparation of strategic reserves;

7) taking into account the economic and financial capabilities of the enterprise itself and its competitors;

8) determination of the main threat from competitors, mobilization of forces to eliminate it and skillful choice of directions for financial actions;

9) maneuvering and fighting for the initiative to achieve decisive superiority over competitors.

To achieve the main strategic goal in accordance with the requirements of the market and the capabilities of the enterprise, a general financial strategy of the enterprise is being developed.

In the general financial strategy, the tasks of forming finance are determined and distributed by performers and areas of work.

Financial strategy objectives:

1) study of the nature and patterns of formation of finance in market conditions of management;

2) development and preparation of possible options for the formation of the financial resources of the enterprise and the actions of the financial management in the event of an unstable or crisis financial condition of the enterprise;

3) determination of financial relationships with suppliers and buyers, budgets of all levels, banks and other financial institutions;

4) identification of reserves and mobilization of enterprise resources for the most rational use of production capacities, fixed assets and working capital;

5) providing the enterprise with the financial resources necessary for production and economic activities;

6) ensuring the effective investment of temporarily free funds of the enterprise in order to obtain maximum profit;

7) determination of ways to conduct a successful financial strategy and strategic use of financial capabilities, new types of products and comprehensive training of the company's personnel to work in a market economy, their organizational structure and technical equipment;

8) study of the financial strategic views of potential competitors, their economic and financial capabilities, development and implementation of measures to ensure financial stability;

9) development of ways to prepare a way out of a crisis situation;

10) development of methods for managing the personnel of an enterprise in an unstable or crisis financial state;

11) coordination of the efforts of the entire team to overcome it.

When developing a financial strategy, special attention is paid to:

identifying cash income;

mobilizing internal resources;

the maximum reduction in production costs;

correct distribution and use of profits;

determining the need for working capital;

rational use of the company's capital.

Financial strategy development

The financial strategy is developed taking into account the risk of non-payments, inflation and other force majeure circumstances. Thus, the financial strategy must correspond to production objectives and, if necessary, be adjusted and changed.

Control over the implementation of the financial strategy ensures the verification of income receipts, their economical and rational use, since well-established financial control helps to identify internal reserves, increase the profitability of the economy, increasing cash savings.

An important part of the financial strategy is the development of internal regulations, with the help of which, for example, the directions of profit distribution are determined. This approach is successfully used in the practice of foreign companies.

Thus, the success of the company's financial strategy is guaranteed if the following conditions are met:

1) with a mutual balancing of the theory and practice of financial strategy;

2) when financial strategic goals are consistent with real economic and financial opportunities through rigid centralization of financial strategic management and flexibility of its methods as the financial and economic situation changes.

The development of the financial strategy of the enterprise can be presented in the form of a diagram (see.
).

When developing a financial strategy, it is necessary to take into account the dynamics of macroeconomic processes, trends in the development of domestic financial markets, the possibilities of diversifying the activities of an enterprise.

The financial strategy, the main task of which is to achieve full self-sufficiency and independence of the enterprise, is based on certain organizational principles 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 spending;
centralization of financial resources, ensuring the flexibility of financial resources, their concentration on the main areas of production and economic activity;
the formation of financial reserves that ensure the stable operation of the enterprise in conditions of possible fluctuations in the market environment;
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 the current standards;
preparation of financial statements for the company and business segments in accordance with applicable rules and regulations in compliance with the requirements of standards;
financial analysis of the enterprise and its segments (priority business and geographic segments, other segments within unallocated items);
financial control of the enterprise and all its segments.

The financial strategy includes methods and practices for the formation of financial resources, their planning and ensuring the financial stability of the enterprise. 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. The financial strategy provides for the definition of long-term goals of financial activities and the selection of the most effective ways to achieve them. The objectives of the financial strategy should be subordinate to the general 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 allocated to the production of competitive products, mobilization of internal resources, the maximum reduction in production costs, the formation and distribution of profits, the efficient use of capital, etc.

Consideration of 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.

Economic Development Strategy Is a set of main goals and basic means of achieving them. Strategic planning is a single way of predicting future opportunities, helping to clarify the most appropriate courses of action. Analysis of the current values of the parameters and their forecast make it possible to formulate a strategic focus - a priority area on which it is necessary to focus attention and resources. The scope of the enterprise's priorities should be limited, since the simultaneous implementation of several strategic goals is really impracticable.

An important principle strategic planning is multivariance planned calculations... The discrepancy between the desired strategic goal and the current state is determined by a large number of ways to achieve the goal. Taking into account the risk factors and uncertainty in the development of the external environment, it is almost impossible to choose a unified development strategy.

The complexity of developing a strategy is of great importance, since each alternative option provides for the analysis of all, without exception, issues of its financial, resource and organizational security, determination and coordination of time and quantitative parameters. The allocation of resources to achieve only a specific goal guarantees the stability of the strategy implementation, although it limits the ability to maneuver.

Financial strategy is the general plan of action of the enterprise, covering the formation of finances and their planning to ensure the financial stability of the enterprise and includes the following:

planning, accounting, analysis and control of financial condition;
optimization of fixed and circulating assets;
distribution of profits.

The financial strategy of the company provides:

formation and efficient use of financial resources;
identification of the most effective investment areas and the concentration of financial resources in these areas;
compliance of financial actions with the economic condition and material capabilities of the enterprise;
identification of the main threat from competitors, the correct choice of directions of financial actions and maneuvering to achieve an advantage over competitors;
creation and preparation of strategic reserves;
ranking and gradual achievement of goals.

Tasks financial strategy:

identifying ways to successfully use financial opportunities;
determination of prospective financial relationships of the company with third parties
financial support for operating and investment activities;
study of economic and financial capabilities of potential competitors, development and implementation of measures to ensure financial stability.

The formation and implementation of a financial strategy as the basis for financial planning of an enterprise is based on the use of tools:

financial management - financial analysis, budgeting, financial control;
financial services market - factoring, insurance, leasing.

Financial planning determines the most important indicators, proportions and rates of extended reproduction and is the main form of implementation of the main goals of the enterprise. Planning ahead is an important part financial strategy enterprise and includes the development and forecasting of its financial activities.

In a market economy, there is an objective need to identify trends in the development of the financial condition and prospective financial capabilities of the enterprise.

The development of a financial strategy is part of the overall strategy for economic development, by virtue of which it must be consistent with its goals and directions. In turn, the financial strategy has a significant impact on the overall economic strategy of the enterprise, since the change in the situation at the macro level and in the financial market is the reason for adjusting not only the financial, but also the general development strategy of the enterprise.

Within corporate financial instruments, the development strategy is provided by the methods of financial planning and enterprise management: "flexible budget", percentage of sales, break-even analysis, cost management, as well as situational plans.

Flexible budget method provides for the determination of capital costs for projects of the development program not in the form of fixed amounts, but in the form of cost standards used as the basis for determining the performance indicators of the enterprise.

Percentage of sales method is used to obtain a projected budget and profit level for each item from the planned sales volumes. Relationships that take place in current activities, obtained from retrospective or forecast data, are chosen as the starting percentage relations.

Break-even-point method - break point analysis method - allows:

determine the volumes of production and sales that meet the break-even conditions;
to obtain information for determining the amount of profit, to provide flexibility for long-term financial plans due to the possibility of varying costs, prices, sales volumes.

Cost control method , which is based on three principles: a semi-finished method of accounting for expenses, a system constituting the activities of the main economic management of an enterprise and the use of motivational attitudes of individual industries (segments of activity), which are separated into independent centers of responsibility. This method is effectively used for the already constant nomenclature of the enterprise and can be extended to the management of expenses for large contracts. Each Responsibility Center can participate in one or more enterprise contracts.

Practice shows that it is advisable to build mechanisms for adapting enterprise plans to external conditions on the basis of situational plans. Traditionally, situational plans have been viewed as a methodological technique for ensuring the flexibility of the general corporate strategy.

The problem of choosing a financial strategy for an enterprise's activities is relevant in connection with the need to make decisions in market conditions. Here, the main focus is on assessing the current state of a business entity. Priorities in this area of research are a reasonable forecast of the directions of the enterprise's development, the development of specific recommendations to prevent possible errors and miscalculations, and a statement of the actual state of affairs. First of all, it is necessary to determine the financial strategy of the activity as a recommendation of a relative change in the financial and economic condition in the long term based on the quantitative characteristics of the actual financial and economic condition in the current and subsequent periods.

In modern conditions, the most effective development strategy for large enterprises is diversification strategy ... Its essence is that the activities of various divisions of the enterprise are organized in different areas, which strengthens its competitive position. Enterprises, especially those working in areas strategically important for the country's economy, should form their own financial mechanisms and instruments, based on the characteristics of each contract and the specific conditions of the market environment: the legal framework, market conditions and other factors. Qualitatively developed and implemented financial strategy mechanisms, as a rule, provide a synergistic effect: the benefits and preferences formed as a result for the enterprise lead, ultimately, to a larger total result for the state economy as a whole (payments to the budget at all levels, employment of enterprise employees , development of the enterprise's potential).

The basis of any financial calculations, financial analysis, financial strategic and current planning is data financial statements , which, in turn, is based on data financial accounting , better known in our country as accounting. The task of accounting is to accurately identify the financial results of an enterprise for a certain period of time and for a certain date. Since the compilation and submission of quarterly reports on an accrual basis from the beginning of the year is legally established, which is more consistent with the objectives of control, rather than management of the enterprise, more and more hopes are currently pinned on the so-called Management Accounting , which should promptly serve the purposes of economic management of the enterprise. At the same time, the literature describes quite a lot of schemes and samples of management accounting according to the "Western models". In general, there is nothing wrong with studying Western experience, but to consider and create management accounting in isolation, as a third type of accounting (accounting, aka financial; accounting for tax purposes, aka tax; and accounting for management purposes, aka management accounting) more than irrational. Any business should be approached pragmatically, and before starting it, you should calculate the costs and compare with the source of their coverage.

For this, there is an accounting policy so as not to create a new type of accounting and organize unnecessary accounting jobs (and there are so many of them), since this is overhead in the literal sense. It is necessary to organize the maintenance of financial accounting in such a way that it becomes possible to display the results of activities every day. To do this, you need a little: organize the daily transfer of all documents on all business transactions to the accounting department and ensure their daily accounting processing based on the methodological principles adopted in the country. The theoretical concept adopted by all highly developed countries can be defined as follows: financial accounting is necessary for calculating the financial results of economic activities of a particular enterprise ... Question: Does it contradict the objectives of management accounting? No. Since management accounting should serve to ensure that the efficiency of management of the enterprise's activities increases, but the efficiency of activities is based on clarifying the financial result. The whole problem is only that the financial result is needed for management not a month or a quarter after the end of production, but day in and day out. But the methods for calculating the result should be exactly those that are used in accounting and are determined by the state.

Today, in financial accounting, there are practically no differences when using the accrual method between our country and economically developed countries. Accrual system (accrual accounting system) is understood all over the world in the same way, and its essence is in the recognition of income and expenses in those periods when these facts took place, and not when funds were received. Therefore, cash flows do not give rise to income recognition. The system includes two steps:

statement - recognition of income at the time of their receipt and expenses at the time of their occurrence;
transformation of accounts - transformation of the balance of accounts of the trial balance in order to obtain the information necessary to fill out the reporting forms.

In the conditions of movement towards Europe, the EU, in order to be included in the free world economy it is necessary to seriously think about reducing the cost of products, works, services, and not about justifying the price. To accession to the WTO domestic enterprises must be prepared internally, otherwise the world market will swallow them. It is already clear today that a significant part of the goods, despite the high customs duties and transportation costs, are cheaper to bring than to produce in their own country, and they can be sold more profitably. Moreover, the quality of the goods produced not only by well-known brands, but also by unknown Chinese, Turkish and Polish manufacturers is higher than that of the national manufacturer. And all this together is the competitiveness of a product as a product of labor and an enterprise. Therefore, today it is necessary to ensure such accounting so that every day, and not a month or two after the production of products, the management knows the result of this production, and not only for the enterprise, but for each type of manufactured commodity product could find out how competitive this product is, and how you can improve this competitiveness. Today, calls to support their manufacturer, not supported by the appropriate quality and price of the goods, will hang in the air.

Management already requires the organization of accounting work by geographical and economic reporting segments or centers of responsibility. This means that it is necessary to develop a clear accounting policy in the interests of the enterprise, using all legislative possibilities, choosing a depreciation policy, changes personnel policy... Unfortunately, not everyone today realized this need, the thunder has not yet struck.

You cannot judge performance by tax returns, although it is normal for businesses to seek tax cuts. But the enterprise lives not only on taxes. And it is not their size that affects the cost of production and the price. It is important not only to make a profit, but also, above all, to return the invested capital, that is, to charge depreciation in such a way as to ensure not only simple, but also expanded reproduction, moreover, in conditions of inflation and with non-monetary fixed assets as assets.

The development of the financial strategy of the enterprise depends on the goals and objectives set by the owner of the enterprise, therefore financial plan(budget) of an enterprise can be either a “gobble-up” budget or a development budget. Practice shows that only serious strategic investors have a financial strategy continuous development enterprises, investing in the renewal of its fixed assets, reorientation of the enterprise's economy towards reducing energy costs and increasing labor costs, and even reorienting production.

Nadezhda GORITSKAYA

Department of General Management

Admit to protection

Head of the department Safiullin M.R.

__________________________________

"____" _____________________200__

COURSE PROJECT

Financial strategies

Kazan 2006

Introduction ………………………………………………………………. …… .3

Financial strategy of the organization: concept, content …………………. …… .5

1.1 Concept of financial strategy ……………………………………………. …… .5

1.2 Methods of financial strategy ……………………………………………. …… 7

2 Types of financial strategies ……………………………………………………… ..11

2.1 Strategy for attracting financial resources ………………… .. …………… 11

2.2 Financial investment strategy ……………………… ... …………… 14

2.3 Strategic approach to managing current financial operations …………………………………………………………………………… .17

2.4 Strategies for risk management and ensuring the financial stability of the company ……………………………………………………………………………………………………………………………………………………………………………………… 19

3 An example of the formation of a financial strategy based on the oil company LUKoil …………………………………………………………………………… .23

Conclusion ……………………………………………………… .. ………… .. …… 35

List of used literature …………………………………………… .37

Introduction

The radical breakdown of the economic system in the direction of market relations presented its requirements to economic entities. At present, the stage of Russia's economic development is characterized by the active growth of entrepreneurial activity and the transition to various forms of ownership. Adapting to market relations, firms focus their activities on meeting the demand and needs of the market, on organizing their production only for specific types of products that are in demand and will bring the enterprise the profit necessary for development. In these conditions, it is necessary to build completely new approaches and requirements in the organization of enterprise management. The strategic attitude in the behavior of the company as a whole determines its financial strategy. There is not only a direct link: the firm's strategy - the firm's financial strategy, but also a feedback: the firm's financial strategy - the firm's strategy. That is, the financial strategy of the company has a certain independence in relation to the very strategy of the company. Therefore, the entrepreneur has more freedom in formulating the financial strategy of the firm than in the formulation of the general strategic line of conduct of the enterprise.

At present, the theory and practice of modern foreign management and the results of adaptation of its individual elements into the Russian practice of planning and forecasting the activities of an enterprise are used to comprehend the differences in the designated strategies and identify their priorities.

This paper discusses the concept, content and main types of financial strategies. This takes into account the development trends of financial strategies, its current state, and future prospects.

The choice of the topic is not accidental, since the development of market processes in Russia contributed to the formation of a financial strategy as a science, as well as its widespread use in practice. The activities of an enterprise are characterized by indicators of its financial condition, which are indicators of the entire economic process. The financial condition determines the competitiveness of the organization, its potential in business relations, and as a result - the position in the financial market. For the favorable functioning of the enterprise, it is necessary to effectively organize the process of managing its financial activities.

The purpose of this course work is to identify specific features characteristic of a financial strategy and its types, identify distinctive features in the formation of a stock portfolio, and also consider a financial strategy using the example of the Russian oil company LUKoil, which most successfully applied the latest achievements of financial strategy in its daily activities. This goal setting directly reflects the structure of this work.

When working on the course project, abstract-logical and monographic methods were used. In addition, materials of both educational and specialized literature, as well as materials of articles and other publicistic publications were studied.

The study of the practical part of the work was carried out on the basis of periodicals over the past 2 years, in particular, the main sources were the journals: "Finance and Credit", "Economic Analysis: Theory and Practice", " Financial business", As well as the official site of the" LUKoil "company.

We hope that considered in term paper the topic will be useful for study, due to its relevance.

Financial strategy of the organization: concept, content and analysis

1.1 Concept of financial strategy

As you know, in modern system management of the organization is occupied by its general economic strategy, or the strategy of economic development, a component of which, and very essential, is the financial strategy. This materiality is explained by the coordinating role of finance in the management system of the organization, as well as by the special place that financial resources among other resources of the organization - material and labor, since it is financial resources that can be converted into any other type of resources with a minimum time lag.

The financial strategy of an organization can be viewed as its long-term program of action in the field of finance (for 5 or more years).

As the most important component of the overall economic strategy, the financial strategy is aimed at achieving in the long term the goals of the organization in accordance with its mission by ensuring the formation and use of financial resources, i.e. management of the organization's financial flows, and above all to ensure the competitiveness of the organization, which is included in the sustainability of:

growth in production volumes;

investment activity;

innovative activity;

welfare of employees and owners of the organization.

In this case, the financial strategy of the organization should be classified into two types: general financial strategy; financial strategy of individual tasks.

The classification criterion in this case is the volume of tasks to be solved in the field of finance.

General financial strategy is a component of the overall economic strategy of the organization and is associated with the implementation of all financial aspects of its mission.

Obviously, the list of objectives of a financial strategy is determined by its goals in each specific case. However, according to the authors of this article, the goal inherent in the financial strategy of almost any commercial organization- maximizing the welfare of the owners of this organization - can determine a number of some general tasks, also inherent in its financial strategy, which include:

determination of the financial condition of the organization based on the analysis;

optimization of the organization's working capital;

determination of the share and structure of borrowed funds and their effectiveness;

optimization of investments and sources of funds for the development of production;

forecasting the profit of the organization;

optimization of profit distribution;

optimization of tax policy "with maximum allowance for possible benefits and avoidance of fines and overpayments;

determination of the direction of investment of the released funds in order to obtain maximum profit, including the acquisition of securities of related enterprises;

analysis of the application and selection of the most effective forms of non-cash payments, including the use of bills;

development of a pricing policy in relation to both manufactured and purchased products, taking into account the financial condition of the organization;

determination of foreign economic activity policy.

It should be emphasized that the objectives of the financial strategy should be comparable to the capabilities of the organization. The implementation of the financial strategy should be carried out on the basis of a combination of strong centralized financial strategic leadership and flexible timely response to changing conditions.

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