Long-term financial policy(1). Organization's financial growth strategy

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capital financial planning dividend

Financial policy is a fundamental element in the financial management system at both the macro and microeconomic levels. When organizing financial relations for the distribution, redistribution and use of gross domestic product and national income, the state determines the main goals and objectives facing society and, accordingly, the country’s financial system, all its spheres and links.

Financial policy is the determination of goals and objectives to achieve which the process of formation, distribution and redistribution of the gross domestic product is directed to provide financial resources for the continuous reproduction process and the solution of individual social, economic and political problems of society.

The main goal of financial policy is to create financial conditions for the socio-economic development of society, improving the level and quality of life of the population. Achieving this goal is possible only with the effectiveness of specific forms of distribution, redistribution and use of the available financial resources of society and the financial potential of the state.

The state, represented by the legislative (representative) and executive authorities, is the main subject of the ongoing financial policy. It develops a strategy for the main directions of financial development for the future, determines action tactics for the coming period, and determines the means and ways to achieve strategic objectives. Subjects of financial policy are also local governments and organizations of various forms of ownership.

The objects of financial policy are monetary relations on the formation, distribution and use of funds of funds in all areas and links of the financial system.

Financial strategy is a long-term course of financial policy, designed for the long term and providing for the solution, as a rule, of large-scale problems.

Financial tactics are methods for solving financial problems in the most important areas of financial strategy.

Financial policy strategy and tactics are interconnected.

1. Long-term financial policy of the enterprise

1.1 Concepts and goals of long-term enterprise policy

Financial policy of the enterprise- a set of measures for the purposeful formation, organization and use of finances to achieve the goals of the enterprise.

Financial policy- the most important component of the overall development policy of the enterprise, which also includes investment, innovation, production, personnel, marketing, etc. policies. If we consider the term « policy » more broadly, it is “actions aimed at achieving a goal.”

Thus, the achievement of any task facing an enterprise is, to one degree or another, necessarily connected with finances: costs, income, cash flows, and the implementation of any solution, first of all, requires financial support.

Thus, financial policy is not limited to solving local, isolated issues, such as market analysis, developing procedures for passing and approving contracts, organizing control over production processes, but is comprehensive.

Long-term financial policy framework- a clear definition of a unified concept for the development of the enterprise in the long term, the choice of optimal mechanisms for achieving set goals, as well as the development of effective control mechanisms.

The main purpose of creating an enterprise- ensuring maximization of the welfare of the owners of the enterprise in the current period and in the future. This goal is expressed in ensuring the maximization of the market value of the enterprise, which is impossible without the effective use of financial resources and building optimal financial relations both within the enterprise itself and with counterparties and the state.

To achieve the main goal of financial policy, it is necessary to find the optimal balance between strategic directions:

1. profit maximization;

2. ensuring financial stability.

The development of the first strategic direction allows owners to receive income on invested capital, the second direction provides the enterprise with stability and security and relates to risk control.

Developing a financial strategy involves certain stages:

· critical analysis of previous financial strategy;

· justification (adjustment) of strategic goals;

· determining the timing of the financial strategy;

· specification of strategic goals and periods for their implementation;

· distribution of responsibility for achieving strategic goals.

It is always a search for balance, the currently optimal relationship between several areas of development and the selection of the most effective methods and mechanisms for achieving them.

The financial policy of an enterprise cannot be unshakable, determined once and for all. On the contrary, it must be flexible and adjusted in response to changes in external and internal factors.

One of the basic principles of financial policy is that it should be based not so much on the actual situation as on the forecast of its changes. Only on the basis of foresight does financial policy become sustainable.

Long-term financial policy- the basis of the financial management process of an enterprise. Its main directions are determined by the founders, owners, and shareholders of the enterprise. However, the implementation of long-term financial policy is possible only through the organizational subsystem, which is a set of individuals and services that prepare and directly implement financial decisions.

They implement long-term financial policies at enterprises in different ways. This depends on the organizational and legal form of the business entity, the scope of activity, as well as the scale of the enterprise.

The subjects of management in small enterprises can be the manager and the accountant, since small business does not imply a deep division of management functions. Sometimes external experts and consultants are brought in to adjust development directions.

In medium-sized enterprises, current financial activities can be carried out within other departments (accounting, economic planning department, etc.), while serious financial decisions (investing, financing, long-term and medium-term distribution of profits) are made by the general management of the company.

In large companies it is possible to expand the organizational structure, personnel composition and clearly differentiate powers and responsibilities between:

· information bodies: legal, tax, accounting and other services;

· financial authorities: financial department, treasury department, securities management department, budgeting department, etc.;

· control bodies: internal audit, audit.

As a rule, the financial director is responsible for posing financial problems and analyzing the feasibility of choosing one or another method of solving them. However, if the decision being made is significant for the enterprise, he is only an adviser to senior management personnel.

When developing and implementing long-term financial policy, enterprise management is forced to constantly make management decisions from many alternative directions. Timely and accurate information plays a vital role in choosing the most profitable solution.

Information support for the financial policy of an enterprise can be divided into two large categories: generated from external sources and internal.

Fromexternal sources:

1. Indicators characterizing general economic development

countries:

· growth rate of gross domestic product and national income;

· volume of money emission in the period under review;

· cash income of the population;

· household deposits in banks;

· inflation index;

· central bank discount rate.

This type of informative indicators serves as the basis for analyzing and forecasting the conditions of the external environment of the enterprise when making strategic decisions in financial activities. The formation of a system of indicators for this group is based on published state statistics.

2. Indicators characterizing the financial market situation:

· types of main stock instruments (shares, bonds, etc.) traded on the exchange and over-the-counter stock markets;

· quoted supply and demand prices of the main types of stock instruments;

· lending rate of individual commercial banks.

The system of normative indicators of this group serves to make management decisions when forming a portfolio of long-term financial investments, when choosing options for placing free funds, etc. The formation of a system of indicators for this group is based on periodic publications of the Central Bank, commercial publications, as well as official statistical publications.

3. Indicators characterizing the activities of counterparties and competitors.

A system of informative indicators of this group is necessary mainly for making operational management decisions on certain aspects of the formation and use of financial resources.

4. Regulatory indicators.

The system of these indicators is taken into account when preparing financial decisions related to the peculiarities of state regulation of the financial activities of enterprises. The sources for the formation of indicators of this group are regulations adopted by various government bodies.

Frominternal sources, divided into two groups.

1. Primary information:

· accounting reporting forms;

· operational financial and management accounting.

The system of informative indicators of this group is widely used by both external and internal users. It is applicable in financial analysis, planning, development of financial strategy and policy on the main aspects of financial activity, and gives the most aggregated picture of the results of the financial activity of the enterprise.

2. Information obtained from financial analysis:

· horizontal analysis (comparison of financial indicators with the previous period and for several previous periods);

· vertical analysis (structural analysis of assets, liabilities and cash flows);

· comparative analysis (with industry average financial indicators, competitor indicators, reporting and planned indicators);

· analysis of financial ratios (financial stability, solvency, turnover, profitability);

· integrated financial analysis, etc.

Thus, for the successful implementation of the enterprise’s long-term financial policy, management must, firstly, have reliable information about the external environment and predict its possible changes; secondly, have information about the current parameters of the internal financial situation; thirdly, systematically carry out an analysis that makes it possible to obtain an assessment of the results of economic activity of its individual aspects, both statically and dynamically.

1.2 Cost of main sources of capital

Often the term "capital" is used in relation to both sources

funds and assets. With this approach, when characterizing sources, they talk about “passive capital”, and when characterizing assets, they talk about “active capital”, dividing it into fixed capital (long-term assets, including construction in progress) and working capital (this includes all current assets).

Capital- these are the means that a business entity has at its disposal to carry out its activities in order to make a profit.
The enterprise's capital is formed both from its own (internal) and from borrowed (external) sources.

The main source of funding is equity. It includes authorized capital, accumulated capital (reserve and added capital, accumulation fund, retained earnings) and other income (targeted financing, charitable donations, etc.).

Authorized capital- this is the amount of funds of the founders to ensure statutory activities. At state-owned enterprises, this is the value of property assigned by the state to the enterprise with the rights of full economic management; at joint-stock enterprises - the nominal value of all types of shares; for limited liability companies - the sum of the owners' shares; for a rental enterprise - the amount of contributions of its employees.

The authorized capital is formed in the process of initial investment of funds. Contributions of founders to the authorized capital can be in the form of cash, property and intangible assets. The amount of the authorized capital is announced upon registration of the enterprise and when adjusting its value, re-registration of the constituent documents is required.

Added capital as a source of funds for an enterprise, it is formed as a result of the revaluation of property or the sale of shares above their nominal value. Savings Fund is created from the profit of the enterprise, depreciation charges and the sale of part of the property.
The main source of replenishment of equity capital is the profit of the enterprise, at the expense of which accumulation, consumption and reserve funds are created. There may be a balance of retained earnings, which, before its distribution, is used in the turnover of the enterprise, as well as the issue of additional shares.

Funds for special purposes and targeted financing- these are gratuitously received values, as well as irrevocable and repayable budgetary allocations for the maintenance of social and cultural facilities and for restoring the solvency of enterprises that receive budgetary financing.

Borrowed capital- these are loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. It is divided into long-term (more than a year) and short-term (up to a year).
Any organization finances its activities, including investment, from various sources. As payment for the use of financial resources advanced to the organization’s activities, it pays interest, dividends, remuneration, etc., i.e. bears some reasonable costs to maintain its economic potential. As a result, each source of funds has its own value as the sum of the costs of providing this source.

In the process of assessing the cost of capital, the cost of individual elements of equity and debt capital is first assessed, then the weighted average cost of capital is determined.

Determining the cost of capital of an organization is carried out in several stages:

1. identification of the main components that are the sources of formation of the organization’s capital is carried out;

2. the price of each source is calculated separately;

3. the weighted average price of capital is determined based on the share of each component in the total amount of invested capital;

4. measures are being developed to optimize the capital structure and form its target structure.

An important point when determining the cost of capital of an organization

is the choice of the basis on which all calculations should be carried out: before tax or after tax. Since the goal of managing an organization is to maximize net profit, the analysis takes into account the impact of taxes.

It is equally important to determine what price of the source of funds should be taken into account: historical (at the time of attracting the source) or new

(marginal, characterizing the marginal costs of attracting sources of financing). Marginal costs provide a realistic estimate of the organization's future costs required to draw up its investment budget.

The cost of capital depends on its source (owner) and is determined by the capital market, i.e. supply and demand (if demand exceeds supply, then the price is set at a higher level). The cost of capital also depends on the amount of capital raised.

The main factors that influence the cost of capital of an organization are:

· general state of the financial environment, including financial markets;

· commodity market conditions;

· average loan interest rate prevailing in the market;

· availability of various sources of financing for organizations; profitability of the organization's operating activities;

· level of operating leverage;

· level of concentration of equity capital;

· the ratio of the volumes of operating and investment activities; the degree of risk of the operations being carried out;

· industry specific features of the organization’s activities, including the duration of the operating cycle, etc.

The level of cost of capital varies significantly among its individual elements (components). The element of capital in the process of assessing its value is understood as each of its varieties according to individual sources of formation (attraction).

Such elements are capital raised by: 1. reinvestment of the profit received by the organization (retained earnings);

2. issue of preferred shares;

3. issue of common shares;

4 . obtaining a bank loan;

5. bond issues;

6. financial leasing, etc.

For comparable valuation, the value of each element of capital is expressed as an annual interest rate. The level of value of each element of capital is not a constant value and fluctuates significantly over time under the influence of various factors.

Analysis of the structure of the balance sheet liabilities, characterizing the sources of funds, shows that their main types are:

· own sources (authorized capital, equity funds, retained earnings);

· borrowed funds (bank loans (long-term and short-term), bonded loans);

· temporary borrowed funds (accounts payable).

Short-term accounts payable for goods (work, services), wages and taxes are not included in the calculation, since the organization does not pay interest on it and it is a consequence of current operations during the year, while the cost of capital is calculated for the year for making long-term decisions.

Short-term bank loans, as a rule, are temporarily attracted to finance the current needs of production in working capital, so they are also not taken into account when calculating the cost of capital.

Thus, to determine the cost of capital, the most important are its following sources: borrowed funds, which include long-term loans and bond issues; own funds, which include ordinary and preferred shares and retained earnings.

Depending on the duration of existence in this particular form, the organization’s assets, as well as sources of funds, are divided into short-term (current) and long-term. As a rule, it is assumed that current assets are financed from short-term, durable funds, from long-term sources of funds; This optimizes the total cost of raising funds.

Borrowed capital is assessed based on the following elements:

· the cost of a financial loan (bank and leasing);

· cost of capital raised through the issue of bonds;

· the cost of a commodity (commercial) loan (in the form of short-term and long-term deferred payment);

· cost of current settlement obligations.

The main elements of borrowed capital are bank loans and bonds issued by the organization. In some cases, when a significant amount of funds is needed at a time for investment (purchase of new equipment), financial leasing and commercial (commodity) credit (forfetting), loans from other organizations are used.

The cost of borrowed capital depends on many factors: the type of interest rates used (fixed, floating); developed scheme for calculating interest and repaying long-term debt; the need to form a debt repayment fund, etc.

1.3 Dividend policy of an enterprise: concept, specifics and influencing factors

Along with solving investment problems associated with increasing the organization’s assets and determining the sources of their coverage, the process of forming the owner’s share in the profit received in accordance with his contribution, or dividend policy.

Its purpose is to determine the optimal ratio between the consumed and capitalized parts of the profit. In the future, this will ensure the strategic development of the organization, maximize its market value and determine specific measures aimed at increasing the market value of shares.

Dividends- cash payments that a shareholder receives as a result of the distribution of the corporation's net profit in proportion to the number of shares. The broader concept of dividend is used to refer to any direct payment made by a corporation to its shareholders.

The dividend policy of the enterprise includes making decisions on the following issues:

1. Should a business pay out all or part of its net income to shareholders this year or invest it for future growth? This means choosing the ratio of the net profit of the part that goes to pay dividends and the part that is reinvested in the assets of the corporation.

2. Under what conditions should the dividend yield value be changed? Should you stick to one dividend policy over the long term, or can you change it frequently?

3. In what form should the earned net profit be paid to shareholders (in cash in proportion to the shares held, in the form of additional shares or through the repurchase of shares)?

4. What should be the frequency of payments and their absolute value?

5. How to build a policy for paying dividends on incompletely paid shares (in proportion to the paid part or in full)?

· legal restrictions. The purpose of such restrictions is to protect the rights of creditors. In order to limit a company’s ability to “eat up” its capital, the legislation of most countries clearly indicates the sources of dividend policy payments, and also prohibits the payment of dividends in cash if the company is insolvent;

· restrictions due to insufficient liquidity. Dividends can be paid in cash if the company has cash in its current account or cash equivalents in an amount sufficient to pay;

· restrictions due to expansion of production. Enterprises that are at the stage of intensive development are in dire need of sources of financing for their activities. In such a situation, it is advisable to limit the payment of dividends and reinvest profits in production;

· restrictions due to the interests of shareholders. The total income of shareholders consists of the amounts of dividends received and the increase in the market value of shares. When determining the optimal dividend size, it is necessary to assess how the amount of dividends will affect the price of the enterprise as a whole;

In accordance with the Tax Code of the Russian Federation, part I, art. 43, a dividend is any income received by a shareholder (participant) from an organization during the distribution of profits remaining after taxation (including in the form of interest on preferred shares) among shares (stakes) owned by the shareholder (participant).

Decisions on dividend payments of Russian organizations affect both ordinary and preferred shares.

If the level of dividends on ordinary shares depends on the financial results of the organization and is determined by the general meeting of shareholders (on the recommendation of the board of directors), then payments on preferred shares refer to mandatory fixed payments, established in monetary units or as a percentage of the dividend to the par value of the preferred share.

In practice, the following main methods of forming a dividend policy are distinguished:

· conservative;

· compromise, or moderate;

· aggressive.

Each of these methods allows you to develop your own type of dividend policy:

Table 1. Types of dividend policy

Residual dividend policy payments assumes that the dividend payment fund is formed after the need for the formation of its own financial resources, ensuring the full implementation of the company’s investment opportunities, is satisfied through profits.

It is most advisable to implement this policy when the internal rate of return on ongoing projects is higher than the weighted average cost of capital or the level of financial profitability.

In this case, the use of profit ensures a high rate of capital growth, further development of the organization and an increase in its financial stability. However, a potentially low level of dividend payments may have a negative impact on the formation of the level of market prices for shares.

Policy of stable dividend payments involves payment of a constant amount over a long period (at high rates of inflation, the amount of dividend payments is adjusted to the inflation index).

The advantage of such a policy is its reliability and the unchanged size of the current shareholder income per share, which leads to stable quotes for these shares on the market. The disadvantage of this policy is its weak connection with the financial performance of the organization.

The policy of a minimum stable amount of dividends with a premium in certain periods has: the advantage that it provides stable guaranteed dividend payments in the minimum stipulated amount with a high connection with the financial results of the organization. This connection allows you to increase the size of dividends during periods of favorable economic conditions without reducing the level of investment activity.

The main disadvantage of this policy is that with prolonged payment of minimum dividends, the investment attractiveness of the organization's shares decreases and, accordingly, their market value falls.

Stable dividend rate policy payments provides for the establishment of a long-term rate of such payments in relation to the amount of net profit. The advantage of this policy is the simplicity of its development, and the close connection with the amount of profit generated.

The main disadvantage is the instability of the size of dividend payments per share, determined by the instability of the amount of generated profit. This causes fluctuations in the market value of shares in certain periods and prevents the organization from maximizing the market value of the organization.

Policy of constant increase in dividends provides for a stable increase in the level of dividend payments per share. The increase in dividends occurs, as a rule, in a firmly established percentage increase to their size in the previous period.

The advantage of such a policy is to ensure a high market value of the company's shares and create a positive image among potential investors. The disadvantage is the lack of flexibility in implementing this policy and the constant increase in financial tension.

The practice of forming a company's dividend policy consists of a number of stages:

First stage - assessment of the main factors determining the formation of dividend policy. In this case, all factors are usually divided into four groups.

1. Factors characterizing the investment opportunities of an organization:

· stage of the company's life cycle;

· the need to expand the company's investment programs;

· degree of readiness of highly effective investment projects for implementation.

2. Factors characterizing the possibilities of generating financial resources from alternative sources:

· adequacy of equity capital reserves, the amount of retained earnings from previous years;

cost of attracting additional

· share capital;

· cost of attracting additional borrowed capital;

Availability of loans in the financial market;

3. Factors associated with objective limitations:

· level of taxation of dividends;

· level of taxation of property of organizations;

· achieved financial leverage effect;

· the actual amount of profit received and the level of return on equity.

4. Other factors:

· the market cycle of the product market in which the company is a participant;

· level of dividend payments by competing companies;

· urgency of payments on previously received loans;

· the possibility of losing control over the management of the company;

IN second stage - choosing the type of policy that would correspond to the company's strategy;

T third stage - determination of the profit distribution mechanism corresponding to the company's strategy.

The organization's dividend policy takes into account the entire range of interests: obtaining additional resources for investment through the issue of shares, ensuring a sufficient dividend to their holders, optimizing the profit-investment-dividend ratio, taking into account the real conditions of the organization's development.

The dividend policy intertwines the interests of the company as a whole and the interests of shareholders. Effectively connecting these interests is one of the important tasks of the company's financial strategy.

2. Mmethods and models of financial planning

Financial planning- intra-company planning subsystem. Objects of financial planning:

1 . financial resources are monetary income and receipts at the disposal of a commercial organization and intended for the implementation of expenses for expanded reproduction, economic stimulation, fulfillment of obligations to the state, and financing of other expenses;

2 . financial relations - monetary relations arising in the process of expanded reproduction;

3 . cost proportions - proportions that are formed during the distribution of financial resources. These proportions must be economically justified, since they affect the efficiency of a commercial organization;

4 . financial plan of an enterprise is a document reflecting the volume of receipts and expenditures of funds, fixing the balance of income and areas of expenditure of the enterprise, including payments to the budget for the planned period.

Goals financial planning of a commercial organization depends on the selected criteria for making financial decisions, which include maximizing sales; profit maximization; maximizing the property of company owners, etc.

Main goals financial planning - providing financial resources for production, investment, and financial activities of an enterprise; determining ways to effectively invest capital, assessing the degree of its rational use; identification of internal reserves for increasing profits; establishing rational financial relations with the budget, banks, counterparties; respecting the interests of investors; control over the financial condition of the enterprise.

The importance of financial planning lies in the fact that it embodies the developed strategic goals in the form of specific financial indicators; provides financial resources for the economic development proportions laid down in the production plan; provides an opportunity to determine the viability (effectiveness) of an enterprise project in a competitive environment; serves as the basis for assessing investment attractiveness for investors.

Financial planning at an enterprise includes three main subsystems: long-term financial planning, current financial planning, operational financial planning.

Strategic financial planning determines the most important indicators, proportions and rates of expanded reproduction, and is the main form of realizing the goals of the enterprise. Covers a period of 3-5 years. The period from 1 to 3 years is conditional, as it depends on economic stability and the ability to predict the volume of financial resources and directions of their use. As part of strategic planning, long-term development guidelines and goals of the enterprise, a long-term course of action to achieve the goal and allocate resources are determined. A search is conducted for alternative options, the best one is selected, and the enterprise strategy is based on it.

Long-term financial planning is "implementation" planning. Covers a period of 1-2 years. Based on the developed financial strategy and financial policy for individual aspects of financial activity. This type of financial planning consists in developing specific types of current financial plans that enable the enterprise to determine for the coming period all sources of financing its development, form the structure of its income and costs, ensure its constant solvency, and also determine the structure of its assets and capital of the enterprise at the end planned period.

The result of current financial planning is the development of three main documents: a cash flow plan; profit and loss statement plan; balance sheet plan.

The main purpose of constructing these documents is to assess the financial position of the enterprise at the end of the planning period. The current financial plan is drawn up for a period of 1 year. This is explained by the fact that within 1 year, seasonal fluctuations in market conditions generally level out. The annual financial plan is broken down quarterly or monthly, since the need for funds may change during the year and in some quarter (month) there may be a lack of financial resources.

Short-term (operational) financial planning complements long-term; it is necessary in order to control the receipt of actual revenue into the current account and the expenditure of available financial resources. Financial planning includes drawing up and executing a payment calendar, cash plan and calculating the need for a short-term loan.

Conclusion

Long-term financial policy should be aimed at implementing structural changes, accelerating scientific and technological progress, reorienting social production to meet social needs and increasing the living standards of the population.

In general, it seems promising to carry out budget expenditures based on optimizing their volume and structure to the extent of increasing income based on increasing the efficiency of material production, the basis for which is created by new economic levers of management, development and strengthening of full self-financing and self-financing at all levels of management.

One of the basic principles of long-term financial policy is that it should be based not so much on the actual situation as on the forecast of its changes. Only on the basis of foresight does financial policy become sustainable. This aspect is the most relevant in the current conditions of the financial crisis.

List of used literature

1. Enterprise finance: Textbook. manual for universities / ed. Kolchina. - M.: UNITY, 2010 - 447 p.

2. Fundamentals of financial management. Part 1: Textbook. allowance / Kaliningrad. Univ. - Kaliningrad, 2008 - 120 p.

3. Krasnova S.V. Financial mechanism for regulating enterprise cash flows within financial industrial groups / S.V. Krasnova / Finance. - 2003. - No. 1. - With. 73-74.

4. Molyakov D.S., Shokhin E.I. Theory of enterprise finance: Textbook. allowance. - M.: Finance and Statistics, 2012. - 112 p.

5. Finance and credit: Textbook for universities / A.M. Kovaleva, N.P. Barannikova; Ed. A.M. Kovaleva. - M.: Finance and Statistics, 2009. - 512 p.

6. Finance, money, credit: Textbook for universities / S.I. Dolgov, S.A. Bartenev et al.; Ed. O.V. Sokolova. - M.: Lawyer, 2007. - 783 p.

7. Basovsky L.E. Financial management: Textbook - M. INFRA - M, 2010. - 240 p.

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Financial planning as a function of managing the financial activities of an organization. Types of financial plans.

Financial planning– the process of developing a system of financial plans and planned (normative) indicators to provide the enterprise with the necessary financial resources and increase the efficiency of its financial activities in the coming period.

Financial planning at an enterprise is based on the use of 3 main systems:

1.forecasting financial activity- development of a general financial strategy and financial policy in the main areas of financial activity - up to 3 years;

2.current planning of financial activities- development of current financial plans for certain types of financial activities - 1 year;

3. operational financial planning- development of all forms of budgets on the main issues of financial activity - month, quarter.

The importance of financial planning for business entities is that:

It embodies the developed strategic goals in the form of specific financial indicators;

Provides an opportunity to determine the viability of a project in a competitive environment and serves as a tool for obtaining financial support from external investors.

Basic tasks financial planning.

1. Providing the necessary resources for all types of enterprise activities.

2. Determining ways to effectively invest capital and assessing the degree of rationality of its use.

3.Identification of internal reserves for increasing profits through the economical use of funds.

4. Establishment of optimal financial relations with the budget, commercial banks and counterparties.

5. Respect for the interests of shareholders and other investors.

6. Monitoring the financial condition, solvency and creditworthiness of the enterprise.

In financial planning practice, the following are used: methods:

1.Method of economic analysis allows you to determine the main patterns and trends in the movement of natural and cost indicators, as well as the internal reserves of the enterprise.

2.Normative method lies in the fact that, on the basis of previously established standards, the need of an economic entity for financial resources and their sources is calculated.

3. Balance sheet calculation method allows you to determine the future need for financial resources based on the forecast of receipts and expenditures of funds for the main balance sheet items.

4.Cash flow method is of a universal nature when drawing up financial plans and serves as a tool for forecasting the size and timing of receipt of the necessary financial resources.

5.Method of multivariate calculations consists in developing alternative options for planned calculations in order to select the optimal criterion, while the selection criteria may be different.

6.Method of economic and mathematical modeling allows you to qualitatively express the close relationship between financial indicators and the main factors in their determination.

TO financial plans compiled by business entities, relate balance of income and expenses, consolidated budget, estimate of income and expenses. Financial plan a commercial organization can be drawn up in form balance of income and expenses or consolidated budget(as noted earlier in this work). The balance of income and expenses distinguishes: income and receipts, expenses and deductions, payments to the budget and state extra-budgetary funds.

57. Forecasting as the basis for promising intra-company
planning and financial strategy of the enterprise.

Financial strategy of the enterprise is a system of long-term financial goals of the financial activity of an enterprise, determined by its financial ideology and the most effective ways to achieve them.

The basis of long-term planning is forecasting– long-term financial planning, the main goal of which is to study the possible financial condition of the enterprise by developing financial indicators and parameters, the use of which allows us to determine one of the most optimal options for the development of the enterprise when the market situation changes.

The output results of forecasting are the development of the following main documents:

1.Forecast of the profit and loss statement;

2. Cash flow forecast;

3. Balance sheet forecast.

The main purpose of constructing these documents is to assess the financial position of the enterprise at the end of the planning period.

Using the forecast income statement, the amount of profit received in the upcoming period is determined. For this purpose, the cost-volume-profit method is widely used in practice. This method provides the following features:

Determine the volume of production and sales of products in order to ensure break-even production;

Set the amount of desired profit;

Increase the flexibility of financial plans in order to take into account various options for changing market conditions.

The balance sheet forecast reflects a fixed statistical picture of the financial balance of the enterprise, where expenses are always covered by income. The structure of the forecasted balance sheet corresponds to the structure of the reporting balance sheet, since the latest reporting balance sheet is taken as the source document.

The cash flow forecast reflects the movement of cash flows from current, investing and financing activities. This document helps the financial manager in assessing the enterprise's use of funds and in determining the sources of their formation. Forecast data allows you to estimate future cash flows, and, consequently, the growth prospects of the enterprise and its future financial needs. Using a cash flow forecast, you can estimate how much money needs to be invested in the economic activities of the enterprise, the synchronicity of the receipt and expenditure of funds, and therefore check the future liquidity of the enterprise.

58. Taking into account the time factor in financial calculations. Growth multiplier. Discounting.

At the heart of financial calculations is the concept of the “time value of money.” Cash depreciates over time, that is, it is subject to inflation. This important circumstance must be taken into account in financial calculations. Since the value of money at the beginning and end of the time period is not the same, the concepts of current (present or today's) and future value of money are introduced into the terminology of financial management. A financial transaction calculated without taking into account the time factor may be ineffective as a result of the income being “eaten up” by inflation.

There are two methods to take into account time factor in financial calculations:

Calculation of compound interest (accumulation method);

Discounting.

By lending funds, their owner receives income in the form of interest accrued at a specific rate for a certain period of time.

Most often, the interest rate is set as an annual rate, which accrues interest at the end of the year. There are two main methods of calculating interest: simple interest method; compound interest method.

With the first method, interest is accrued once at the end of the period, while the accrual base remains unchanged. If the initial amount is , and the rate % is r, then annually the initial amount will increase by an amount and after n – years it will be:

At complex method Interest accruals are made annually both on the principal amount and on previously accumulated and unclaimed interest. In this case, the base from which % is calculated will constantly increase by the end of the nth year:

More profitable is simple interest method, if the deposit is placed for a period of no more than a year and, conversely, if the deposit period is more than a year, the most profitable method is the calculation of compound interest.

The multiplier is called buildup multiplier ; it shows how many times the initial capital (deposit) will increase due to the addition of accrued interest at a given interest rate r for n periods.

Determining the amount of accrued value is called compounding .

Compound interest method allows you to determine what the initial deposit amount turns into at a positive rate of its growth.

Discounting– the reverse process of compound interest; it allows us to estimate what we will lose if we do not invest money in any project, including without placing it on deposit. In other words, discounting makes it possible to judge the degree of depreciation of money over n periods.

Discounting method- This is a method of bringing a monetary amount of a future period to the current moment. From the perspective of the current moment, the future sum (F) will always be less than the present sum (P), since the denominator of the fraction is less than 1.

where is the discount factor or the index of bringing the future amount to the current moment;

The discount rate adopted at the level of the average % of the Central Bank on deposits.

The multiplier values ​​are located in special financial tables.

1. Factors influencing the need for external financing

Attracted, or external, sources of financial resources can be divided into own and borrowed. If external investors invest money in the authorized capital of an enterprise as an additional one in order to participate in the management of the enterprise and make a profit, then the result of such an investment is the formation of attracted own resources.

In cases of insufficient financial resources from their own sources, enterprises can attract borrowed funds in the form of long-term and short-term bank loans, loans and borrowings from budgetary, legal entities and individuals (in the form of bills, bond issues, etc.).

The biggest impact on enterprise needs V raising funds factors from external sources:

Planned growth rate sales volume (S). Fast-growing companies require greater increases in assets while keeping other elements constant. The higher rate of increase the volume of sales of the company, the greater will be the need for external financing.

Baseline use of fixed assets or availability excess capacity;

Capital intensity (A/S). The number of assets required for each ruble of revenue is called the capital intensity ratio. Companies with higher asset-to-revenue ratios require more assets for a given revenue growth, and therefore have a greater need for external financing.

- product profitability(share of profit in revenue (return on sales, margin)) (M). The higher the margin, the more of the net profit is available to support sales growth and the lower the need for external financing.

Percentage of retained earnings. Companies that retain more retained earnings and do not pay them out as dividends have less need for external financing;

The ratio of spontaneous liabilities to revenue (L/S). Companies that spontaneously create significant liabilities from accounts payable will have a relatively low need for external financing.

Approximate calculation of needs in external financing:

The need for external financing = the need for an increase in assets - a spontaneous increase in liabilities - an increase retained earnings

Where is the change in sales volume,

Relative increase in assets,

Relative increase in liabilities.

Related information.

When talking about the financial strategy of an enterprise, it should never be separated and considered in isolation from the corporate strategy. But before we talk in more detail about the main stages of creating a financial strategy, it is worth having a clear understanding of why it is needed.

In general, the hierarchy of strategic management theory includes corporate strategy, business strategy, functional and product strategies. Financial strategy The enterprise belongs to the functional type along with marketing, HR strategy, etc. Now let's look at what it provides and what needs to be done to develop it.

What does the financial strategy of an enterprise provide?

The financial strategy of the enterprise determines which sources of financing will be used for development. And we are talking about both own funds and borrowed funds. Moreover, it is the company’s financial strategy that helps determine a number of vital parameters and restrictions, namely:

• what tasks must be solved to achieve the strategic goals;
• what amounts of funding will be needed;
• the time frame within which funding will be needed;
• existing restrictions.

It is the financial strategy of the enterprise that determines all of the above restrictions. It will be easy to use such guidelines when building forecast financial models, and even annual budgets.

What needs to be taken into account when developing a financial strategy for an enterprise

When developing a financial strategy, you need to focus on:

Profitability- what financial benefits do the company’s owners receive from the implementation of the strategy;

Risks- what risks the company takes on, what consequences of their implementation are possible if the strategy is not successful;

Environmental resistance- how much the external environment will support your financial strategy.

Creating a financial strategy for an enterprise

Diagnosis of the current situation to create a financial strategy for the enterprise

The first step towards creating a financial strategy for an enterprise is diagnosing the situation both within the company and in the market environment. As a rule, it all comes down to drawing up a SWOT analysis table - highlighting strengths and weaknesses, opportunities and threats. But it would not be amiss to analyze the existing competitive environment - to conduct the same SWOT analysis, but in relation to the main players in the market.

To conduct a financial SWOT analysis, you will have to assess the financial position of both the enterprise itself and its closest competitors. The list of questions may be approximately as follows.

• How efficiently does the company manage working capital relative to its competitors (turnover in days)?
• What remaining unused bank debt limit does your business have?
• What is your company's debt to EBITDA ratio?
• What is our company's cost of capital expressed as a percentage per annum?
• How do competitors finance their business - do they attract loans or use only their own funds?
• What sources of financing do competitors have (for example, their own bank, strong shareholders, etc.)?
• What is the dynamics of the company’s net operating cash flow and how are the key market players doing with this same indicator?

The answers received can be easily collected in a classic SWOT analysis matrix. And after that, when you have a clear understanding of the strengths and weaknesses of the financial aspects of the company, you can begin to develop a strategy.

Setting goals

This stage involves formulating a vision that defines a long-term view of the future of the company, a mission - the role of the organization in the external environment and, most importantly - corporate goals of a strategic and financial nature, for example for five years. At the same time, the formulation of the strategy should be extremely transparent and specific.

For growing companies, the financial strategy can be formulated as follows: “The financial strategy is to provide the company with financial resources through effective management of the debt portfolio and working capital, in an amount adequate to the growth of the company, in order to maximize the return on average capital employed (ROACE )". At the same time, the financial strategy of enterprises operating in markets that have reached the saturation stage can be described as follows: “The financial strategy is to ensure sustainable growth of net assets per share, where the size of net assets is defined as the value of future cash flows from ongoing projects.” . Of course, these are just examples of strategy formulations.

The best way to understand the mission and define goals is to conduct a brainstorming session in which the company's owners and top managers jointly participate. Another option is that strategic goals are determined by business owners without involving the company’s management in this work, but this happens quite rarely.

Development of an action plan to create a financial strategy for an enterprise

When the current situation in the company is clear, when goals for the five years ahead are formulated, the next logical step is to prepare plans for specific actions and a business model.

The action plan includes a description of what funding will be raised and within what time frame. It should also contain answers to the following questions.

• What needs to be done, for example, to successfully conduct an IPO?
• What actions will the company take to get more favorable loan terms from banks?
• How can you release some of the funds immobilized in inventories or receivables?

And a company's business model is nothing more than a long-term cash flow plan that takes into account all planned actions. In some cases, in addition to this, it may be justified to create a forecast of profits and losses, as well as changes in the company's assets and liabilities, broken down by year.

Problems of developing a financial strategy for an enterprise

One of the main problems in developing a viable strategy is that shareholders approve it and management prepares it. Therefore, if there is no desire to redo all the calculations ten times, rewrite the goals, from the very beginning you need to involve shareholders in the work on developing a strategy. It is better to plan in advance regular meetings (say, once every two weeks) of management with shareholders - the so-called strategic sessions.

Another important point. Since the strategy “looks” five years ahead, a financial model is built for the same period, by the way, most often in Excel. It allows you to predict the financial results of an enterprise when certain prerequisites change.

Everyone who has encountered the development of a financial strategy has wondered how to reflect the uncertainty of the future in a financial model. In other words, to make it clear to shareholders that these are only plans that tend not to be fulfilled. To do this, any strategy for five years ahead must have several scenarios for the development of the external environment. It is advisable to come up with a name for each scenario, for example: “Scenario of explosive growth in demand”, “Crisis scenario”, “Scenario of 5 percent growth in sales”. It is important not just to calculate these scenarios in a financial model, but to clearly present them to shareholders. The word “clear” means that the model shows the relationship between changes in prerequisites and financial results.

When creating a company strategy, first of all, it is necessary to determine what position the company currently occupies in the market, what are the prospects for this industry, and identify the most and least profitable areas of activity. In fact, analyze all management reporting in the context of the Central Federal District for the last two to three years. Then, based on data on the current financial position of the company, data on the state of the market, together with the business owner, determine goals and objectives for the next few years.

The company's financial strategy is a master plan of action for the timely provision of the enterprise with financial resources and their effective use. By comprehensively taking into account the financial capabilities of the enterprise, objectively considering the nature of internal and external factors, it ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the product market. Otherwise, the company may go bankrupt.

The relevance of the research topic is due to the difficult economic situation in Russia at the moment. Under these conditions, the lack of a developed financial strategy can lead to disjointed decisions by individual structures of the company, which ultimately can lead to a sharp decrease in the efficiency of financial activities.

Purpose This work is a detailed study of the structure of the enterprise's financial policy and the development of a long-term financial strategy based on available data.

Financial strategy and main stages of its development

In a constantly changing external environment, it is important to ensure flexibility and transparency of financial policy to achieve sustainability, financial security of the enterprise and growth of its market value.

The first stage in developing a financial policy is to determine the main financial goal of the organization. Setting goals for a financial strategy in the long term begins with a mission - this is a short, clearly formulated document that explains the purpose of creating an organization, its objectives and core values.

The main financial goal is to maximize market value while minimizing risk. It is detailed into financial subgoals (maximization in the medium term), for example: profit; the amount of equity capital; return on equity; asset structure; financial risks.

By area, a financial strategy is a general plan of action for an enterprise, covering the formation of finances and their planning to ensure the financial stability of the enterprise.

Developing a financial strategy involves developing not only goals, but also developing an action plan to achieve those goals.

The financial policy of an enterprise is the division of the financial strategy into individual elements of financial management. Financial policy is aimed at building an effective financial management system.

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.

An important condition for determining the period for forming the financial strategy of an enterprise is the predictability of the development of the economy as a whole and the situation in those segments of the financial market with which the upcoming financial activities of the enterprise are connected. The conditions for determining the period for forming a financial strategy are also the industry of the enterprise, its size, stage of the life cycle, and others.

Assessing the effectiveness of the developed financial strategy is the final stage in developing the financial strategy of the enterprise. Covering all forms of financial activity of an enterprise, financial strategy examines the objective economic laws of market relations, develops forms and methods of survival and development under new conditions.

Selecting models when building a financial strategy for an enterprise

As mentioned earlier, developing a financial strategy includes several main stages. First of all, you need to analyze the current position of the company (general trends in the industry, analysis of the competitive environment, analysis of financial results) on the basis of which a SWOT analysis model of the strategic position of the company is formed. Then strategic alternatives for the company's development are considered and a matrix of financial strategies is determined. The company's strategic goals are determined after a comprehensive analysis summarized in the SWOT model. In accordance with this and according to the SMART principle, an ordered tree of goals is built (decision tree modeling). The SMART principle, used in constructing a tree of goals, implies that goals should be: specific (Specific); measurable; agreed upon (Agreeable, Accordant): with a vision and mission among themselves and with those who are to fulfill them; achievable (Realistic); defined in time (Timebounded). The hierarchy of goals establishes the coherence of the organization and ensures that the activities of all departments are oriented toward achieving higher-level goals. Construction of a tree of goals involves the following phases: establishment by the owners of the main goal (goals) for the company as a whole, based on the mission, vision and SWOT analysis; development of strategic alternatives to achieve the main goal(s) of the company; assessment of the effectiveness of each formulated alternative according to the ratio: achieved result - costs, time, risks; choosing one of the strategic alternatives; building a tree of goals for all departments, the achievement of which leads to the implementation of the selected strategic alternative; development of plans and programs for company divisions to implement the selected strategic alternative; Setting individual goals: for the hierarchy of goals within a company to become a real tool for achieving its main goal(s), it must be brought to the level of leading specialists. There are two ways to achieve the integral strategic goal:

1. the owners set the growth rate for the company's value;
2. owners select several strategic alternatives based on areas of work based on SWOT analysis.

In the first case, from the integral strategic goal, a tree of financial goals is formed, distributed among strategic components (marketing, technological, personnel development) and further down to specific programs. The main tool for constructing a goal tree is the BSC (Balanced Score Card) model. Each of the components of the strategy (financial, investment, marketing, business processes, personnel development) has its own strategic goal, which must be achieved at the end of the forecast (planning) period. The variety of goals that make up the company’s financial and investment strategy and the criteria for their evaluation are shown in Table 1.

Table 1 - Strategic goals of the financial strategy and criteria for their evaluation.

Thus, using the matrix of financial strategies, the key areas of strategic development have been identified:

1. Development of a system of performance indicators, including based on a balanced scorecard system. Determining a system of indicators and measures to achieve goals; identification of key indicators; determination of rules and mechanisms for their calculation; identifying those responsible for achieving goals and implementing processes; setting up procedures and information systems for calculating indicators.

2. Development and improvement of the management system. Development of effective mechanisms for implementing the strategy: organizational structure, optimal distribution of powers and responsibilities of managers for the implementation of the strategy; motivating staff to implement the strategy; optimization of company plans, budgets and reports, increasing the efficiency of decision-making by managers; development of interrelated procedures for planning, accounting, analysis and decision-making.

3. Improvement and engineering of business processes. Documentation and analysis of business processes; development and evaluation of measures to improve the company’s business processes; improvement, design and implementation of new processes; development of the concept of regulation and regulatory documents; formation of mechanisms for creating and updating the regulatory framework.

4. Management of risks. Development and implementation of a system for managing operational risks associated with the sale of electricity, the reliability of planning the company’s activities, mutual settlements with counterparties, fraud and theft of property; development of solutions and procedures to minimize the consequences of operational risks.

Thus, the successful financial activity of an enterprise is due to both timely and correct decisions of top management in current work and in matters of strategy.

The formulated integral strategy of a company can be achieved in different ways: strategic alternatives. A strategic alternative is understood as a variant of the trajectory of movement from the current state to the planned one. Owners and top managers form two or three ranked lists of main activities from the list of possible directions for the company's development. The final choice of alternative (company strategy) is made by the owners and top managers of the company.

In strategic management, matrix methods for studying phenomena and processes occupy a special place.

Scientific supervisor: Ksenofontova Oksana Viktorovna,
Candidate of Economic Sciences, Associate Professor of the Department of Economics, Management and Trade, Tula Branch of the Russian Economic University named after. G. IN. Plekhanov, G. Tula, Russia

The article examines the strategic aspects of enterprise activity and opposing views on understanding strategy. The author substantiates the need to isolate the financial component when creating an overall enterprise strategy. The company’s financial strategy is considered as an important part of the overall concept of enterprise development, designed for the long term and defining its goals, distinguishing it from competitors and allowing the choice of the most effective ways to achieve them, adequate to the directions of formation and use of financial resources when environmental conditions change. Over time, the financial strategy must necessarily change and be adjusted in close connection with changes in the competitive strategies developed by the company. Aimed at strengthening the company's position in the market and achieving the maximum possible profit, it is designed to increase its sustainability and competitiveness.

enterprise development strategy

financial strategy

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7. Korepanov, D.V. Formation of an organization’s financial strategy in market conditions: abstract. diss. Ph.D. econ. Sci. – M.: Publishing house of Russian Academy of Sciences. state services, 2009.

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Most Russian enterprises have practically no effective development strategy or have a “surrogate” of it, which can be called a real strategy with great stretch, since such documents represent a set of promising measures, the possibilities of implementation of which are far from corresponding to the realities of development of both the enterprise itself and the environment in which it operates.

Modern strategies are based on insight into the conditions within which a certain economic sector or industry operates; awareness of the challenges facing the enterprise. This contributes to the emergence of a variety of development projects, allowing you to choose an option that will ensure the survival of the enterprise and the opportunity for it to achieve good economic results.

As market relations developed, the attention of researchers was increasingly drawn to the question of ways and means of achieving success and prosperity. In conditions of market relations, more and more attention in scientific research is paid to the development of economic structures and the means for them to achieve success. The strategic aspects of activity thus come to the fore.

As part of this global challenge, it is important to formulate a clear understanding of the company's strategy.

The first serious research in the field of enterprise strategy and strategic management dates back to the late 40s - early 50s of our century. A special contribution to the study of this problem was made by the works of such scientists as R. Akoff, I. Ansoff, I.A. Blank, A.P. Vinokurov, P.F. Gradov, P.F. Drucker, V. Krasnova, B.G. Litvak, D. Target, M. Porter, E.A. Utkin et al.

There are two opposing views on understanding strategy. The first is based on the following process. The final state is determined quite accurately, which must be achieved after a long period of time. Next, it is recorded what needs to be done in order to achieve this final state. After this, an action plan is drawn up, broken down by time intervals (five-year plans, years and quarters), the implementation of which should lead to the achievement of a final, clearly defined goal. Basically, this understanding of strategy existed in systems with centrally planned economies. With this understanding, strategy is a specific long-term plan to achieve a specific long-term goal, and strategy development is finding a goal and drawing up a long-term plan.

This approach is based on the fact that all changes are predictable, and all processes occurring in the environment are deterministic and can be fully controlled and managed. However, this premise is incorrect. The development of market economic systems in recent decades indicates that the speed of environmental change processes is constantly increasing. Therefore, the strategy of a company’s behavior in a market economy should, first of all, include the possibility of obtaining benefits from changes.

With the second understanding of strategy, which is used in strategic management, strategy is a long-term, qualitatively defined direction of the company’s development, relating to the scope, means and form of its activities, the system of relationships within the company, as well as its position in the environment, leading the company to its goals.

This understanding of strategy eliminates determinism in the company’s behavior, since the strategy, while determining the direction towards the final state, leaves freedom of choice taking into account the changing situation. In this case, strategy can be generally characterized as the chosen direction, the path of further behavior in the environment, the functioning within which should lead the company to achieve its goals.

It is necessary to distinguish between the concept of a company’s overall corporate market strategy and its individual components (functional strategies). The well-known “pyramid” of strategies is a combination of four functional strategies: marketing, financial, information technology, human resource management strategy

In our opinion, the analysis of such an important component of the overall strategy as the financial strategy is of particular interest.

In recent years, many works by foreign and domestic economists have been devoted to various aspects of the problem of strategic management. At the same time, at the present stage, researchers are paying clearly insufficient attention to the development of a financial strategy - one of the most important functional strategies of an enterprise.

The need to isolate the financial component when creating an overall enterprise strategy, in our opinion, is due to:

Diversification of the activities of large enterprises in terms of their coverage of various markets, including financial ones;

The need to find sources of financing for strategic projects and the entire complex of strategic production and economic behavior;

The presence of a single ultimate goal for all enterprises when choosing strategic guidelines - maximizing the financial effect;

The rapid development of international and domestic national financial markets as a functional “field” for extracting (borrowing) financial resources and at the same time profitable placement of capital.

The company's financial strategy acts as an economic category that characterizes various relations between market entities in the financial sector. This category determines the company’s behavior in the market, the formation of its market position in connection with the state, the use of funds of financial resources with the active participation of monetary instruments.

In our opinion, it should be noted that the content of the concept of “financial strategy” should not be identified, much less replaced with corporate finance, since it refers to a whole area of ​​provisions, concepts, concepts that interconnect and interdetermine financial markets.

There is no clear and uniform definition of financial strategy in the literature, although there are certain approaches and studies. According to I.P. Hominich, financial strategy should be understood as “a generalized model of actions necessary to achieve the set strategic goals within the framework of the overall mission based on the formation, distribution, use and coordination of the company’s financial resources.”

D.V. Korepanov believes that financial strategy is “a system of actions in the field of finance to develop and achieve the goals of the organization. This system represents plans for obtaining, accumulating and distributing financial resources necessary to achieve the organization’s goals, and is based on a forecast of possible environmental impacts on the organization, and also takes into account the expected consequences of these impacts.”

According to the authors of the monograph “Strategic Business Finance” T. Grundy and K. Ward, “financial strategy is a process that aligns external sources of financial resources with the strategy of corporate formation, development and expansion.”

The essence of the considered definitions is that financial strategy is part of the economic strategy, therefore the principles, rules, laws and mechanisms that govern the general strategy also apply to the financial strategy.

Thus, a financial strategy can be defined as a system of decisions and planned areas of activity, designed for the long term and providing for the achievement of set goals and financial objectives to ensure optimal and stable operation of the economic structure, based on the current reality and planned results. At the same time, priority tasks and directions for the development of various forms of activity and the development of a mechanism for their implementation are highlighted. The financial management strategy in a certain sense can be called strategic financial policy. As the most important component of the overall strategy, financial strategy is aimed at achieving the company's goals in the long term in accordance with its mission by ensuring the formation and use of financial resources, i.e. managing the company’s financial flows, and above all to ensure its competitiveness, which, according to some economists, lies in sustainability: growth in production volumes; investment activity; innovation activity; welfare of workers and owners of the corporation. Thus, the formation of a company’s financial strategy is associated with the adoption of long-term investment and financial decisions.

Based on the above, a financial strategy can be defined as a long-term, qualitatively defined direction, following which the company solves the problem of choosing the optimal capital structure and capital management; developing a dividend policy, maintaining the material and technical base and inventories at a level that ensures a constant increase in the competitive status of the company.

Most often, the financial strategy of an enterprise is assessed as a regulatory tool and used in conjunction with an investment strategy, which, in general, is understandable, bearing in mind the prospects and time lag of investment decisions and their close connection with financial processes. Some studies interpret financial strategy as part of financial management, which is quite justified from our point of view.

The development of an enterprise’s financial strategy at the present stage is based on the methodological principles of a new management concept - “strategic management”, which reflects the clear strategic positioning of the enterprise (including its financial position), presented in the system of principles and goals of its operation, the mechanism of interaction between the subject and the object of management, the nature of the relationship between the elements of the economic and organizational structure and the forms of their adaptation to changing environmental conditions.

Taking into account the place of financial strategy in the strategic set of an enterprise, it is possible to determine its essential characteristics in the light of the strategic management paradigm. In accordance with this, the financial strategy:

1. It is one of the types of functional strategy of an enterprise.

2. Ensures coverage of all main areas of development of financial activities and financial relations of the enterprise.

3. Forms specific financial goals for the long-term development of the enterprise.

4. Provides the choice of the most effective directions for achieving the financial goals of the enterprise.

5. Takes into account and adequately responds to changes in the external conditions of the enterprise’s financial activities.

6. Provides adaptation to changes in external environmental conditions by adjusting the directions of formation and use of the enterprise’s financial resources.

Identification of the most important essential characteristics of a financial strategy in the light of the modern enterprise management paradigm allows us to formulate its content as follows: “Financial strategy is an important part of the overall concept of enterprise development, designed for the long term and defining its goals, distinguishing it from competitors and allowing the selection of the most effective ways to achieve them, adequate directions for the formation and use of financial resources when environmental conditions change."

The financial strategy ensures the solution of priority issues and objectives (especially with regard to the determination of cost categories and indicators of the business strategy, a set of alternatives and final decisions), and it also plays a leading role in the process of assessing the strategic fit and adequacy of resources, on the one hand, and the external environment (competitive environment), on the other hand, simultaneously in terms of opportunities and potential threats.

There is also another important area that makes it possible to enhance the market attractiveness of an enterprise, the valuation of its assets through the development of an appropriately “tailored” financial strategy. In fact, this kind of precise financial strategy is significant if any competitive advantages of the enterprise, which are identified during the successful operation and development of the business, can be transformed into the plane of added shareholder value.

The process of continuously creating shareholder value requires that financial strategy necessarily change and adjust over time, inextricably linked with changes in the specific competitive strategies that the company develops.

Thus, a financial strategy aimed at strengthening the company’s position in the market and achieving the maximum possible profit is designed to increase its sustainability and competitiveness.

Taking into account the above, it seems appropriate to intensify the process of increasing the level of strategic financial management as an obligatory component of the modernization of the Russian corporate sector.

Conclusion

Currently, there is a need to implement such management of enterprises that would ensure their effective adaptation to a rapidly changing environment. Due to the high degree of environmental instability, the management process, based on predicting the future by extrapolating historical trends, gives way to strategic management, the main function of which is strategy development. Within the framework of this problem, it is important to formulate a clear idea of ​​the company's strategy; it is necessary to establish the principles, components and levels of its implementation. The analysis of such a component as financial strategy is especially important. The absence of a developed financial strategy can lead to the fact that the financial decisions of individual structural divisions of the enterprise will be of a multidirectional nature, leading to the emergence of contradictions and a decrease in the efficiency of financial activities as a whole. On the contrary, the developed financial strategy allows you to adapt the company’s financial activities to the upcoming fundamental changes in the possibilities of its economic development.

Reviewers::

Lazarenko A.L., Doctor of Economics, Professor, Vice-Rector for Research, Head. Department of Finance and Credit, Federal State Budgetary Educational Institution of Higher Professional Education Oryol State Institute of Economics and Trade, Orel;

Stroeva O.A., Doctor of Economics, Associate Professor, Professor of the Department of Economics and Finance, acting. head Department of Economics and Finance, Orel branch of the Russian Academy of National Economy and Public Administration under the President of the Russian Federation, Orel.

The work was received by the editor on April 1, 2015.

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