The main task of any business is to receive profits, but nothing is given to a person without any costs. Sometimes expenses are not covered by income from year to year and the business idea constantly requires new investments.

In most cases, this happens not because luck "learned to smile", just a financial plan (FP) was not quite thought out or not compiled at all. Sometimes small timely adjustments allow you to drastically change the situation.

What is the financial plan. Its main goals and objectives

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

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

With financial planning important Not only mathematical calculations, but also the ability to predict and analyze. Under today's instability, constant changes in demand, tightening competition, raw materials rise, materials and energy resources are occurring. All these nuances should certainly be taken into account when compiling FP, otherwise it will be impossible to adhere to it, and the document itself will become useless.

the main goal Financial planning is control over the ratio of income and expenses of an enterprise that contributes to profit.

To achieve the goal It is required to determine:

1. Capital size required to ensure production.
2. Sources of financing.
3. List of inherent expenditures on equipment, materials, rental of premises, attraction of personnel, advertising, payment of utility bills and taxes, etc.
4. Conditions for maximum profit and financial sustainability.
5. Strategy to achieve the investment attractiveness of the enterprise.
6. Intermediate and final results of activities financially.

The main task of FP. It is to create an effective mechanism that manages all financial resources of the enterprise and demonstrating investors a favorable future of cash investments.

Sections and their content

The legislation of the Russian Federation established three forms of financial statements, the presence of which in the business plan is required:

Only a comprehensive study of all three reports will allow to objectively evaluate the financial condition of the company.

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

If you have not registered the organization, then the easiest way This is done with the help of online services that will help free to form all the necessary documents: if you already have an organization, and you think about how to facilitate and automate accounting and reporting, the following online services come to the rescue, which will completely replace the accountant At your enterprise and save a lot of money and time. All reporting is formed automatically, signed by an electronic signature and sent automatically online. It is ideal for IP or LLC on USN, ENVD, PSN, TC, is based on.
Everything happens in several clicks without queues and stress. Try and you will be surprisedhow it became easy!

Calculation and analysis of risks

Business is always accompanied by certain risky situations that need to be foreseen and analyzed in advance. Who is warned, that armed is a well-known fact. To calculate all the negative consequences, try to avoid them or quickly find a way out of the unpleasant situation with minimal losses is not an easy task.

For each business line is characteristic certain groups of risksSo at the planning stage it is very important to identify their most likely list for a specific type of activity.

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

1. Commercial risks There are in the process of interaction between the enterprise with partners, the external environment and its factors:
   • Lowering demand for products for various reasons.
   • The emergence of new competitors.
   • The unscrupulous attitude of partners (delivery of low-quality raw materials or equipment, belated delivery, etc.).
   • The rise in price of materials and components.
   • Raising tariffs for certain services: rent, transport, communal, etc.
2. Financial risks - This is not the incompleteness of the expected profitability and loss of financial sustainability of the enterprise for the following reasons:
   • Growth and non-payment (late payment) by counterparties of the products obtained.
   • Increase interest rates by creditors.
   • Changes in legislation, tax increases, etc.
   • Fluctuations in exchange rates (especially should be taken into account with organizations working with imported raw materials and equipment)
3. Production. The reasons for these risks include:
   • Incompetence and dissatisfaction of employees (strikes, acts of embezzlement and permit).
   • Production of defective products, not professionalism of personnel.
   • Lack of necessary equipment, quality control. Safety breaches that contribute to the emergence of fires, floods, industrial accidents.

All of the above factors are able to destroy the business to build a lot of money and efforts. Avoiding sad consequences will allow prevention measures: property insurance, monitoring activities and pricing policy of competitors, creating a financial reserve for unforeseen expenses, etc.

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

Calculation of performance indicators

To the mainstream indicators of effective activity Enterprises include: profitability, profitability, payback and need for additional financing. It is for these criteria that one can judge what fate is caigned by the enterprise, about its reliability and prospects.

To calculate these indicators, there are a number of uncomplicated formulas, but it should be operated only by current figures, otherwise all mathematics will be useless "Martish labor".

Clean discounted income (ChDD or NPV). Any income depends on the level of inflation, therefore it is calculated using the discount rate.

Approximate calculation for three years The existence of the organization:

Chdd \u003d - NK + (D1-P1) / (1 + SD1) + (D2-P2) / (1 + SD2) + (D3-P3) / (1 + SD3)
Where: NK - capital of primary investments and costs
D - revenues for the first, second, third year in accordance with the numbers nearby
P - costs for the first, second, third year in accordance with the numbers nearby
SD - Discount rate (accounting for inflation for the calculated year)

If, when calculating the chdd \u003d 0, the company reached TB (no loss point).

Profitability of the company - The indicator is not so unambiguous as income or consumption. This indicator is often compared with the efficiency (efficiency). Actions can be different useful, the profitability of the enterprise is determined not by one criterion.

There are various indicators of profitability:, investment, fixed assets, sales - again everything depends on the multi-faceted activity of the company.

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

ROD \u003d POR / PZ
where: root - profitability from the main activity;
Pores - profit from sales; PZ - costs incurred.

Measure, of course, in units of time, and not in the currency.

The formula looks like this:

CO \u003d NK / ChDD
where: co - payback periods; NK - initial attachments, need to add additional investments, if they were (loans, etc. in the course of the organization's existence); Chdd - net discount income of the enterprise.

Example: Investments in business 100,000 rubles., Middle monthly income 12000 rub., Total: CO \u003d 100000/12000 \u003d 8.33 months. That is, after nine months, the company will calculate with debts and will begin to generate income. (Own costs are calculated here, if we are talking about a loan, it is necessary to take into account the interest rate of 100 thousand + annual interest).

Analysis of the data obtained

Analyzing a business plan is necessary, given several major aspects. It is this approach that will make it possible to reveal the weaknesses and do the neat adjustment. After all, this grandiose work can be corrected and should not be written off in the pit.

So, basics of a successful financial plan:

• Maximum profit extraction while reducing costs.
• Thorough calculation and insurance of possible risks.
• Tracking competitive ability to business idea.
• The presence of initial capital and its own property (premises, vehicles, equipment).
• The idea should be real, feasible, and products in demand.
• Predicted income and expenses should be reinforced documentably, based on the activities of similar enterprises.

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

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

Financial plan. For many novice entrepreneurs, this part of the work on the business plan seems awesome. In the mind there are also difficult graphics, long and painstaking clocks at the computer, the search for those who came from where to calculate errors and, of course, nerves and once again nerves. Mobile application "Business Calculations" from the company "1000 ideas" will be greatly alleviated and even make it pleasant and fascinating.

The mobile application was created to simplify financial calculations in the preparation of business plans. It allows you to determine all the key parameters of investment projects with high accuracy. With the help of it you can easily calculate both all the main financial indicators of the project, including revenue, clean profits, constant and variable costs, payback period, cash flow (CASH-FLO), and secondary. For example, make a more thorough and serious assessment of your project for the so-called discounted performance indicators.

Working with the application "Business Calculations" is convenient because the user can quickly make the prospects and profitability of the project, bringing and changing the financial parameters of the type of business chosen by him. The final calculation is made automatically on the basis of user-entered data divided by nine stages. The results themselves can be viewed both in the application itself and sending their more detailed version to email.

We offer you step by step to familiarize yourself with the work of the application "Business Calculations" on the example of the compilation of the financial plan for the project "Cafe-Blinnaya".

Stage 1. Choosing a tax system. First we introduce the most appropriate tax system. In case you do not know which taxation system will be less burdensome for your type of activity, the choice can be changed after receiving the results, and then compare the final calculations at different systems and bets.

In the case of a cafe-panne, we selected a simplified taxation system, the object of taxation of which is income, and where the rate is equal to 6%.

Stage 2.Enter the initial data. After selecting the tax system, it is necessary to enter the initial data: the start date of the project, the date began sales, the estimated period of release on the planned sales volumes, as well as the refinancing rate.

If, with the first three points, in principle, everything is clear, then the value of the refinancing rate must be found on the exiled reference. From January 1, 2016, its value is equal to the key rate of the Central Bank of the Russian Federation at the corresponding date. In any search engine find the value of the key bet today. In our case, it turned out to be 9%.

Stage 3. Investment costs. The next step is called "Investment Costs". You should make all the initial costs invested in real estate, for example, to purchase or repair the premises, in procurement and installation of equipment and in intangible assets.

In our case, in the section "Real Estate" we will make the cost of repair of a leased premises (500 thousand rubles), in the Equipment Country - a list of production and commercial equipment for the production of pancakes (389 thousand rubles), and in "Intangible assets" "(115 thousand rubles) - the cost of registration of LLC and receiving permits from various instances (SES, Mrs.), as well as the cost of holding a starting advertising campaign.

Steps 4-5. Selecting the method of calculating income and income input. Next, you have to choose one of three ways to calculate revenues: "Calculation of income from the production and sale of products and services", "Calculation of income on the average amount of the check", "Calculation of income on a planning revenue per month."

The most convenient way is the calculation of income on the average amount of the check. Variating the size of the average check and the number of buyers per day, you can quickly estimate, under what conditions the business will be high-catch, and at what will not bring much income or completely will be unprofitable.

Please note that for the size of the middle check and the number of buyers per day, you can set seasonality factors by clicking on the corresponding icon on the right and entering the percentage ratios between months.

For example, if in a summer period, the number of buyers of pancakes is falling twice, then 50% is made in the Graphs "June", "July" and "August". At the same time, if in the autumn period, pancakes buys more buyers by 70%, then 170% should be recorded during the appropriate months. Similarly, you can vary and the size of the average check in the event that it is subject to the seasonality factor.

The easiest option for calculating income is a calculation of a planned revenue per month. It will be suitable if you already have an idea of \u200b\u200bwhich amount of revenue can serve as your guideline. Having accepted it for 100%, you can also enter seasonality factors for planned revenue.

The third option for calculating income is a calculation depending on the production and sale of products and services. It is comfortable primarily for manufacturing companies. In it, you can calculate the revenue by entering the planned sales volumes for each product being implemented.

To do this, you need to fill in the field "Product Name", "Unit of Measurement", "The cost of implementing for units. rub." and "Sales per month, units.". For example, in the case of pancakes, we can individually establish sales plans for a pancake grill, pancake with salmon, pancake with salami, pancakes with sweet fillings and so on. If the cost of your product and sales indicators depend on the season, you also establish seasonality factors for these indicators. After completing the filling of one product data, you can add the following item by clicking on the orange "+" icon.

Stage 6.Variable costs. After filling out the income data, you will need to specify the cost variables. The content of this step will depend on which of the three methods described above the income calculation you will choose. For example, with a simplified input of revenue, you will be asked to specify only a single average amount of cost variable. If you make calculations on the size of the average check, then you will need to determine the costs of the average check. In the event that the calculations go for each product separately, then the cost variables will be required to indicate for each product.

In our example with a cafe-pancake to simplify an account as a middle check, we accepted the cost of the most popular pancake grill in the menu, which costs 135 rubles. Having calculated the value of the ingredients that are part of one pancake (flour, milk, eggs, sugar, vegetable and butter, chicken meat, onions, tomatoes, cheese and white sauce in the necessary proportions), as well as adding the cost of packaging, we defined the cost in the amount of 37 rubles. This amount and has become our average check.

Stage 7. Permanent costs. The next step is called "constant costs." It is necessary to make permanent monthly expenses. It can be a rent, advertising, utilities, telephony and the Internet, stationery, noosinventar, depreciation deductions, fuel and lubricants and so on. Much of this you can choose from the pop-up list. If the required graph is not available, you can choose your own option. In constant costs, it is also possible to set seasonality coefficients for any consumable item.

The key consumable point in the cafe-pancake has become a rent, advertising and utility bills (87 thousand rubles). All other minor expenses for we united in the Other Article (6.8 thousand rubles).

Step 8. Staff. Next, we enter the company's personnel. For convenience in the appendix it is divided into administrative, shopping, serving, main and accounting. You need to specify an employee's post, his wage and the number of employees who occupy a similar position. If the salary of employees varies depending on the season, it is possible to specify and this using seasonality coefficients.

Accordingly, in the example with a cafe-pancake, we introduce all the necessary administrative staff in the person of the general director and the administrator, the main one in the face of cooks, trading - in the person of sales sellers and serving cleaners. At first, to reduce the costs, select self-service format, so the waiters in the service personnel can not be submitted. By the way, in the event that you suddenly want to add more employees or make any adjustments to the project after some time, you can always find it in the archive of the Business Calculations.

Stage 9. Credit and other receipts. At this stage, you must specify the sources of start-up capital. Namely, how many of their own funds are attracted (filled in the "Own Fundament" section), and how many borrowed (filled in the column "Credit). In the "Credit" section, in addition to the borrowed amount, it is also necessary to specify the interest rate and loan period. If the borrowed means are not attracted, the fields in the "Credit" section should not be filling out. We should also not forget that the amount of own funds should take into account not only the investment costs specified in step 3, but also the working capital necessary for covering losses in the first months of work.

In our case, the project "Cafe-Blinnaya" will be fully funded from its own funds in the amount of 1254,000 thousand rubles, 250 thousand of which will amount to working capital.

Results. Depending on the data you entered, the program will calculate all the main financial indicators made for a three-year perspective, i.e. For 3 years of project existence.

At the top of the screen, sometimes you can see a message, a red font report that your project is unprofitable or some of its indicators cannot be calculated correctly. In this case, especially if the results obtained also do not satisfy you, you can return to any of the 9 stages described by us and make adjustments. For example, reduce permanent or variable costs, or increase profitable items. At the same time, the data entered in the fields of other sections will continue and you will not need to be re-made.

In the Results section, you can find out a brief report in which annual revenue, net profit, variable costs are indicated.

On the submitted data above, we, for example, can see that the cafe-panneous can be brought to 1215 thousand rubles to 1215 thousand rubles for the time you entered the parameters. Profit (yes, maybe it may not really, but this is just an example). Moreover, the first month of sales will be unprofitable, demanding additional investments from an entrepreneur in the amount of almost 160 thousand rubles from the Redemp Fund.

The payback period is also given, cash balance (Cash Flo), the break-even point of the project. From the received data for the cafe-pancake we see, for example, that the establishment will pay for itself for 5 months of work, and the break-even point will be almost 120 thousand rubles.

This section of the Business Plan summarizes all previous materials of the business plan sections and represent them in the form of financial formulations and cost indicators.

The section combines three directions:

Financial and economic results of the enterprise:

Financial statements of the enterprise;

Analysis of the financial and economic condition of the enterprise.

2. Planning basic financial indicators:

Preparation of planned documents;

Forecast of the balance of assets and liabilities of the enterprise;

Forecast of profits and losses;

Forecast of cash flow;

Financial assessment of the project;

Forecast of financial strength.

3. Financial strategy

Need for investment and sources of funding;

Evaluation of the effectiveness of the project as a whole;

Evaluation of the effectiveness of participation in the project;

Project sensitivity analysis;

Portfolio investment.

Financial and economic results of the enterprise. The "Financial Plan" section or "Annex to the Business Plan" may include financial documents of the last reporting period. Forms of financial statements It is desirable to lead to the requirements of international standards.

In the Financial Reporting Points of the Enterprise or in the "Annex to the Business Plan", financial documents of the last reporting period may be presented: Profit and Loss Statement, Cash Movement Report, the balance of assets and liabilities of the enterprise.

Currently, Russia is actively carried out on the rapprochement of the forms of accounting, statistical and banking reporting used in international practice, therefore, in a business plan, it is advisable to use forms recommended by the International Accounting Standards Committee. In this regard, the data of financial statements should lead to the form that ensures the possibility of their use in the process of financial analysis based on methodologies that meet international standards.

According to international standards, in countries whose currency is subject to significant inflation, it is necessary to recalculate the main reporting data, taking into account price changes. Financial reports in this case must be recalculated on the basis of a constant purchasing power at the date of balance. This refers to the corresponding indicators for the previous period.

In world practice, the inflationary-corrective revaluation of the analyzed objects is made either by fluctuating exchange rates, or by oscillations of price levels.

The revaluation of assets expressed in the national monetary unit at the rate of a more stable currency is a very simple way (this is important dignity). However, this method gives inaccurate results due to the fact that the term ratios of the ruble and the dollar do not coincide with their real purchasing power. Because of this, more accurate is the revaluation of the second method, which may be either the method of accounting for a general level change, or by recalculating the articles of the balance of the balance in current prices.

The method of accounting for a general level change is that various articles of financial facilities are calculated in monetary units of financial purchasing power (without taking into account the structure of assets, all property is estimated).

According to the results of the adjustment, the profit indicator is displayed, which is the maximum amount of resources, which can be sent to the enterprise to consumption over the next period without prejudice to the reproduction process.

Universal formula for recalculating balance sheet articles in monetary units of the same purchasing power:

where RV is the real value of this article; NV - nominal article; - Inflation index at the time or for the analysis period; - Inflation index in the basic period or on the initial date of tracking the magnitude of the article in the balance sheet.

The method of recalculation of articles is advisable to apply when prices for different groups of commodity values \u200b\u200bgrow unequal. This method allows you to reflect the different degree of changes in the cost of production reserves, fixed assets, depreciation that occurred as a result of inflation. The essence of the method is the revaluation of all articles on the basis of their current cost. As the current cost, the cost of reproduction is used, the price of possible implementation (liquidation) or the economic cost.

Liquidation expresses the potential net current sale price of assets minus the costs of their refinement and implementation.

Only the so-called "non-monetary" articles should be subjected to inflationary adjustment: fixed assets (including intangible assets), production reserves, work in progress, finished products, IBEs, and obligations that must be repaid by the supply of certain goods and (or) service and services, and etc. On the contrary, "monetary" articles (cash receivables and payables, loans, loans, deposits, financial investments, etc.), regardless of the change in the total price of inflationary adjustment, are not subject to. It is due to the fact that for each moment they are already expressed in monetary units of current purchasing power. In the revaluable reporting of "Monetary" articles are included at rates or at cost, and "non-monetary" - in the conditional assessment obtained as a result of the recalculation of the initial costs.

The balance of asset and liability is achieved by regulating the article "Retained Profit".

When evaluating the financial and economic condition of the enterprise in a business plan, it is recommended to analyze the basic technical and economic indicators of the activities of the enterprise and its financial condition.

The analysis is carried out on the basis of data from the financial statements of the enterprise using a set of feasibility and financial indicators over the last three years. During the analysis, it requires an explanation or justification for changing the absolute values \u200b\u200bof the most important indicators. In addition, indicators and coefficients are used to analyze, the calculation of which is based on the definition of relationships between individual reporting items - financial indicators.

When analyzing the financial and economic condition of the enterprise, first of all, it is necessary to establish whether the following rule is carried out, which characterizes the economic activity of the enterprise:

TPB\u003e Tor\u003e So\u003e 100%, (5.2)

where TPB is the pace of changes in the balance profit,%; Tor - the rate of changes in the volume of implementation,%; So - the pace of changes in advance capital,%.

The economic meaning of this rule is that the size of the property should increase (i.e., the enterprise should develop), while the growth rate of the implementation of the implementation should exceed the growth rate of property due to the fact that this means more efficient use of resources (property) of the enterprise , And the growth rate of the balance profit should be ahead of the growth rate of sales volumes, since this indicates, as a rule, a relative decrease in production and circulation costs.

Giving a general assessment of the activities of the enterprise, it is possible to determine the form of economic growth, IEK.R, by comparing extensive and intensive factors:

IEK.R \u003d (IPT? IFO) / (Ich? Iof), (5.3)

where the IPT is a labor productivity index; IPHO - FDO Index; Ich - the number index; IOF - the index of fixed assets.

If IEK.R\u003e 1, the enterprise is developing mainly due to intense factors. With IEK.R, during the analysis, the type of financial sustainability of the enterprise should be determined. For an enterprise having an unstable financial situation, it is necessary to estimate the likelihood of its potential bankruptcy.

It should be noted that during analytical work, very contradictory results can be obtained in various directions of analysis. For example, improved profitability indicators may be observed while reducing the level of liquidity and financial stability of the enterprise. In this regard, in the business plan, the analysis of the financial condition of the enterprise is advisable to complete the comprehensive comparative assessment of the financial condition, profitability and business activity of an enterprise based on theory and methods of financial analysis of enterprises under market relations.

The final comprehensive assessment takes into account all the most important parameters (indicators) of the financial and economic and production activities of the enterprise, i.e., economic activity in general. As a rule, the integrated assessment of the financial and economic condition of the enterprise is based on a specific set of financial indicators selected depending on the purpose of analysis.

Planning basic financial indicators. The initial moment for financial planning is the forecast of sales (section "Market Analysis") and cost forecast (section "Production Plan").

This subsection begins with the preparation of planned documents: the forecast of the balance of the enterprise, the forecast of profits and losses, the forecast of the cash flow.

In a business plan, it is advisable to submit planned documents in a form similar to the reporting, and it is desirable that the structure of these documents will comply with the requirements of international standards. Detailed forms of filling the relevant documents are presented in the ad. 3 - 5.

It should be noted that the degree of details of the presentation of information in the predictive forms of financial statements is determined by the objectives of the projected business. As a rule, in a business plan for the form of financial statements according to the forecast, it is enlarged and detailed as necessary, taking into account the specific conditions of the enterprise.

Forecast of profits and losses, as well as cash flows, are presented in a business plan, as a rule, the first planned year monthly (or quarterly), on the second - quarterly (or half a year), on the third and further - in general for the year. The forecast balance of assets and liabilities of the enterprise is drawn up at the end of each year of the planned period.

The business plan is obligatory to represent the planned documents at predicted prices, i.e., prices expressed in monetary units corresponding to the purchasing power of each project implementation period. Fortex prices include the predicted inflation rate.

Profit and loss forecast reflects the operational activity of the company in the planned period.

The purpose of the preparation of this forecast is to summarize the results of the enterprise in terms of profitability. The forecast of profits and losses shows how to form and change profits, and, essentially, is a forecast of financial results. The business plan should present all types of taxation (Table 14).

In the forecast of profits and losses, all values \u200b\u200bare given excluding VAT, sales payments and direct costs are displayed at the time of delivery of products.

The forecast balance characterizes the financial position of the enterprise at the end of the time calculated period of time and reflects the resources of the enterprise in a single monetary assessment on their composition and areas of use, on the one hand (asset), and on sources of their financing - on the other (passive).

Table 14.

Calculation of taxation

Name of the indicator	The magnitude of the indicator by period
	200_				200_		200_
	1 square	2 square meters.	3 square meters	4 sq. M.	1 p / g.	2 p / g.
Indirect taxes
Including:
Taxes subject to inclusion in the cost, total
Including:
Taxes attributed to the financial result
Including:
Profit Tax

The forecast of cash flows contains information that complements the data of the forecast balance and forecast of profits and losses in terms of determining the inflow of funds necessary to fulfill the planned amount of financial and economic operations. All receipts and payments are taken into account during periods of time corresponding to the actual dates of the implementation of these payments, taking into account the time delay of payment of sales products (services), the delay time of payments for the supply of materials and components, the terms of the sale of products (on credit, with advance payments), and Also conditions for financing production reserves.

Depreciation is not included in the forecast of cash flow, although depreciation deductions are the category of calculation costs; But they do not represent a monetary obligation. In fact, the accrued amount of depreciation remains on the account of the enterprise, he caresses the balance of liquid funds. All values \u200b\u200bin the forecast are reflected taking into account VAT, sales payments and direct costs are displayed at the time of actual payments.

Accordingly, the three most important areas of activity of the enterprise - operating, or production, investment and financial - the forecast of cash flow consists of three sections.

1. Cash Flo from the current (production) activity. The main source of cash from the main activity of the enterprise is the cash received from buyers and customers.

2. Cash Flo from investment activities. In this area, cash flows are focused on the acquisition and sale of fixed assets, intangible assets, securities and other long-term financial investments, receipts and payments for loans, from re-implementing their own shares, etc.

The costs of acquiring assets in future periods of activity should be taken into account with inflation on the main funds.

Given that in the normal economic situation, the enterprise is usually striving for the expansion and modernization of production facilities, investment activity most often leads to cash outflow.

3. Cash Flo from financial activities. As an earnings, the contributions of the enterprise owners, share capital, long-term and short-term loans, interest on deposits, positive coursework differences are taken into account. As payments - repayment of loans, dividends, etc. Financial activity in the enterprise is carried out in order to increase its cash and serves for financial support of production and economic activities.

The amount of Cash Fli (cache balance) of each of the sections of the "Forecast of Money Traffic" will be the balance of liquid funds in the appropriate period, while the cache balance at the end of the estimated period will be equal to the amount of liquidity of the current period of time.

The balance of cash on the account (cash balance) is used by an enterprise for payments, to ensure the production activities of subsequent periods, investments, repayment of loans, tax payments and personal consumption.

It should be noted that the balance of cash at the end of the period should not be negative in any period of the project, since negative significance shows the deficit of the project budget or, in other words, the insufficiency of funds in the accounts and in the enterprise's office.

Consequently, the main task of the cash flow forecast is to check the synchronicity of the receipt and spending of funds, and therefore check the future liquidity of the enterprise.

Money movement forecast is a major document intended to determine the need for capital, developing a strategy for financing an enterprise, as well as assessing the effectiveness of its use.

In the event that the company carries out calculations not only in rubles, but also in foreign currency, financial and economic indicators should be calculated separately in rubles and foreign currency. The amount of evaluation in rubles is also given, and the forecast of exchange rates should be taken into account.

Thus, three forecasting of cash flows are presented in the business plan: the forecast for financial transactions made in foreign currency in rubles and the total forecast of all financial transactions in rubles.

Financial assessment of the project. The assessment of the financial consistency of the project involves the analysis of the financial enterprise during the planned period. The analysis is conducted on the basis of data forecast of the financial statements of the enterprise.

In terms of inflation, financial reports must be shown to comparable. At the same time, it is more convenient to produce recalculation of scheduled documents to basic prices. Financial documents formed in this way can be placed in the "Annex to the Business Plan".

The Financial Assessment of the Project includes calculation and analysis of the main indicators of the financial and economic condition of the enterprise. The set of indicators must comply with the "Analysis of the Financial and Economic Condition of the Enterprise" section of the indicators chosen in the subsection.

Upon forecasting the financial and economic condition of the project, the project is evaluating the form of economic growth, such as the financial stability of the enterprise, the likelihood of potential bankruptcy. In conclusion, the integrated assessment of the financial and economic condition of the enterprise is determined.

The results of the financial assessment may necessitate the development of a new version of the financial plan when changing the source data.

Forecast of financial strength. In a business plan, a graphical or analytical path is determined by the critical sales volume (break-even point or profitability threshold) and the stock of the financial strength of the enterprise.

Critical sales (VRR) can be calculated according to the following formula.

Financial section - One of the most important sections of the business plan, as it is the main criterion for the adoption of an investment project for implementation. The financial plan is necessary to monitor the financial security of the investment project at all stages of its implementation and reflects the upcoming financial costs, their coverage sources and expected financial results, as well as the results of calculations that are conducted when developing it in a certain sequence.

The financial section of the business plan includes several main documents: the balance of the organization, profit plan and loss, cash flow forecast, operational plan, income plan and expenses. These documents are planning to be a reporting nature, such planning is carried out on the basis of the forecast of the future activities of the firm within a certain period of time, and the data given in these documents are used to analyze the financial condition of the company.

Briefly describe the main documents included in the financial section of the business plan:

Operational plan - reflects the results of the interaction of the company and its target markets for each product to them in the market for a certain period, on the company this document is developed by the marketing service. The totality of the indicators presented in the operational plan helps to demonstrate the company's management, which market share is occupied by the firm for each product and what is supposed to conquer. The structure of the income and expense report is relatively simple, it is usually included a revenue from the sale of goods, production costs, tax and other deductions. Based on these indicators, the profit remains at the disposal of the company after the payment of dividends, according to this section, can be installed, is it brings a specific product profit, compare various profitability products in order to determine the feasibility of further production. Thus, the ultimate task of this document is to show how it will change, and the profit will be formed during the first and second year quarterly and further - in settlement per year. Plan - report on cash flow shows how many cash is available to the enterprise and what is the need for companies. This report is drawn up as the total result of the company for all types of goods and services, its structure in particular includes planned and actual investments in the company's activities during the reporting period. The final document of the financial plan is the balance sheet report, its feature is that it does not reflect the results of the company's activities during a certain period, and fixes the strengths and weaknesses from the point of view of finance at the moment. Any particularly taken element of the balance itself means a bit, however, when all these elements are considered in relation to each other, it allows us to judge the financial position of the firm. To make such a report fairly easy: it shows how the starting capital will be obtained (a source of debt + own capital) and how it is supposed to be consumed. In the designers of the balance, the initial balance sheet should be taken into account, as well as the features of the company's development and the results of its financial and economic activity.

Important component of the financial section of the business plan - determination of capital sources necessary for the company's activities. This part of the financial plan is relevant both for small, only entering into business firms and for large enterprises in need of additional capital influx. Capital sources data are linked using funds with a specific indication of the methods and areas of use of capital.

You can also submit the following structure of this section of the business plan in the R & D partition.

1. Current state. It should describe the current state of each product or service and explain what else to do to market them. It is useful to specify which skills have or should have an enterprise to perform these tasks. If possible, you should list consumers or end users who are involved in the development and testing of products and services. You must specify the current results of these tests and when the finished product is expected.

2. Problems and risk. Highlight any large alleged problems in the design of the product being developed and approaches to their solution. Evaluate the possible impact of these problems on the cost of product development and the time of its market entry.

3. Improvement products and new products. In addition to describing the development and source products, specify work on improving them planned to maintain their competitiveness, and work on the creation of new products and services that can be offered to the same group of consumers. Specify consumers who take part in these developments, and their opinion on the prospects of the latter.

4. Costs. Imagine estimates for R & D spending, including wages, materials expenses, etc. Note that the underestimation of this estimate can affect the expected profitability, reducing it by 15-30%

5. Property issues.

Specify any patents, brands, copywrites that you have or who are going to purchase. Describe any contracts or agreements that give you exclusivity or property rights or inventions. Describe the impact of any unresolved issues, such as disputes on the right of ownership, on competitive superiority that you have.

It is also worth noting that this field of activity requires significant investments of capital, the availability of highly qualified specialists and managers, a high degree of production specialization, small firms, only mastering business, are often content with the use of existing developments, certain technologies for production and goods. The business plan also gives the risk assessment and insurance. Any plan does not guarantee success. The condition for the skillful management of the resources provided is the consideration of the possible risk of project implementation. Risk represents the likelihood of obtaining a positive result in entrepreneurial activity. The size of the risk is established here (possible losses in the implementation of the project), the probability of risk, the degree of manageability of a specific risk.

In the financial section of the business plan, an investment risk is calculated, naturally a business plan will look much more attractive if it will reflect the investor gain from the point of view of minimizing losses and obtain the outlined profits, so in planning it is necessary to bring the overall assessment of commercial risk, to predict in what The degree of risk is associated with investment influxation in the project. Along with the need to predict the risk in terms of the head of the enterprise must have the knowledge of the basic risk reduction laws:

* Effective forecasting and systematic planning of the company's activities,

* Insurance and self-insurance,

* Hedging futures transactions,

* Options issues, diversification.

The financial rationale for the project acts as criteria for the adoption of an investment decision, so the development of a financial plan should be carried out particularly carefully. The goals and objectives of forecasting the financial and economic activities of the investment facility are primarily in assessing the costs and results expressed in financial categories.

The financial section of the investment project consists of the following items.

1. Analysis of the financial condition of the enterprise within three (and better than five) previous years of his work.

2. Analysis of the financial condition of the enterprise during the preparation of the investment project.

3. Prognosis of profits and cash flows.

4. Evaluation of the financial efficiency of the investment project.

Let us see briefly at each point of the financial section of the investment project.

The financial analysis of the previous work of the enterprise and its current situation is usually reduced to the calculation and interpretation of the basic financial coefficients reflecting liquidity, solvency, turnover and profitability of the enterprise. Calculate financial coefficients characterizing each plan period, then analyze the coefficients in time and identify trends in their change. Investor before investing in a specific project analyzes its functioning (activity) in order to assess the future state and prospects for development, investment efficiency. Indicators (coefficients) used to analyze and evaluate the investment project are not exhausted discussed below, since there are no such set, which would fully respond to the tasks and satisfy all the analysis goals.

The projected financial indicators received as a result of the calculations and the project efficiency can be submitted in a business plan in the form of a table.

Project efficiency indicators

Solvency indicators are used to assess the body's ability to fulfill long-term liabilities. The turnover coefficients make it possible to assess the effectiveness of operating activities and policies in the field of prices, sales, procurement. Profitability indicators are used to assess the current profitability of the participant in the investment project.

The values \u200b\u200bof the corresponding indicators must be analyzed in dynamics over a number of previous years and compare the main indicators by year. The list of coefficients is determined by the features of the project.

Forecast of profits and cash flows in the implementation of the investment project and the assessment of the financial efficiency of the project include:

Estimation of the cost of capital attracted to implement the investment project;

Drawing up a consolidated balance of assets and liabilities of the project;

Profit / loss forecast and cash flows;

Assessment of indicators of the financial efficiency of the project.

The assessment of the financial efficiency of the project is carried out taking into account the principle of "the cost of money in time". This principle states that: "The ruble is now worth more than the ruble, resulting in a year", ie, each new flow of money, resulting in a year is less expensive than equal to it in magnitude cash flow obtained from the year before... Therefore, all tributaries and outflows obtained at different stages of the project implementation are given to today's (current) cost by discounting. This allows you to compare them and calculate the basic indicator of the financial efficiency of the project - NPV (NET Present Value) Pure current (or given) cost.

To analyze the feasibility of implementing the project, it is necessary to forecast inflation rates for the entire validity period (by periods) of the investment facility. At the same time, it is desirable to take several alternative forecasts - pessimistic and optimistic.

When predicting the financial and economic activities of the project in a business plan, counts the net profit from the project and the flow of funds, the design and balance sheet is drawn up (taking into account assets and liabilities of the balance). These are three basic forms of financial statements. On the basis of all the calculations carried out, three documents are being developed:

1. Plan of income and expenses;

2. Plan of cash revenues and payments (cash flows);

3. Plan-balance of assets and liabilities.

Based on the evaluation of the effectiveness of the investment project investors and other participants make decisions about investing, the output of the project, adjusting its parameters, the implementation of conditions, possible ways to improve the efficiency, etc.

* The calculations use average data in Russia

Step 9. Business Plan: Financial Plan

So, we proceed to the most large-scale and important section of your business plan, which contains financial information on the project, determines its cost and will help investors, business partners and you assess the ability of a new enterprise to ensure the flow of funds in the amount sufficient to make payments on credit obligations (payment of interest or dividends, repayment of loans).

When describing the financial results of the project, be sure to provide conditions, assessments and assumptions that you relied. Specify who made up the estimate of the expenditure - you yourself or an independent appraiser. Remember that logically substantiated forecasts will help to put quality goals and achieve quantitative indicators.

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

In this case, it is extremely desirable to seek help in making a business plan and especially its financial part to experts. As a result, you will receive a competently compiled document with reasonable economic calculations, which will make a beneficial impression on investors and creditors.

In the Financial Information section, you can enable legislatively approved forms accounting and financial statements. As a rule, three main documents are given: a profit and loss statement reflects the activities of the company on the periods, the cash management plan (Cash Flo), the balance sheet, which allows us to estimate the financial condition of the enterprise at a certain point in time.

From the profits and loss report, you can find out if your business profit brings and in what amount minus all existing expenses. Although this document does not give any idea of \u200b\u200bthe value of the company (in contrast to the balance of the enterprise), or the funds that it has.

These data are contained in the cash flow report, which shows enough funds from the enterprise to pay for current obligations (calculations with suppliers, payment of wages to employees, paying taxes and other mandatory payments, loans and loans, etc. ).

However, in order to find out the real value of the company, the balance of the enterprise is necessary - the main form of accounting reporting. It contains information about all liabilities and assets of the company in terms of value. Simply put, the assets of the accounting balance contain information about the property and cash of the enterprise, and in passive - about the sources of the occurrence of this property and funds. The final sums of the asset and liability in the balance must coincide.

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Describe in detail the proposed sources and financing schemes, liability for payment of loans, guarantees a system that you can afford, as well as indicate the need for additional financial resources, if any. Pay special attention to the description of the current and foreseeable situation on the market and the economy, offer a number of different scenarios and how to resolve potential crises.

Prepare forecast and current financial records, imagine the financial history of the company and the plan of its profit rate risks that may face investors and creditors, and provide ways to minimize them.

Information about risks and guarantees are often endured in a separate subsection, which describes external and internal factors that affect the specific type of risk, and also provide measures to protect against possible financial losses of the enterprise and the creditor. Information about which problems may occur during project implementation and how an entrepreneur is going to decide to decide, is of great interest to investors.

Depth and analysis of the riskiness of the enterprise depend on the type of activity and the volume of alleged losses. The risk implies the likelihood (threat) of the company's loss of its resources, mischieving income or the emergence of unplanned expenses arising from the production and financial activities of the company.

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

Commercial risk Reflects the unreliability of income related to the competitive environment and sales problems.

Financial risk Defended by deficiency of the financing of the project, the inability or reluctance of the company to return borrowed funds and interest on them.

Production risk It is associated with the factors of low product quality, the unreliability of the equipment, the absence or weakness of the supply systems with raw materials and materials, as well as with the ecology of production.
Give a clear description of the cost of the project and the use of funds.

If you have already taken any loans to develop your project, specify the terms and timing of the payment. You can do this in the form of a schedule for repayment of loans and pay interest.

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Also provides information on working capital with an indication of changes over the life of the loan and the expected timetable for the payment of taxes, attach calculations of the basic indicators of solvency and liquidity, as well as forecasts for the project's effectiveness.

Please note: the timing of your forecasts should be coincided with the terms of loans or investment that you request.

In fact, you have to reflect for a few periods (monthly, quarterly, yearly) possible fluctuations in the ruble exchange rate against the dollar, the list and the tax rate of the ruble inflation, capital formation from its own funds, loans, issuance of shares, the procedure of loan repayment and loans.

Business Plan: Project Efficiency Indicators

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

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If you have registered as entrepreneurs, when writing this section use the following parameters, which are determined on the basis of the project's cash flows and its participants: net income, net present value, internal rate of return, the need for additional financing, yield indices of costs and investments, life Payback.

Clean income - This is profit less than taxes received by the company for a certain period of time. Pure discounted income (CDD, NPV - NET Present Value) is the sum of the expected payment flow given to the cost at the moment of time. Usually this important indicator is calculated when evaluating the economic efficiency of investments for future payments.

Pure income I. clean discounted income Characterize the excess of total cash receipts over the total costs for this project. In order for the investor to recognize your project efficient and wanted to invest my money in it, it is necessary that the Chdd of your company is positive. Accordingly, the more this indicator, the higher the investment attractiveness of the project.

Internal rate of return (Earnings, profitability, return on investment, Internal Rate of Return - IRR) determines the maximum acceptable discount rate at which you can invest without a loss for the owner. This figure, which is often denoted by the acronym IRR (Internal Rate of Return), denotes the discount rate at which the net present value of the investment project is equal to zero.

A simple payback period of the investment project is a period of simple return with total net income from the project in which capital was invested. For the investor, this figure is not much of interest, as it does not indicate how much and for what period he can get additional profits.

And here discounted payback period (Discounted payback period) denotes a period for which the investment in this project will provide the same amount of profit discounted (presented by the factor of time) to date, which in the same time could be obtained from other investment assets.

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

Indices return PROFITABILITY INDEXES) reflect the "return" of the project to the funds invested in it. They can be calculated both for discounted and non-discontinued cash flows. This indicator is often found in comparing investment projects that differ from each other costs and income streams. When evaluating efficiency, usually use:

• index profitability - the ratio of the amount of accumulated revenues to the amount of accumulated costs;
• discounted cost profitability index- the ratio of the amount of discounted cash flows to the amount of discounted cash outlines;
• index returns investment - increased by one unit of the CHD attitude to the accumulated investment volume;
• discounted investment profitability index - increased by one by the ratio of the CDD to the accumulated discounted investment volume.

Indexes of profitability and investment exceed the unit if net income for this cash flow is positive. Accordingly, indexes of profitability of discounted costs and investments are greater than united if the net discounted income is positive for this stream.

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