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Causes and sources of replenishment of the lack of working capital of enterprises. Working capital and features of their use Lack of own working capital

Almost all developing companies faced. The simplest answer, of course, would be to attract additional financing (credit, investor). But this is not always possible for a variety of reasons. Therefore, in this article, I will focus on methods that will help you improve the situation through competent management, and not at the expense of additional money.

Find the constraint holding back the flow of money

Always and in any business there is a weak element that limits the results of the company's work towards the main goal - to earn its owner more money now and in the future. And task number 1 is to find this bottleneck.

Market. It is a limitation if the company has more than 50% of the world market. In your case, this is definitely not a limitation.
Sales. They are a limitation if the company fulfills more than 95% of orders on time, that is, the demand for its products is greater than it sells. So you need to create a unique trade offer and develop the sales system.
Supply system. It is a limitation if the availability of raw materials and components is less than 95% of the requirement, although the company settles accounts with suppliers on time. This means that it is necessary to negotiate with suppliers on new terms of supply or/and look for new suppliers.
Production. It becomes a constraint if the company delivers less than 95% on time and raw material inventory exceeds 95%.
Equipment. It limits the growth of production if the overall efficiency of at least one device is above 95%.

However, the deficit working capital is not always a business constraint. There are only a few cases where this is true:

There are enough orders and free capacity (order completion rate on time is greater than 95%).
There is a shortage of raw materials / goods / services because suppliers do not work without pre-payment.
Additional company funding is not available.

What needs to be done to quickly get real money?

1. Pto update stocks

Existing stocks divide into three groups of goods: hot goods, average goods and surplus.

Hot goods. These are the ones that are constantly bought from you. They must always be available. Typically, 25-30% of the assortment gives 80-85% of sales.
Medium goods. These are the ones that buy from time to time. And besides, these goods can be quickly obtained from the supplier.
Surplus and surplus. These are the goods that you have for a long time and no one buys them. And he probably won't buy it.

2. Get rid of surplus at cost or even cheaper

It is much more profitable to get $100 right now than $120 or even $150 in the indefinite future. Speeding up turnover Money we will earn much more.

3. Set optimal stock levels for all items

That is, it is necessary to determine the goods that sell well, and calculate how many of them should be in order to provide all customers and not accumulate excess raw materials until a new purchase from the supplier.

4. Implement rules for maintaining and correcting optimal levels

We must constantly strive to improve our system. One of my clients, a trading house that sells goods for the electrification of construction and industrial facilities, reduced the level of stock in the warehouse from 70% to 25-30% of the monthly turnover in three months.

5. Get Rid of Assets That Don't Make Money

If your company has assets that aren't making money now and won't be making money anytime soon, sell them. I know examples when firms that experienced problems with working capital had a huge amount of unnecessary good, having realized which they received normal money. Just take a look around your household and see if you have anything unnecessary, as Matroskin the cat used to say.

6. Freeze investments in projects that are not key and profitable

In such a situation, money should be invested only in those areas that will give a quick return. Brainstorm with your employees and determine what you should be focusing on. What will be the main and what will be secondary in the allocation of resources?

7. Update stocks of raw materials

First of all, to fulfill orders, you need to use exactly the raw materials that are available. And buyers, first of all, need to offer the products that are in stock, and not those that need to be additionally produced. Make this the norm for your company. And do your best to make it beneficial for your customers and customers as well.

8. Review the terms of settlements with counterparties

What do we want? Increasing the availability of free cash. This can be achieved by making the right offers to customers and suppliers.

Identify customers who can pay faster than agreed.
Offer such customers a discount for faster payment, which will be interesting enough for them, but will not hurt the margins of the business too much.
Identify providers that can increase the delay.
Offer these suppliers a deferral increase premium that is interesting enough for them, but does not hurt the margins of the business too much.

That is, everything must be done so that customers pay faster and suppliers endure longer. We will lose a little in profitability, but we will get access to real money.

9. Increase sales

Now let's look back inside the company and focus on the influx of money from outside and the speed of turnover. Even if there are problems with sales now, a few steps will help to quickly increase them in the short term.

The first thing to do is to contact those customers whose orders are already in progress and offer them to increase the volume of the order for an additional discount or bonus. In some cases, this will definitely work.

I also always recommend doing everything to revive old customers. One of my clients, the owner of a British educational center for children, received orders for £18,000 at once after he made a “delicious” offer to parents whose children had visited the center before.

There is another component of successful sales: building relationships with clients. Behave humanly with customers, and you will be happy in business. How should you communicate with clients? How friends communicate. You do not communicate with them just to get something. There should be a "win-win" scheme. If either side wants to win, no one wins. Communication should go between people, not between officials. It is important to listen carefully to the interlocutor and respond to his words. There is a problem - we need to solve it together. It is necessary to find some common human interests with clients and partners. In the end, this allows you to bring together business interests.

With one of my clients, for example, I talk about horses. He is fond of equestrian sports, and I also went in for horseback riding. With another client, we like to talk about psychologists. With the third - we are united by the sports past. These sales techniques do not require a financial investment, only a purely human one. But the result sometimes exceeds expectations.

The article was first published on Executive.ru on January 28, 2015 under the heading "Creativity without cuts". Re-announced in the content block as part ofspecial editorial draft.

The first and perhaps the most important way to reduce the working capital deficit is to work to increase inventory turnover, logistics planning, supply marketing, work with suppliers to defer payments, tighten the terms of supply, including increasing the share of prepayment in the settlement system.

In most theoretical sources, the inventory turnover ratio is calculated as the ratio of the cost of production to the average for the period of inventory, work in progress and finished goods in stock (inventory turnover at cost - Oz): Oz \u003d C / ((Znp + Zkp) / 2)

where C is the cost of products manufactured in the billing period; Znp, Zkp - the value of the balance of inventories, work in progress and finished products in stock at the beginning and end of the period.

The total cost of goods sold during a given period, usually a year (Cost of goods sold rather than sales volume is preferred since the latter includes gross margin, which tends to overestimate the turnover rate), divided by the average inventory during the period. of the same period, gives a number showing how many times the product has been turned around.

More visual and convenient for analysis is the inverse indicator - the period of circulation of stocks in days (Pos). It is calculated by the formula: Pos = Tper / Oz

where Tper is the duration of the period in days.

The higher the inventory turnover, the more efficient is its activity, the less the need for working capital and the more stable the financial position of the enterprise, all other things being equal.

Take into account several types of inventory turnover:

· the turnover of each item of goods in quantitative terms (by pieces, by volume, by weight, etc.);
turnover of each item of goods by value;
turnover of a set of items or the entire stock in quantitative terms;
The turnover of a set of positions or the entire inventory by value.

The turnover estimate is essential element analysis of the efficiency with which the enterprise disposes of inventories. The acceleration of turnover is accompanied by an additional involvement of funds in circulation, and the slowdown is accompanied by the diversion of funds from economic turnover, their relatively longer deadening in stocks (in other words, the immobilization of own working capital). In addition, it is obvious that the company incurs additional costs for the storage of inventories, associated not only with storage costs but also with the risk of damage and obsolescence of the goods.

As a result, when managing stocks, stale and slow-moving goods, which are one of the main elements excluded from circulation, should be subject to special control and revision.

The value of stocks is taken at the end of the period, as it is usually estimated in dynamics. The value of inventories is correlated not with cost, but with revenue as one of the most important factors for credit analysis (thus providing a unified approach to companies that sell goods and services, because for the latter, most of the expenses are not for cost, but for general commercial and Administrative expenses). Many people believe that correlation with the cost price gives a more accurate result, since there is a trade margin in the revenue, which artificially increases the turnover, but, on the other hand, the uniformity of the approach is preserved (for example, asset turnover is revenue divided by the amount of assets), in addition, this method is convenient when calculating the operating cycle.

In principle, it is possible that at the beginning of the period and at the end of the period, the stocks are equal to zero. Then the turnover rate can be calculated by taking the average value of stocks in the period (of course, if you have access to this data).

Previously, it was certainly believed that the acceleration of the turnover of the warehouse is good. Inventory turnover characterizes the mobility of funds that the company invests in the creation of stocks: the faster the money invested in stocks is returned to the enterprise in the form of proceeds from the sale of finished products, the higher the business activity of the organization. The turnover itself does not mean anything - you need to track the dynamics of the change in the coefficient, taking into account the following factors:

1. the coefficient decreases - the warehouse is overstocked;
2. the coefficient is growing or very high (shelf life is less than one day) - work "from wheels", which leads to failures in the shipment of goods to customers. It should be noted that some of the leading manufacturers of vehicles demonstrate simply outstanding results in logistical procedures, so according to statistics, a part is stored in the warehouse of the Japanese manufacturer Toyota on average 28 minutes.

In conditions of constant shortages, the average value of the warehouse stock may be equal to zero: for example, if demand is growing all the time, and the company does not have time to bring goods. As a result, there are gaps in the warehouse, there are shortages of goods and unsatisfied demand. If the size of the order decreases, the costs of ordering, transporting and processing goods increase. Turnover increases, but availability problems remain. There are options for a justified increase in inventory - during a period of high inflation or expectations of sharp changes in exchange rates, as well as in anticipation of seasonal peaks in buying activity.

If a company is forced to store in a warehouse goods of irregular demand, goods with a pronounced seasonality, then achieving a high turnover is not an easy task. To ensure customer satisfaction, the company will be forced to have a wide range of infrequently sold products, which will slow down the overall inventory turnover. It is also possible that the supplier provides a good discount (for example, 5 - 10%) for a significant volume plus a significant deferred payment (in a crisis, such an offer is difficult to refuse).

Also, for the enterprise, the conditions for the delivery of goods play an important role: if the purchase of goods is made using its own funds, then the turnover is very important and indicative. If in a loan, then own funds are invested to a lesser extent or not invested at all - then the low turnover of goods is not critical, the main thing is that the loan repayment period does not exceed the turnover indicator. If the goods are taken mainly on the terms of sale, then first of all it is necessary to proceed from the volume of storage facilities and the turnover for such a store is the last indicator in importance.

Perhaps no less significant method for reducing the working capital deficit is cooperation with external debt collection agencies.

In Belarus, there is no law regulating the activities of collection agencies, although government agencies are increasingly talking about the need to adopt it. Already in March 2009, Prime Minister Sergei Sidorsky "gave the go-ahead" to the creation working group to develop the necessary legal documents associated with the activities of collection agencies. So far, collection services in Belarus are not a licensed type of activity, and activities of this kind are partially regulated by various legal acts.

Make the government think about legal regulation activity of collection agencies was forced by the growth in the number of problem loans, which emerged at the end of 2008. According to the head of the main department of banking supervision of the National Bank of the Republic of Belarus Sergei Dubkov, this trend is explained by the fact that the last one and a half to two years in Belarus there has been an active growth in consumer lending. As a result, there is an increase in debts on loans. Thus, even a cursory glance at the events taking place in this area is enough to conclude: collection services in Belarus will be in demand, and the presence of a clear legal framework for their implementation would be most welcome.

In the United States today, about 6,500 collection agencies ("collection agencies") are engaged in debt collection. The business associated with the collection of overdue debts was seriously developed in the post-war years of the last century, when a boom in consumer lending, including mortgage lending, a variety of banking services arose, such as credit cards, car loans, etc. Of course, the boom in lending was immediately followed by a wave of arrears. This is how organizations professionally specializing in debt collection began to appear.

Some financial and trading companies operate their own debt collection agencies, others turn to independent agencies. In Belarus, the first law firms, including those specializing in debt collection, began to appear in the early 1990s. it is obvious that before the collapse of the USSR, their appearance was not possible in principle. With the increase in the number of commercial organizations and the expansion of lending practices, the issue of collecting overdue debts has become more and more relevant.

In the world's leading economies, such as the US and the UK, a stable procedure for dealing with problem loans has been established. In the first month of non-payment, the creditor acts independently, calls the debtor and asks to pay off the debt. On the 30th day of debt, the loan is recognized as problematic, increased interest, fines, and penalties are charged on this amount. Day 90 is the last day banks work on problem loans. On the 91st day, an independent collection agency is entrusted with sorting out. On the 210th day of debt, information about the debtor is already coming from the collection agency to the credit bureau, and there a case is started against him.

Factoring can be another effective way to work with accumulated receivables. Three persons usually participate in a factoring operation: the factor (factoring company or bank) - the buyer of the claim, the supplier of the goods (creditor) and the buyer of the goods (debtor). The main activity of a factoring company is lending to suppliers through the purchase of short-term receivables, usually not exceeding 180 days. An agreement is concluded between the factoring company and the supplier of the goods that, as requirements arise for payment for the supply of products, invoices or other payment documents are presented. The factoring company discounts these documents by paying the client 60-90% of the value of the claims. After the buyer pays for the products, the factoring company pays the rest of the amount to the supplier, withholding a percentage from him for the loan and commission payments for the services rendered.

Thanks to the factoring agreement, the supplier can immediately receive payment from the factor for the shipped goods, which allows him not to wait for payment from the buyer and plan his financial flows. Thus, factoring provides the enterprise with real cash, accelerates the turnover of capital, increases the share of productive capital and increases profitability. In addition to financing working capital in factoring, the bank covers a significant part of the supplier's risks: currency, interest, credit risks and liquidity risk.

At the same time, the lender, by entering into a factoring agreement, gets the opportunity to repay the debt after a longer period compared to a commercial loan (in some cases, the debt is extended for additional obligations), partial repayment of the debt is also allowed, which stimulates the purchase of goods through factoring companies.

Commercial banks and factoring companies expand the range of services provided with the help of factoring and increase profits. An alternative to factoring can be the assignment of the right to claim a debt, i.e. its sale to another creditor. In world practice, this form of relationship is quite common due to the fact that the assignment of the right to claim occurs not for the full amount of the debt, but for 20-30% of the amount of the debt, i.e. with a discount. The size of the discount is determined by the so-called quality of the debt, that is, the ability to claim it. In the Republic of Belarus, only banks and non-banking financial institutions have the right to receive an assignment of a claim at a discount, which to a large extent limits the scope of its application for business entities.

Outsourcing of some functions, such as company accounting, legal support, debt collectors, car drivers, etc., can become quite a significant tool.

Outsourcing is the transfer by a firm of certain processes or functions to a third-party company on the basis of an agreement. Outsourcing today is a great opportunity to save your money, which has become quite widespread in Belarus.

After all, it is true that lawyers, bookkeepers and other employees need to be paid a salary, and a lot of it. This salary, as a rule, is a salary that does not depend on the results of work. In the case of outsourcing, the company pays for the result, for the specific work done, and not just for the concluded contract and an 8-hour stay at the workplace. But in addition to wages, this includes renting a room, and equipping a workplace, and the labor costs of personnel officers and a cleaning lady, and many other little things that result in large sums.

But the owner of the enterprise must be aware that it is necessary to reduce not only employees, but also the least efficient business segments. In this case, the reduction in costs and required working capital will be the result of a more general solution. In my opinion, in the following sections, it makes sense to segment a business in order to reduce its scale in the first place:

1) Business lines with the lowest return
2) In the direction of client orientation:
- Industries,
- regions,
- consumption potential,
- Loyalty,
- · Solvency.
3) By product types:
- · Product groups,
- · Trade marks,
- models,
- · Import - domestic production,
- Hi end - low end,
- · turnover,
- return on investment,
- · Services.
4) According to the complexity and cost of promotion:
- High-cost - low-cost,
- effective - ineffective,
- Image - trade,
- Promotion channels.
5) By sales channels:
- The end consumer is a trading partner,
- · Outlets,
- · Sales methods: telemarketing, sales representatives, Internet and so on.
6) In terms of logistics costs:
- paid and free services,
- · Sale from a warehouse - under the order.

Since companies often do not have complete information about the performance of all segments, and there is no time to collect this data, the intuition and experience of company leaders should be used when choosing reduction segments.

Quite often, enterprises in their activities use such a method as risk insurance. Risk insurance is the protection of the property interests of the enterprise in the event of an insured event (insured event) by special insurance companies (insurers). Insurance occurs at the expense of monetary funds formed by them by receiving insurance premiums (insurance contributions) from insurers.

In the process of insurance, an enterprise is provided with insurance protection for all the main types of its risks (both systematic and non-systematic). At the same time, the amount of compensation for the negative consequences of risks by insurers is not limited - it is determined by the value of the insurance object (the size of its insurance assessment), the sum insured and the amount of insurance premium paid.

When resorting to the services of insurers, the company must first of all determine the object of insurance - the types of risks for which it intends to provide external insurance protection.

The composition of such risks is determined by a number of conditions:

§ risk insurability. Determining the possibility of insuring their risks, the company must find out the possibility of insuring them, taking into account the insurance products offered by the market;
§ Mandatory risk insurance. A number of risks according to the conditions state regulation economic activity of enterprises is subject to compulsory insurance;
§ the existence of an insurable interest of the enterprise. It is characterized by the interest of the enterprise in insuring certain types of its risks. Such interest is determined by the composition of the risks of the enterprise, the possibility of their neutralization due to internal mechanisms, the level of probability of a risk event, the amount of possible damage for individual risks and a number of other factors;
§ the inability to fully compensate for risk losses at the expense of own resources. The enterprise must provide full or partial insurance for all types of insured catastrophic risks inherent in its activities;
§ high probability of occurrence of risk. This condition determines the need for insurance coverage for certain risks of their admissible and critical groups, if the possibility of their neutralization is not fully provided by its internal mechanisms;
§ unpredictability and uncontrollability of risk by the enterprise. Lack of experience or sufficient information base sometimes they do not allow within the enterprise to determine the degree of probability of the occurrence of a risk event for individual risks or to calculate the possible amount of damage for them. In this case, it is better to use the risk insurance system;
§ Acceptable cost of insurance protection at risk. If the cost of insurance protection does not correspond to the level of risk or financial capabilities of the enterprise, it should be abandoned by strengthening the appropriate measures to neutralize it through internal mechanisms.

Offered on the market insurance services, providing insurance of enterprise risks, are classified according to forms, objects, volumes, types.

The forms are divided into compulsory and voluntary insurance.

Compulsory insurance is a form of insurance based on the legal obligation of its implementation for both the insured and the insurer.

The main object of compulsory insurance at enterprises is its assets (property), which are part of operating fixed assets. This is due to the fact that the loss of uninsured operating fixed assets, which are formed mainly from equity, can cause a significant decrease in the financial stability of the enterprise. Therefore, in a more extended interpretation, it is insurance against the risk of a decrease in the level of financial stability of an enterprise, associated with a possible decrease in the share of equity capital.

Voluntary insurance is a form of insurance based only on a voluntarily concluded agreement between the insured and the insurer based on the insurable interest of each of them. The principle of voluntariness applies to both the enterprise and the insurer, allowing the latter to evade insurance of dangerous or unprofitable risks for him.

The objects distinguish between property insurance, liability insurance and personnel insurance.

Property insurance covers all major types of tangible and intangible assets of an enterprise.

Liability insurance - insurance, the object of which is the liability of the enterprise and its personnel to third parties who may suffer losses as a result of any action or inaction of the insured. This insurance provides insurance protection for the enterprise against the risks of losses that may be imposed on it by law in connection with the damage caused by it to third parties - both individuals and legal entities.

Personnel insurance covers the insurance of the life of its employees by the enterprise, as well as possible cases of loss of their ability to work, etc. Specific types of this insurance are carried out by the enterprise on a voluntary basis at the expense of its profit in accordance with the collective labor agreement and individual labor contracts.

By volume, insurance is divided into full and partial.

Full insurance provides insurance protection for the enterprise against the negative consequences of risks in the event of an insured event.

Partial insurance limits the insurance protection of an enterprise against the negative consequences of risks both by certain sums insured and by a system of specific conditions for the occurrence of an insured event.

By types, property insurance, insurance of credit risks, deposit risks, investment risks, indirect risks, financial guarantees and other types of risks are distinguished.

Property (assets) insurance covers all tangible and intangible assets of the enterprise. It can be carried out in the amount of their real market value if there is an appropriate peer review. Insurance of various types of these assets can be carried out with several (rather than one) insurers, which guarantees a stronger degree of reliability of insurance protection.

Credit risk insurance (or settlement risk) is insurance in which the object is the risk of non-payment (late payment) on the part of product buyers when providing them with a commodity (commercial) loan or when delivering products to them on terms of subsequent payment.

Deposit risks are insured in the process of making short-term and long-term financial investments by an enterprise using various deposit instruments. The object of insurance is the risk of non-return by the bank of the amount of principal and interest on deposits and deposit certificates in the event of its bankruptcy.

Investment risk insurance is insurance, the object of which is various risks of real investment (risks of untimely completion of design work on an investment project, untimely completion of construction and installation work on it, failure to reach the planned design production capacity, etc.).

Indirect risk insurance is insurance, which includes insurance of estimated profit, insurance of lost profits, insurance of exceeding the established budget of capital or current costs, insurance of lease payments, etc.

Insurance of financial guarantees -- the object of insurance is the risk of non-return (late return) of the amount of the principal debt and non-payment (late payment of the established amount of interest). Financial guarantee insurance assumes that certain obligations of the enterprise related to the attraction of borrowed capital will be fulfilled in accordance with the terms of the loan agreement.

Other types of risk insurance - the object is other types of risks that are not included in the traditional types of insurance.

According to the insurance systems used, insurance is distinguished by real value property, insurance under the proportional liability system, insurance under the "first risk" system, insurance using a franchise.

Insurance at the actual value of property is used in property insurance and provides insurance protection in the full amount of damage caused to the insured types of assets of the enterprise (in the amount of the sum insured under the contract, corresponding to the size of the insurance valuation of the property). Thus, under this insurance system, the insurance indemnity can be paid in the full amount of the financial damage suffered.

Proportional liability insurance provides partial coverage for certain types risks. In this case, the insurance compensation for the amount of damage incurred is carried out in proportion to the insurance coefficient (the ratio of the insurance amount determined by the insurance contract and the size of the insurance valuation of the insurance object).

Insurance under the "first risk" system. The "first risk" is understood as the damage incurred by the insured upon the occurrence of an insured event, estimated in advance when drawing up the insurance contract as the amount of the sum insured specified in it. If the actual damage exceeded the stipulated sum insured (the insured first risk), it is indemnified under this insurance system only within the limits of the sum insured previously agreed by the parties.

Unconditional deductible insurance. The deductible is the minimum part of the damage incurred by the insured that is not compensated by the insurer. When insuring using an unconditional deductible, the insurer in all insured events pays the insured the amount of insurance compensation minus the amount of the deductible, leaving it with him.

Insurance with conditional deductible. Under this insurance system, the insurer is not liable for damage incurred by the company as a result of the occurrence of an insured event, if the amount of this damage does not exceed the amount of the agreed deductible. If the amount of damage exceeded the amount of the deductible, then it is reimbursed to the enterprise in full as part of the insurance compensation paid to it (that is, without deducting the amount of the deductible in this case).

Self-insurance (internal insurance, redundancy) is a method of risk reduction based on the reservation by the enterprise of a part of its resources and allowing to overcome the negative consequences, as a rule, for the same type of risks.

In self-insurance, enterprises create funds (risk funds), which, depending on the purpose of the appointment, can be in kind or in cash. For example, farmers and other agricultural entities create natural insurance funds: seed, fodder, etc. Their creation is caused by the likelihood of adverse climatic and natural conditions.

Self-insurance becomes necessary in the following cases:

§ the economic benefit from its use is obvious in comparison with other methods of risk reduction;
§ it is impossible to provide the required reduction or coverage of the company's risks within the framework of other risk management methods.

The main forms of self-insurance are:

§ formation of the reserve (insurance) fund of the enterprise. It is created in accordance with the requirements of the legislation and the charter of the enterprise. The purpose of its creation is to cover unforeseen expenses, accounts payable, expenses for the liquidation of an economic entity; to pay interest on bonds and dividends on preferred shares in case of insufficient profit for these purposes. At least 5% of the amount of profit received by the enterprise in reporting period;
§ formation of targeted reserve funds. For example, a price risk insurance fund (for a period of temporary deterioration in market conditions); fund of markdown of goods at trade enterprises; a fund for the redemption of bad receivables on credit operations of the enterprise, etc. The list of such funds, the sources of their formation and the amount of deductions in them are determined by the charter of the enterprise and other internal regulations;
§ formation of reserve amounts financial resources in the system of budgets brought to various responsibility centers. Such reserves are usually provided for in all types of capital budgets and in a number of flexible current budgets;
§ formation of a system of insurance stocks of material and financial resources for individual elements current assets enterprises. Insurance stocks are created for monetary assets, raw materials, materials, finished products. The size of the need for insurance reserves for individual elements of current assets is established in the process of their normalization;

undistributed balance of profit received in the reporting period. Prior to its distribution, it is considered as a reserve of financial resources directed, if necessary, to eliminate the negative consequences of individual risks.

Leasing is an equally important means of combating the shortage of working capital. It is customary to distinguish the following forms of leasing:

operational leasing (rent) - allows you to purchase the necessary fixed assets (equipment, cars, etc.) for use at minimal cost
Financial leasing - 1) is the acquisition of ownership of fixed assets with the attribution of their value to costs and with payment by installments. 2) this is the acquisition of ownership of fixed assets with payment by installments (in installments). At the same time, the cost of acquired fixed assets is charged to expenses
returnable financial leasing - the Bank acquires fixed assets from an enterprise (individual entrepreneur) with their further transfer to leasing to the same enterprise ( individual entrepreneur). At the same time (Main advantages), the lessee has free cash (on the current account) and tax benefits.

As a rule, the use of leasing provides greater efficiency than the attraction of credit funds from banks or the use of own funds diverting them from other purposes. However, in general, both the loan option and the leasing option make it possible to reduce the company's costs for the acquisition of fixed assets due to the lower cost of borrowed resources compared to the weighted average cost of the company's capital. At the same time, it should be noted that the attraction of credit resources, in contrast to financial leasing are reflected in the financial performance of the enterprise and, above all, in the capital structure of the enterprise.

A fairly common type of activity to overcome the shortage of working capital is the receipt of credit funds by banks or other non-bank credit organizations.

Credits for replenishment of working capital are provided by Belarusian banks mainly for a period of one month to a year. The lending limit is usually set in proportion to the net turnover on the borrower's settlement accounts and, as a rule, does not exceed 2/3 of the average monthly turnover. When determining the size of the credit limit, other cash receipts that the borrower can confirm can also be taken into account. The economic activity and financial position of the enterprise-borrower are analyzed. The interest rate depends on the term and amount of the loan.

As collateral for a loan, which can be provided by both the borrower and third parties, banks consider:

inventory, raw materials, finished products in stock;
goods in circulation and processing;
production equipment and vehicles;
· the property;
securities and debt obligations.

The mortgage price of the property offered as security is set, as a rule, in the amount of no more than 70% of market value. In some cases (for example, real estate, industrial equipment), it is necessary to involve an independent expert appraiser to assess the market value of the property. The pledged property is insured in favor of the bank in one of the insurance companies cooperating with the bank at the choice of the borrower.

As additional security can be considered:

guarantees of natural persons;
· Guarantees of enterprises and organizations with a stable financial position.

These types of collateral can be used either singly or in combination.

In general, it should be noted that there whole line both types of business and individual investment projects, the implementation of which does not require large working capital, and the availability of working capital in general does not have a significant impact on them, for example, doing business and investing in non-traditional energy sources, developing real estate, investing in transportation of oil and gas through pipelines, as well as some others.

The lack of own working capital arises if the value of the current standard exceeds the amount of own and equivalent funds. The lack of own working capital is, as a rule, the result of a shortfall in the planned profit or its illegal, irrational use and other negative factors that have arisen in the course of the organization's commercial activities. The lack of own working capital is covered at the expense of the organization itself, and first of all, a part of net profit remaining at her disposal.
Borrowed funds in the sources of formation of working capital in modern conditions are becoming increasingly important and promising. The main form of borrowed funds are short-term bank loans. They cover the organization's temporary additional need for funds. Attracting borrowed funds is due to the nature of production, complex settlement and payment relations that arose during the transition to a market economy, the need to fill the lack of own working capital and other objective reasons.
Borrowed funds in the form of loans are used more efficiently than own working capital, as they make a faster circulation, have a strictly designated purpose, are issued for a strictly stipulated period, and are accompanied by the collection of bank interest. This encourages the organization to constantly monitor the movement of borrowed funds and the effectiveness of their use. Borrowed funds are attracted not only in the form of a short-term bank loan, but also in the form of accounts payable, as well as other borrowed funds, that is, the balances of funds and reserves of the organization itself, temporarily not used for their intended purpose.
The formation of accounts payable is associated, as a rule, with the unscheduled attraction of funds from other enterprises, organizations or individuals into the economic turnover of the enterprise.

50. Significance and ways to accelerate the turnover of working capital;

Working capital is constantly in motion.

At each point in time, the firm buys, produces, sells, buys again, and so on. This ensures the continuity and continuity of the production and sales process. The volume of working capital should be sufficient for the production of products in the range and quantity requested by the market, at the same time minimal, not leading to an increase in production costs due to excess stocks.

An important requirement for a successful economy is rational use working capital. The rational use of working capital finds its manifestation in accelerating their turnover: the sooner the circulation is completed, the less working capital serves the production process.

The effectiveness of the use of working capital is measured by the indicators of their turnover. The turnover of working capital is understood as the duration of the successive passage of funds through the individual stages of production and circulation. The circulation of working capital ends with the transfer of proceeds to the account of an economic entity.

The turnover of working capital is not the same, which depends on industry affiliation, organization of production and marketing of products, placement of working capital and other factors.

Working capital turnover indicators are important for assessing financial condition. In addition, an increase in the rate of turnover of working capital, other things being equal, increases the attractiveness of the company in terms of investment activity.

In accordance with the stages of the circulation of working capital, there are three directions for accelerating their turnover:

1. At the stage of production stocks:

Establishment of progressive norms for the consumption of raw materials, materials, fuel, energy;

Systematic check of stock status;

Proper accounting and planning of resources;

Replacing expensive species material resources cheap without sacrificing quality.

2. At the production stage:

Improving the quality of products;

Reducing production losses;

Integrated use of raw materials and the use of production waste;

Reducing the duration of the production cycle and increasing its continuity;

Compliance with the rhythm of work.

3. In the field of circulation:

Comprehensive supply of the company with raw materials and materials,

Organization marketing research,

Reduction of receivables and payables,

Acceleration product sales,

Improving the methods of payment for products.

51. Determination of the planned need for working capital under the article: “Work in progress

The production process must run continuously, and this is ensured by the presence of a permanent backlog in work in progress, i.e. the presence of constant stocks of unfinished products at different stages of its processing:

D-T...P...->T"-D"

For work in progress, the need for own working capital is calculated based on the product of two indicators:

Stock rates in days;

The values of one-day costs for gross production.

The inventory rate in days for completed production depends on two indicators:

The duration of the production cycle;

Cost escalation factor.

The duration of the production cycle is measured by the time from the first technological operation to the complete manufacture of the product, its acceptance in the prescribed manner and transfer to the finished product warehouse.

The duration of the production cycle is determined the following factors:

The time of direct processing of the product, for this time, a technological reserve will be created;

The time of transportation of semi-finished products within the workshop, between workshops, as well as the time of transportation to the warehouse - for this time - the transport stock;

The time of accumulation of semi-finished products before the start of each next operation, for these purposes, a working stock is created;

The time spent by semi-finished products in stocks to ensure the continuity of the production process, in case of any failures, an insurance stock is created.

After the duration, the cost increase coefficient is calculated - the need to calculate the coefficient is due to the fact that the objects of labor necessary to create products, as well as other monetary costs, are not involved in production immediately, but in parts. Depending on the intensity of the increase in costs, the need for working capital will be different.

In this regard, allocate different types productions:

1) with a uniform increase in costs (they increase equally);

2) with an uneven increase in costs;

3) with a mixed increase in costs (some increase evenly, some unevenly).

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ACADEMY OF MANAGEMENT UNDER THE PRESIDENT OF THE REPUBLIC OF BELARUS

CIVIL SERVICE INSTITUTE

Faculty of retraining

Department of Enterprise Economics

Discipline Economics of an industrial enterprise

COURSE WORK

Reasons for the formation and ways to overcome the shortage of working capital of the enterprise

Listener

M.V. back spicy

Introduction

Chapter 1. Current assets of the enterprise

1.1 Concept and economic entity working capital

1.2 Composition and structure of working capital

1.3 Sources of formation of working capital

Chapter 2

2.1 The concept of working capital deficit and its causes

2.2 Ways to overcome the shortage of working capital

2.3 Overcoming the shortage of working capital in JLLC "Mobile TeleSystems"

Conclusion

List of sources used

Introduction

The problem of shortage of working capital is relevant for a significant number of enterprises both in the city of Minsk and in the whole country. Thus, according to the data of the Main Statistical Department of the Minsk City Executive Committee, the ratio of own working capital for Minsk organizations as of July 1 was 0.87 and, compared to the beginning of 2011, decreased by 8.8%.

This coefficient characterizes the presence of the company's own working capital necessary for its financial stability. It is defined as the ratio of the difference between the volume of sources of own funds and the actual value of fixed assets and other non-current assets to the actual value of the working capital available to the enterprise in the form of inventories, work in progress, finished products, cash, receivables and other current assets. event deficit negotiable liquidation

As of July 1, 467 organizations in Minsk, which is 25.8% of the total, did not have their own working capital, 259 organizations (14.3%) were provided with their own working capital below the standard. The largest share of organizations that do not have their own working capital was observed in transport and in connection - 50.4% of the total number of organizations, 12.4% - had a supply of their own working capital below the standard; in the construction of such organizations there were 34.9 and 20.2%, respectively; in organizations of trade, repair of automobiles, household goods and personal items - 33.1 and 22%, respectively; among hotels and restaurants - 29 and 14.5%; in industrial organizations - 23.6 and 15.3%.

The current liquidity ratio as a whole in 2012 for the city of Minsk decreased by 1.1 times. This indicator is defined as the ratio of the actual value of the working capital available to the enterprise in the form of inventories, finished products, cash, receivables and other current assets to the most urgent obligations of the enterprise in the form of short-term bank loans, short-term loans and various accounts payable. The most financially stable in the current year were healthcare organizations and social services, industry, education.

Improving the mechanism for managing the working capital of an enterprise is one of the main factors for increasing economic efficiency production on present stage development of the domestic economy. In the context of socio-economic instability and volatility of market infrastructure, an important place in the current daily work of the financial services of an enterprise is occupied by working capital management, tk. it is here that the main reasons for the successes and failures of all production and commercial operations of the enterprise lie. Ultimately, the rational use of working capital in the conditions of their chronic deficit is one of the priority areas of the enterprise's activity at the present time. Efficient management of working capital (current assets minus short-term liabilities) leads to an increase in income and reduces the risk of a company's cash deficit. Through optimal management of cash, receivables and inventory, a business can maximize its rate of return and minimize its liquidity and business risk. The amount invested in each current asset position may change daily and must be carefully controlled to ensure the most productive use of funds.

Thus, the purpose of writing this paper is an attempt to identify the main causes of the formation of a shortage of working capital, the consequences of its occurrence for the enterprise and its effective functioning, the development of means and methods, as well as the implementation of measures that can effectively deal with the shortage of working capital, and eliminate possible reasons of its origin, on the example of JLLC "Mobile TeleSystems".

Chapter 1. Current assets of the enterprise

1.1 The concept and economic essence of working capital

Along with fixed assets for the operation of the enterprise, the availability of the optimal amount of working capital is of great importance. Working capital is a set of funds advanced to create working capital assets and circulation funds, ensuring their continuous circulation.

Working capital ensures the continuity of production and sales of the company's products. Circulating production assets enter production in their natural form and are entirely consumed in the process of manufacturing products, transferring their value to the created product. Circulation funds are associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers.

After the end of the production cycle, the manufacture of finished products and their sale, the cost of working capital is reimbursed as part of the proceeds from the sale of products (works, services). This creates the possibility of a systematic resumption of the production process, which is carried out through the continuous circulation of enterprise funds. Consequence Functioning Deficit Liquidation

In its movement, working capital passes successively through three stages: monetary, productive and commodity.

The first stage of the circulation of funds is preparatory. It takes place in the sphere of circulation. Here is the transformation of cash into the form of inventories.

The production stage is the direct production process. At this stage, the cost of created products continues to be advanced, but not in full, but in the amount of the cost of used production stocks, the costs of wages and related expenses, as well as the transferred value of fixed assets, are additionally advanced. The productive stage of the circuit ends with the release of finished products, after which the stage of its implementation begins.

At the third stage of the circuit, the product of labor (finished product) continues to be advanced in the same amount as at the second stage. Only after the commodity form of the cost of manufactured products has been converted into cash, the advanced funds are restored at the expense of a part of the proceeds received from the sale of products. The rest of its amount is cash savings, which are used in accordance with the plan for their distribution. Part of the savings (profit), intended for the expansion of working capital, joins them and makes subsequent cycles of turnover with them.

Circulating assets in motion are at all stages and in all forms. This ensures a continuous production process and uninterrupted operation of the enterprise. That is why the importance of working capital is really high and it is quite difficult to overestimate it. For the normal functioning of each enterprise, working capital is necessary, which is the cash used by the enterprise to acquire working capital and circulation funds.

The main goal of managing the assets of an enterprise, including working capital, is, in the general case, maximizing the return on invested capital while ensuring a stable and sufficient solvency of the enterprise. Moreover, these tasks to a certain extent oppose each other. Thus, in order to increase profitability, funds should be invested in various current and non-current assets, with liquidity obviously lower than money. And to ensure sustainable solvency, the enterprise must always have a certain amount of money on its account, actually withdrawn from circulation for current payments.

Thus, an important task in terms of working capital management is to ensure the optimal balance between solvency and profitability by maintaining the appropriate size and structure of current assets. It should also be noted that the enterprise must maintain the optimal ratio of own and borrowed working capital, since its financial stability and independence, the possibility of obtaining new loans directly depend on this.

In modern conditions, it is extremely important to correctly determine the need for working capital. The current assets of the enterprise must be distributed over all stages of the circulation in the appropriate form and in a minimum but sufficient volume. Excess stocks divert funds from circulation, testify to the shortcomings of material and technical support, the irregularity of production processes and sales of products. All this leads to the deadening of resources, their inefficient use.

The criterion for the effectiveness of working capital management is the time factor. The longer working capital stays in the same form (cash or commodity), the lower the efficiency of their use, ceteris paribus, and vice versa. Thus, a decrease in the turnover of working capital indicates a deterioration in the management of working capital at the enterprise.

1.2 Composition and structure of working capital

Under the composition of working capital understand the totality of elements that form working capital. The division of working capital into working capital and circulation funds is determined by the peculiarities of their use and distribution in the areas of production and its sale.

Working capital assets include:

Items of labor (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);

Work in progress and semi-finished products of own production (objects of labor that entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of own production, not fully completed by production in some workshops of the enterprise and subject to further processing in others workshops of the same enterprise);

Deferred expenses (non-material elements of working capital, including costs for the preparation and development of new products that are produced in a given period, but are attributed to products of a future period; for example, costs for the design and development of technology for new types of products, for rearranging equipment).

The circulation funds include the funds of the enterprise invested in stocks of finished products, goods shipped but not paid for, funds in settlements and cash on hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of development of technology, the perfection of technology and the organization of labor. The amount of circulation funds depends mainly on the conditions for the sale of products and the level of organization of the system of supply and marketing of products.

The ratio between the individual elements of working capital, expressed as a percentage, is called the structure of working capital. The difference in the structures of working capital of industries is determined by many factors, in particular, the peculiarities of the organization of the production process, the conditions of supply and marketing, the location of suppliers and consumers, the structure of production costs.

1.3 Sources of formation of working capital

According to the sources of formation, working capital is divided into own, borrowed and attracted.

All sources of financing of working capital are divided into own, borrowed and attracted. Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for decisions made.

The formation of working capital occurs at the time of the organization of the enterprise, when its authorized capital is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of work, the source of replenishment of working capital is the profit received, as well as the so-called stable liabilities equated to own funds. These are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the enterprise, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as an advance payment for products (goods, services), carry-over fund balances consumption, etc.

To reduce the overall need for working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds. Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied. The main directions of attracting loans for the formation of working capital are:

Crediting of seasonal stocks of raw materials, materials and costs associated with the seasonal production process;

Temporary replenishment of the lack of own working capital;

Making calculations.

Accounts payable refers to unscheduled attracted sources of working capital formation. Part of the accounts payable is natural, as it follows from the current settlement procedure. Enterprises may have accounts payable to suppliers for goods received, to contractors for work performed, tax office on taxes and payments, on deductions to off-budget funds.

The correct ratio between own, borrowed and borrowed sources of working capital formation plays an important role in strengthening the financial condition of the enterprise.

Chapter 2

2.1 The concept of working capital deficit and its causes

The causes of the shortage of funds can be divided into two groups: internal and external. Internal causes include those that originated in the enterprise itself and are determined by its specifics. External causes of cash shortages do not depend on the enterprise. To overcome the shortage of funds, there are two main ways that it is desirable to implement in a complex: an increase in inflow and a decrease in the outflow of funds.

The consequences of a shortage of funds can be very unpleasant for an enterprise, and in some cases - deplorable, the main ones are listed below:

Delays in the payment of wages to employees of the enterprise.

Growth of accounts payable to contractors (in particular, to suppliers and contractors), banks and other financial and credit organizations.

Growth of accounts payable on payments to the budget and off-budget funds, as well as on other obligatory payments.

A noticeable decrease in the liquidity of the company's assets.

An increase in the production cycle due to untimely delivery of raw materials, materials and components due to non-payments (or late payments) to suppliers and contractors.

The causes of the shortage of funds can be divided into two groups: internal and external.

Internal causes include those that originated in the enterprise itself and are determined by its specifics. The most common ones are:

Decrease in sales volumes.

Weaknesses in the planning and management of the enterprise's product range, which can also cause a drop in sales.

Weak Implementation financial planning at the enterprise or lack of financial planning.

Lack of optimal organizational structure financial services of the enterprise.

Absence management accounting. Currently, only accounting is clearly not enough for effective enterprise management.

Irrational use of profit remaining at the disposal of the enterprise.

Low qualification of the personnel of the enterprise, in the first place - specialists in accounting, financial and management accounting.

External causes of cash shortages do not depend on the enterprise. Among them are the following:

Tough competition from other manufacturers of similar goods, works, services.

The emergence of a crisis of non-payments of individual enterprises or the industry as a whole, perhaps even the entire region.

Distribution of non-monetary forms of payment (barter transactions, offsets of mutual claims, etc.).

A shortage or a significant increase in energy prices, especially characteristic of energy-dependent enterprises.

Losses from exports of products caused by the depreciation of the exchange rate.

Inconsistency of tax legislation, pressure from the tax authorities.

High cost of credit and other borrowed funds.

Inflation.

To overcome the shortage of funds, there are two main ways that it is desirable to implement in a complex: an increase in inflow and a decrease in the outflow of funds. Ways to overcome the shortage of working capital will be discussed further.

2.2 Ways to overcome the shortage of working capital

More visual and convenient for analysis is the inverse indicator - the period of circulation of stocks in days (Pos). It is calculated by the formula: Pos = Tper / Oz

where Tper is the duration of the period in days.

Take into account several types of inventory turnover:

· the turnover of each item of goods in quantitative terms (by pieces, by volume, by weight, etc.);

turnover of each item of goods by value;

turnover of a set of items or the entire stock in quantitative terms;

The turnover of a set of positions or the entire inventory by value.

Evaluation of turnover is an essential element of the analysis of the efficiency with which the company manages inventories. The acceleration of turnover is accompanied by an additional involvement of funds in circulation, and the slowdown is accompanied by the diversion of funds from economic turnover, their relatively longer deadening in stocks (in other words, the immobilization of own working capital). In addition, it is obvious that the company incurs additional costs for storing inventory, associated not only with storage costs, but also with the risk of damage and obsolescence of goods.

As a result, when managing stocks, stale and slow-moving goods, which are one of the main elements excluded from circulation, should be subject to special control and revision.

1. the coefficient decreases - the warehouse is overstocked;

2. the coefficient is growing or very high (shelf life is less than one day) - work "from wheels", which leads to failures in the shipment of goods to customers. It should be noted that some of the leading manufacturers of vehicles demonstrate simply outstanding results in logistical procedures, so according to statistics, a part is stored in the warehouse of the Japanese manufacturer Toyota on average 28 minutes.

Perhaps no less significant method for reducing the working capital deficit is cooperation with external debt collection agencies.

In Belarus, there is no law regulating the activities of collection agencies, although government agencies are increasingly talking about the need to adopt it. Already in March 2009, Prime Minister Sergei Sidorsky "gave the green light" to the creation of a working group to develop the necessary legal documents related to the activities of collection agencies. So far, collection services in Belarus are not a licensed type of activity, and activities of this kind are partially regulated by various legal acts.

The increase in the number of problem loans that emerged at the end of 2008 forced the government to think about the legal regulation of the activities of collection agencies. According to the head of the main department of banking supervision of the National Bank of the Republic of Belarus Sergei Dubkov, this trend is explained by the fact that the last one and a half to two years in Belarus there has been an active growth in consumer lending. As a result, there is an increase in debts on loans. Thus, even a cursory glance at the events taking place in this area is enough to conclude: collection services in Belarus will be in demand, and the existence of a clear legal framework for their implementation would be most welcome.

With the help of factoring, commercial banks and factoring companies expand the range of services provided and increase profits. An alternative to factoring can be the assignment of the right to claim a debt, i.e. its sale to another creditor. In world practice, this form of relationship is quite common due to the fact that the assignment of the right to claim occurs not for the full amount of the debt, but for 20-30% of the amount of the debt, i.e. with a discount. The size of the discount is determined by the so-called quality of the debt, that is, the ability to claim it. In the Republic of Belarus, only banks and non-banking financial institutions have the right to receive an assignment of a claim at a discount, which to a large extent limits the scope of its application for business entities.

Outsourcing of some functions, such as company accounting, legal support, debt collectors, car drivers, etc., can become quite a significant tool.

1) Business areas with the lowest profitability;

2) In the direction of client orientation:

Industries,

regions,

consumption potential,

Loyalty,

· Solvency.

3) By product types:

commodity groups,

· Trade marks,

models,

· Import - domestic production,

Hi end - low end,

· turnover,

return on investment,

· Services.

4) According to the complexity and cost of promotion:

High-cost - low-cost,

effective - ineffective,

Image - trade,

Promotion channels.

5) By sales channels:

The end consumer is a trading partner,

· Outlets,

· Sales methods: telemarketing, sales representatives, Internet and so on.

6) In terms of logistics costs:

paid and free services,

· Sale from a warehouse - under the order.

When resorting to the services of insurers, the company must first of all determine the object of insurance - the types of risks for which it intends to provide external insurance protection.

The composition of such risks is determined by a number of conditions:

§ risk insurability. Determining the possibility of insuring their risks, the company must find out the possibility of insuring them, taking into account the insurance products offered by the market;

§ Mandatory risk insurance. A number of risks, in accordance with the conditions of state regulation of the economic activity of enterprises, are subject to compulsory insurance;

§ the existence of an insurable interest of the enterprise. It is characterized by the interest of the enterprise in insuring certain types of its risks. Such interest is determined by the composition of the risks of the enterprise, the possibility of their neutralization due to internal mechanisms, the level of probability of a risk event, the amount of possible damage for individual risks and a number of other factors;

§ the inability to fully compensate for risk losses at the expense of own resources. The enterprise must provide full or partial insurance for all types of insured catastrophic risks inherent in its activities;

§ high probability of occurrence of risk. This condition determines the need for insurance coverage for certain risks of their admissible and critical groups, if the possibility of their neutralization is not fully provided by its internal mechanisms;

§ unpredictability and uncontrollability of risk by the enterprise. The lack of experience or a sufficient information base sometimes does not allow within the enterprise to determine the degree of probability of a risk event occurring for individual risks or to calculate the possible amount of damage for them. In this case, it is better to use the risk insurance system;

§ Acceptable cost of insurance protection at risk. If the cost of insurance protection does not correspond to the level of risk or financial capabilities of the enterprise, it should be abandoned by strengthening the appropriate measures to neutralize it through internal mechanisms.

The insurance services offered on the market that provide insurance for the risks of an enterprise are classified according to forms, objects, volumes, and types.

The forms are divided into compulsory and voluntary insurance.

Compulsory insurance is a form of insurance based on the legal obligation of its implementation for both the insured and the insurer.

The objects distinguish between property insurance, liability insurance and personnel insurance.

Property insurance covers all major types of tangible and intangible assets of an enterprise.

Personnel insurance covers the company's life insurance of its employees, as well as possible cases of loss of their ability to work, etc. Specific types of this insurance are carried out by the enterprise on a voluntary basis at the expense of its profits in accordance with the collective labor agreement and individual labor contracts.

By volume, insurance is divided into full and partial.

Full insurance provides insurance protection for the enterprise against the negative consequences of risks in the event of an insured event.

By types, property insurance, insurance of credit risks, deposit risks, investment risks, indirect risks, financial guarantees and other types of risks are distinguished.

Property (assets) insurance covers all tangible and intangible assets of the enterprise. It can be carried out in the amount of their real market value if there is an appropriate expert assessment. Insurance of various types of these assets can be carried out with several (rather than one) insurers, which guarantees a stronger degree of reliability of insurance protection.

Other types of risk insurance - the object is other types of risks that are not included in the traditional types of insurance.

According to the insurance systems used, insurance is distinguished at the actual value of the property, insurance under the proportional liability system, insurance under the "first risk" system, insurance using a franchise.

Proportional liability insurance provides partial insurance coverage for certain types of risks. In this case, the insurance compensation for the amount of damage incurred is carried out in proportion to the insurance coefficient (the ratio of the insurance amount determined by the insurance contract and the size of the insurance valuation of the insurance object).

Self-insurance becomes necessary in the following cases:

§ the economic benefit from its use is obvious in comparison with other methods of risk reduction;

§ it is impossible to provide the required reduction or coverage of the company's risks within the framework of other risk management methods.

The main forms of self-insurance are:

§ formation of the reserve (insurance) fund of the enterprise. It is created in accordance with the requirements of the legislation and the charter of the enterprise. The purpose of its creation is to cover unforeseen expenses, accounts payable, expenses for the liquidation of an economic entity; to pay interest on bonds and dividends on preferred shares in case of insufficient profit for these purposes. At least 5% of the amount of profit received by the enterprise in the reporting period is directed to its formation;

§ formation of targeted reserve funds. For example, a price risk insurance fund (for a period of temporary deterioration in market conditions); fund of markdown of goods at trade enterprises; a fund for the redemption of bad receivables on credit operations of the enterprise, etc. The list of such funds, the sources of their formation and the amount of deductions in them are determined by the charter of the enterprise and other internal regulations;

§ formation of reserve sums of financial resources in the system of budgets brought to various centers of responsibility. Such reserves are usually provided for in all types of capital budgets and in a number of flexible current budgets;

§ formation of a system of insurance stocks of material and financial resources for individual elements of the company's current assets. Insurance stocks are created for monetary assets, raw materials, materials, finished products. The size of the need for insurance reserves for individual elements of current assets is established in the process of their normalization;

Leasing is an equally important means of combating the shortage of working capital. It is customary to distinguish the following forms of leasing:

operational leasing (rent) - allows you to purchase the necessary fixed assets (equipment, cars, etc.) for use at minimal cost

Financial leasing - 1) is the acquisition of ownership of fixed assets with the attribution of their value to costs and with payment by installments. 2) this is the acquisition of ownership of fixed assets with payment by installments (in installments). At the same time, the cost of acquired fixed assets is charged to expenses

· returnable financial leasing - the Bank acquires fixed assets from an enterprise (individual entrepreneur) with their further leasing to the same enterprise (individual entrepreneur). At the same time (Main advantages), the lessee has free cash (on the current account) and tax benefits.

As a rule, the use of leasing provides greater efficiency than the attraction of credit funds from banks or the use of own funds diverting them from other purposes. However, in general, both the loan option and the leasing option make it possible to reduce the company's costs for the acquisition of fixed assets due to the lower cost of borrowed resources compared to the weighted average cost of the company's capital. At the same time, it should be noted that the attraction of credit resources, unlike financial leasing, is reflected in the financial performance of the enterprise and, above all, in the capital structure of the enterprise.

A fairly common type of activity to overcome the shortage of working capital is the receipt of credit funds by banks or other non-bank credit organizations.

As collateral for a loan, which can be provided by both the borrower and third parties, banks consider:

inventory, raw materials, finished products in stock;

goods in circulation and processing;

production equipment and vehicles;

· the property;

securities and debt obligations.

The pledge price of property offered as security is set, as a rule, at no more than 70% of the market value. In some cases (for example, real estate, industrial equipment), it is necessary to involve an independent expert appraiser to assess the market value of the property. The pledged property is insured in favor of the bank in one of the insurance companies cooperating with the bank at the choice of the borrower.

As additional security can be considered:

guarantees of natural persons;

· Guarantees of enterprises and organizations with a stable financial position.

These types of collateral can be used either singly or in combination.

In general, it should be noted that there are a number of both types of business and individual investment projects, the implementation of which does not require large working capital, and the availability of working capital in general does not have a significant impact on them, for example, doing business and investing in non-traditional energy sources, real estate development, investments in the transportation of oil and gas through pipelines, and some others.

2.3 Overcoming the shortage of working capital in SOOO" Mobile TeleSystems"

JLLC "Mobile TeleSystems", trademark "MTS" is the largest telecommunications operator in Belarus. Key financial indicators and corporate achievements for the 2nd quarter of 2012 are presented in Table 1 and Table 2

Table 1. Key financial indicators for the 2nd quarter of 2012

The revenue of JLLC "Mobile TeleSystems" in the 2nd quarter of 2012 increased by 14% compared to the 1st quarter of 2012 and amounted to $86.7 million.
OIBDA in Q2 2012 increased by 13% compared to Q1 2012 to $40.3 million.
Commercial traffic per subscriber per month (MOU) in Q2 2012 increased by 6% compared to Q1 2012 and amounted to 521 minutes per subscriber.
The average monthly revenue from the sale of services per subscriber (ARPU) in Q2 2012 increased by 16% compared to Q1 2012 and amounted to $5.2.
OIBDA margin in Q2 2012 was 46.48%. ...