home » Terms » The financial section of the business plan is. Abstract: Financial plan as a section of the business plan of the enterprise

The financial section of the business plan is. Abstract: Financial plan as a section of the business plan of the enterprise

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

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

The financial part should answer the following questions:

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

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

Investment costs

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

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

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

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

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

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

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

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

Profit and Loss Forecast

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

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

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

Cash Flow

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

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

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

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

Project efficiency assessment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

the financial section is responsible for providing summary monetary information. In general, all business plans can be written according to different methods and according to different requirements. Their format will largely depend on the goals of the project, its scope and main characteristics. The same differences may be present in the financial sections of such plans, however, as a rule, the process of writing this chapter can be divided into several main stages, namely:

Settlement standards;
General production expenses;
Cost estimate and calculation of the cost of goods or services;
Report on the main financial flows;
Gains and losses report;
Estimated financial balance of the project;
Analysis of the main financial indicators;
Description of the method (methods) of financing.

Business plan financial plan structure

1. Calculation standards

In this paragraph, the following points should be defined and described:

Prices that will be indicated in the business plan (permanent, current, with or without taxes);
The taxation system, the amount of the tax, the timing of its payment;
The terms covered by the business plan (planning horizon). As a rule, this period is about three years: the first year is described in more detail, divided into monthly periods, while next years divided into quarters.
Indication of the current inflation rate, inflation data for the last few years. Accounting for this factor regarding prices for consumables, raw materials, etc. - everything that will need to be purchased for the implementation of the described project.

2. General production costs.

The data on salaries correlate with the information previously presented in the organizational and production plans.

Variable, situational costs depend on the characteristics of production, goods, services. Various factors can be taken into account here, for example, seasonality. Correct calculations of variable costs can only be made by analyzing the volume of output of goods or services and approximate levels of sales.

Fixed, recurring expenses depend on a single variable - time. These costs include business management, marketing, facility maintenance, equipment maintenance, etc.

3. Cost estimate and calculation of the cost of goods or services

The cost estimate (investment costs) is, in fact, a list of expenses that will need to be incurred in order to implement the project outlined in the business plan. This item should be described in as much detail as possible, as it allows you to determine the financial viability and efficiency of investments.

If a business project involves the production of certain products, the costs of its organization and implementation should be covered by the initial working capital, which are also part of the investment costs.

The sources of such funds can be investments and, for example, credit funds.

The cost of production is calculated based on information about costs, salaries, overheads, etc. It also needs to take into account total production volumes and sales levels for a specific period of time (for example, a month or a year).

4. Report on the main financial flows

This item includes a description of all cash flows. Undoubtedly, this report is one of the main parts of the financial plan, as it is intended to show that the project will be financially secure at any stage of its activity and that there will be no cash gaps during the project.

5. Profit and loss statement

At this point, there is financial assessment activities of the enterprise, its income, expenses, profits and losses are described.

6. Financial balance of the project

To write this section, it is necessary to make a balance forecast based on all previous calculations or existing reports (if the enterprise is already operating). This forecast is also divided into months, first year, quarters subsequent years and third year of operation.

7. Analysis of financial indicators of the project

After you draw up a balance sheet, you can analyze the main financial indicators. A similar analysis is done for the entire period of implementation of the plan, after which the results are summarized regarding financial characteristics project: its sustainability, solvency, profitability, payback period, present value of the project.

9. Descriptions of financing methods

In this paragraph, it is necessary to describe on what funds the project will be implemented. There are several types of financing, namely equity, leasing and debt. The state can act as a sponsor in the form of subsidies or loans or private investors, and this must be indicated in financial section business plan.

In the same paragraph, you need to describe the process of borrowing and repaying borrowed money, indicating sources, amounts, interest rates and a debt repayment schedule.

It should be emphasized that the financial plan is the most important and complex part of the business plan. Any mistake made can result in a refusal of funding, which means that it is better to entrust its compilation to a competent person. However, if your project is simple and does not involve, for example, the production of large batches of goods and their further sale, you can compose it yourself.

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

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

What is a financial plan. Its main goals and objectives

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

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

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

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

To reach the goal needs to be determined:

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

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

Sections and their contents

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

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

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

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Calculation and analysis of risks

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

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

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

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

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

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

Calculation of performance indicators

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

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

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

Approximate calculation for three years existence of the organization

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

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

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

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

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

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

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

The formula looks like this:

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

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

Data analysis

It is necessary to analyze a business plan, taking into account several main aspects. This approach will reveal weak sides and make fine adjustments. After all, this grandiose work can be corrected and should not be written off as scrap.

So, the basics of a successful financial plan:

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

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

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

A business plan is a document that is designed to convince potential investor that the profit from the money invested in a particular entrepreneurial project will be at least not lower than the bank interest rate acceptable to the investor.

Usually the main elements of a business plan are, as S.I. Golovan and M.A. Spiridonov: title page, introductory part (project summary), analytical section, substantive section (project essence) and internal planning sections. A business plan may be more complex in terms of the sections included in it and the issues to be resolved.

The key section of a business plan is, of course, the financial plan. It includes information about the plan of income and expenses associated with the production and sale of goods for a certain period of time. life cycle, on the balance of income and expenses for individual goods(if there are several), about the profitability and payback period of the project. All calculations in the financial section must confirm that, starting from a certain level of production of the goods, its release will be profitable.

The financial plan, as part of a business plan, is generally divided into two subsections:
- financial plan;
— financing strategy.

In the first subsection it is desirable to include the following items:

1. Forecast of sales volumes. The study of this issue gives an idea of the market share that is planned to be won in the near future, based on the optimal volume of production with the existing production capacity of the enterprise. This forecast is usually made for three years;

2. Plan of receipts and payments. This plan It is expedient to draw up income and payments in the form of a table for three years. Items and amounts of investment, proceeds from the sale of products are reflected as follows: the first year - monthly, the second year - quarterly, the third year - as a whole for twelve months. The main objective of the plan is to check the future liquidity of the company and the synchronism of cash receipts and expenditures. The content of the plan of receipts and payments is reflected in table 1.

Table 1

3. Plan of income and expenses. It is advisable to draw up this plan of income and expenses in the form of a table for three years. Income and expenses are reflected as follows: the first year - monthly, the second year - quarterly, the third year - as a whole for twelve months. The main task of the plan is to show how profit will be formed and changed. The content of the plan of income and expenses is reflected in table 2.

table 2

4. Consolidated balance of assets and liabilities of the enterprise. The consolidated balance sheet, as noted by O.G. Karamov, compiled at the beginning and end of the first year of the project. Bank specialists evaluate what amounts are planned to be invested in assets different types and at the expense of what liabilities the enterprise is going to finance the creation or acquisition of these assets.

Table 3

In the second subsection of the financial plan, which is called "Funding strategy", it is recommended to answer the following questions:
How much money is needed to implement the project?
Where are these funds going to come from?
What share of finance is planned to be received in the form of a loan, and what share - to be attracted in the form of share capital?
For what purpose will the investment be spent?
When will the first profit be received?
What is the return on investment?

To answer these questions, a set of calculations is made.

Different authors give different calculated coefficients. In any case, in the opinion of A.M. Lopareva, the business plan should include:
— calculated financial and economic indicators included in the calculation of the effectiveness of the investment project;
— assessment of the current financial condition companies;
— plan of tax payments and calculation of the budget effect;
— integral indicators commercial efficiency project;
- summary tables.
When drawing up a financial plan, the state of cash, the stability of the enterprise, the sources and use of funds are analyzed. In conclusion, the payback period or the breakeven point is determined.
The most important part of the calculations is the calculation of the project's breakeven point using the formula:

It is also very important for an entrepreneur to know when, in what period of time, he will fully pay back the capital invested in the business. For this, a schedule for calculating the payback period of an investment project is often used, as shown in Fig. one.

Rice. 1. Calculate the breakeven point in the business plan

Thus, the financial plan is considered the key section of the business plan. The financial plan, as part of the business plan, is generally divided into two subsections: the financial plan and the funding strategy. It is desirable to include the following items in the first subsection: a forecast of sales volumes, a plan for receipts and payments, a plan for income and expenses, a consolidated balance sheet of assets and liabilities of the enterprise. In the second subsection of the financial plan, which is called "Funding strategy", it is recommended to answer a number of questions. To answer these questions, a set of calculations is made. Different authors give different calculated coefficients. When drawing up a financial plan, the state of cash, the stability of the enterprise, the sources and use of funds are analyzed. In conclusion, the payback period or the breakeven point is determined.

TASK 2

Your firm in the mass market is faced with a situation where secondary demand has stabilized and primary demand is saturated, though not completely satisfied. In the near future, we should not expect the rapid development of new markets. What marketing strategy will the firm choose if it operates in the markets of primary and secondary demand?

A. Extensive development.
B. Intensive development.
C. Strengthening competitiveness.
D. Creation of a circle of reliable clients.

According to the definitions of I.S. Berezina and N.K. Moiseeva:

— strategy of extensive development — strategy of increasing primary demand. Purpose of the strategy: aimed at conquering new markets and new consumers;
- strategy of intensive development - strategy of increasing the consumer. Purpose of the strategy: used to increase secondary demand;
— competitive strategy- a thorough analysis of the competitive situation in the market for a particular product, which means a conscious choice of a set of different actions in order to deliver a unique combination of values to the buyer. These actions aim to create a sustainable competitive advantage firms;
- a strategy of trusting relationships - a strategy aimed at maintaining regular customers that help attract new ones.
That is, in the current situation, when primary and secondary demand has stabilized and it is not worth waiting for the development of the market, the strategy of trusting relationships should be used.
This will allow to retain regular customers in the stabilized market of primary and secondary demand, which contribute to attracting new ones.
At the same time, in our opinion, in the current situation, the company should still use not one, but a combination of strategies for extensive development, strengthening competitiveness and creating a circle of reliable customers. The strategy of intensive development in the current situation of fully saturated secondary demand will be ineffective. The use of a complex of the three noted strategies will allow the company to operate and develop more effectively in the prevailing market conditions.

BIBLIOGRAPHY

1. Berezin I.S. Marketing Analysis. Market. Firm. Product. Promotion. – M.: Vershina, 2012. – 480 p.
2. Gainutdinov E.M., Podderegina L.I. Business planning at the enterprise. - Kiev: Higher School, 2011. - 432 p.
3. Golikova N.V., Golikova G.V. Training manual for the development and implementation of a business strategy commercial organization. - Voronezh: Publishing house of VSU, 2007. - 94 p.
4. Golovan S.I., Spiridonov M.A. Business planning and investment. Textbook. Rostov-on-Don, 2010. - 302 p.
5. Zarubinsky V.M., Zarubinskaya N.S., Semerenko I.V., Demyanov N.I. Business planning. - M.: Finance and statistics, 2012. - 176 p.
6. Kaplan Robert S. A strategy-oriented organization. - M .: CJSC "Olimp-Business", 2011. - 416 p.
7. Karamov O.G. Business planning: Educational and practical guide. — M.: Ed. Center EAOI, 2011. - 124 p.
8. Lopareva A.M. Business planning. – M.: Forum, 2011. – 208 p.
9. McDonald M. Strategic planning marketing. - St. Petersburg: Peter, 2011. - 258 p.
10. Marketing management: theory, practice, Information Technology/ Ed. N.K. Moiseeva. - M.: Finance and statistics, 2012. - 349 p.

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

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

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

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

Forecast of financial results

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

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

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

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

Table 1. Forecast of financial results, thousand rubles

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

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

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

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

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

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

Cash flow design

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

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

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

It should be taken into account that in initial period the existence of the enterprise, its position with cash will be much more important than profitability, since it is this factor that most accurately characterizes its viability.

Table 2. Projection of cash flow, thousand rubles.

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

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

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

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

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

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

When designing cash flow, keep the following in mind:

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

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

Enterprise balance design

As you know, the balance sheet does not reflect the performance of the enterprise for any period of time, but is its instantaneous “snapshot”, showing its strengths and weaknesses at the moment from a financial point of view. The balance sheet brings together the assets of the enterprise (what it has), its liabilities (how much and to whom it owes), as well as equity.

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

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

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

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

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

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

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

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

After the design of the financial section of the business plan, they proceed to an express analysis of the financial activities of the enterprise in the forecast period.

Express analysis of predicted indicators

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

At the same time, very milestone financial planning is to carry out serious analytical work through the calculation of the most important relative indicators (financial ratios), the time series of which make it possible to determine the trends in the development of the financial situation at the enterprise when making specific decisions (in our case, when launching new products).

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

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

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

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

Table 4. Projection of financial ratios

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

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

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

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

Table 5. Financial Summary

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

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

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