Financial section of business plan sequence of design. Business calculations without hassle. How to quickly draw up a financial plan for a business project. Profits and Losses Report

Financial plan in a business plan, is responsible for planning cash flows in the course of doing business. The success of the business largely depends on how competently and realistic the financial part is. Read about this in our article.

What is the financial part of a business plan

The financial plan in the business plan is the part of the business plan that is responsible for the financial underpinning of the remaining sections. The financial plan determines with what funds each of the points of the business plan will be implemented.

The purpose of the financial plan in business planning is to calculate such a positive balance between income and expenses, in which to maintain this business will be appropriate.

The structure of the financial section of the business plan

Each component of the structure serves an ultimate purpose. If at least one is not worked out, proportionality will be violated, and the entire financial plan will be impracticable. It is appropriate to calculate the financial part of the new business for 2-3 years in advance.

Sales forecast

When drawing up a business plan, it is imperative to think over what niche the new enterprise will occupy. Better yet, prepare the ground in advance: verbally negotiate with potential partners, conclude an agreement with clients, or start leading a group on VKontakte / Instagram, interview consumers in thematic groups.

Profit and loss assessment

This item consists of the following indicators:

• income from sales;
• production costs;
• total profit;
• general production costs;
• net profit (minus costs).

In this part of the financial plan, the main thing is to reflect how the profit will change and for how long.

Cash flow analysis

Profit - the main objective business. But often an entrepreneur is faced with a problem when, with a good profit, there is not enough cash. ... A common mistake: a businessman invests in the development of the business most of the money he earns, thereby increasing the share of low-liquid capital in total assets (building, land, outbuildings, cars on the balance sheet, but they cannot pay bills).

Annual balance sheet

The balance sheet is compiled at the end of the year. The balance between assets and liabilities is important not only for banks when applying for a loan, but also for an entrepreneur. It is important for business to invest in the development of the enterprise (production, marketing), while the bank is interested in fixed assets, against the security of which it will issue a loan.

Important! In your calculations, take into account estimated prices, taxation system, planning timeframes, risk factors, as well as inflation and possible currency fluctuations.

How to determine the "golden mean" in planning? How much money from income to direct to production capacity? Maybe buy another car or invest in advertising?

Experts talk about the optimal distribution of income: 40% - 40% - 20%.

40% of income is paid by current bills, i.e .:

• permanent (rent, gasoline, utility bills);
• variables (depreciation of machine tools, repair and replacement of equipment);
• targeted needs (taxes, salaries and other deductions).

40% of income is spent on assets:

• for business development (offline or Internet expansion, other startups, promotion);
• investment (buying real estate, land plots, buildings, shares).

20% of income is a "safety cushion" in case of unforeseen expenses in the form of bank deposits or cash.

It is obvious that in the first year of work in the distribution Money there will be an imbalance, but for a comfortable business, you need to strive for this model.

Financial performance of the business plan

Financial indicators - a quantitative expression of production and marketing indicators, objectively reflecting the state of affairs in business.

Financial indicators are needed both for banks and for an entrepreneur, since they allow them to calculate their own liquidity and help in managing the company and employees.

The main financial indicators
Investment costs (rub.)	The sum of all funds invested in the project = own + borrowed funds
Operating costs (RUB)	Sum of daily expenses, fixed and variable
Gross revenue (RUB)	Total profit minus production costs
Own funds (rub.)	Personal funds invested in business
Taxes (rub.)	Tax burden, taking into account the tax system
Net profit (RUB)	Gross profit, other operating and financial transactions minus taxes
Profitability of products, in%	Крп = profit before tax / cost price products sold * 100%
Return on assets	Kra = net profit / total assets
Profitability of own funds invested in business	Krss = net profit / average equity capital * 100%

These are simple financial indicators. The more complex the enterprise, the deeper the financial analysis necessary for an objective picture. Of course, drawing up a high-quality financial plan takes time and effort - sometimes to the detriment of others important matters... The transfer of a part of routine matters to outsourcing will help to find an opportunity for a full-fledged analysis.

Sample financial plan in a business plan

On the Internet there are templates and schemes for drawing up the financial section of a business plan to help an entrepreneur.

An example of calculating a financial plan in a business plan. Project "Catocafe"

Condition: there are no establishments of this type in the city. For implementation, cats are selected from the city animal shelter. An agreement is drawn up with the shelter. Cafe area of ​​50 sq.m. - a room with 2-3 tables (drinks and snacks), a room for playing with cats and board games, a resting room for cats where they can hide, eat and rest.

Tax system - STS, UTII

1. Approximate sales volume.

"Catocafe" is a kind of anti-cafe, the time spent in the establishment is paid for: the first hour - 200 rubles, the second - 150, the third and further - 100 rubles per hour per person. For edible drinks, you can order drinks in cups with a lid, at the bar only a mixer, a coffee machine, a water cooler and snacks. In order not to have problems with the SES and work without a kitchen, an agreement was concluded with a catering company for the delivery of sandwiches and burgers. The institution is designed for small companies or families: the average check from a company of 4 people for three hours is from 2,000 rubles. The approximate number of checks is 10-15, depending on the day of the week. The planned minimum revenue per day is 30,000 rubles, per month - 900,000 rubles.

2. Profit and loss assessment and cash flow analysis

Receipt and expense transactions		Amount, 1 month, before opening	Amount, 2 months, after opening	Amount, 3 months, after opening
	Own funds
	Borrowed funds	1,000,000, for 3 years at 12%
	Profit from sales, 1 month
	Opening costs: registration of individual entrepreneurs - 8,000; designer services - 15,000; contracts with veterinary service, cat shelter, selection of friendly cats, vaccinations, preparation of animals "for work" - 50,000; renovation of the premises - 400,000; purchase of equipment (carpets, pillows, low sofas, interior items, installation of wooden rungs for cats, toys, board games) - 200,000; coffee machine, cooler, mixer - 100,000; marketing campaign - 150,000; installation of a video surveillance system, an agreement with security organization – 100 000; online checkout and software - 30,000; other - 25,000.
	Fixed costs: hiring employees: 2 administrators, training, salary 20,000; gasoline - 5,000; rent - 150,000 (regions); utility bills - 50,000; an agreement with a company for the disposal of animal waste - 10,000; catering contract - 100,000; replacement of toys, board games - 5,000;
	Target expenses: taxes, UTII payment of interest on a loan
TOTAL:		Parish - 1 500 000	Parish - 900,000	Parish - 900,000
		Consumption - 1 293 000	Consumption - 522,000	Consumption - 595,000

"Safety cushion" a month before opening at 207,000 - in case of unforeseen expenses. For the second month, the projected profit will be 378 thousand, for the third (including tax payments) - 305,000.

3. Calculation of profitability

Note that the return on assets is low: the ratio of net proceeds to the value of own assets (all purchased equipment is made up), because the property is leased. However, the forecast for net profit is not bad - 30% of revenue. In terms of financial performance and under current conditions, the Catocafe project will pay off in about 7-8 months.

Checking the financial plan

You can check the consistency of numbers on paper only by implementing a project.
At the end of the quarter, experts will provide you with competent accounting assistance in preparing reports for regulatory authorities

For small business news, we have launched a special channel in Telegram and groups in

Financial plan. For many aspiring entrepreneurs, this part of working on a business plan seems daunting. Complex graphs, long and painstaking hours at the computer, searches for errors that have crept in from nowhere, and, of course, nerves and nerves again are drawn in my mind. It can significantly facilitate the process and even make it enjoyable and exciting. mobile app“Business calculations” from the company “1000 Ideas”.

The mobile application was created to simplify financial calculations when preparing business plans. It allows you to accurately determine all the key parameters of investment projects. With it, you can easily calculate all the main financial indicators of the project, including revenue, net profit, fixed and variable costs, payback period, cash flow (cash flow), and minor ones. For example, make a more thorough and serious assessment of your project using the so-called discounted performance indicators.

Working with the "Business Calculations" application is convenient because the user can quickly make an estimate of the prospects and profitability of the project by entering and changing the financial parameters of the type of business chosen by him. The final calculation is compiled automatically based on the data entered by the user, divided into nine stages. The results themselves can be viewed both in the application itself, and by sending them a more detailed version to yourself by e-mail.

We suggest that you familiarize yourself step by step with the operation of the “Business Calculations” application using the example of drawing up a financial plan for the “Cafe-pancake” project.

Stage 1. Choice of taxation system. First, we introduce the most suitable taxation system. In case you do not know which taxation system will be less burdensome for your type of activity, you can change the choice after receiving the results, and then compare the final calculations when different systems and rates.

In the case of a pancake cafe, we have chosen a simplified taxation system, the object of taxation of which is income, and where the rate is 6%.

Stage 2. Input of initial data. After choosing the taxation system, you must enter the initial data: the start date of the project, the date of the start of sales, the approximate date for reaching the planned sales volumes, as well as the refinancing rate.

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

Stage 3. Investment costs. The next step is called “Investment Costs”. In it, you must enter all the initial expenses invested in real estate, for example, in the acquisition or renovation of premises, in the purchase and installation of equipment and intangible assets.

In our case, in the section "Real estate" we will enter the cost of repairing the rented premises (500 thousand rubles), in the column "Equipment" - a list of production and shop equipment for the production of pancakes (389 thousand rubles), and in "Intangible assets" (115 thousand rubles) - the cost of registering an LLC and obtaining permits from various authorities (SES, Gospoznadzor), as well as the cost of launching an advertising campaign.

Stages 4-5. Choosing a method for calculating income and entering income. Next, you have to choose one of three methods for calculating income: “Calculation of income from production and sales of products and services”, “Calculation of income based on the average amount of a check”, “Calculation of income based on planned revenue per month”.

The most convenient way is to calculate income based on the average check amount. By varying the size of the average check and the number of buyers per day, you can quickly estimate under what conditions the business will be highly profitable, and under what conditions it will not bring a lot of income or even turn out to be unprofitable.

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

For example, if in summer period the number of buyers of pancakes is halved, then 50% is added to the columns “June”, “July” and “August”. At the same time, if 70% more buyers buy pancakes in the autumn, then 170% should be recorded in the corresponding months. Similarly, you can vary the size of the average check in the event that it is subject to the factor of seasonality.

The easiest way to calculate income is to calculate the planned revenue per month. It is suitable if you already have an idea of ​​how much revenue can serve as your guideline. Assuming it to be 100%, you can also enter seasonality factors for the planned revenue.

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

To do this, you need to fill in the fields “Product name”, “Unit of measurement”, “Sales cost per unit. rub." and “Sales volume per month, units”. For example, in the case of pancakes, we can individually set sales plans for grilled pancakes, pancakes with salmon, pancakes with salami, pancakes with sweet fillings, and so on. If the cost of your product and sales figures are seasonal, you also set seasonal factors for those indicators. After completing filling in the data for one product, you can add the next product by clicking on the orange "+" icon.

Stage 6. Variable costs. After filling in the income data, you will need to specify variable costs. The content of this step will depend on which of the three income calculation methods described above you choose. For example, with a simplified entry by the amount of revenue, you will be prompted to specify only a single averaged amount of variable costs. If you are making calculations based on the size of the average check, then you will need to determine the costs of the average check. If the calculations are made for each product separately, then variable costs will need to be specified for each product.

In our example with a pancake cafe, to simplify the bill, we took the cost of the most popular grilled pancake on the menu as the size of the average bill, which costs 135 rubles. Having calculated the cost of the ingredients that make up one pancake (flour, milk, eggs, sugar, vegetable and butter, chicken meat, onions, tomatoes, feta cheese and white sauce in the required proportions), as well as adding to this the cost of packaging, we determined the cost price in the amount of 37 rubles. This amount became our cost per average check.

Stage 7. Fixed costs. The next step is called Fixed Cost. This includes recurring monthly expenses. This can be rent, advertising, utilities, telephony and the Internet, stationery, household inventory, depreciation, fuels and lubricants, and so on. You can choose a lot of this from the pop-up list. If the required column is not available, you can choose your option. Fixed costs also provide the ability to set seasonality factors for any expense point.

The key expense item at the pancake cafe was rent, advertising and utility bills (RUB 87,000). We have combined all other minor expenses for the item “Other” (6.8 thousand rubles).

Stage 8. Employees. Next, we enter the data about the company's personnel. For convenience in the application, it is divided into administrative, trade, service, basic and accounting. You need to indicate the position of the employee, his wages and the number of employees holding a similar position. If the salary of employees varies depending on the season, it is possible to indicate this using seasonality factors.

Accordingly, in the example of a pancake cafe, we bring in all the necessary administrative personnel in the person of the general director and administrator, the main one - in the person of cooks, the trade - in the person of salespeople, cashiers and servants in the person of cleaners. For the first time, to reduce costs, we choose the self-service format, so the waiters in service staff you can not enter. By the way, if you suddenly want to add more employees or make any adjustments to the project after some time, you can always find it in the archive of the Business Calculations application.

Step 9. Credit and other receipts. At this stage, it is necessary to indicate the sources of start-up capital. Namely, how much own funds were attracted (filled in in the “Own funds” section), and how many borrowed funds (filled in in the “Loan” column). In the "Loan" section, in addition to the borrowed amount, it is also necessary to indicate the interest rate and loan term. If borrowed funds will not be attracted, the fields in the “Credit” section should not be filled in. It should also be remembered that the amount of own funds should take into account not only the investment costs indicated in stage 3, but also the working capital required to cover losses in the first months of work.

In our case, the Pancake Cafe project will be fully financed from its own funds in the amount of 1,254,000 thousand rubles, 250 thousand of which will be working capital.

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

At the top of the screen, sometimes you can see a message in red indicating that your project is unprofitable or that some of its indicators cannot be calculated correctly. In this case, especially if the results obtained do not satisfy you either, you can return to any of the 9 stages described by us and make adjustments. For example, reduce fixed or variable costs, or increase income items. In this case, the data entered in the fields of other sections will be saved and you will not need to enter them again.

In the results section, you can find out a short report, which shows the annual figures for revenue, net profit, variable costs.

On the data presented above, for example, we can see that a pancake cafe, with the parameters we entered, by the time it reaches the planned sales volume, will be able to bring up to 1215 thousand rubles. profits (yes, it may not be real, but this is just an example). Moreover, the first month of sales will turn out to be unprofitable, requiring from the entrepreneur additional investments in the amount of almost 160 thousand rubles from the fund working capital.

Also given is the payback period, cash balance (cash flow), the break-even point of the project. From the data obtained for a pancake cafe, we see, for example, that the establishment will pay for itself for 5 months of work, and its break-even point will be almost 120 thousand rubles.

Any modern company that leads economic activity in a particular area of ​​business, is engaged in planning. Business planning plays, if not a leading, then at least an important role in matters of economic efficiency and is aimed at maximizing the efficiency that the business can show.

The financial plan of an enterprise is a subtype of a group of management, interrelated documents, which is drawn up and maintained for forward planning and operational management of the resources available to the firm in monetary form... Simply put, thanks to the financial plan, a balance is ensured between the planned and actual receipts of revenue, and, on the other hand, the planned and actual expenses for the company's activities.

The balance of the financial and economic condition of the company, which is achieved through high-quality financial planning, is perhaps the main profit of using such a management tool as the financial plan of the enterprise.

Types of financial plans of a modern enterprise

Fierce competition on modern market forces businesses to work much harder, seeking resources and opportunities to increase competitiveness in their operations. Substantive financial plans, as well as their variable use in operational business issues, allow solving these management tasks, based precisely on the internal plans and resources of the company, avoiding, if possible, a serious dependence of the business on a continuous flow of borrowings. Or, if not to decide, then at least to form with the help of tools financial planning balance within the economic issues of the organization.

It should be noted that financial plans at enterprises differ not only in the size of the planning period (duration), but also in composition. The composition of indicators or the composition of planning items will differ in two parameters: purpose and degree of detail. Relatively speaking, for one company, the grouping of expenses “utility costs” is sufficient, and for another, the planned and actual value of each indicator of the grouping is important: water, electricity, gas supply and others. Therefore, the main classification of financial plans is considered to be the classification by the planning period, within which each specific company independently chooses the degree of detail of the financial plan.

Usually, modern companies in Russia, there are three main types of financial plans:

• Fin. plans short periods: The maximum planning horizon is one year. Used for operating activities and may include the maximum detail of planned and actual indicators, which are managed by the company team.
• Fin. plans for medium-term periods: the planning horizon is more than a year, but not more than five years. Used for planning in the horizon of 1-2 years, include investment and modernization plans that contribute to the growth or strengthening of the business.
• Fin. long-term plans: the longest planning horizon, starting at five years, including the interpretation of the company's long-term financial and production goals.

Figure 1. Types of financial plans of modern companies.

Development of a financial plan for a modern enterprise

The development of a financial plan for an enterprise is an individual process for each individual enterprise, depending on the internal economic characteristics and talent of the financial sector specialists. At the same time, any approach, even the most exotic, to the financial planning process requires financiers to include mandatory, that is, identical for everyone, financial data when drawing up financial plans:

• Planned and operational data on the volume of production and sales;
• Planned and actual estimates of the divisions;
• Cost budget data;
• Revenue budget data;
• Accounts payable and receivable information;
• Data of budgets of taxes and deductions;
• Regulatory data;
• BDDS data;
• Specific data management accounting specific enterprise.

Figure 2. Composition of data for the financial plan.

In practice, the role of financial plans in modern business is enormous. We can say that financial plans are gradually replacing traditional business plans, because they contain only specific information and enable management teams to constantly monitor the most important values. Essentially, for middle and middle managers top echelon the system of financial plans drawn up at the enterprise is the most dynamic tool. That is, any manager who has access to management information and the competence to manage such information can continuously improve the performance of the unit entrusted to him through the use of various combinations of financial planning tools.

The form of the financial plan of the enterprise and the management tasks solved with the help of the system of financial plans

Today there is no approved form or a recognized standard of a financial plan for an enterprise, and the variability of the forms of this management tool is due to the internal specifics of enterprises. In the practice of management, there are traditional tabular forms of the system of financial plans of enterprises, their own IT-developments in the form of special programs and bundles of these programs that ensure the import and export of data, and specialized boxed software systems.

In order for the company to determine the necessary level of detail of its own financial plan, it is worth listing the list of management problems that the financial plan will help to solve:

• The financial plan solves the problem of preparation and implementation at the enterprise of a system for continuous assessment of the company's financial performance;
• The financial plan allows you to customize the process of continuous preparation of forecasts and plans company activities;
• Determine the sources of income and the amount of financial resources planned for the enterprise;
• Formulate plans for the needs of the enterprise in financing;
• Plan standards within the enterprise;
• Seek reserves and internal opportunities to improve efficiency;
• Manage the planned modernization and development of the company.

Thus, the system of interrelated financial plans becomes that part of the enterprise management system that reflects and makes it possible to manage all financial, economic, production and business processes, both within the enterprise and in the company's interaction with the external economic environment.

Financial plan of the enterprise - sample

To draw up a high-quality financial plan, it is recommended to use the following sequence of actions:

1. Formulate the goals of drawing up a financial plan;

2. Specify the composition of indicators and the degree of detail;

3. Study examples and samples of financial plans;

4. Develop an example of the form of a financial plan and agree within the organization;

5. Based on feedback from users of the sample of the company's financial plan - to develop a final individual template of the company's financial plan.

Financial plans are drawn up not only to plan the work of a single company as a whole, they can perform different tasks - they can be the basis of projects, calculations within individual divisions, or reflect financial data for a single manufactured part.

Figure 3. An example of a tabular financial plan for a small project.

conclusions

The market economy dictates new requirements to business for its own organization. High competition forces businesses to focus on predictable results, which in turn is impossible without planning. This external market environment prompts companies to engage in financial planning to ensure their own efficiency.

Competent calculations and plans can provide an enterprise not only with current operating benefits, but also help in managing its prospects for the production of works and services, for cash flow, investment activities and in the commercial development of the enterprise. The current financial condition of the enterprise and the corresponding reserve for the future directly depend on financial planning. A competently drawn up financial plan of an enterprise is a guarantee of protection from business risks and an optimal tool for managing internal and external factors affecting the success of the business.

FINANCIAL SECTION - one of the most important sections of the business plan, as it is the main criterion for acceptance investment project to implementation. The financial plan is necessary to control the financial security of the investment project at all stages of its implementation and reflects the forthcoming financial expenses, the sources of their coverage and the expected financial results, as well as the results of calculations that are carried out during its development in a certain sequence.

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

Let's briefly describe the main documents included in the financial section of the business plan:

Operational plan- reflects the results of the interaction of the company and its target markets for each product in their market for a certain period, at the company this document is developed by the marketing service. The set of indicators presented in the operational plan helps to demonstrate to the management of the company what market share is occupied by the firm for each product and what it is supposed to win. The structure of the statement of income and expenses is relatively simple, it usually includes revenue from the sale of goods, production costs, taxes and other deductions. On the basis of these indicators, the profit remaining at the disposal of the company after the payment of dividends is calculated, according to this section, it is possible to establish whether a particular product brings profit, to compare various products in terms of profitability in order to determine the feasibility of further production. So the ultimate challenge of this document show how the profit will change and form during the first and second years on a quarterly basis and then on a yearly basis. Plan - a cash flow statement shows how much cash is at the disposal of the enterprise and what the company needs for it. This report is drawn up as a summarized result of the company's activities for all types of goods and services, its structure, in particular, includes the planned and actual investments in the company's activities for the reporting period. The final document of the financial plan is the balance sheet, its peculiarity lies in the fact that it does not reflect the results of the company's activities for a certain period, but fixes the strong and weak sides in terms of finance at the moment. Any single element of balance in itself means little, however, when all these elements are considered in relation to each other, this allows us to judge financial situation firms. It is quite easy to compile such a report: it shows how it will be received start-up capital(source of debt + equity) and how it is supposed to be spent. In the projections of the balance sheet for the future period, the initial balance sheet, as well as the peculiarities of the company's development and the results of its financial and economic activities, should be taken into account.

An important component of the financial section of a business plan is identification of sources of capital, necessary for the operation of the company. This part of the financial plan is relevant both for small, just entering a business, and for large enterprises in need of additional capital inflows. The data on the sources of capital are linked to the use of funds, with a specific indication of the ways and directions of the use of capital.

You can also imagine the following variant of the structure of this section business plan in terms of R&D.

1. Current state. Should describe Current state each product or service and explain what else needs to be done to bring them to market. It is useful to indicate what skills the enterprise has or should have to accomplish these tasks. If possible, the customers or end users who are involved in the development and testing of products and services should be listed. It is necessary to indicate the current results of these tests and when the finished product is expected to be received.

2. Problems and risks. Highlight any major perceived problems in the design of the product under development and the approaches to solving them. Estimate the potential impact of these issues on product development costs and time to market.

3. Product improvement and new products... In addition to describing the developments and initial products, indicate the work on their improvement, planned to maintain their competitiveness, and work on the creation of new products and services that can be offered to the same group of consumers. Indicate the consumers who take part in these developments, and their opinion on the prospects of the latter.

4. Costs. Provide an estimate of R&D costs including salaries, material costs, etc. Please note that underestimating this estimate can affect the expected profitability, reducing it by 15-30%.

5. Property issues.

List any patents trade marks, copyright that you own or intend to acquire. Describe any contracts or agreements that give you exclusivity or ownership rights to developments or inventions. Describe the impact of any unresolved issues, such as disputes over ownership, on the competitive advantage you have.

It is also worth noting that this field of activity requires significant capital investments, the availability of highly qualified specialists and managers, a high degree of production specialization, small firms who are just mastering the business are often content with the use of already existing developments, certain production technologies and goods. The business plan also provides risk assessment and insurance. Any plan does not provide a guarantee of success. A condition for skillful management of the resources provided is to take into account the possible risk of the project implementation. Risk represents the likelihood of obtaining a positive result in entrepreneurial activity. Here, the amount of risk (possible losses during the implementation of the project), the probability of risk, and the degree of controllability of a particular risk are set.

V financial section the business plan is calculated and investment risk, naturally, a business plan will look much more attractive if it reflects the investor's gain in terms of minimizing losses and obtaining the intended profit, therefore, it is necessary to bring overall assessment commercial risk, predict the extent to which the risk is associated with investment in the project. Along with the need to predict the risk in terms of the plan, the head of the enterprise must have knowledge of the basic laws of risk reduction:

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

* insurance and self-insurance,

* hedging of futures transactions,

* issue of options, diversification.

The financial justification of the project serves as an acceptance criterion investment decision, therefore, the development of a financial plan must be carried out especially carefully. The goals and objectives of forecasting the financial and economic activities of an investment object are, first of all, in assessing the costs and results expressed in financial categories.

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

1. Analysis of the financial condition of the enterprise during the three (or better, five) previous years of its work.

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

3. Forecast of profits and cash flows.

4. Evaluation financial efficiency investment project.

Let us dwell briefly on each point of the financial section of the investment project.

Financial analysis of the previous work of the enterprise and its current position usually boils down to the calculation and interpretation of the main financial ratios, reflecting the liquidity, solvency, turnover and profitability of the enterprise. Calculate financial ratios characterizing each planning period, then analyze the ratios over time and identify trends in their change. An investor, before investing in a specific project, analyzes its functioning (activity) in order to assess the future state and development prospects, investment efficiency. The indicators (coefficients) used for the analysis and evaluation of the investment project are not limited to those discussed below, since there is no such set of them that would fully meet the assigned tasks and satisfy all the objectives of the analysis.

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

Project performance indicators

Solvency metrics are used to assess a firm's ability to perform long term duties... Turnover ratios make it possible to assess the effectiveness of operating activities and policies in the field of prices, sales, purchases. Profitability indicators are used to assess the current profitability of an enterprise of a participant in an investment project.

The values ​​of the relevant indicators must be analyzed in dynamics for a number of previous years and compared the main indicators by year. The list of coefficients is determined by the specifics of the project.

Forecasting profits and cash flows in the process of implementing an investment project and assessing the financial efficiency of the project include:

Assessment of the cost of capital raised for the implementation of an investment project;

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

Profit / loss and cash flow forecast;

Evaluation of indicators of the financial performance of the project.

Evaluation of the financial efficiency of the project is carried out taking into account the principle of "cost of money in time". This principle says: “The ruble is now worth more than the ruble received a year later,” that is, each new cash flow received a year later has a lower value than the equal cash flow received a year earlier. Therefore, all inflows and outflows received at different stages of the project are reduced to today's (current) cost by discounting. This allows you to compare them and calculate the main indicator of the financial performance of the project - NPV (Net Present Value), the net current (or present) value.

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

When predicting the financial and economic activities of the project in the business plan, they calculate the net profit from the implementation of the project and the cash flow, draw up a project balance sheet (taking into account the assets and liabilities of the balance sheet). These are the three basic forms financial statements... Based on all the calculations carried out, three documents are being developed:

1. plan of income and expenses;

2. plan of cash receipts and payments (cash flow);

3. plan-balance of assets and liabilities.

Based on an assessment of the effectiveness of an investment project, investors and other participants make decisions about investing, exiting the project, adjusting its parameters, conditions for implementation, possible ways increasing efficiency, etc.

Considers issues financial security activities of enterprises, firms, organizations and the most effective 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;
• cash flow projection;
• the forecast balance of the enterprise.

As a rule, the forecast period covers 3-5 years. Consider the sequence of designs on the same example of an enterprise that already worked in the field of food production and wants to release 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.

Financial results forecast

The purpose of forecasting financial results is to present the prospects for the enterprise from the point of view 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. - these are the years of the forecast period, starting with the next in relation to the year of the development of the business plan (base year).

The starting point for making this forecast is planning the volume of sales in volume and value terms. In this case, calculations are carried out for all types of products, and then they are summed up in the result presented in table. 1 (line 1).

Subtracting from net sales, we get the gross margin. The cost indicators have already been calculated in the "Production plan" section 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, carrying out marketing research, administrative and marketing costs.

The indicator “Balance sheet profit” (line 6) was obtained by subtracting operating costs and the amounts of interest paid from the gross profit.

Income taxes in our example are significant - 50% of the balance sheet profit minus the amount of past losses carried forward (negative profit). The amounts carried forward are determined by adding the retained earnings of the previous year (if negative) to the net profit of the current year.

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 the indicators of net sales and cost of goods sold, are fundamental for further analysis of the dynamics of possible changes in the financial situation over the five years.

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

Cash flow projection

This projection does not reflect revenues and costs, but the actual receipt of funds and their transfer (Table 2). That is why the final figure of the projection of the cash flow reflects the balance of the cash turnover of the enterprise. The financial performance forecast can be transformed into a cash flow projection through a series of adjustments.

In the projection of financial results, the calculated 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 payments for sales.

If the forecast of financial results reflects the costs incurred in a particular period, then the projection of the cash flow shows the actual payment of these costs. It should be borne in mind that some costs can be covered immediately, while others - through certain period time. To harmonize the indicators, one should understand the nature of the enterprise's credit policy.

It should be borne in mind that in initial period the existence of an enterprise, its position with money will be much more important than profitability, since it is this factor that most accurately characterizes its viability.

Table 2. Design of cash flow, thousand rubles.

The projection of cash flows reflects the flow of all money from all sources, including not only the proceeds from sales 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 receipt of funds is planned at the expense of receipts from sales of manufactured products (line 1) and proceeds from the sale of shares of the enterprise in the first two years of the forecast period (225 thousand rubles and 125 thousand rubles, respectively). The level of receipts from sales will depend on the nature of settlements with buyers of products.

When designing the expenditure of funds, the amount of operating costs is planned, according to the 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 for the replenishment of 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 take place at the expense of the company's own funds, their replenishment by additional issue of shares, as well as short-term loans. Long-term lending is not provided, therefore line 6 contains zero values ​​for this indicator. Interest on loans (line 7) is paid only for short-term loans subject to credit conditions.

Having carried out the calculations of the income and expense of cash by years, we get such an important indicator as net cash flow (line 8), as well as the balance of cash turnover (line 9). Taking into account the need to preserve reserve funds (last line) and the volumes of repayment of short-term loans already taken, it is possible to calculate the required volumes of loans for the forecast periods.

When designing a cash flow, keep in mind the following:

• 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, for a period of average duration, it is more expedient to carry out quarterly, and for long term- annual projections;
• when determining the amount of funds to start production new products it is practically impossible to calculate the amount of required working capital without monthly projection of cash flow.

The calculation of the monthly cash flow can become the basis for the development of 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 results of the enterprise for any period of time, but is an instant “snapshot” of it, showing from a financial point of view its strengths and weaknesses at the moment. 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.

Projections of balances are made, as a rule, at the end of each year from the projected 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 development of the enterprise in the forecast period (changes in financial results, operating characteristics, attracting own and borrowed money and etc.).

It is believed that this document is less important than the projection of financial results and cash flow, but it is the forecast batane that specialists (lenders, investors) carefully study in order to assess how much will be invested in assets and at the expense of what liabilities.

When preparing the design of balances, it is necessary to pay special attention to the following features:

• even if the enterprise is just starting to work, some of the assets should be formed from its own funds;
• the share of equity capital is of great importance for lenders and investors, since significant financial obligations of this kind will mean serious intentions for the development of entrepreneurship;
• the level of balance sheet liquidity plays a significant role, since having sufficient liquidity, the company can afford a more flexible policy.

Table 3. Design of balance sheet indicators by year, thousand rubles.

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

The design of liabilities takes into account the need to obtain short-term loans to finance the cash deficit and maintain a minimum balance. Equity capital includes the available 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 preproduction costs and are expected to be recovered over 10 years in equal installments.

After completing the projections of the financial section of the business plan, they switch to an express analysis of the financial activities of the enterprise in the forecast period.

Express analysis of projected 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 an important milestone financial planning is to carry out serious analytical work by calculating the most important relative indicators(financial ratios), the dynamic series of which allow us 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 data obtained during the design process and comprehensively characterize the project under consideration. As a rule, at this stage of forecasting, the most important indicators are calculated, which give 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 tendencies in the development of the enterprise in the conditions of the declared action program, making a conclusion about the expediency (inexpediency) of the implementation of this project. Financial ratios calculated on the basis of the design results are included in the financial summary table (Table 5) and can significantly influence the opinions of potential lenders and investors.

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

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

Table 4. Design of financial ratios

Profitability indicators include the rate of return (ratio of net profit to net sales), return on equity (ratio of net profit to equity) and return on assets (ratio of net profit to the amount of 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, are included in financial part a summary of the 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 positive dynamics of the enterprise development (increase in sales by the fifth year more than four times, net profit - from negative values ​​in the first year of the period (-190 thousand rubles) to a fairly high value in the last year (+317 thousand rubles) .Conclusions about 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 profit rate increases from 0.0 to 11.2%; profitability 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 level of current liquidity of the balance is unstable, however, starting from the fourth year of the forecast period, its values ​​exceed the standard 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 figure decreases markedly.

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

Sometimes the financial plan is concluded with a break-even analysis to show what the sales volume should be in order for the enterprise to be able to break even production. Such an analysis has a certain value for potential creditors of the enterprise.