Analysis of financial indicators and ratios. Financial analysis of the enterprise: methods

Cheat sheet for dummies, how to write a business plan.

A serious project must begin with writing a competent business plan. This is a document that describes the main points of future activities, anticipated risks, financial performance and much more.

Writing a business plan from scratch is often placed on the shoulders of third-party firms. This entails a number of disadvantages:

extra costs - drawing up a document costs at least 50,000 rubles;
consultants create it according to standard tracing paper, without delving into individual characteristics things are understandable only "from the inside";
if the document is written in a dry language, it will not attract the attention of investors.

The work should be done by current or future project leaders. They see the intricacies of the matter and will take responsibility for the implementation.

If you figure out how to write a business plan, you will not only be able to forecast the future entrepreneurial activity but also strengthen faith in the success of the case.

How to write a good business plan?

If the business plan is written correctly, it will perform three tasks:

outlines the course of action for the entrepreneur;
helps to assess development prospects;

The document should answer the questions: what is the value of the described project, who is the future competitor, what risks lie in wait?

In order not to miss the details, it is worth writing the document, adhering to the standard structure.

The most important point, which is necessarily disclosed in detail, is the financial side of the issue. You need to write future income and expenses, and supplement with information about the starting capital.

P.S. As for income, it is important to write in the document not only the amount of profit, but also when the amount will begin to be credited to the account. This item is especially relevant in the case of writing a business plan for the purpose of lending.

A section with financial indicators (for an existing company) or a reliable forecast for a future one is included in the text or drawn up as an appendix. Use more numbers, graphs.

Choose the type of plan

In Russia, there are several varieties of a business plan:

Business plan of the firm.
The most popular and widespread type. To write a document, use a standard schema. Needed by entrepreneurs for market and financial analysis.
Credit document.
Used to justify getting a loan from a bank. Answers the questions: where will the money go, how soon will the debt be repaid?
Investment plan.
Used for presentation to investors. Contains detailed specifications cases and research data on niche market and target audience.
grant document.
Used to receive development assistance from the state. Display the benefits of future activities for the region or the whole country.

Business plan structure

The plan looks like a complicated document. In fact, it is well structured. To write a business plan yourself from scratch, you need to follow each item.

The history of the existence of the company is written in stages: from the moment of creation to gaining stability. Text to be written business language, but lively and exciting enough to make a potential investor want to explore it in its entirety.

Any type of activity has its own characteristics, so the standard tracing paper of the document exists to build on it, adjusting it to your own needs.

How to write a business plan point by point?

This part is called the “introduction” to the business plan or the “summary”.

It briefly reveals the essence of the project and consists of 5-7 sentences. It may seem that this part is not as important as the rest. However, the more interesting the section is written, the more likely it is to captivate the reader.

Goals and objectives.

Here the entrepreneur must write what and how he wants to achieve. Unlike the summary, this part of the document is revealed in detail, but without "water".

Write in the business plan the address of the location, the schedule of work, the characteristics of the building that is being purchased or rented.

Staff.

Be sure to include a section on the future state in the plan. Write a list of jobs job responsibilities, a payroll table is made.

There should also be information about the work schedule.

If you plan to raise your salary in the future, arrange refresher courses, or organize home deliveries for those who work late, indicate this.

Financial part.

The most important section of a business plan. It describes here:

income and expenses;
unexpected expenses;
the movement of finance;
taxation system;
form of receiving money;
types of contracts for future partners.

If it seems to you that writing this part of the document from scratch is beyond your power, delegate the financial section of the business plan to professionals.

The best data format for a business plan is graphs, tables and charts. Visual information is digested better and easier. All these figures must be supported by calculations.

Marketing.

This section of the business plan includes the following sub-items: an analysis of the state of affairs in the market, the presence or absence of a niche for the company, describes competitors and advantages that will allow them to bypass them, potential the target audience.
Based on these data, you need to write in the document a conclusion about the most appropriate advertising techniques that will be used.

Production.

This point of the business plan is necessary if a manufacturing business is planned.

In this case, in the section you need to specify all the details of the release of products from scratch to the finish line (from ordering raw materials to shipping goods to sales outlets). It highlights all the important points: technology, the need for equipment, know-how. Taking into account every detail will help to avoid problems in the implementation of the plan.

If you are not going to manufacture products, but make bulk purchases with further sale, indicate in the document the suppliers, the method of delivery, and the place for storing the goods.

Risk analysis.

It is important for any person who has a large sum of money sufficient to finance a project to invest in a reliable company. To confirm the seriousness of your intentions, you must write all possible risks for the enterprise. These may include:

drop in the level of demand;
decrease in the level of sales;
worsening economic situation in the country;
failure to deliver raw materials or send products to customers;
emergency (war, fire, volcanic eruption).

Problems need not only to be listed in the document, but also to write solutions in a given situation. This will not only emphasize your level of responsibility, but also instill confidence in your own abilities. In case of emergency, you will not panic, but will use the ready-made instructions from the business plan.

At the end of the business plan, the results are summarized.

They include data on the amount invested, a graph of profit growth and the payback period of the project. All words must be supported by specific figures, calculations and graphs.

Traditionally, calculations for a business plan need to be written for 3-4 years.

However, in the conditions of our unstable economy, it makes sense to take a period of no more than 1-2 years. Moreover, for the first year it is necessary to make a breakdown by months. And already from the second one can be reduced to a quarterly plan.

Don't pour water.

A good business plan requires conciseness, but at the same time the disclosure of all necessary aspects. It is enough to write 40-70 pages of a business plan.

Issuance allowed additional materials in a separate document attachment.

Don't try to turn it into War and Peace. The presence of details and full coverage of the topic is good. But only if dry facts are used, and not “water”. Leave artistic turns for personal correspondence.

There is no need to write in the business plan the phrases “a product without analogues”, “there is no competition”.

The service market is huge and growing rapidly. Due to the long-term planning, no one can guarantee that a product like yours will not appear in the near future. Even if at first glance it seems that you are a monopolist, tomorrow the situation may change.

Accurately analyze the market for prospects, potential customers.

The data in the business plan must be written in specific numbers. If you can't do that, then you don't understand the situation well.

Try to stick to the standard document structure above.

Pay special attention to financial tables and charts: they must be complete and correct. Otherwise, the document may simply not be accepted for consideration.

The text of the business plan should be literate, understandable and "alive".

Your goal is to interest the investor and make them read to the end.

Avoid strong emotional assessments in the business plan.

To give credibility and realism, you need to use only numbers and reliable facts.

To find an approach to future investors, study their activities: the history of projects, work with other entrepreneurs.

Before starting to draw up a business plan, be sure to study ready-made examples.

Even if your activity is unique in its kind, find the closest analogues. This will help you better understand the structure and writing style. But the calculations should be unique and based only on your specific indicators.

All calculations for the business plan must be written as accurately as possible.

Of course, it is simply impossible to correctly indicate the amount of future profit to the penny. In this case, it provides an analysis of the sales of the nearest competitors and the average cost of the most popular of your services.

A detailed methodology for writing a competent business plan

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« How to write a business plan? - this is only the first question that the future businessman must answer.

The finished document should not be left gathering dust on the shelf. It is not enough to simply write a development course from scratch until a break-even point is reached. You need to constantly return to it: analyze successes, correct mistakes, fill in the gaps ...

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Brief briefing

You have an idea. You want to create your own business. Great. What's next? Next, you need to “sort everything out”, think through the details (as far as possible), in order to first of all understand: is it worth developing this project? Perhaps after researching the market, you will realize that the service or product is not in demand, or you do not have sufficient funds to develop your business. Maybe the project should be improved a little, to abandon unnecessary elements, or, on the contrary, to introduce something?

A business plan will help you consider the prospects of your venture.

End justifies the means?

Starting to write a business plan, remember its goals and functions. First of all, you carry out preparatory work in order to understand how realistic the achievement of the planned results is, how much time and money are needed to implement the plan.

In addition, a business plan is necessary to attract investors, receive a grant or a bank loan. That is, it should include information about the potential profit of the project, necessary costs and its payback period. Think about what is important and interesting for your recipients to hear.

Use a little cheat sheet for yourself:

Analyze the market you are going to enter. What leaders-companies exist in this direction. Study their experience and work.
Determine the strengths and weaknesses of your project, future opportunities and risks. In short, do a SWOT analysis*.

SWOT analysis - (English)strengths,Weaknesses,Opportunities,Threats - strong and weak sides, opportunities and threats. A method of planning, developing a strategy that allows you to identify the main factors influencing business development.

Be clear about what you expect from the project. Set a specific goal.

The main goal of the business plan is to help, first of all, you yourself in developing the company's strategy and planning its development, as well as assistance in attracting investments.

So every plan has a structure. Regardless of the specifics of the project and the requirements of investors, a business plan, as a rule, contains the following elements:

1. Firm CV(short business plan)

Product Description
Description of the market situation
Competitive advantages and disadvantages
Brief description of the organizational structure
Distribution Money(investment and own)

2. marketing plan

Definition of a “problem” and your solution
Definition of the target audience
Market and competition analysis
Free niche, unique selling proposition
Methods and cost of attracting customers
Sales channels
Stages and terms of market conquest

3. Plan for the production of goods or services

Organization of production
Infrastructure Features
Production resources and areas
Production equipment
Production process
Quality control
Calculation of investments and depreciation

4.Workflow organization

Organizational structure of the enterprise
Distribution of powers and responsibilities
Control system

5. Financial plan and risk forecast

Cost estimate
Calculation of the cost of a product or service
Calculation of profit and loss
Investment period
Break even point and payback point
Cash flow forecast
Risk Forecast
Ways to minimize risks

It is clear that a business plan is one whole and its parts are inextricably linked with each other. However, a well-designed structure will help you not to forget the important, as well as to look deeper into each of the aspects.

Company resume. Briefly about the main

Marketing plan. There are empty seats?

When compiling marketing plan you will have to analyze the market you are going to enter. Thus, you will identify trends for yourself, collect information about competitors and get to know your consumer, your target audience better.

Assessing potential client, his interests and preferences, you must determine the optimal location of the office, outlet etc. It should be comfortable. Calculate the required number of customers for your business to pay off and compare with the audience living or working around the intended location of the business. For example, for a public service business, this audience should not be less than 2% of the number of people living within a short walk or five-minute drive.

It is possible that the market that you were going to conquer is oversaturated with this moment. Analyze the actions of competitors, create your strategy, focus on your uniqueness, bring something new to fill an empty niche in a certain area.

Of course, creating something that is not yet on the market is quite difficult. However, you can carefully analyze the situation and open, for example, a point where the consumer really needs it or play on the difference in prices and the level of services provided relative to nearby competitors.

Also, you will definitely have to decide on the sales channels. After reviewing the existing methods on the market - find the best for yourself. Calculate how much it costs you to acquire each client.

Finally, when deciding on pricing, you will need to calculate: which is more profitable? A high price with a small number of sales or a price lower than competitors, but a large client flow. We should also not forget about the service, because for many consumers it is crucial. They are willing to pay a price above the market average, but receive a high quality of service.

Production plan. What are we selling?

Here you will finally tell in detail about the essence of your business: what do you do?

For example, you decide to produce dresses and sell them. In the production plan, indicate the suppliers of fabric and equipment, where you will place the sewing workshop, what will be the volume of production. You will write down the stages of manufacturing products, the necessary qualifications of employees, calculate the necessary deductions to the depreciation fund, as well as logistics. From many factors: from the cost of threads to the cost work force- will depend on the cost of future business.

Prescribing the technology for creating your course product, you will pay attention to many little things that you have not thought about before. There may be issues with the storage of goods or difficulties with imported raw materials, problems with finding employees with the necessary qualifications, etc.

When you have finally written down the entire path of creating a product or service, it's time to calculate how much your project will cost you. It may well be that later, when making financial calculations, you will realize that you need to make adjustments to the production plan: cut some costs or radically change the technology itself.

Organization of the workflow. How will it work?

Will you manage the business alone or with partners? How will decisions be made? These and many more questions you need to answer in the "Organization of the workflow" section.

Here you can register the entire structure of the enterprise and identify duplication of authority, mutual exclusion, etc. Having seen the whole organization scheme, it will be easier for you to optimally distribute rights and responsibilities between departments and employees.

Having understood, first of all, for yourself how your company functions, it will be possible to more effectively develop a system of interaction between structures, a system for monitoring employees and the entire personnel policy.

The importance of this section is that it describes who and how will implement the project in reality.

This article will cover the topic "How to conduct business analysis". Business analysis is aimed at studying all aspects of the business. What is it for? Mainly, in order to make the work of the business as efficient as possible. If a company is stable, it does not always mean that it has no problems. Perhaps the consequences have not yet made themselves felt. And in order to avoid disastrous situations, continuous monitoring of the company's activities is important.

How to conduct business analysis and where to start?

Before analyzing all the activities of the company at once, it is necessary to study its components. The “environment” of any organization is made up of two smaller ones: external and internal environments.

Internal environment- this is everything that is inside the company: its departments, employees, set of rules, cash flows, information flows and much more.

External environment is what surrounds the firm from the outside: public policy, consumer demand, partners, investors, etc. How to determine what belongs to the external environment of the company, and what does not apply here at all? Components external environment necessarily have an impact on the performance of the company.

Any business analysis has its purpose. This can be a study to find solutions to a problem that has arisen, a way out of an urgent problem, monitoring the result of innovations introduced into the work of a company, etc. Be that as it may, any analysis should begin with a specific goal. And only after its formation, you can proceed to the process itself.

The analysis plan has the following sequence:

goal setting;
collection of information that is needed to solve the goal;
analysis of the received information;
drawing conclusions based on the analysis data.

Business Analysis Methods

Of course, without the methods of business analysis, the topic “How to conduct a business analysis” cannot exist. There are actually quite a few methods. For a full-fledged result, several techniques are used at once in the analysis. Basically, all types of business analysis can be divided into two groups: qualitative and quantitative. In the second case, the analysis is more objective, as it relies on accurate data, indicators, figures.

The most common methods of analysis:

SWOT analysis is the most famous method. Here, four components of the entire business or its individual segment are considered:
- strengths;
- weak sides;
- possibilities;
- risks.
BCG matrix. Used to visually represent the value of products manufactured or sold by a company. It is also used to compare companies. The matrix is based on 4 quadrants, each of which has its own name and meaning. The axes of the matrix (growth rate and market share) allow you to correctly position the product in the matrix. This is how the most promising and profitable product or company (in the upper right corner) is revealed, in which, at the end of the analysis, it will be necessary to invest the largest number funds. It is also used to analyze competition in the market.
ABC method. This method is used to analyze the resources used by the enterprise to achieve its goal. Resources, in turn, are analyzed in order to reduce production costs. As a result of this process, all resources are distributed into three groups: A, B, C. Group A is the resources that bring the largest amount of profit (80% of the total number of all profits). Group B - average (15%), C - the least (5%). If you notice, then this method is based on the "Pareto Principle", according to which 20% of efforts bring 80% of the result.
AnalysisPEST. It is used to analyze the external environment of the company, considering it in parts. Main parts of PEST analysis:
- political factors;
- economic forces;
- social factors;
- economic forces.

In addition to the above four methods of business analysis, there are a huge number of others. Moreover, each of the techniques is aimed at analyzing a specific segment of the organization's life. The complex use of several of them will help to analyze the company most fully and find the right solution for the existing problem.

The long-term development of any enterprise depends on the ability of management to identify emerging problems in a timely manner and competently neutralize them. To achieve this goal, financial analytics is used, the purpose of which is to identify all the problematic elements in the company's management tools.

What is the financial analysis of the enterprise

Financial analysis means complex use certain procedures and methods for an objective assessment of the state of the enterprise and its economic activity. The basis for the assessment is quantitative and qualitative accounting information. It is after its analysis that concrete decisions are made. managerial nature.

The financial analysis is focused on studying the economic, technical and organizational level of the enterprise, as well as the departments related to it. The goals of financial analysis include the assessment of the financial and industrial economic activity of the company, including the diagnosis of bankruptcy.

Financial Analysis Priorities

The financial and economic analysis of the state of the enterprise sets specific tasks, the fulfillment of which determines the accuracy of the analytics result. It's about about the opening of reserves and production opportunities that were not used, about assessing the quality, establishing the impact of specific activities on the overall results of management and identifying the factors that caused deviations from the standards. In the process of analysis, a forecast of the expected results of the enterprise's activities and the preparation of information necessary for making a management decision are also carried out.

It can be argued that the financial analysis of the enterprise plays a role financial management both in the company itself and in the process of cooperation with partners, tax authorities, financial and credit system. This takes into account business activity, financial stability, profitability and profitability. The analysis itself can also be defined as a tool for managing, planning, as well as monitoring the company's activities and its diagnostics.

At the same time, it should be noted that the analysis of specific aspects of the enterprise's activity is based on the analysis of the system of indicators, moreover, in a dynamic state. This is explained by the fact that the financial and production and economic activities of the company, as well as its divisions, have interrelated indicators. For this reason, changes in specific indicators can affect the final financial technical and economic indicators of the enterprise.

Financial and economic analysis of the enterprise: goals

Speaking about this form of analysis of the company's activities, it is worth noting that it involves a combination of deduction and induction methods. In other words, during the study of single indicators, the analyst should also take into account the general ones.

Another important principle is that when analyzing an enterprise, all types of business processes are studied taking into account their interdependence, interdependence and interconnection. As for the analysis of factors and causes, in this case, the analytics is based on the understanding of the following principle: each factor and cause must receive an objective assessment. Therefore, both causes and factors are initially studied, after which their classification into groups follows: secondary, main, insignificant, essential, little determining and determining.

The next step is to study the impact on business processes defining, basic and essential factors. On the other hand, little-determining and insignificant factors are studied only if necessary and only after the completion of the main part of the analysis. It is worth considering the fact that financial analysis does not always involve the study of all factors, since this is relevant only in some cases.

At the same time, if we talk about the exact goals of the financial analysis of the enterprise, it makes sense to define the following components of the assessment process:

analysis of the ability to repay loans;
tracking the state of the enterprise at the time of assessment;
bankruptcy prevention;
assessment of the value of the company in case of its merger or sale;
tracking the dynamics of the financial condition;
analysis of the enterprise's ability to finance investment projects;
forecasting financial activities enterprises.

It should be noted that in the process of studying the financial condition of an enterprise, the help of a financial analyst can be used by those economic entities that are focused on obtaining extremely accurate and objective information about the activities of the enterprise.

These entities can be divided into two categories:

External: creditors, auditors, government agencies, investors.
Internal: shareholders, audit and liquidation commission, management and founders.

Another purpose for which financial analysis can be carried out, but not at the initiative of the enterprise, is to assess the investment potential and creditworthiness of the company. Such analytics, as a rule, is of interest to banks, for which it is important to ensure the solvency and profitability of the enterprise. This is logical, since any potential investor is interested in obtaining information regarding the liquidity of the company and the degree of risk regarding the loss of the deposit.

Features of internal and external analysis

Internal financial accounting and analysis is necessary in order to meet the needs of the enterprise itself. It can be focused both on identifying the degree of liquidity of the company, and on a thorough assessment of its results within the last reporting period. Such valuation methods are relevant when a financial analyst or firm's management intends to determine how realistic and relevant the allocation of funds for the expansion of production that was planned, and what effect additional costs can have on it.

With regard to external financial analysis, it is carried out by analysts who are not related to the enterprise. Access to inside information They also don't have a company.

If carried out internal analysis, then there will be no problems with attracting information of any category, including the one that is not available. In the case of external analysis, some limitations of assessment methods are initially taken into account due to the lack of information in full.

Types of financial analysis

Analytics, with the help of which the state of the enterprise is assessed, can be divided into several key types according to the content of the management process:

retrospective, or current analysis;
perspective (preliminary, predictive);
operational financial and economic analysis;
analysis that takes into account the results of a particular period of time.

Each of the types is used depending on the key task.

Methods of financial analysis

The current methods of financial analytics include the following areas:

Vertical analysis. This is one of the types of appraisal. financial reporting enterprise, in which the analysis is subject to the share of balance sheet items and various types of liabilities and assets. With this technique, the distribution of resources is shown in shares.

Horizontal analysis. This is about financial analytics a company in which a dynamic assessment of balance sheet items is made. Both the nature and the direction of the trend are assessed.
Ratio analysis. With this type, financial, economic and production indicators are calculated based on financial statements. Such financial and accounting analysis also examines reports on losses, profits and other regulatory documentation. The calculation of the coefficients makes it possible to evaluate the effectiveness and efficiency various resources, activities and capital of the company including.
Trend analysis. With such an assessment, each reporting position is compared with specific previous periods, as a result, the trend of the enterprise's movement is determined. With the help of the established trend, the possible values of future indicators are formed. In other words, a prospective analysis is carried out.
Factor analysis. In this case, an assessment of the impact of specific factors on the final results of the company's activities is used. Stochastic and deterministic methods are used for research.
Comparative analysis. We are talking about on-farm analytics of the summary indicators of shops, divisions, subsidiaries, etc. An inter-farm financial analysis of the organization is also carried out in relation to the indicators of competing enterprises.

Ratio analysis as the main tool of financial analytics

As a key method of financial analysis, you can define the coefficient. This is explained by the fact that a quantitative assessment of the state of the company and the adoption of various managerial decisions aimed at changing specific indicators are made on the basis of financial and economic ratios. In this case, one can observe a direct relationship between those resources of the company that were taken into account and the efficiency of their operation, expressed through the values of financial and economic ratios and data in the balance sheet items.

This method of financial analysis involves the evaluation of four relevant groups of economic indicators:

Profitability (profitability) ratios. Such data serve to reflect the profitability of the company's capital when generating income through the use of assets. various kinds.
Coefficients of financial reliability (stability). In this case, the level of own and borrowed capital of the company is demonstrated, and the capital structure of the company is also displayed.
Solvency (liquidity) ratios. Reflect the ability and ability of the organization to timely short-term and long-term debt obligations.

Turnover ratios (business activity). Using this information, you can determine the number of company assets for a particular reporting period and the intensity of their turnover, among other things.

The method of financial analysis, in which the coefficients of the enterprise are taken as the basis for calculations, is considered important because it makes it possible to identify crisis phenomena in the company in a timely manner and take relevant measures to stabilize the situation.

This type analysis is part of the strategic management of the organization.

Examples of financial analytics

In order to understand the essence of assessing the state of the organization, it is necessary to study the example of financial analysis. For example, for the entire period of the period under study, the margin was stable, but there was a certain decrease.

During the study period, an increase in the turnover rate of goods by 35 days was revealed. This indicates the presence of illiquid stocks and an increase in the number of stocks of goods. At the same time, the optimal value of turnover for hardware stores is 80-90 days.

As for accounts receivable, the enterprise does not have it - all retail of the company is made on the terms of payment upon delivery. Accounts receivable turns over within 4-7 days, which can be defined as a positive indicator.

At the same time, the operating cycle also increased by 35 days within the period covered by the analysis. It is obvious that it (the cycle) corresponds to an increase in the duration of the turnover. Due to the increase in the term of trade turnover, the term of the financial cycle has also increased.

An example of this kind defines the financial analysis of an enterprise as sufficient stable activity, at which overstocking of the warehouse is possible. To optimize the process as much as possible, it is necessary to revise the procurement policy in order to reduce the turnover period.

How to analyze bank activity

The financial analysis of the bank is focused on ensuring quality management through the development of key parameters of its activities. We are talking about such indicators as the profitability of operations, capital and payment turnover, the structure of assets and liabilities, the efficiency of the bank's divisions, portfolio risks financial resources and intrabank pricing.

In order for the study of the state of the bank to be successful, certain conditions must be met: the information used for the analysis must be reliable, accurate, timely and complete. If the provided data does not correspond to reality, the applied methods of financial analysis will not be able to lead to objective conclusions. This means that the impact of some problems will be underestimated, which may worsen the situation.

The reliability of information is assessed in the process of inspection checks and during documentary supervision.

Methods for researching the state of the bank

Various aspects of the bank's activities are evaluated through the use of scientific and methodological tools. It is with their help that you can develop the optimal solution to specific problems of a managerial nature.

There are popular methods of bank financial analysis:

Dynamic balance sheet equation. This technique involves accounting for profits and losses. Through such control, factorial financial assessment the state of the bank and the fact how profitable its activities are.
Modified balance sheet management (liabilities are equal to assets). In this case, financial analysis involves quick assessment efficiency of bank liabilities management.
Basic balance sheet management (assets are equal to the sum of equity and paid liabilities). The key principle of this valuation technique is the effective disposal and ownership of all bank assets.
The capital balance equation (the bank's capital is equal to assets minus paid liabilities). This type of equation is relevant when it is necessary to obtain a final assessment of how effective the management of existing capital was as part of the increment of own capital. This methodology is also used to identify and exploit higher yield reserves.

Thus, we can conclude that the financial analysis of the enterprise, an example of which was given above, is a necessary measure for determining the state and profitability of the company. Without such analytics, the efficiency of the enterprise can be significantly reduced, and at the same time, rehabilitation measures may not be relevant if the assessment is not timely.

Analysis of the financial condition of the enterprise:

Financial analysis is carried out by companies not only to assess the current financial condition of the company, it also allows you to predict its further development. At the same time, analysts need to carefully consider the list of indicators that will be used to strategic planning.

A company's sustainable growth analysis is a dynamic analytical framework that combines financial analysis with strategic management to explain critical relationships between strategic planning variables and financial variables, and to test the alignment of corporate growth objectives with financial policy. This analysis allows you to determine the presence of the company's existing opportunities for financial growth, to establish how financial policy companies will influence the future and analyze the strengths and weaknesses competitive strategies companies.

In this article, we will consider the components of the analysis financial indicators.

Any measures for the implementation of strategic programs have their cost. A necessary part of the planning and implementation of the strategy is the calculation of the necessary and sufficient financial resources that the company must invest.

Information for financial analysis

The most complete definition of the concept of financial analysis is given in the “Financial and Credit Encyclopedic Dictionary” (edited by A.G. Gryaznova, M.: “Finance and Statistics”, 2004): “ Financial analysis - a set of methods for determining the property and financial position of an economic entity in the past period, as well as its capabilities in the short and long term". The purpose of financial analysis is to determine the most effective ways to achieve the profitability of the company, the main tasks are to analyze the profitability and assess the risks of the enterprise.

The analysis of financial indicators and ratios allows the manager to understand the competitive position of the company on this moment time. Published reports and company accounts contain a lot of numbers, the ability to read this information allows analysts to know how efficiently and effectively their company and competing companies are working.

The ratios allow you to see the relationship between sales profit and expenses, between the main assets and liabilities. There are many types of ratios, they are usually used to analyze the five main aspects of the company's activities: liquidity, the ratio of own and borrowed money, asset turnover, profitability and market value.

Rice. 1. The structure of the company's financial indicators

Analysis financial ratios and indicators - an excellent tool that provides an idea of the financial condition of the company and competitive advantages and prospects for its development.

1. Performance analysis. The ratios allow you to analyze the change in the performance of the company by indicators net profit, use of capital and exercise control over the level of costs. Financial ratios allow you to analyze the financial liquidity and stability of an enterprise through the effective use of a system of assets and liabilities.

2. Evaluation of market business trends. By analyzing the dynamics of financial indicators and ratios over a period of several years, it is possible to study the effectiveness of trends in the context of the existing business strategy.

3. Analysis of alternative business strategies. By changing the indicators of the coefficients in the business plan, it is possible to analyze alternative options for the development of the company.

4. Monitoring the progress of the company. Having chosen the optimal business strategy, the company's managers, continuing to study and analyze the main current ratios, can see a deviation from the planned indicators of the development strategy being implemented.

Ratio analysis is the art of relating two or more measures of a company's financial performance. Analysts can see a more complete picture of the performance results in dynamics over several years, and additionally by comparing the company's performance with industry averages.

It is worth noting that the system of financial indicators is not a crystal ball in which you can see everything that was and will be. It's just a convenient way to summarize a large amount of financial data and compare the performance of different companies. By themselves, financial ratios help the management of the company to focus on the weak and strengths activities of the company, correctly formulate questions that these ratios can rarely answer. It is important to understand that financial analysis does not end with the calculation of financial indicators and ratios, it only begins when the analyst has completed their calculation.

The real utility of the calculated coefficients is determined by the tasks set. First of all, the coefficients make it possible to see changes in financial position or results production activities, help to determine the trends and structure of the planned changes; which helps management to see the threats and opportunities inherent in this particular enterprise.

The company's financial reports are a source of information about the company not only for analysts, but also for the company's management and a wide range of stakeholders. For effective ratio analysis, it is important for users of information on financial ratios to know the main characteristics of the main financial statements and the concept of performance analysis. However, when conducting financial analysis, it is important to understand that the main thing is not the calculation of indicators, but the ability to interpret the results.

When analyzing financial performance, it should always be borne in mind that the assessment of performance is based on data from past periods, and on this basis, extrapolation of the future development of the company may turn out to be incorrect. Financial analysis should be directed to the future.

Concepts behind financial performance analysis

Financial analysis is used in the construction of budgets, to identify the causes of deviations of actual indicators from planned and correction of plans, as well as in the calculation of individual projects. The main tools used are horizontal (dynamics of indicators) and vertical (structural analysis of articles) analysis of reporting documents management accounting, as well as the calculation of coefficients. Such an analysis is carried out for all major budgets: BDDS, BDR, balance sheet, sales, purchases, inventory budgets.

The main features of financial analysis are the following:

1. The vast majority of financial indicators are in the nature of relative values, which makes it possible to compare enterprises of various scales of activity.

2. When conducting financial analysis, it is important to apply a comparison factor:

compare the performance of the company in a trend for different periods time;
compare the performance of this company with the average performance of the industry or with similar performance of enterprises within the industry.

3. For financial analysis, it is important to have a complete financial description of the company for selected time periods (usually years). If the analyst has data for only one period, then there should be data on the balance sheet of the enterprise at the beginning and end of the period, as well as a profit statement for the period in question. It is important to remember that the number of balances for analysis should be one more than the number of profit reports.

Accounting management is an important element in the analysis of financial ratios and indicators. The basic accounting equation expressing the interdependence of assets, liabilities and property rights is called the balance sheet:

ASSETS = LIABILITIES + EQUITY

Assets usually classified into three categories:

1. Current assets include cash and other assets that must be converted to cash within one year (for example, securities, circulating on the stock exchange; accounts receivable; bills receivable; working capital and advanced funds).

2. Land property, fixed assets and equipment (fixed capital) include assets that are characterized by a relatively long service life. These funds are usually not intended for resale and are used in the production or sale of other goods and services.

3. Long-term assets include the company's investments in securities such as stocks and bonds, as well as intangible assets, including: patents, costs of monopoly rights and privileges, copyrights.

Liabilities usually divided into two groups:

1. Short-term liabilities include amounts of accounts payable that should be paid within one year; for example, accrued liabilities and bills payable.

2. Long-term obligations are the rights of creditors, which do not have to be realized within one year. This category includes obligations under a bonded loan, long-term bank loans, and mortgages.

Equity These are the rights of the owners of the enterprise. From an accounting point of view, this is the balance of the amount after deducting liabilities from assets. This balance is increased by any profit and reduced by any losses of the company.

Measures commonly considered by analysts include the income statement, balance sheet, measures of changes in financial position, and measures of changes in equity.

A company's income statement, also referred to as a profit and loss statement or income statement, summarizes the results of a company's options activity for a specific reporting period. Net income is calculated using the periodic accounting method used to calculate profits and costs. It is usually considered the most important financial indicator. The report shows whether the percentage of earnings on the company's shares for the reporting period decreased or increased after the distribution of dividends or after the conclusion of other transactions with the owners. The income statement helps owners assess the amount, timing and uncertainty of future cash flows.

The balance sheet and the income statement are the main sources of indicators used by companies. A balance sheet is a statement that shows what a company owns (assets) and owes (liabilities and equity) on a given date. Some analysts refer to the balance sheet as a "picture of a company's financial health" at a particular point in time.

System of financial indicators and ratios

The total number of financial ratios that can be used to analyze the company's activities is about two hundred. Usually, only a small number of basic coefficients and indicators are used and, accordingly, the main conclusions that can be drawn from them. For the purpose of a more streamlined consideration and analysis, financial indicators are usually divided into groups, most often into groups that reflect the interests of certain stakeholders (stakeholders). The main groups of stakeholders include: owners, management of the enterprise, creditors. At the same time, it is important to understand that the division is conditional and indicators for each group can be used by different stakeholders.

As an option, it is possible to streamline and analyze financial indicators by groups that characterize the main properties of the company's activities: liquidity and solvency; the effectiveness of the company's management; profitability (profitability) of activities.

The division of financial indicators into groups characterizing the features of the enterprise's activities is shown in the following diagram.

Rice. 2. The structure of the company's financial indicators

Let's consider in more detail the groups of financial indicators.

Operating costs indicators:

The analysis of operating costs allows us to consider the relative dynamics of the shares of various types of costs in the structure of the total costs of the enterprise and is an addition to the operational analysis. These indicators allow you to find out the reason for the change in the profitability of the company.

Indicators effective management assets:

These indicators make it possible to determine how effectively the company's management manages the assets entrusted to it by the company's owners. The balance can be used to judge the nature of the assets used by the company. At the same time, it is important to remember that these indicators are very approximate, because. in the balance sheets of most companies, a variety of assets acquired in different time are listed at original cost. Consequently, the book value of such assets often has nothing to do with their market value, this condition is further exacerbated by inflation and an increase in the value of such assets.

Another distortion of the current situation may be related to the diversification of the company's activities, when specific activities require the attraction of a certain amount of assets in order to obtain a relatively equal amount of profit. Therefore, when analyzing, it is desirable to strive for the separation of financial indicators by certain types activities of the company or by type of product.

Liquidity indicators:

These indicators allow you to assess the degree of solvency of the company on short-term debts. The essence of these indicators is to compare the value of the current debt of the company and its working capital to ensure the repayment of these debts.

Indicators of profitability (profitability):

They allow to evaluate the effectiveness of the use by the company's management of its assets. The efficiency of work is determined by the ratio of net profit, determined in various ways, with the amount of assets used to obtain this profit. This group of indicators is formed depending on the focus of the study of effectiveness. Following the goals of the analysis, the components of the indicator are formed: the amount of profit (net, operating, profit before tax) and the amount of the asset or capital that form this profit.

Capital structure indicators:

Using these indicators, it is possible to analyze the degree of risk of bankruptcy of the company in connection with the use of borrowed financial resources. With an increase in the share of borrowed capital, the risk of bankruptcy increases, because. the company's liabilities increase. This group of coefficients is primarily of interest to existing and potential creditors of the company. The management and owners evaluate the company as a continuously operating business entity, creditors have a twofold approach. On the one hand, creditors are interested in financing the activities of a successfully operating company, the development of which will meet expectations; on the other hand, lenders estimate how strong the claim for repayment of the debt will be if the company experiences significant difficulties in repaying a long-term loan.

A separate group is formed by financial indicators that characterize the company's ability to service debt using funds received from current operations.

The positive or negative impact of financial leverage increases in proportion to the amount of borrowed capital used by the company. The risk of the creditor increases together with the growth of the risk of the owners.

Debt service indicators:

Financial analysis is based on balance sheet data, which is accounting form reflecting financial condition company at a given point in time. Whichever coefficient characterizing the capital structure is considered, the analysis of the share of debt capital, in fact, remains statistical and does not take into account the dynamics of the company's operating activities and changes in its economic value. Therefore, debt service indicators do not give full view about the solvency of the company, but only show the ability of the company to pay interest and the amount of the principal debt within the agreed time frame.

Market indicators:

These indicators are among the most interesting for company owners and potential investors. IN joint stock company the owner - the shareholder - is interested in the profitability of the company. This refers to the profit received due to the efforts of the company's management, on the funds invested by the owners. Owners are interested in the impact of the company's performance on the market value of their shares, especially those freely traded on the market. They are interested in the distribution of their profits: how much of it is reinvested in the company, and how much is paid to them as dividends.

The main analytical goal of analyzing financial ratios and indicators is to acquire the skills to make management decisions and understanding the effectiveness of its work.