Basic financial calculations in business planning. Business plans: download a ready-made business plan with calculations

Last update:  02/17/2020

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Hello, dear readers of the Internet magazine about money "RichPro.ru"! This article will talk about how to write a business plan. This publication is a direct instruction for action that will allow you to turn a raw business idea into a confident one. step by step plan to achieve a clear goal.

We'll consider:

• What is a business plan and why is it needed;
• How to draw up a business plan;
• How to structure it and write it yourself;
• Ready-made business plans for small businesses - examples and samples with calculations.

At the end of the topic, we will show the main mistakes of novice entrepreneurs. There will be a lot of arguments in favor of creating quality and thoughtful business plan that will bring the realization of your idea and success affairs in the future.

Also, this article will provide examples finished works, which you can simply use, or you can take as a basis for developing your project. Ready-made examples of submitted business plans can be free download.

In addition, we will answer the most frequently asked questions and clarify why not everyone writes a business plan, if it is so necessary.

So, let's start in order!

The structure of the business plan and the content of its main sections − step by step guide in its drafting

1. How to write a business plan: detailed instructions on how to write it yourself 📝

7. Conclusion + related video 🎥

For every entrepreneur who wants to develop himself and develop his business, a business plan is very important. He performs many responsible functions that no other person is able to do differently.

With it, you can get financial support and open, develop your business much earlier than you can collect a significant amount for the business.

Investors generally react positively to a good, thought-out, error-free business plan, as they see it as a way to make easy money with all the troubles invented and described.

In addition, even before the establishment opens, you see what awaits you. What risks are possible, what solution algorithms will be relevant in a given situation. This is not only favorable information for the investor, but also desired plan, if you get into trouble yourself. In the end, if the calculation of risks turns out to be too intimidating, you can redo it a little, transform general idea to cut them down.

Creating a Good Business Plan is an excellent solution for finding investments and developing your own action algorithms even in the most difficult situations, which are more than enough in business.

That is why, in addition to their own efforts it is worth using "other people's brains". A business plan includes many sections and calculations, research and knowledge, only with successful operation, with which success can be achieved.

The ideal option would be to study all aspects on your own. To do this, it is not enough to sit and read the relevant literature. It is worth changing the circle of contacts, turning to courses and trainings, finding specialists for consultations on certain issues. That's the only way really figure it out in the situation and dispel all your doubts and delusions.

A business plan is worth writing for many reasons, however home is a clear algorithm of actions by which you can quickly get from point A(your current position, full of hopes and fears) to point B(in which you will already be the owner of your own successful business stable and regular income). This is the first step towards fulfilling the dream and the confident status of the middle class.

If you still have questions, then perhaps you will find the answers to them in the video: "How to write a business plan (for yourself and investors)".

That's all we have. We wish everyone good luck in business! We will also be grateful for your comments on this article, share your opinions, ask questions on the topic of the publication.

A project business plan is necessary for both investors considering the possibility of investing their
funds to the project, and direct project executors at the operational level. Investors should see in the business plan a mechanism for generating income, understanding and trust in which are guarantees for them to return the invested funds, and managers will be guided by the business plan in the implementation of the project. The problem of business planning is too broad. Therefore, we will focus on one of the aspects, namely the basic formulas for calculating the effectiveness of a business plan.

Evaluation of the effectiveness of a business plan is designed to determine how much the size of investments corresponds to future income, taking into account the risks of the project. The main indicators of the effectiveness of an investment project include:

* Cash flow;
* net present value of the project (NPV);
* internal rate of return (IRR);
* investment profitability index (PI).

cash flow

The most accurate Russian definition of Cash Flow would be "Flow Money". The most important task of analyzing a business plan is to calculate future cash flows arising from the sale of industrial products. Only incoming cash flows can ensure the implementation of the project as a whole.

When evaluating various projects, investors have to sum up and compare future costs, capital flows and financial balances at different planning intervals. Before comparing and adding up these capital flows, it is customary to bring them into a comparable form (discount, i.e. bring the future value to the present moment) for a certain date. In the process of discounting, the future amount (inflow, outflow and balance) is divided into two parts:

1. today's equivalent of the future amount (i.e. Present Value);
2. accruals on PV for a given number of years at a certain interest rate.

The definition of Cash Flow has great importance in calculating the effectiveness of a business plan, since this is the basic criterion on which others (for example, NPV) are calculated. On the other hand, it is the resulting figure in terms of the budget approach.

In the business plan, Cash Flow is calculated as follows: Inflow (revenue from sales for the period) minus Outflow (investment costs, operating costs and taxes for the same period). To obtain the value of the cumulative Cash Flow, it is necessary to sum up its values ​​for each period on an accrual basis.

Net Present Value (NPV)

Net present value is the value obtained by discounting separately for each year the difference of all outflows and inflows of cash accumulated over the period of the project.

Recalculation of all cash flows is carried out using reduction factors (DF), the values ​​of which are found in special tables calculated in advance for various discount rates and planning intervals. In practice, this looks like multiplying the estimated Cash Flow values ​​for each period of the investment project implementation by the corresponding reduction factor and their subsequent summation.

The economic meaning of the net present value can be represented as the result obtained immediately after the decision to implement this project, because. when calculating it, the influence of the time factor is excluded. Positive value NPV is considered a confirmation of the expediency of investing funds in a project, and a negative one, on the contrary, indicates the inefficiency of their use. In other words:

If NPV If NPV = 0, then if the project is accepted, the welfare of investors will not change, but the volumes
production will increase;
If NPV > 0, then investors will make a profit.

The absolute value of the net present value (NPV) depends on two kinds of parameters. The first characterizes the investment process objectively and is determined production process(more products - more revenue, less costs - more profit, etc.). The second type is the comparison rate (RD), the reciprocal of the reduction coefficients. Determining the value of the comparison rate is the result of the subjective judgment of the compiler of the business plan, i.e. conditional value. Therefore, when analyzing an investment project, it is advisable to determine NPV not for one rate, but for a certain range of rates.

The project's net present value (NPV) is certainly affected by the scale of the activity, expressed in "physical" volumes of investment, production, or sales. This implies a natural restriction on the use this method to compare projects that differ in this characteristic: a larger NPV value will not always correspond to a more efficient investment option. AT similar cases it is recommended to use a measure of return on investment, also called the net present value ratio (NPVR). This indicator is the ratio of the net present value of the project to the discounted (current) value of investment costs (PVI).

Internal rate of return (IRR)

In practice, any enterprise finances its activities, including investment, from various sources. As a payment for the use of advanced capital, it pays interest, dividends, i.e. incurs reasonable costs to maintain its economic potential.

The indicator characterizing the relative level of these expenses can be called the "price" of the advanced capital. The enterprise can make any decisions of an investment nature, the level of profitability of which is not lower than the current value of the indicator of the "price" of the advanced capital. It is with the indicator of the price of advanced capital that the indicator of internal rate of return (IRR) calculated for a specific investment project is compared. It is often identified with the discount factor, since the former most often acts as a guide, indicator and expresses one of the values ​​of the latter.

In Russia, IRR is also known as:

* internal rate of return on investment;
* cash discount factor;
* internal rate of return;
* rate of return of the discounted cash flow;
* internal rate of return;
* internal rate of return;
* verification discount.

The internal rate of return (IRR) is the discount rate at which the project's net present value (NPV) is zero, i.e. is the comparison rate at which the sum of discounted cash inflows equals the sum of discounted cash outflows.

When calculating the IRR, it is assumed that the net income received is fully capitalized, i.e. all available free cash must be either reinvested or used to pay off external debt. This is the lower guaranteed "threshold" of profitability of investment costs, and if it exceeds the average cost of capital in a given sector of investment activity, then the project can be recommended for implementation, i.e. IRR is the marginal lending rate that separates efficient and inefficient projects.

IRR determines the maximum rate of payment for attracted sources of project financing, at which the latter remains breakeven. In the case of assessing the effectiveness of total investment costs, this may be the maximum allowable interest rate on loans, and in assessing the effectiveness of the use equity- the highest level of dividend payments. For example, if the IRR is 18%, this is upper limit the interest rate at which a firm can pay back a loan to finance an investment project. Therefore, in order to make a profit, the firm must find financial resources at a rate of less than 18%.

All IRR components are determined by internal data characterizing the investment project, i.e. missing expert opinions introducing subjective elements. Consequently, IRR contains a lower level of uncertainty than NPV, which is especially important when analyzing the effectiveness of large projects.

IRR better shows the benefits of higher results compared to other indicators: the difference between the IRR and the discount rate directly shows the internal reserves of the project (within the difference, the investor's requirements for the rate of return on invested funds can be increased, because the income received exceeds the minimum required rate recoil).

Of course, IRR also has disadvantages:

* sometimes there may be more than one IRR indicator in the calculation;
* incommensurability with the criterion of net present value;
* does not take into account differences in the scale of the compared projects (i.e. in the amount of investment
capital).

Objectivity, lack of dependence on the absolute size of investments and a rich interpretative meaning make the indicator of the internal rate of return an exceptionally convenient tool for measuring the effectiveness of capital investments.

When using IRR, keep in mind that:

* subject to analysis investment projects, for which the difference between income and costs is positive or the ratio of income to costs is greater than 1;
* for analysis, projects are selected with an IRR of at least 15–20%;
* IRR must be compared with the interest rate in the monetary market;
* when justifying IRR, adjustments for project risks, inflation and taxes should be taken into account.

Return on Investment Index (PI)

This is the ratio of the return on capital to the amount of invested capital. PI shows the relative profitability of a project, or the discounted value of cash flows from a project per unit of investment.

Considering the PI criterion is useful when:

* current organizational costs are high in relation to investment costs;
* in projects where reliable income begins to flow at a fairly early stage of project implementation.

Most commonly, PI is calculated by dividing the net present value of a project by the cost of the initial investment. In this case, the decision criterion is the same as when making a decision on the NPV indicator, i.e. PI > 0. This criterion is a fairly perfect tool for analyzing the effectiveness of investments. In this case, three options are possible:

PI > 1.0 - investments are profitable and acceptable in accordance with the chosen discount rate;
PI PI \u003d 1.0 - the considered direction of investment exactly satisfies the chosen rate of return, which is equal to IRR.

Projects with high PI values ​​are more sustainable. However, one should not forget that very big values PIs do not always correspond to a high NPV value and vice versa. The fact is that projects with a high NPV are not necessarily effective, which means they have a very small profitability index.

When calculating efficiency, the choice of the threshold value of profitability (Minimum rate of return) is important. The higher the threshold value of profitability, the more generalized indicators take into account the time factor, since it is the threshold value of profitability that is used as the standard for reduction by the time factor (discount rate RD). Income and expenses that are more distant in time have less and less influence on their modern assessment.

The profitability threshold increases as risk increases. According to the classification of investments generally accepted in the world practice, the threshold value for risky capital investments is 25%. Other studies note that for conventional projects a value of 16% is acceptable, for new projects in a stable market - 20%, for projects with new technology - 24%.

As can be seen from our article Business Plan Calculation Formulas, each of the considered indicators carries a certain semantic and economic load. Therefore, it is advisable to carry out a comprehensive calculation of the effectiveness of investing funds for all of the above indicators. It is in this case that one can quite clearly determine whether the investment in the project will be successful.

The BiPlan website team wishes you success and good luck! We hope our article Business Plan Calculation Formulas helped you!

This publication outlines the main approaches and principles, on the same page you can calculate the estimated income, expenses, profitability and payback period of your business. The turnover and tax expenses are also automatically calculated.

In order to get the data, enter the parameters of your idea in the appropriate fields of the form and click the "Calculate" button.

Note: Of course, this calculator only gives a general idea of ​​the profitability of your idea and whether it is worth pursuing. After all, the calculation of specific indicators (sales, average check, etc.) still lies with you.

The role of this online program is to help, firstly, to systematize the confusion in the head of a novice entrepreneur, to give him guidelines. Show what exactly is worth thinking about and what needs to be considered. This is more important than it seems.

Secondly, the calculator helps to avoid boring monotonous work with counting ten different ratios business components. By changing the input parameters (for example, reducing costs), you can quickly refine your idea without doing all the calculations again, with the click of a button.

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

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

What is a financial plan. Its main goals and objectives

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

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

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

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

To reach the goal needs to be determined:

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

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

Sections and their content

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

Only a comprehensive study of all three reports will make it possible to objectively assess financial condition companies.

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

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Everything happens in a few clicks, without queues and stress. Try it and you will be surprised how easy it got!

Calculation and analysis of risks

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

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

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

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

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

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

Calculation of performance indicators

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

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

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

Approximate calculation for three years existence of the organization

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

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

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

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

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

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

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

The formula looks like this:

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

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

Data analysis

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

So, the basics of a successful financial plan:

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

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

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

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

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

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

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

Forecast of financial results

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

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

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

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

Table 1. Forecast of financial results, thousand rubles

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

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

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

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

This indicator, along with indicators of net sales and cost products 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 of a multivariate nature depending on the expected sales volume, prices, production costs (optimistic forecast, pessimistic forecast, average forecast).

Cash flow design

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

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

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

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

Table 2. Projection of cash flow, thousand rubles.

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

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

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

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

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

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

When designing cash flow, keep the following in mind:

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

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

Enterprise balance design

As you know, the balance sheet does not reflect the performance of the enterprise for any period of time, but is its instantaneous "snapshot", showing from a financial point of view its strengths and weaknesses on this 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.

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

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

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

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

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

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

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

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

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

Express analysis of predicted indicators

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

At the same time, a very important stage of financial planning is to carry out serious analytical work by calculating the most important relative indicators (financial ratios), the time series of which allow you to determine the trends in the development of the financial situation at the enterprise when making specific solutions(in our case, when a new product is released).

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

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

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

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

Table 4. Projection of financial ratios

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

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

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

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

Table 5. Financial Summary

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

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

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