The final section of the business plan is the financial plan. This section is necessary and important both for organizations and for their investors and creditors.
The structure and content of the financial plan depend on the potential contact audiences, i.e. from subjects who are potential "readers" of the business plan. If a business plan is developed as an internal document, then the main focus is on determining the sources and amounts of the necessary financial resources, as well as profitability indicators. In a business plan designed to receive external funding, the main attention should be paid to the assessment of short-term liquidity, which confirms the solvency of the organization and is the key to the security of the loan, and only secondarily consider profitability indicators.
The purpose of the development the financial plan is to determine the sources of funding for the activities of the organization, the assessment of the ratio of income and expenditure of financial resources. To achieve this goal, when forming a financial plan, it is necessary:
- determine the conditions for maximizing the profit of the organization;
- optimize the capital structure to ensure its financial stability;
- ensure the investment attractiveness of the organization;
- create an effective mechanism for managing financial resources (accounting, tax, credit, depreciation and dividend policies).
The development of a financial plan intended for foreign creditors has its own characteristics. In this case, the financial plan should include the following sections as mandatory elements:
- profit and loss statement (income statement);
- balance sheet (balance sheet);
- plan cash flows(cash flow).
These documents should be formed in accordance with the Generally Accepted Principles accounting(General Accepted Accounting Principles - GAAP).
In domestic practice, the financial plan, as a rule, includes:
- forecast of sales volumes;
- plan of income and expenses;
- plan of cash receipts and payments;
- balance of assets and liabilities;
- plan for the sources and use of funds.
Forecast of sales volumes. This forecast is developed taking into account the indicators of the marketing plan (see subsection 2.5) and is based on information about the expected sales volumes for each product and the expected unit price of each product. Typically, such a forecast is made for three years in advance. It should be noted that the level of detail in the forecast of sales volumes depends on the length of the period. For the first year, it is advisable to take a month as an interval, for the second year - a quarter, for the third year indicate the total amount of sales for 12 months. The forecast of sales volumes can be presented in the form of a table (Table 2.29).
Income and expense plan make up to determine the magnitude and sources of formation and change financial result organization's activities. The recommended compilation period is three years, with data for the first year reported monthly. An approximate scheme for the formation of a plan for income and expenses is given in Table. 2.30. 
The development of a plan of income and expenses allows the organization to determine such key performance indicators as the profitability of output, profitability, the level of production and non-production costs, the volume of expected net profit.
Cash receipts and payments plan necessary to determine the liquidity and solvency of the organization. The cash flow is due to the peculiarities of the organization's activities and the mismatch in the timing of receipts and disposals of cash.
It is necessary to distinguish between the movement of financial flows that do not lead to cash expenditures, and the expenditure of pure cash. The first include depreciation and the formation of funds. The second includes revenue from the sale of goods and services, advances received from customers, funds from the sale valuable papers, parts of fixed assets, financial investments, credits, loans, etc. The plan of cash receipts and payments is necessary to assess the organization's need for cash for its normal functioning. Approximate form this section is given in Table. 2.31. 
The term used in planning cash flows " cash” means the difference between real cash receipts and payments. Its amount changes only when the entity actually receives or makes the payment. At the same time, it should be taken into account that the sale of goods and services does not mean an automatic receipt of cash, just as the presentation of invoices does not lead to instant payment. Therefore, cash receipts and payments should be shown taking into account the specified intervals.
Balance of assets and liabilities it is recommended to draw up at the beginning and at the end of the first year of the project. It is believed that this subsection of the financial plan is less important than the previous ones, however, for specialists of a credit institution, it is necessary to assess the amount of financial investments in assets of various types, as well as to determine the liabilities that ensure these operations.
The balance sheet consists of two parts: an asset (left side) and a liability (right side), the final total values of which should be equal to each other (Table 2.32). An asset is a list of property that an organization can dispose of. The liability shows to whom and how much she owes. 
Plan for Sources and Use of Funds is designed to display the sources of funds and their use, as well as to change the assets of the organization over a certain period of time. It makes it possible to determine the relationship between possible sources of funds and the organization's working capital. Based on this section, the management of the organization, as well as potential investors, can more accurately assess financial position, determine the effectiveness of financial policies and results economic activity organizations. An approximate form of the plan for the sources and use of funds is given in Table. 2.33. 
Financial plan should complete a summary paragraph, which gives the required volume and structure of funding sources, an assessment of payback periods and profitability for investors. It should be emphasized that in order to increase the objectivity of the financial plan, when developing it, one should take into account real economic conditions and financial policy states.
Financial plan. For many aspiring entrepreneurs, this part of working on a business plan seems intimidating. Complex graphs are immediately drawn in the mind, long and painstaking hours at the computer, the search for errors that have crept into the calculations from nowhere and, of course, nerves and nerves again. Significantly facilitate the process and even make it enjoyable and exciting mobile app"Business calculations" from the company "1000 ideas".
The mobile application was created to simplify financial calculations when preparing business plans. It allows you to determine with high accuracy all the key parameters of investment projects. With it, you can easily calculate all the main financial indicators of the project, including revenue, net profit, fixed and variable costs, payback period, cash flow (cash flow), and secondary ones. For example, to make a more thorough and serious assessment of your project according to the so-called discounted performance indicators.
Working with the Business Calculations application is convenient because the user can quickly estimate the prospects and profitability of the project by entering and changing the financial parameters of the type of business he has chosen. The final calculation is made automatically based on the data entered by the user, divided into nine stages. The results themselves can be viewed both in the application itself, and by sending them a more detailed version to your e-mail.
We invite you to get acquainted step by step with the operation of the Business Calculations application using the example of drawing up a financial plan for the Pancake Cafe project.
Stage 1. Choice of taxation system. First, we introduce the most appropriate taxation system. In case you do not know which taxation system will be less burdensome for your type of activity, you can change the choice after receiving the results, and then compare the final calculations for different systems and rates.
In the case of a pancake cafe, we chose a simplified taxation system, the object of taxation of which is income, and where the rate is 6%.
Stage 2. Input of initial data. After choosing a taxation system, you must enter the initial data: the start date of the project, the start date of sales, the approximate date for reaching the planned sales volumes, and the refinancing rate.
If, in principle, everything is clear with the first three points, then the value of the refinancing rate must be found using the link provided in the application. From January 1, 2016, its value is equal to the key rate of the Central Bank of the Russian Federation on the corresponding date. In any search engine we find the value of the key rate for today. In our case, it turned out to be 9%.
Stage 3. Investment costs. The next step is called “Investment costs”. In it, you must include all initial expenses invested in real estate, for example, the acquisition or renovation of premises, the purchase and installation of equipment and intangible assets.
In our case, in the “Real Estate” section we will enter the cost of repairing the leased premises (500 thousand rubles), in the “Equipment” column - a list of production and commercial equipment for the production of pancakes (389 thousand rubles), and in “Intangible Assets” (115 thousand rubles) - the costs of registering an LLC and obtaining permits from various authorities (SES, Gospozhnadzor), as well as the costs of conducting a starting advertising campaign.
Stages 4-5. Selecting the income calculation method and entering income. Next, you have to choose one of three methods for calculating income: “Calculation of income from the production and sale of products and services”, “Calculation of income by the average check amount”, “Calculation of income by planned revenue per month”.
The most convenient way is to calculate income by the average check amount. By varying the size of the average check and the number of customers per day, you can quickly estimate under what conditions the business will be highly profitable, and under what conditions it will not bring much income or even turn out to be unprofitable.
Please note that for the indicator of the size of the average check and the number of customers per day, you can set seasonality factors by clicking on the corresponding icon on the right and entering percentages between months.
For example, if during the summer period the number of buyers of pancakes is halved, then 50% is entered in the columns “June”, “July” and “August”. At the same time, if 70% more buyers buy pancakes in the autumn period, then 170% should be recorded in the corresponding months. Similarly, you can vary the size of the average check if it is subject to the seasonality factor.
The easiest way to calculate income is to calculate the planned revenue per month. It is suitable if you already have an idea of how much revenue can serve as your benchmark. Assuming it is 100%, you can also enter seasonality factors for the planned revenue.
The third option for calculating income is the calculation depending on the production and sale of products and services. It is convenient primarily for manufacturing companies. In it, you can calculate the revenue by entering the planned sales volumes for each product you sell.
To do this, you need to fill in the fields “Product name”, “Unit of measurement”, “Sales cost per unit. rub." and “Sales volume per month, units”. For example, in the case of pancakes, we can separately set sales plans for grilled pancake, pancake with salmon, pancake with salami, pancakes with sweet fillings, and so on. If your product value and sales figures are seasonal, you also set seasonal factors for those figures. Once you have completed filling in the data for one product, you can add the next product by clicking on the orange “+” sign.
Stage 6. variable costs. After filling in the income data, you will need to enter variable costs. The content of this step will depend on which of the three methods of income calculation described above you choose. For example, with a simplified entry by revenue, you will be prompted to enter only a single average amount of variable costs. If you are doing calculations on the size of the average check, then you will need to determine the cost of the average check. If the calculations are made for each product separately, then variable costs will need to be indicated for each product.
In our example with a pancake cafe, to simplify the calculation, we took the cost of the most popular grilled pancake on the menu, which costs 135 rubles, as the size of the average bill. Having calculated the cost of the ingredients that make up one pancake (flour, milk, eggs, sugar, vegetable and butter, chicken meat, onions, tomatoes, cheese and white sauce in the required proportions), and adding to this the cost of packaging, we determined the cost in the amount of 37 rubles. This amount became our cost for the average bill.
Stage 7. fixed costs. The next step is called “Fixed Costs”. This includes fixed monthly expenses. It could be rent, advertising, utilities, telephony and the Internet, stationery, household inventory, depreciation deductions, fuel and lubricants and more. Many of these you can choose from a pop-up list. If the required column is not available, you can choose your option. In fixed costs, it is also possible to set seasonality coefficients for any expense item.
The key expense item at the pancake cafe was rent, advertising and communal payments(87 thousand rubles). All other small expenses for we combined into the item “Other” (6.8 thousand rubles).
Stage 8. Employees. Next, enter data about the company's personnel. For convenience, in the application, it is divided into administrative, trade, service, main and accounting. You need to specify the position of the employee, his wages and the number of employees in the same position. If the salary of employees varies depending on the season, it is possible to indicate this using seasonal coefficients.
Accordingly, in the example with a pancake cafe, we bring in all the necessary administrative staff in the person of the general director and administrator, the main one in the person of cooks, the trade one in the person of cashier sellers and the service person in the person of cleaners. For the first time, to reduce costs, we choose the self-service format, so the waiters in service staff may not be entered. By the way, in the event that you suddenly want to add more employees or make any adjustments to the project after some time, you can always find it in the archive of the Business Calculations application.
Stage 9. Credit and other income. At this stage, it is necessary to indicate the sources of start-up capital. Namely, how much own funds were raised (filled in the “Own funds” section), and how much borrowed (filled in the “Credit” column). In the "Loan" section, in addition to the borrowed amount, it is also necessary to indicate the interest rate and the term of the loan. In the event that borrowed funds will not be attracted, the fields in the “Credit” section should not be filled in. Also, one should not forget that the amount of own funds should take into account not only the investment costs indicated in stage 3, but also working capital required to cover losses in the first months of operation.
In our case, the “Cafe-Pancake” project will be fully financed from its own funds in the amount of 1,254,000 thousand rubles, 250 thousand of which will be working capital.
Results. Depending on the data you entered, the program will calculate all the main financial indicators made for a three-year perspective, i.е. for 3 years of project existence.
At the top of the screen, sometimes you can see a message in red text indicating that your project is unprofitable or some of its indicators cannot be calculated correctly. In this case, especially if the results you are also not satisfied with, you can go back to any of the 9 steps we have described and make adjustments. For example, reduce fixed or variable costs, or increase income items. In this case, the data entered in the fields of other sections will be saved and you will not need to enter them again.
In the results section, you can find a summary report that shows the annual figures for revenue, net profit, and variable costs.
In the data presented above, for example, we can see that, with the parameters we have entered, by the time we reach the planned sales volumes, we can bring up to 1215 thousand rubles. profit (yes, yes, maybe this is not real, but this is just an example). Moreover, the first month of sales will be unprofitable, requiring from the entrepreneur additional investments in the amount of almost 160 thousand rubles from the working capital fund.
Also given is the payback period, cash balance (cash-flo), the break-even point of the project. From the data obtained for a pancake cafe, we see, for example, that the institution will pay for itself in 5 months of operation, and its break-even point will be almost 120 thousand rubles.
This section should consider the company's financial security and ways to make the most efficient use of funds in accordance with the analysis of the market situation and the forecast sales of goods and services over subsequent periods.
About how to write it correctly, and will be discussed in our article.
What should be reflected here?
The paragraph should include the following indicators and documents:
- forecast values of financial results;
- cash flow project;
- planned balance of the company;
- a number of key proposals and key indicators financial nature;
- profit and loss forecast.
The forecast period is usually considered to be a period of time 3 to 5 years.
Opening costs
Writing a section involves a mandatory breakdown of the costs required to open a business. Each of these activities can be included in one of the following groups:
- organization of the physical space, including the preparation of the premises and the required number of workplaces, the arrangement of a suitable space for working with consumers, etc.;
- acquisition of the required amount of equipment, its installation and configuration (industrial, commercial or office);
- installation of communication systems - telephone and Internet;
- providing the object with a burglar alarm if necessary;
- payment for the services of such categories of employees as a lawyer, accountant or any other professional assistant;
- payment of tax contributions, payment of the state fee during the official registration procedure, as well as obtaining various types of licenses (if required by the planned type of activity);
- payment for the services of a designer who makes signs, posters, indoor advertising stands, etc.;
- payment for services recruitment agency, which will select any necessary personnel.
For information on how to properly plan this item, see the following video:
Monthly expenses
Almost any newly opened enterprise cannot do without the following fixed costs:
- rent - the amount depends on the area and location of the premises;
- monthly payment for telephone and Internet, other utility costs;
- payment for accounting or other support;
- other expenses of the office plan;
- payment of salaries to employees;
- payment of taxes and mandatory contributions;
- advertising placement.
Sources of funds
The financial part of the project assumes the existence of certain financing schemes based on individual characteristics business.
So, the necessary funds can be obtained:
- from an internal source;
- from attracted investments;
- from borrowed funds;
- from a mixed (complex, combined) source.
Internal sources are the company's own finances or the amount of its profit and depreciation. The most acceptable and cheapest way to expand the activities of the organization is profit reinvestment.
External sources add up:
- from attracted investments- usually in this case, the investor is interested in high level profits in the company itself;
- from borrowed- the use of funds is carried out in accordance with the terms of the contract.
The implementation of the funding strategy also involves a combination of the following financial instruments representing funds from different sources:
- an investor can acquire a share of the company;
- application of venture financing;
- receiving necessary funds through a public or private offer of securities;
- depository receipt;
- obtaining a commercial, government or bank loan;
- implementation of insurance of operations of export character.
cash flows
Reach effective management finance is possible only by applying planning for each financial resource and its source. This section must necessarily provide for the development and adoption of targets that have a quantitative and qualitative expression, as well as clearly define the ways, following which you can achieve the desired with the least loss.
called cash flow current cash flow. Otherwise, it is called the difference between the amounts of receipts and payments of funds that occurred in the company during a certain period of time.
The business plan should analyze the movement of these flows, that is, determine the moments and amounts of cash inflow and outflow. At the same time, the calculation should be based on operating (current) activities.
The value of the flow determines such basic indicators of the company as self-financing, financial strength, potential opportunities and profitability.
The organization must have a sum of money that can cover all its obligations. If the minimum required stock is missing, then this can be called the beginning of financial difficulties. The redundancy of the amount of money also cannot be called a positive characteristic, on the contrary, it can mean unprofitable time.
It is also worth paying attention to external and internal factors that have a significant impact on the formation of cash flow:
- The influence of market conditions, the applied taxation system, the established procedure for granting credit to the supplier and the buyer (business turnover), the availability of an external source of financing are external factors.
- The life cycle, or rather its stage, the presence of seasonality in the production and sale of goods, the depreciation policy of the company, as well as a number of personal qualities and the level of professionalism management team belong to internal factors.
When drawing up a company flow management plan, the following principles should be observed:
- informative reliability and transparency;
- planning and control;
- solvency and liquidity;
- efficiency and rationality.
The basis of the "correct" management is always operational and reliable information formed on the basis of accounting and management accounting. The components of this information are a wide variety of information: the budget for future purchases, the amount of funds in the account and on hand, as well as their movement, suppliers requiring advance payment, the level of accounts payable and receivable, etc. All this is usually drawn up in the form of tables.
The sources of information are no less diverse, so it must be collected and systematized with the utmost care, since the untimeliness or inaccuracy of information can lead to disastrous consequences for the enterprise as a whole.
Income calculation
The expected level of income can be called the climax of the business plan. Income items include revenue from the sale of goods, the performance of work or the provision of services.
Other income includes:
- proceeds from a non-core activity, including the sale of a fixed asset or material;
- positive exchange rate difference;
- receiving interest on a previously granted loan, etc.
So, the calculation of the total income of the company is to sum the proceeds from the main activity and other funds received. 
How to properly compose a section?
The financial plan should define the range of actions that allows you to receive maximum size profits against the backdrop of minimal costs. The basics of its competent compilation:
- Well-defined and well-defined goals. It should be remembered that the goal is formed depending on the financial capabilities of the enterprise, but not vice versa. If a this rule is not observed, you can not read further - the business is doomed to failure.
- An effective and organized system for monitoring and controlling the actions performed in relation to the goals. This allows you to constantly "keep abreast" and control the progress towards the tasks.
- A clear forecast of the project payback with a monthly breakdown. If the implementation of the project involves a long-term, then the breakdown of the first year should be done monthly, and each subsequent period - quarterly.
A business plan is a document that is designed to convince potential investor that the profit from the money invested in a particular entrepreneurial project will be at least not lower than the rate bank interest acceptable to an investor.
Usually the main elements of a business plan are, as S.I. Golovan and M.A. Spiridonov: title page, introductory part (summary of the project), analytical section, content section (project entity) and sections internal planning. A business plan may be more complex in terms of the sections included in it and the issues to be resolved.
The key section of a business plan is, of course, the financial plan. It includes information about the plan of income and expenses associated with the production and sale of goods for a certain period of time. life cycle, on the balance of income and expenses for individual goods(if there are several), about the profitability and payback period of the project. All calculations in the financial section must confirm that, starting from a certain level of production of the goods, its release will be profitable.
The financial plan, as part of a business plan, is generally divided into two subsections:
- financial plan;
— financing strategy.
In the first subsection it is desirable to include the following items:
1. Forecast of sales volumes. Study this issue gives an idea of the market share that is planned to be won in the near future, based on the optimal volume of production with the existing production capacity enterprises. This forecast is usually made for three years;
2. Plan of receipts and payments. It is advisable to draw up this plan of receipts and payments in the form of a table for three years. Items and amounts of investment, proceeds from the sale of products are reflected as follows: the first year - monthly, the second year - quarterly, the third year - as a whole for twelve months. The main objective of the plan is to check the future liquidity of the company and the synchronism of cash receipts and expenditures. The content of the plan of receipts and payments is reflected in table 1.
Table 1
3. Plan of income and expenses. It is advisable to draw up this plan of income and expenses in the form of a table for three years. Income and expenses are reflected as follows: the first year - monthly, the second year - quarterly, the third year - as a whole for twelve months. The main task of the plan is to show how profit will be formed and changed. The content of the plan of income and expenses is reflected in table 2.
table 2
4. Consolidated balance of assets and liabilities of the enterprise. The consolidated balance sheet, as noted by O.G. Karamov, compiled at the beginning and end of the first year of the project. Bank specialists evaluate what amounts are planned to be invested in assets different types and at the expense of what liabilities the enterprise is going to finance the creation or acquisition of these assets.
Table 3
In the second subsection of the financial plan, which is called "Funding strategy", it is recommended to answer the following questions:
How much money is needed to implement the project?
Where are these funds going to come from?
What share of finance is planned to be received in the form of a loan, and what share - to be attracted in the form of share capital?
For what purpose will the investment be spent?
When will the first profit be received?
What is the return on investment?
To answer these questions, a set of calculations is made.
Different authors give different calculated coefficients. In any case, in the opinion of A.M. Lopareva, the business plan should include:
— calculated financial and economic indicators included in the calculation of the effectiveness of the investment project;
— assessment of the current financial condition companies;
— plan of tax payments and calculation of the budget effect;
— integral indicators commercial effectiveness of the project;
- summary tables.
When drawing up a financial plan, the state of cash, the stability of the enterprise, the sources and use of funds are analyzed. In conclusion, the payback period or the breakeven point is determined.
The most important part of the calculations is the calculation of the project's breakeven point using the formula:
It is also very important for an entrepreneur to know when, in what period of time, he will fully pay back the capital invested in the business. For this, a schedule for calculating the payback period of an investment project is often used, as shown in Fig. one. 
Rice. 1. Calculate the breakeven point in the business plan
Thus, the financial plan is considered the key section of the business plan. The financial plan, as part of the business plan, is generally divided into two subsections: the financial plan and the funding strategy. It is desirable to include the following items in the first subsection: a forecast of sales volumes, a plan for receipts and payments, a plan for income and expenses, a consolidated balance sheet of assets and liabilities of the enterprise. In the second subsection of the financial plan, which is called "Funding Strategy", it is recommended to answer a number of questions. To answer these questions, a set of calculations is made. Different authors give different calculated coefficients. When drawing up a financial plan, the state of cash, the stability of the enterprise, the sources and use of funds are analyzed. In conclusion, the payback period or the breakeven point is determined.
TASK 2
Your company in the market mass commodity faced a situation where the secondary demand has stabilized, and the primary demand is saturated, although not completely satisfied. In the near future, we should not expect the rapid development of new markets. What marketing strategy will the firm choose if it operates in the markets of primary and secondary demand?
A. Extensive development.
B. Intensive development.
C. Strengthening competitiveness.
D. Creation of a circle of reliable clients.
According to the definitions of I.S. Berezina and N.K. Moiseeva:
— strategy of extensive development — strategy of increasing primary demand. Purpose of the strategy: aimed at conquering new markets and new consumers;
- strategy of intensive development - strategy of increasing the consumer. Purpose of the strategy: used to increase secondary demand;
- competitive strategy - a thorough analysis of the competitive situation in the market for a particular product, which means a conscious choice of a set of different actions in order to deliver a unique combination of values to the buyer. These actions aim to create a sustainable competitive advantage firms;
- a strategy of trusting relationships - a strategy aimed at retaining regular customers, which contribute to attracting new ones.
That is, in the current situation, when primary and secondary demand has stabilized and it is not worth waiting for the development of the market, the strategy of trusting relationships should be used.
This will allow to retain regular customers in the stabilized market of primary and secondary demand, which contribute to attracting new ones.
At the same time, in our opinion, in the current situation, the company should still use not one, but a combination of strategies for extensive development, strengthening competitiveness and creating a circle of reliable customers. The strategy of intensive development in the current situation of fully saturated secondary demand will be ineffective. The use of a complex of the three noted strategies will allow the company to operate and develop more effectively in the prevailing market conditions.
BIBLIOGRAPHY
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