Financial strategy of the enterprise: state and municipal credit

In the information age, the key to any enterprise is to ensure its long-term development. To manage the long-term development of an enterprise, it is necessary to determine its mission and vision of its place in the market, to formulate on their basis a market strategy.

The mechanism of strategic management in its most general form is:

1. Development of an overall development strategy and financial strategy as an integral part of it.

2. Translation of strategic objectives into the system of operational operational indicators.

3. Control of the implementation of the reported indicators.

4. Monitoring the market situation and changing the overall strategy.

The most common mechanism for implementing the organization's strategy is the MTP, a balanced scorecard system that includes a wide range of indicators that ensure long-term stability.

The use of non-financial indicators is conditioned by the need to manage such key strategic resources of the organization as customer loyalty, the reputation of the company and the knowledge of employees.

In domestic practice, as indicators of strategic planning, it is expedient to use profitability indicators determined by the specifics of the organization's activities. For example, the profitability of the product, the profitability of the project, the amount of profit per employee, the profit margin per square meter of sales area, the level of credit, etc.

In the current economic conditions, no single economic entity can function exclusively at the expense of its own funds, therefore, it becomes necessary to use borrowed funds to finance activities, such as state and municipal loans. In this regard, the task of financial management is to optimize the structure of credit and financial resources, i.e. Determination of the most acceptable ratio between own and borrowed funds. The criterion of optimality, may be the profitability of the firm's capital, as an indicator most fully reflecting the purpose of management. In practice, the greatest difficulty is the formation of credit resources, tk. Their use is fraught with a number of difficulties: the choice of the source of financing, evaluation of profitability, reliability, etc. The most widespread have to date

Such types of loans as state and municipal credit. As part of the management of the structure of financial resources, the definition of credit policy (which loan is preferable, state loan or commercial), in determining management decisions on the directions and pace of enterprise development, the selection of business projects for implementation, managers of economic entities need information on the maximum amount of additional Loan financing. The general approach is to determine the maximum amount of the loan payment, when comparing it with the basic terms of the provision of loan financing, you can determine the maximum loan amount, providing a subsequent painless return, taking into account the current capabilities of the organization. State credit in modern russia provides an opportunity to replenish its resources to virtually all participants of economic activity,

One of the options for solving this problem can be a rapid assessment of the amount of funds to be released in accordance with the company's main plans. In addition, it is necessary to carefully evaluate which kind of loan will be preferable for the company - commercial, state, and municipal credit, or something else. It is necessary to assess existing obligations on payments and repayment of borrowed financing, to identify possible credit conditions and to determine the maximum possible amount of credit payment, ie, to determine the credit limit.

When calculating the largest loan amount available for a subsequent painless return, it is necessary to take into account the expected volume of cash receipts for the forthcoming period, the effect of the loan servicing costs on the financial result, and the way the loan is repaid. The following aspects should be put in the basis of calculations:

- What type of loan do you use in the company: state, and municipal credit, or commercial;

- an assessment of the balance of the organization's cash flows;

- Calculation of the amount of interest for a loan throughout the life of the loan.

The basis of the method of repayment in the organization is recommended the development of a payment calendar reflecting the movement of money. The choice of the method of repayment affects the structure of payments and cash flows. So, with the ball-like method of repayment, only interest is paid monthly, the principal debt is paid out at the same time at the end of the term of the loan agreement. This rule does not depend on whether the state and municipal loan you use, or commercial, it also positively affects cash flows. If the organization chooses repayment of the principal debt in equal parts, this will minimize the cost of its maintenance, but leads to a reduction in the period of use of the loan. Neutral from the point of view of influence on cash flows is repayment of the loan by annuity payments. However, this method increases interest costs, which should be taken into account in the development of the company's development strategy.