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Components of the investment plan for the enterprise. Investment planning

The concept "business - plan" means a plan of entrepreneurial activity, entrepreneurship. In a market economy, it helps to identify the range of problems faced by an enterprise, firm or entrepreneur in volatile, unstable and sometimes difficult to predict market situations.

A business plan is a document containing a short, accurate and understandable description of the proposed entrepreneurial activity, necessary when considering a large number of different situations, allowing you to choose the most rational solutions and determine the means for their implementation.

A business plan can be developed both for a new, newly created enterprise, and for operating enterprises at the next stage of their development. For a beginner entrepreneur, it is a document that allows you to attract the attention of investors. The level of the drawn up business plan shows the reliability and seriousness of the entrepreneur and his business.

A business plan is often prepared for negotiations between an entrepreneur and potential investors (eg banks). It is especially necessary when negotiating with foreign firms.

If the concept "investment project" refers to an event (business), then the concept "business plan" refers to an enterprise, a firm. On the one hand, business plans can be part of an investment project, being documents containing plans for the development and implementation of individual parts of an investment project. On the other hand, a business plan of an enterprise or a firm can be developed, which would include the planned results of the project. Such a business plan is developed, for example, when an investment project is implemented at an operating enterprise and provides for its development. In this case, the investment project can be included in the business plan of the enterprise, and it regulates the procedure for using own and borrowed funds within the investment project.

And finally, for firms created for a specific investment project, a business plan is a plan for the implementation of the project, and sometimes (especially in the field of small business) it can replace an investment project. Thus, the concept of "business plan" and "investment project" can be similar in structure.

In international practice, an enterprise development plan is presented in the form of a specially designed business plan, which, in essence, is a structured description of an enterprise development project. If a project is associated with attracting investment, it is called an "investment project". Usually, any new project of an enterprise is in one way or another associated with the attraction of new investments. In the most general sense, a project is a specially formulated proposal to change the activities of an enterprise, pursuing a specific goal.

Projects are usually subdivided into tactical and strategic. The latter usually include projects that involve a change in the form of ownership (creation of a lease company, joint stock company, private enterprise, joint venture, etc.) or a radical change in the nature of production (release of new products, transition to fully automated production, etc.).

NS.). Tactical projects are usually associated with changing the volume of products, improving the quality of products, upgrading equipment.

For domestic practice, the concept of a project is not new. Its distinctive quality of earlier times consisted in the fact that the main directions of enterprise development, as a rule, were determined at a higher, in relation to the enterprise, level of management of the industry's economy. In the new economic conditions, the enterprise, represented by its owners and top management, must itself worry about its future fate, deciding on its own all strategic and tactical issues. Such activities in the field of investment planning should be organized in a special way.

Investment planning consists in making forecasts of the most efficient investment of financial resources in land plots, production equipment, buildings, natural resources, product development, securities and other assets.

Investment planning is a strategic and one of the most difficult tasks of enterprise management. In this process, it is important to take into account all aspects of the company's economic activity, from the environment, inflation indicators, tax conditions, the state and prospects of market development, the availability of production facilities, material resources, and ending with the project financing strategy.

The standard form for presenting an investment project is a business plan. The presentation of a business plan may vary somewhat in form, but its basic content is the same for everyone. Taking into account that countries with developed market economies have accumulated sufficient experience in the field of investment planning and analysis, it would be pointless to neglect this experience. The methods of planning and criteria for evaluating the effectiveness of investment projects used today, generally accepted for all developed countries, are the very language that ensures dialogue and mutual understanding between investors and entrepreneurs from different countries. These include methods for assessing the effectiveness of investment projects of such reputable international organizations as UNIDO, the World Bank and the European Bank for Reconstruction and Development. What they all have in common is that they are all based on the classical principles of investment analysis, based on the method of cash flow analysis. Cash flow - receipts (positive cash flow) and expenditure (negative cash flow) of cash in the course of the economic activities of the enterprise.

Business planning is necessary to attract capital investment. The development of a business plan is one of the most important stages in obtaining and using investments. An analysis of the world practice of attracting partners and investors shows that if an organization seeks to obtain investments, it must have a clear idea of ​​the intended production, its scale, market potential, sales methods, future income, etc. However, in addition to the production and financial side of the issue, the company must also convince your potential investor of your ability to competently and effectively establish and manage the prospective business. The first and necessary condition for such a conviction is a business plan.

As you know, investments are all types of assets (funds) invested in economic activities in order to generate income, the costs of creating, expanding, reconstruction and technical re-equipment of fixed capital, as well as related changes in working capital. After all, changes in inventories are largely due to the movement of costs of fixed assets.

In Russia, the concept of "capital investment" includes the cost of new construction, reconstruction, expansion and technical re-equipment of existing enterprises, the cost of communal and cultural - household construction. Capital repairs are not included in the investment.

Investment analysis is very diverse and includes:

1) analysis of the dynamics of investments, cleared of inflation, makes it possible to judge the investment activity of the firm;

2) analysis of the structure of investments, the objects of which can be:

- the production structure of investments, which characterizes the future picture of the production diversification of the company;

- geography of investments, including spent capital investments, characterizing the territorial expansion of the company;

- the reproductive structure of investments, that is, the ratio between investments a) in new construction; b) expansion of existing enterprises; c) in the technical re-equipment and reconstruction of existing enterprises ("b" and "c" are cheaper than new construction);

- the technological structure of investments, that is, the ratio of the costs of construction and assembly work and the purchase of equipment, machine tools. The most effective is a structure in which the active part predominates;

- concentration of investments: the lower the cost of construction in progress in relation to the annual volume of investments, the better;

3) other areas of investment analysis (first of all, the analysis of their profitability).

All investments have three main aspects that the investor must consider:

- the dependence of the value of money on time; funds at different times have different values;

- the consequences are uncertain (there is a risk);

- the role of information (its undefined flows are distributed in time, there is no information about the consequences).

There are markets that provide an opportunity for individuals to gain benefits for themselves in relation to the three points listed. There may be those businessmen whose short-term plans are completely independent of the actual results of investments, and they will not pay anything for information related to the results of investments. Others may be very interested in knowing what the outcome of their investment will be in a few years. Such differences between people in their attitude to the value of money depending on time and the presence of risk convince that since there is a market for the exchange of information for money, such an exchange will take place.

There are many investment planning methods used in various forms, but almost all of them are based on one of the methods described below. The most widely used method of making investment decisions is the “payback” method. The time required to cover the initial investment is calculated and this indicator is compared with the maximum payback period. For example, an investment of 1 billion rubles, bringing in 250 million rubles. per year will have a payback period of four years. Unfortunately, ROI is not a reliable indicator of risk. For example, casino gambling has a shorter payback period than buying government savings shares, but it carries significantly higher risk.

The second most popular method for determining the return on investment is the return on investment, which is expressed in terms of the average return made on an average investment. Since income and investments are ordinary accounting figures, the deferred value of money is not considered in determining return on investment. The return on invested capital is a very unreliable criterion for evaluating investments. It is common practice to calculate the return on invested capital for the first full year. Since this indicator tends to underestimate the actual return on investment, its use leads to the erroneous conclusion - to reject the investment, which in fact should be accepted.

Other methods include several measures of discounted cash flow. These indicators are more reliable than those described above. Thus, the method of net present value is characteristic, which has been more and more widely used in evaluating investments in recent years. Now it is difficult to find a company that does not use this method. As the first step in calculating the net present value of the investment, the discount rate (percentage) is selected. The second step is to calculate the discounted equivalents of all flows of funds associated with the investment (after taxes) and the amount of these equivalents to obtain the net present value of the investment. The net present value of an investment is the amount of funds that a firm can receive in excess of the cost of an investment while maintaining its breakeven point. It is also the present value of all future earnings when earnings are calculated after the capital investment costs. Net present value is the amount that a firm can receive in excess of the value of the investment. In addition, it is the present value after deducting depreciation and amortization.

Some people prefer to use a percentage, often referred to as an internal rate of return. For the same indicator, other names are used: discounted cash flow, return on investment, profitability index, discounted value. The internal rate of return can be defined as the discount rate at which the present value of all cash flows is zero. This definition can be applied to calculate the internal rate of return on investment. This indicator is typical when using the trial and error method. If incomes and investments are correctly estimated, taking into account the dependence of the value of money on time, then the return on investment in each year will equal the internal rate of return on the investment. From the internal rate of return method follows the rule that all investments with an internal rate of return higher than the required return are eligible (assuming that the cash flows are the same as for conventional investments, i.e. one or more periods of money outflow are followed by periods of inflow).

Let us dwell on the characteristics of the sources of investment. The Russian economy has suffered enormous losses in recent years. To restore the lost ground, large capital expenditures are required. If they are implemented, their relationship with inflation will take on a new character. The inflationary effect of investments is determined by the composition and volume of their economic sources. These include the depreciation fund, net savings of the national economy (profit of enterprises, direct budget revenues), savings of the population, elements of national wealth (reserve, insurance and other similar funds, proceeds from the sale of fixed assets and inventory items from stocks), the issue of credit money and foreign capital.

Organizationally and financially, the sources of capital investments are divided into own funds of enterprises (depreciation deductions, proceeds from the sale of retired property, mobilization of internal assets, retained earnings and other monetary savings), borrowed funds (bank loans, loans from financial and investment structures, funds from the placement of an issue corporate securities, debts to creditors), centralized resources (irrevocable budgetary allocations and preferential investment government loans), foreign investments (contributions to statutory funds and purchase of shares of enterprises, loans from foreign banks and international organizations and funds of individual citizens. purposefully influence the methods of state economic regulation (fiscal and depreciation policies, the activities of the money and stock markets, credit and emission policies of the Central Bank state nka). These sources form a mass of financial resources controlled in terms of size and directions of movement. Their influence on the growth of inflation can be completely excluded by the implementation of state programs of structural adjustment, the determination of priorities for industrial and investment policy.

Attracting foreign capital, replenishing the national investment fund, creates ambiguous consequences for the economy. First, in contrast to foreign loans and borrowings, foreign direct investment is capable of creating additional production demand in the domestic market, thereby helping to stabilize the economic and financial situation of the country. Moreover, foreign direct investment is not associated with an increase in the external debt of the state. Secondly, external sources of capital investments are controlled by foreign partners. They take little account of the national interests of production, strive to transfer production investment functions (construction and assembly work, installation and debugging of equipment) to foreign firms. This practice leads to a reduction in the domestic output of technological equipment, construction machinery and materials, the specific employment of the population, which ultimately increases inflation. Third, external sources of investment import inflation from other states through the import of expensive types of equipment and other material resources paid for by foreign partners.

Sources of investment financing are of production or non-production origin. In the first case, they are formed on the basis of the creation of the gross domestic product, in the second, they enter the country's economic turnover without being the result of this process. The first group includes all economic sources of capital investment, except for the issue of credit money and foreign capital. The formation of this aggregate of financial resources is associated with the accumulation and redistribution between the consumption fund and the accumulation fund of the money supply. Investing from these sources does not increase or decrease the saturation of the market with money and does not affect the rate of inflation.

The issue of credit money and foreign capital increase the money supply in circulation. If, as a result of investments, the increase in the amount of money exceeds the total need of the farm for means of payment, inflation will accelerate. The greater the share and sum of sources of non-production origin in the total volume of capital investment, the stronger the influence of the latter on the depreciation of money.

The depreciation fund represents the economic obligation of the company, expressed in monetary form, to restore the retired fixed assets. This fund is a source of financing for an intensive path of renewal of fixed assets. An increase in the amortization component is usually associated with a decrease in the share of net investment, the attraction of which indicates a transition to an extensive path of development. The experience of countries with market economies shows that the lowest share of net investment is characteristic of the massive outflow and renewal of fixed capital. During the period of its expanding accumulation, the share of net investment rises. As a result of the periodic alternation of these processes, there are corresponding changes in the share of net investment in the total volume of capital investment; in absolute terms, it is constantly decreasing. In the conditions of the current depreciation and tax policy of the state, the depreciation fund, if properly planned, can become the main source of financing for the renewal of fixed assets. With average depreciation rates corresponding to the average service life of means of labor, and stable prices for material resources, the amount of renovation deductions coincides with the value of fixed assets used for replacement. The amortization fund is a very stable source of investment. Its size is determined by the volume of fixed assets used, the cost estimate of the means of labor and the average rate of renovation of fixed assets. But its potential as a factor in capital investment depends on price stability. Depreciation deductions are not taxed. However, they are also subject to inflationary processes and, in the event of long-term accumulation, are depreciated, which leads to their inconsistency with the replacement cost of retired fixed assets by the end of the standard service life.

Let us dwell on the peculiarities of the investment sphere. In this area, the most important structural relationships are formed between accumulation and consumption, accumulation and investment, investment and capital gains, costs and return on investment.

Investments can be classified according to various criteria. From the point of view of the form, investments can be classified into one of three groups: financial investments; production investment; investments in other real assets.

Based on the economic essence of financial documents, they should include securities expressing co-ownership relations (equity securities), securities mediating credit relations (debt securities), and derivative stock instruments. Equity securities (direct and indirect) are more risky than debt obligations, since they do not imply a guaranteed income (with the exception of preferred shares), but they attract investors with the possibility of obtaining increased income, which can consist of the amount of dividends and capital gains invested in shares due to an increase in their price. Due to their higher yield, shares provide better protection of assets from the influence of inflation compared to debt securities.

Direct equity securities include ordinary shares, which indicate that their owner is a co-owner of a company based on shares. Indirect equity instruments are acquired by an investor through participation in the creation of a fund of funds, which are then placed in other types of investments, i.e. in the formation of an investment portfolio. A feature of cooperation with an investment fund is the investor's passivity in relation to the process of forming an investment portfolio.

Debt securities include certificates of deposit, bonds, government and municipal securities, bills of exchange, and other forms of obligations issued by legal entities. This type of investment is characterized by a fixed rate of return.

Industrial investments are of two main types: investments in the creation and development of other enterprises, as well as in the development of their own activities - reproductive investments. They can be carried out in the form of loans, or in the form of financing an investment project. Such a project, in contrast to financing, is a relationship based on the terms of urgency, repayment and payment.

Financing investment projects implies the establishment of a somewhat different relationship between the supplier and the consumer of resources than in lending. First of all, by financing a project, the investor acquires the rights to participate in the newly created enterprise or in an existing one. The investor's right to share ownership of the property of an enterprise can be secured by a share or a certain number of shares. In this case, he acquires all the rights that are granted by law to the participants and shareholders of the enterprise, including for making a profit. In long-term production investments, there are two main areas - equity participation in the production activities of economic entities and investments in the creation of inter-farm enterprises.

Leasing is a special case of productive investment. At the same time, a financial and credit institution invests in the acquisition of leased objects, transfers them to the lessee for a certain period and receives income in the form of interest on leasing, consisting of the actual rent, lease margin and risk premium. The core of any leasing transaction is a credit transaction. The peculiarity of leasing operations is that, on the one hand, leasing is an investment of funds on a returnable basis in fixed assets. In this case, the conditions of urgency, repayment and payment are met. On the other hand, the parties to the transaction operate with capital, not of a monetary, but of a production form. Therefore, a leasing operation can be defined as production in form and credit in content, that is, it has a debt character.

Note that the scale of leasing development in the world is impressive. For example, in 2006 the volume of leasing contracts in the United States amounted to about $ 130 billion, in Europe - $ 123.5 billion, in Japan - $ 39 billion. Naturally, Russia cannot and should not stay away from the highly efficient investment leasing business. Our government is now striving to attract $ 15 billion in investments in the technical re-equipment of enterprises. About 3-4 billion dollars will go through leasing. This proportion has been tested in world practice (the share of leasing in investments in the UK is 30%, in other European countries - 15-17%).

It is customary to reflect the main content of investment projects in business plans, where, first of all, a detailed description of the initiator of the investment project is given - an enterprise that assumes the use of objects created as a result of the implementation of an investment project. The main thing here is the financial viability of the project initiator, the sustainability of his activities and the provision of his own property for the provided investment loans.

The business plan provides a detailed rationale for the attractiveness of the product: its advantages over analogues, compliance with environmental standards, the ability to occupy a certain niche in the markets. The possibility of an enterprise to retain a certain market share for this type of product is shown. To do this, information is provided on the share of the main competitors in the respective markets and the average prices of their products, the market strategies of the enterprise for gaining advantages in the markets are shown: a flexible pricing system, the use of various sales channels, product advertising, a scheme of loans and discounts for wholesale buyers, service, etc. ...

On the basis of this, the project annual production output, the unit price and its profitability, as well as the volume and structure of the financial resources required for the project are determined. Taking into account that receipts and payments should be made at current prices, special attention should be paid to forecast estimates of inflation for various components of costs and receipts. In addition, it is advisable to use scenario approaches to assess the parameters corresponding to the optimistic and standard conditions of the project. If it is necessary to use borrowed funds in the business plan, calculations of the payback period of the project and the procedure for calculating the loans provided are given. In the event that the payback period for the project exceeds the value acceptable to the investor, special obligations are provided on the part of the project initiator.

In conditions of a lack of funds for investment, enterprises are forced to sacrifice part of their independence, attracting external financial resources through the sale of part of their shares. Thus, the prerequisites for the creation of integration structures arise, which can most easily be created on the basis of the interest of future partners either in income or in the direct results of activities. An investor enterprise may be interested in:

- gaining control over the enterprise in which investments are made;

- the ability to influence the investment project in such a way that the resulting products meet the promising needs of the investor;

- the ability to impose, in parallel with investment, an agreement on long-term cooperation or other forms of long-term cooperation;

- increasing the profitability of the temporarily free financial resources of the enterprise;

- reducing the costs of production and sales of products within the production and sales structure, increasing the competitiveness of products.

For financial structures, incentives to form integration structures can be:

- the possibility of obtaining a stable income on invested capital;

- management of capitalization processes (when acquiring a controlling stake) and increasing on this basis the market value of the shares owned by the investor;

- the ability to access transactions in freely convertible currency.

For the company in which the investment is being made:

- reduction of taxation due to various forms of joint activities;

- availability of a guaranteed sales market for some of the products;

- increasing the competitiveness of products and increasing its output due to the transformation of production;

- increasing the level of production profitability.

Currently, integration processes in Russia are carried out only in a narrow range of business areas. It:

- export - oriented production with competitive products;

- new highly efficient production facilities for the production of products that are in high and stable demand;

- the sphere of supply and sales - the implementation of the functions of syndicates in combination with the parallel integration of other infrastructure units and financial resources of the participants.

During the transition to the market, it is important to create conditions for the emergence of the missing financial mechanisms and organizational structures, first of all, the formation of large corporations and concerns. They will become the base of large inter-corporate structures, including financial and industrial groups (FIGs). As the experience of developed countries shows, FIGs ensure the stability of the economy and allow solving investment problems. This is especially true for Russia, since it is the investment sector that has suffered the greatest destruction in the course of economic reforms. This is especially important for regions where investment industries (fuel and energy complex, metallurgy, chemical-forestry complex, etc.) and converted industries prevail in the structure of production. FIGs can become our most important means of implementing the state selective structural policy. Through these large integrated structures, it is easier for the state to pursue a special industrial policy, to protect the domestic market against competition from foreign firms, and to regulate competition within the country within reasonable limits on the basis of decreasing costs and increasing capital investment.

All of the above leaves its imprint on purposeful business planning, where, in order to attract investment, some adjustments should be made to the plan structure. First of all, at the first stage of negotiations with an investor, you can use not a complete business plan, which has a significant volume, but its concise version. The abbreviated outline, as a rule, retains the main features of the complete one, but is much shorter (4–5 pages instead of 40–50). If the investor is interested, the abbreviated plan is supplemented by the detailed one. With regard to the individual sections of the business plan, it is important to write a short summary. It is possible that the future investor, to whom the firm is going to turn, receives many offers of cooperation, reads dozens of business plans, so the resume should give a brief overview of the essence of the business proposal that can attract the investor's attention and stimulate him to further familiarize himself with the business plan. For optimal results, it is preferable to prepare your resume after the work on the rest of the business plan has been completed. The summary should include two to three sentences from each section and some of the most striking numerical data. In drawing up a business plan to attract investment, the provision of statistical information plays a special role. It should be presented in the most convenient form, that is, in the form of tables and graphs, and confirmed by references to sources or authoritative statements of experts. If the business plan deals with products, it is advisable to attach a drawing, product photo or advertising brochure to it. If we talk about the provision of services, then it is necessary to make it clear what will be provided by the business, and in this case, diagrams help better. In addition, it may be helpful to provide a list of consumers who are familiar with the product or service and are able to give positive feedback about it. Such evidence can be reported or included in an appendix to the plan.

When drawing up a business plan, it is important to refrain from one very serious mistake - embellishment of reality. If a firm wants to establish itself in the industry for a long time and in earnest, in no case should you be tempted to exaggerate its own merits by keeping silent about the shortcomings or flaunting the perceived weaknesses of competitors. Perhaps the company's management will be able to mislead future partners and will not have to answer for the unsuccessful use of the funds received. However, it is possible that such entrepreneurs will gain a reputation as non-professionals or, worse, cheaters. Then obtaining new credit resources will be much more difficult and expensive. Therefore, it is better to assess competitors as soberly, pointing out the real gaps in their strategy that open the way for the company to success. Only in this case, the company is guaranteed respect from investors and higher chances of receiving capital investments.

There is another potential danger that lies in wait for the firm and its plan. It is impossible to 100% guarantee that the plan will only reach the bona fide investor. It can fall into the hands of competitors or simply dishonest people whose goal is to get well-crafted and prepared business information, for which they are not going to pay for the use. Currently, a large number of foreign firms are hunting for ideas and research projects that were carried out in Russia and the CIS and are being carried out now. The high level of scientific research and design developments of Russian scientists is widely known and recognized throughout the world. The Russian mafia is also interested in such information. Therefore, there is a great chance that the business plan of the company will be used independently of it and not in its interests. This is aggravated by the imperfection of the Russian legislation on copyright and information protection, as well as by the general confusion in the domestic information market.

In order to avoid unauthorized use of the business plan, it is advisable, when giving calculations and digital information in the documents, not to go into detailed descriptions of technology, equipment, and the process of manufacturing products. That is, the information presented in the plan must be convincing, serious, but at the same time reasonably dosed. It is also important to reflect the degree of legal protection of the issues considered in the project, ie, to mention the availability of patents, licenses, "know - how" of the company and how to protect it. It is possible at the end of the business plan to indicate a list of officials who have the right to allow other persons to familiarize themselves with it.

This is done if the documentation is of particular interest and it is desirable to prevent information leakage. As for the time frame of planning in order to attract investments, the more concretely the time aspect will be reflected in the business plan, the more precisely the deadlines for the fulfillment of certain obligations are determined, the more confidence the investor will have in the plan.

It should also be noted that attraction of investments is, of course, one of the most important functions of business planning, however, in order to convince an investor, a partner to invest in a project, it is necessary to carefully, critically work out a business plan, taking into account the above recommendations, to present convincing and substantiated statistical information. When drawing up a plan in order to attract investment, it is advisable to seek help from consulting firms or use special computer programs. Experience shows that the payback for a low-quality business plan is too high and does not justify the money saved in drawing up it.

Types of investment projects. The implementation of investment goals involves the formation of a set of isolated or interconnected investment projects. The system of interrelated investment projects with common goals, common sources of financing and governing bodies is called an investment program. An investment project is a set of interrelated activities that involve certain capital investments for a limited time in order to generate income in the future. At the same time, in a narrow sense, an investment project can be considered as a complex of organizational and legal, accounting and financial and design and technological documents necessary to justify and carry out appropriate work to achieve investment goals.

An investment project involves setting goals, planning implementation, management and analysis.

Investment projects implemented by enterprises (firms) differ:

- by content: they are divided into projects of expansion (development) of the enterprise and projects of rehabilitation (reorganization). Development projects involve the implementation of measures aimed at increasing the number of products produced without changing the nomenclature or at changing the production program by mastering new products. These results can be achieved through investment in factors of production. Rehabilitation investments are very important for Russia. They are reflected in the business plan for the financial recovery of the enterprise;

- by scale: projects are divided into global, large-scale, regional, sectoral, urban scale and local. The scale of the project is determined not only by the volume of investments, but also by the impact on at least one of the markets (financial, material products and services, labor), as well as on the environmental and social situation;

- by duration: short-term projects (up to one year) are associated with the development of new technological processes, with the renewal of equipment, etc. Long-term projects include scientific and technical developments (new technology, new products) and their development.

Any investment project is associated with the costs of its implementation and is developed to obtain certain benefits (income, profit). The limited period for which the set goals are realized is called the life cycle of the investment project.

Often, the life cycle of a project is determined by cash flow: from the first investment (costs) to the last cash receipts (benefits). The initial stage of the implementation of an investment project is characterized, as a rule, by a negative value of the cash flow, since the investment of funds is carried out. Subsequently, with the growth of project revenues, its value becomes positive.

The amount (value) of costs and benefits at the time of the birth of the idea of ​​investing in the project and at the time of the end of its operation are different. Concrete calculations of their value are possible based on the use of the theory of the value of money in time. The practice of project analysis allows you to summarize the experience of project development and list typical projects. The main types of investment projects that are found in foreign practice are as follows.

Replacement of obsolete equipment as a natural process of continuing the existing business on a constant scale. Usually, projects of this kind do not require very lengthy and complex procedures for justification and decision-making. Multiple alternatives may appear when there are several types of similar equipment, and it is necessary to justify the advantages of one of them.

Replacement of equipment in order to reduce current production costs. The goal of such projects is to use more advanced equipment instead of working, but relatively less efficient equipment, which has recently become obsolete. This type of project involves a very detailed analysis of the profitability of each individual project, since more advanced equipment in a technical sense is not yet unambiguously more profitable from a financial point of view.

Increase in production and (or) expansion of the service market. This type of project requires a very responsible decision, which is usually made by the top management of the enterprise. The most detailed analysis of the commercial feasibility of the project with an accurate justification for expanding the market niche, as well as the financial efficiency of the project, finding out whether an increase in sales will lead to a corresponding increase in profits.

Expansion of the enterprise in order to release new products. This type of project is the result of new strategic decisions and can affect the change in the essence of the business.

All stages of the analysis are equally important for this type of project. It should be especially emphasized that a mistake made in the course of projects of this type leads to the most dramatic consequences for the enterprise.

Projects with environmental impact. In the course of investment planning, environmental analysis is a necessary element. Projects with environmental pressures are by their nature always associated with environmental pollution, and therefore this part of the analysis is critical. The main dilemma that needs to be resolved and justified using financial criteria is which of the project options to follow: 1) use more advanced and expensive equipment, increasing capital costs, or 2) purchase less expensive equipment and increase operating costs.

Other types of projects that are less important in terms of decision-making responsibility. Projects of this type relate to the construction of a new office, the purchase of a new car, etc.

The goals of the business plan. Defining goals is a rather difficult task that must be solved before drawing up a business plan. Goals can be viewed as the desired state that the enterprise management personnel would like to achieve. In current practice, about 95% of managers cannot correctly formulate the goals of the enterprise in market conditions.

The procedure for determining goals includes setting the general goals of the enterprise, indicating its specific specific goals, which determine the intermediate stages in achieving general goals, prioritizing goals and their distribution over time.

Possible goals for developing a business plan for an enterprise can be:

- an increase in the capital of the enterprise;

- an increase in the rate of return;

- saturation of the service market;

- development of new types of goods and services;

- access to new product and service markets;

- development of other types of activity (diversification of production);

- other goals.

In order for a business plan to serve as a tool to achieve these goals, it must clearly formulate the answers to the following questions:

1) what is (or will be) the enterprise;

2) what new goods and services are offered to consumers, is there an effective demand for them;

3) what markets (local, interregional, national, foreign) are planned to be served;

4) how it is planned to surpass competitors and expand the scope of the enterprise;

5) why will a loan or investment make the company more profitable and competitive?

The structure of a business plan organically follows from its purpose as a document in which the results of pre-investment research are systematized according to a certain scheme. It describes the organizational form of the enterprise, the products and services that are planned to be provided, the proposed or actual location of the enterprise, the management and control plan, the required number of personnel and the possible risk.

It is almost impossible to create a market for goods and services without taking into account the various directions of marketing. The marketing section of a business plan deals with target markets, competition, sales, advertising, pricing. The business plan includes a description of the industry and its development trends, as well as data on the potential of the enterprise. The systematization scheme of the sections used in Russian and foreign practice is essentially the same and differ only in the form of presentation and arrangement of parts.

Calculation of the net flow of payments and determination of other financial characteristics of an investment project requires knowledge of a sufficiently large amount of initial data about the project.

In accordance with accepted practice, an investment project is usually investigated in dynamics over a period covering the capital construction phase (lasting three to five years) and the production phase and up to its curtailment (lasting up to 10-15 years). The initial data should reflect the temporal dynamics of the project implementation. It is not enough, for example, to know the total capital investment or the annual volume of production, but it is necessary to have a plan for capital construction, the development of production and changes in its scale over time.

It is also necessary to have an idea of ​​the economic situation directly related to the production and sale of products. It is necessary to take into account the probabilistic scenarios of general economic development, which are expressed in inflation, trends in the rate of bank interest on various types of credit, the ruble against the dollar and other indicators.

Investment planning is the development of a program of measures or an action plan that will allow the investor to invest the available funds with maximum efficiency in the assets existing in the financial market.

Planning for future investments is one of the most difficult strategic tasks, without which it is impossible to successfully engage in investment activities. This statement works not only at the micro, but also at the macroeconomic level. In other words, any subject of the investment process needs to draw up an investment plan: a private investor, enterprise, municipality, region and state.

When planning, an investor must take into account the current state of the economy, the existing inflation, the specifics of the taxation system, the prospects for the development of financial markets and other significant indicators.

Drawing up an investment plan provides for the practical solution of the following tasks:

  • determine the need for attracting additional funding sources to the project;
  • define a strategy for interaction with third-party investors;
  • evaluate the profitability of the project and the ability to pay for the attracted capital;
  • prepare a financial calculation of the effectiveness of investments, taking into account the return of borrowed money;
  • develop a detailed business plan that can be made available to potential investors.

High-quality planning allows you to successfully solve all of the listed tasks, in the shortest possible time to attract the missing funds and launch an investment project.

Basic rules

In order to make planning for future investments truly effective, the investor should adhere to a set of basic rules.

  1. Before making specific decisions on investing money, the investor needs to understand the goal setting. In other words, he must formulate a clear, unambiguous goal towards which the investment will be directed. Without this, it is impossible to launch a successful investment project. After all, understanding the goal allows you to choose the best way to implement it.
  2. Already at the initial stage of investment planning, before the start of the project, the investor should not only imagine the costs of acquiring the selected asset. You should look to the future. Thus, you can accurately predict further spending that may be needed in the future. Let's take an example. If a real estate object is chosen as an investment asset, then in the future it will be necessary to pay taxes for it annually. If an investor invests money in precious metals or works of art, then he will automatically have expenses associated with their safe storage. For example, a monthly payment for a safety deposit box.
  3. The profitability of a long-term investment will depend on a huge number of variables. The investor should be aware that past successful investment experience in any area may not bring the desired effect on the next project. In such a situation, it is simply necessary to be able to make high-quality forecasting of investments by analyzing the main trends in the development of the economy.
  4. An integral part of any project is the investment schedule. That is, the investor must determine in advance the amount of money spent and distribute them over specific periods of investment.
  5. Risks are an integral part of the investment process. The longer the payback period of the project, the more risky it is. Thus, at the planning stage, it is imperative to take into account the time factor.

Enterprise planning

There are always several parallel investment projects before the management of the enterprise. In this regard, the planning work for one project should take into account all the others. To successfully solve such a problem, it is necessary to create their hierarchy. That is, it is necessary to determine which project is of paramount importance and will be carried out in a priority order. As a rule, most of the company's investment resources will be directed to it.

In each case, a business plan is drawn up. It is on the basis of this internal document that each of the projects will be implemented. If the return on investment is lower than the national average rate of a bank deposit, then the business plan is subject to revision.

The ranking of investment projects is carried out according to several key parameters. The main ones are payback periods and net present value.

Business plan

Any investment project must have its own business plan. It is an analytical document with a descriptive and expenditure part.

The descriptive part includes the characteristics of the company, the specifics of the investment project, the current state of the relevant market, the production program, features of the management structure and other parameters.

The estimated part includes the stipulated amount of project financing, calculations of the main financial indices, indicators of economic feasibility and efficiency.

Immediately before the calculation part, as a rule, a table is placed containing the basic data on the project in question. It contains information reflecting current and future inflation, stock market dynamics of prices for the national currency, the key interest rate of the Central Bank, the lending rate of the bank involved in financing the project, the discount rate and other data.

The business plan ends with a specific conclusion that shows the profitability and feasibility of implementing an investment project.

The key to successful investment management is the planning of the company's investment.

Any organization, whether it is the implementation of a real investment project, the launch of new capacities or new production, investments in financial assets, or only the consideration and analysis of such decisions, all these aspects of activities are directly interconnected and subject to investment planning.

Today the importance and role of investment planning is increasing. This happens due to the fact that the result of investment planning is the development and formulation of specific tasks and benchmarks for the investment activities of the enterprise, which in turn makes it possible to determine the ways to achieve these goals and contributes to the pain of an easy and accurate assessment of the investment activities of the enterprise as a whole.

Investment planning determines the direction of the organization's development, identifies sources of funding, concretizes marketing policy, selects a list of necessary studies to improve production, etc.


Investment planning is a mechanism that allows an enterprise to develop and improve the efficiency of its own investment activities by developing a system of plans and methods for making investments and highlighting the most significant indicators and control over them.

Investment planning and its stages

  • investment forecasting
  • ongoing investment planning
  • operational planning of investments.

Forecasting, as part of investment planning, is a reflection of the organization's strategy. It reflects the most promising and strategically important areas of investment activities for the enterprise.

Ongoing investment planning as part of investment planning, is inextricably linked with the operational and financial activities of the organization and identifies:

  • forms of investment activity and sources of their financing
  • structures the income and expenses of the enterprise
  • contributes to the financial stability and solvency of the enterprise
  • allows you to estimate the planned income and asset growth.

Operational investment planning, as part of investment planning, is aimed at the most profitable and successful placement of investment resources in order to achieve the goals and objectives that are spelled out in the investment strategy of the enterprise.

Investment planning consists of two main parts: strategic and tactical planning.

Project managers and organizations, leading managers and specialists take part in strategic planning. The result of strategic planning is the drawing up of a concept for the development of the enterprise and the definition of its priority tasks.

Tactical planning is aimed at finding methods, methods and directions for carrying out investment activities. The main function of tactical planning is the distribution of powers, the development of plans and the setting of specific tasks for production units in order to implement and implement the strategic goals of the enterprise.

Each activity has a planning stage; in the financial sphere, special attention is paid to this issue. An investment plan is a project that includes both a description of the stages of work in a business and an analysis of potential risks, a scenario of behavior in a particular case. Development of an investment plan is a mandatory requirement, regardless of the volume of investments, therefore, each investor must have the appropriate skills to draw up it.

What is an investment plan and its differences from a business plan

The essence of this document is that it is a complete strategy for achieving the set goals and objectives, as well as the expected results of investments. In a broad sense, any person can create an investment plan, and not only in relation to the financial side, but also in any other area of ​​life.

In practice, this document is also called an investment (strategic) project, strategic investment plan or business plan. These concepts practically coincide, since in all cases we are talking about planning investments in the enterprise, the expected results of the investment and the specific timing of their achievement. However, there are some differences between an investment and a business plan:

  1. A business plan is a specific study of a newly created or ready-made business, a description of investments, a full estimate of the estimated costs, participants in the process and a description of the expected time frame for achieving results.
  2. The investment plan largely coincides with it in structure, but it is a long-term investment planning both in one and in several types of business at once.

Therefore, a plan is a strategic project, and a description of business development is often an integral part of it. Thus, we can say that a business plan is the most important part of a strategic project. Therefore, the concepts are often used with the same meaning, which is not an error.

Purpose, tasks and functions

Each plan has its own goals and objectives. In a global sense, the goal of a strategic project is to determine the investment object, the timing of the profit and the expected results from investment planning. That is, when setting a goal, the expert must clearly answer the question of whether the investor will be able to achieve his goals within the set time frame when investing a specific amount in the enterprise. Accordingly, the following tasks follow:

  • attraction of investments;
  • creation of new jobs;
  • improvement of key economic indicators, business expansion;
  • correct prioritization, highlighting the main and secondary directions of business development;
  • analysis of the sales market (for this it is necessary to draw up a separate marketing plan).

Therefore, the development of a strategic project performs several functions at once:

  • creation of a business concept, a model of its development;
  • practical implementation of this model, analysis of possible risks;
  • attraction of new financial resources, search for sources;
  • calculations and assessment of the effectiveness of previously made investments.

To implement them, it is necessary to take into account several requirements for the preparation of this document at once. It should contain specific qualitative and quantitative indicators, real goals that are supposed to be achieved in a given period. Also, any plan should contain a complete list of its strengths and weaknesses. In fact, it is the analysis of risks that makes it possible to achieve the financial stability of the company, since the advantages of the business should not distract the investor from forecasting possible difficulties.

Regardless of the specific type of business, the structure of the plan looks approximately the same for all cases. It includes an introductory part with a description of the project, the main part, where the stages, investment volumes and the desired results are prescribed in detail, as well as completion with tracking of all key indicators, analysis of the actual market situation.

Introductory part

The introductory part is not just an introduction describing planning, but a project passport, which contains the following data:

  1. The name of the project that reflects its essence. Often it coincides with the name of the company, although it may differ from it - for example, in cases where the same company implements several strategic projects at once.
  2. Detailed description of the enterprise. Its full name, constituent documents, details, main and secondary directions of activity are given. In the introduction, the positions and names of all managers of the company, its key employees (chief accountant, heads of sales, advertising, security services, etc.) are indicated.
  3. A detailed description of the products or services that the company provides. This section not only lists the products, but also describes its advantages and disadvantages from a marketing point of view. Provide a description of the competitive advantages (real and potential).
  4. Description of the stages of the goals realization. An investment schedule is drawn up over different periods of time. When implementing it, the expected demand for a product or service, the growth rate of wages for different employees, fixed costs (rent, depreciation, transportation costs, etc.) are taken into account.

Marketing plan

It is an analysis of the features of the sale of products:

  • market analysis;
  • goals and development strategy of the company in the foreseeable period (next year);
  • tactics, detailing of each stage (detailed description of the strategy);
  • budget, analysis of expenses and income (fixed and variable);
  • control system for the implementation of the plan, the possibility of its correction.

Organization of the project implementation process

This is one of the most important components of an investment plan. Here the project itself, the stages of its implementation (terms, sales volumes, costs and expected results) are prescribed in detail. Usually this information is presented in the form of a graph, which is compiled taking into account various factors:

  • decrease or increase in demand;
  • dynamics of purchase prices;
  • current market conditions;
  • development forecast.

At each stage of the project implementation, responsible persons are appointed, forms of control of their work and the activities of other subordinate employees are established.

Financial plan

A financial plan, in essence, is a budget with monthly (quarterly, annual) income and expenses of the enterprise. Revenue is calculated based on indicators of business development (for example, sales volume, trade margin, average check). Costs - based on fixed and variable costs:

  • rent;
  • purchase of goods;
  • salary fund;
  • taxation;
  • transportation costs, etc.

Conclusion

The conclusion should contain reasonable conclusions about whether it is worth doing this project at the moment, how best to enter the market, for example:

  • minimum investment in the initial period;
  • location of the company (store);
  • pricing policy, aggressive market conquest.

Also, the conclusion should contain specific answers to all questions of the investment plan, a description of the stages of its implementation. Therefore, the conclusion is a summary of the project with a brief description of all its points.

Investment plan example

It is possible to develop a strategic project for the development of a company only with the appropriate skills. However, a business plan for a small company (small business), if desired, can be drawn up by anyone. As an example, we can take the opening of a toy store with the code name "Fairy World".

In practice, the plan for a specific project may differ slightly from the theoretical scheme, but in fact it will always include a cost estimate, risk analysis, marketing and financial plan.

Introduction

The name of the store is “Fairy World”. The main products are toys for children, goods for children under 15 years of age. Product advantages:

  • constant demand;
  • psychological characteristics of the consumer (it is more difficult to refuse a purchase to children);
  • the client purchases goods not only in connection with the holiday, but also in everyday life (baby food, clothing, stationery, etc.).

Weak sides:

  • high competition;
  • the presence of large companies that can offer a lower price;
  • high rental costs (it is usually advisable to locate such a store in large shopping centers).

Calculation of the initial investment

The initial investment estimate is about 4 million rubles based on the following calculations:

  • rent of premises for 1 month 150 thousand rubles;
  • repair of the premises 600 thousand rubles;
  • purchase of equipment for trade 400 thousand rubles;
  • purchase of the first goods 2 million rubles;
  • advertising costs 300 thousand rubles;
  • organizational expenses for business registration and execution of other documents 100 thousand rubles;
  • spare funds for actions in unforeseen situations 250 thousand - 400 thousand rubles.

Room selection

This is a very important point, since at least 50% of the profit depends on the choice of a specific location. In this case, they are guided by the following factors:

  • location in large shopping centers with a constantly high flow of customers, including families with children.
  • the location of nearby kindergartens or schools, as well as other educational institutions;
  • another factor is the proximity of new buildings (new neighborhoods), where young families usually live.

Recruitment

Minimum need to hire 6 people:

  • manager (manager);
  • 3 sales consultants working in shifts;
  • accountant;
  • Warehouse Manager.

Marketing plan

The most frequently chosen format is self-service, i.e. cash and carry. In this case, it is necessary to analyze the assortment of the store especially carefully. It should be quite varied and designed for any family budget:

  • cheap plastic toys (consumer goods) and expensive goods (board games, collectible models, game mechanisms);
  • there must be branded products associated with children's films, for example, the series "Smeshariki", "Angry Birds", etc .;
  • display of goods in strict accordance with the principles of successful merchandising (by prices, color, design, in accordance with zoning, etc.).

Financial plan

This calculates the fixed costs required to maintain the normal state of the business (in monthly terms):

  • payroll and insurance contributions from 150 thousand rubles;
  • monthly rent 150 thousand rubles;
  • outsourcing (cleaning, also later the accounting department is transferred to it) 15 thousand rubles;
  • payment for utilities of the premises 30 thousand rubles;
  • taxation costs 10 thousand rubles;
  • advertising expenses 50 thousand rubles;
  • other (unforeseen) expenses 30 thousand rubles.

In total, it turns out about 400 thousand rubles. monthly.

Risk analysis

Risks include manifestations of business weaknesses, which were described above:

  • high competition among stores in a similar segment (small business);
  • competition from large players (network companies);
  • seasonal dependence (the largest volume of sales during the New Year holidays, a decline in the summer);
  • increase in payments for rent and other costs (utility bills, purchase prices, etc.).

Expected return

Also, in the investment plan, it is necessary to prescribe in detail the expected level of income. It should be formed on the basis of specific indicators:

  • trade margin is minimum 50%, maximum 200%, average 100%;
  • the average check (excluding the margin) is about 800-1000 rubles;
  • the number of checks (sales) per day - on average 50;
  • daily income of about 30 thousand rubles;
  • monthly income of about 900 thousand rubles.

Thus, in pure terms, the store can bring about 400-500 thousand rubles. revenue monthly. This is an average value that can vary significantly depending on the season.

In conclusion, you need to make an informed conclusion about whether it is worth doing such a business, as well as where exactly to start, where exactly to open a store. That is, the conclusion is the answers to all the questions outlined in the plan and the corresponding conclusions.

Investment planning is at the heart of an enterprise's investment management. All investment decisions on the implementation of real investment projects and programs, the investment of funds in financial assets, as well as decisions on their financing are objectively interrelated, which means that they cannot be taken separately and planning tools must be used to link these decisions.

In the new economic conditions, the importance of investment planning is increasing. In the course of planning, a business direction is chosen, plans for financing, production, marketing policy, research, etc. are developed. All investment measures and their consequences must be calculated in advance in order to avoid negative financial consequences. Planning contributes to the setting of very specific goals, which serve as a way to motivate investment activities and allow you to establish criteria for assessing the results of the enterprise.

In the conditions of free enterprise, planning becomes a purely intrafirm event, and enterprises, to one degree or another, pay attention to both the analysis of activities and forecasting. However, a serious problem lies in the instability and unpredictability, abrupt changes and excessive politicization that are so characteristic of the Russian economy. These prerequisites significantly complicate accurate long-term forecasts and planning of activities.

Investment planning is the process of developing a system of plans, planned (normative) tasks and indicators that ensure the development of an enterprise using the necessary investment resources and contribute to improving the efficiency of its investment activities.

In the process of investment planning, there is a close relationship between the determination of the general strategic direction of the investment development of the enterprise and tactical planning. Investment planning at the enterprise consists of three most important stages:

forecasting investment activities;

current planning of investment activities;

operational planning of investment activities.

Strategic planning is most directly related to making investment decisions in order to carry out investment activities and, as an activity aimed at the vision of the future of the enterprise, must ensure the coordination of the long-term goals of the enterprise and the use of resources. The top management of the enterprise participates in strategic planning, which determines the development concept, the main and main goals of the enterprise, the development strategy for the forthcoming promising period (5-10 years).

Forecasting, as an element of planning, focuses on the most serious, strategically important, promising areas and forms of investment activity. Forecasting investment activity is associated with the development of a general investment strategy and investment policy of the enterprise.

The development of the company's investment strategy is based on the concept of strategic management, which has been widely implemented since the early 70s. last century in the United States and Western Europe. The basis of strategic management is strategic planning. Something similar was used and successfully developed in the USSR in the form of long-term planning. However, if traditional long-term planning is based on the concept of extrapolating the existing development trends, then strategic planning also takes into account the system of opportunities and dangers of enterprise development that can change the existing development trends, and also identifies the most likely events and results and determines the most optimal options for action.

The search for directions and acceptable conditions that ensure the successful implementation of strategic plans, the specification of specific goals and numerically measurable indicators that objectively reflect the expected results of activities, force the management and managers of the enterprise to carry out tactical planning. Its main goals are setting tasks for individual departments, delegating authority and developing current plans.

Current planning is carried out in conjunction with the planning process of the operational and financial activities of the enterprise, is calculated, as a rule, for a period of up to one year and allows:

determine all forms of investment activities of the enterprise and the sources of its financing;

to form the structure of income and expenses of the enterprise;

ensure the financial stability and constant solvency of the enterprise;

predetermine the growth and structure of the company's assets at the end of the planning period.

The company is developing several types of current investment plans. The basis is a plan for the total volume of investment activities in the context of individual forms of real and financial investment. The main goal of this plan is to ensure a simple and expanded reproduction of retired fixed assets and intangible assets, as well as the growth of the company's financial assets.

^ The plan of income and expenses for investment activities reflects all the costs associated with real investments and an increase in the volume of long-term financial investments. This plan determines the volume of needs in financial resources for the implementation of the planned investment projects and programs, as well as the possible receipt of these resources in the process of investment activities.

The plan for the receipt and expenditure of funds in the process of carrying out investment activities characterizes the results of forecasting cash flows from investment activities and provides a clear relationship between the indicators of cash inflows, their spending in the planning period and the amount of net cash flow for investment activities at the end of the period. The purpose of developing a plan is to ensure the financial stability and solvency of the enterprise throughout the planning period.

The balance sheet reflects the results of forecasting the composition of assets and the structure of the use of the company's financial resources. It determines the necessary increase in certain types of assets, ensures their internal balance and contributes to the formation of an optimal capital structure, which ensures sufficient financial stability of the enterprise. When developing a balance sheet, an enlarged scheme of the balance sheet items of the enterprise is used.

Operational planning of investment activities is considered as a set of measures for the efficient allocation of financial resources among alternative investment options.

The main tasks of operational planning are in the distribution and efficient allocation of financial resources in order to implement the planned strategy, in the development of coordinated and coordinated budgets, as well as control over the quality of their execution. In this case, the planning horizon does not exceed 12 months.

In the process of operational planning, the investment budget of the enterprise is developed. It reflects the volume and composition of all costs associated with investment activities, provides coverage of these costs by investment resources from various sources and determines the amount of financing required for the implementation of specific forms and options for investment in the enterprise. The investment budget of the enterprise always details the indicators of the current investment plans and is developed within one calendar year with a breakdown by months and (or) quarters.

An investment budget should not be confused with an investment project budget. The budget of an investment project is a financial plan (estimate), which details all inflows and outflows of funds throughout the entire life cycle of the investment project. A special place in the content of the budget is occupied by information on the initial investment in the project.

The enterprise can develop different budgets. Their types are determined by various classification features (Table 3).

By types of investment activities, enterprises are: budgets of real and financial investment, budgets of investment activities in general.