Concepts and forms of investment planning

All investment decisions on the implementation of real investment projects and programs, investing funds in financial assets, as well as decisions on their financing are objectively interconnected, which means they cannot be made separately and planning tools must be used to connect these decisions. During planning, the direction of business is selected, plans for financing, production, marketing policy, research, etc. are developed. All investment activities and their consequences must be calculated in advance to avoid negative financial consequences. Planning helps set very specific goals that serve as a way to motivate investment activities and allow you to establish criteria for assessing the performance of the enterprise. Investment planning- the process of developing a system of plans, planned (normative) targets and indicators that ensure the development of the enterprise using the necessary investment resources and help improve the efficiency of its investment activities. In the process of investment planning, there is a close relationship between determining the general strategic direction of the enterprise's investment development and tactical planning. Investment planning at the enterprise consists of three most important stages: 1.Forecasting, as an element of planning, focused on the most serious, strategically important, promising directions and forms of investment activity. Forecasting investment activity is associated with the development of a general investment strategy and investment policy of an enterprise.

Strategic planning must ensure alignment of the enterprise's long-term goals and the use of resources. determines the development concept, the main and main goals of the enterprise, the development strategy for the upcoming long-term period (5-10 years). 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 activity, force the management and managers of the enterprise to carry out tactical planning. The goal is to develop current plans. 2. Ongoing planning carried out in conjunction with the process of planning the operational and financial activities of the enterprise, is designed, as a rule, for a period of up to one year and allows: - to determine all forms of investment activity of the enterprise and sources of its financing;

Form the structure of income and costs of the enterprise;

Ensure the financial stability and constant solvency of the enterprise;

Predetermine the growth and structure of the enterprise's assets at the end of the planning period.

plan for the total volume of investment activities

Plan of income and expenses for investment activities Plan for receipt and expenditure of funds Balance plan 3.Operational planning investment activity is considered as a set of measures for the effective placement financial resources among alternative investment options. The main tasks of operational planning are the distribution and effective placement of financial resources in order to implement the intended strategy, the development of agreed and coordinated budgets, as well as control over the quality of their execution. The planning horizon does not exceed 12 months. In the process of operational planning, an enterprise's investment budget is developed. It reflects the volume and composition of all expenses associated with investment activities, ensures that these expenses are covered by investment resources from various sources and determines the amount of financing required to implement specific forms and investment options in the enterprise. The investment budget of an enterprise always details the indicators of current investment plans and is developed within the framework of one calendar year broken down by month and (or) quarter. By type of investment activity, enterprises make up: budgets of real and financial investment, budgets for investment activities in general. Based on types of costs, budgets are divided into current and capital. Based on the breadth of the cost range, functional and comprehensive budgets can be developed. Based on development methods, a distinction is made between stable and flexible budgets. A special form of operational planning of investment activities is payment schedule. It is developed both for the enterprise as a whole, detailing the current plan for the receipt and expenditure of funds for investment activities, and for individual types of cash flow (tax payment calendar for investment activities; payment calendar for settlements with suppliers, etc.). The payment calendar is usually drawn up for the planned month, with tasks divided into decades, weeks and days. It consists of a schedule for spending funds (upcoming payments) and a schedule for receiving funds. The cash expenditure schedule reflects the timing and amount of payments of the enterprise in the planning period for all types of its financial obligations. The cash receipt schedule is developed according to those types of cash flows for which there is a return flow, and thereby fixes the timing and amount of upcoming payments to the enterprise.

The concept of “business plan” means a plan entrepreneurial activity, entrepreneurship. IN market conditions in economic management, it helps to identify the range of problems that an enterprise, firm or entrepreneur faces in changing, unstable and sometimes difficult to predict market situations.

A business plan is a document containing a brief, accurate and understandable description of the proposed business activity, necessary when considering large quantity various situations, allowing you to select the most rational solutions and determine the means for their implementation.

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

A business plan is often prepared for negotiations between the entrepreneur and possible investors (for example, banks). It is especially necessary when negotiating with foreign companies.

If the concept " investment project” refers to an event (business), then the concept of “business plan” refers to an enterprise, a company. 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 the investment project. On the other hand, a business plan for an enterprise or company can be developed, which would include the planned results of the project. Such a business plan is developed when, for example, an investment project is being implemented at an existing 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 its own and borrowed funds. financial resources within the framework of an investment project.

And finally, for companies 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 concepts of “business plan” and “investment project” may be close in structure.

IN international practice the enterprise development plan is presented in the form of a specially designed business plan, which, in essence, is a structured description of the enterprise development project. If a project is related to attracting investments, it is called an “investment project.” Usually any new project enterprises are to one degree or another associated with attracting new investments. In the most general understanding, a project is a specially designed proposal to change the activities of an enterprise, pursuing a specific goal.

Projects are usually divided into tactical and strategic. The latter usually include projects involving a change in the form of ownership (creation of a rental enterprise, joint stock company, private enterprise, joint venture etc.) or a fundamental change in the nature of production (production new products, transition to fully automated production, etc.

P.). Tactical projects are usually associated with changing production volumes, improving product quality, and upgrading equipment.

For domestic practice the concept of a project is not new. Its distinctive quality of previous times was that the main directions of development of the enterprise, as a rule, were determined at a higher level in relation to the enterprise, the level of economic management of the industry. In new economic conditions the enterprise, represented by its owners and senior management, must itself worry about its future fate, independently resolving all strategic and tactical issues. Such activities in the field of investment design must be organized in a special way.

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

Investment planning is strategic and one of the most difficult tasks of enterprise management. During this process, it is important to take into account all aspects economic activity companies ranging from environment, inflation indicators, tax conditions, the state and prospects for market development, the availability of production capacity, 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 slightly in form, but its basic content is the same for everyone. Taking into account that in countries with developed market economic systems Having accumulated sufficient experience in the field of investment planning and analysis, it would be pointless to neglect this experience. Used today and generally accepted by everyone developed countries planning methods and criteria for assessing the effectiveness of investment projects are the very language that ensures dialogue and mutual understanding between investors and entrepreneurs different countries. These include methods for assessing the effectiveness of investment projects of such authoritative international organizations as UNIDO, the World Bank and European Bank reconstruction and development. What they have in common is that they are all based on classical principles investment analysis, built on the basis of the cash flow analysis method. Cash flow is the receipt (positive cash flow) and expenditure (negative cash flow) of cash in the process of carrying out the business activities of the enterprise.

Business planning is necessary to attract capital investment. Development of a business plan is one of the most important stages on the path to obtaining and using investments. An analysis of the global practice of attracting partners and investors shows that if an organization seeks to receive investment, it must have a clear idea of ​​the intended production, its scale, market potential, methods of implementation, 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 set up and manage your proposed business. The first and necessary condition for such conviction is a business plan.

As you know, investments are all types of assets (funds) invested in economic activity in order to generate income, expenses for the creation, expansion, reconstruction and technical re-equipment of fixed capital, as well as related changes working capital. After all, changes in commodity inventories are largely explained by the movement of expenses on fixed capital.

In Russia, the concept of “capital investments” includes costs for new construction, reconstruction, expansion and technical re-equipment of existing enterprises, costs for utility and cultural construction. Costs for major renovation are not included in investments.

Investment analysis is very diverse and includes:

1) analysis of investment dynamics, cleared of inflation, allows us to judge the investment activity of the company;

2) analysis of the investment structure, the objects of which may be:

– production structure of investments, characterizing the future picture of the company’s production diversification;

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

– reproductive structure of investments, i.e. the ratio between investments a) in new construction; b) expansion of existing enterprises; c) technical re-equipment and reconstruction of existing enterprises (“b” and “c” are cheaper than new construction);

– technological structure of investments, i.e. the ratio of costs to construction – installation work and for the purchase of equipment, machinery and tools. The most effective structure is one in which the active part predominates;

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

3) other areas of investment analysis (primarily, analysis of their profitability).

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

– dependence of the value of money on time; funds in different times have different prices;

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

– the role of information (its uncertain flows are distributed over time, there is no information about the consequences).

There are markets that provide an opportunity for individuals to achieve advantages for themselves in relation to the three listed points. There may be some businessmen whose short-term plans are completely independent of the actual results of investments, and they will not pay anything for information relevant 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 attitudes to the value of money depending on time and the presence of risk convince us 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 when making investment decisions is the “recoupment” method. The time required to cover the initial investment is calculated and this indicator is compared with maximum period payback. For example, an investment of 1 billion rubles, bringing 250 million rubles. per year will have a payback period of four years. Unfortunately, payback is not a reliable indicator of risk. For example, casino gambling has a shorter payback period than buying government savings shares, but involves significantly more risk.

The second most popular method of determining the profitability of an investment is the return on capital invested, which is expressed by the average return made on the average investment. Since income and investment are ordinary accounting figures, when determining the return on invested capital, the value of money taking into account the future period is not considered. 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. Because this metric tends to understate the actual return on an investment, its use leads to the erroneous conclusion of rejecting investments that should actually be accepted.

Other methods include several discounted cash flow measures. These indicators are more reliable than those described above. Thus, the net present value method is characteristic, which has been increasingly used in investment evaluation in recent years. Now it is difficult to find a company that does not use this method. The first step in calculating the net present value of an investment is to select a discount rate (percentage). The second step is to calculate the discounted equivalents of all cash flows associated with the investment (after taxes) and the sum of these equivalents to obtain the net present value of the investment. The net present value of an investment is the amount of money a firm can earn above the cost of the investment without breaking even. It is also the discounted value of all future earnings when earnings are calculated after the capital costs of the investment. Net present value is the amount a firm can receive over and above the cost of the investment. It is also the present value after depreciation and amortization.

Some people prefer to use a percentage, often called the internal rate of return. Other names are also used for this indicator: 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 income and investment are properly valued, taking into account the time value of money, then the return on investment in each year will be equal to the internal rate of return on the investment. The rule that follows from the internal rate of return method is that all investments that have an internal rate of return higher than the required return are acceptable (assuming that the cash flows are the same as for normal investments, i.e. one or more periods of outflow of money are followed by periods of inflow).

Let us dwell on the characteristics of the sources of capital investment. Behind last years Russian economy suffered huge losses. To restore lost positions, 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 volumes of their economic sources. These include the depreciation fund, net savings of the national economy (profits 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 commodity - material assets from reserves), emissions credit money and foreign capital.

In organizational terms - financially sources of investment are divided into own funds enterprises (depreciation charges, proceeds from the sale of disposed assets, mobilization of internal assets, retained earnings and other cash savings), borrowed funds (bank loans, financial loans) investment structures, funds from the placement of the issue valuable papers enterprises, debt to creditors), centralized resources (non-repayable budget allocations and preferential investment government loans), foreign investment(contributions to authorized funds and purchase of shares of enterprises, loans from foreign banks and international organizations and funds from individual citizens. For the formation internal sources investments can be purposefully influenced by government methods economic regulation(budgetary - tax and depreciation policy, activities of monetary and stock markets, credit and emission policy Central Bank states). These sources form a mass of financial resources controlled in size and direction of movement. Their influence on inflation growth can be completely eliminated by the implementation government programs structural restructuring, defining industrial and investment policy priorities.

Attracting foreign capital, replenishing the national investment fund, creates ambiguous consequences for the economy. Firstly, unlike foreign credits and borrowings, foreign direct investment can create additional production demand in the domestic market, thereby helping to stabilize the economic and financial situation countries. Moreover, foreign direct investment is not associated with an increase external debt states. Secondly, external sources capital investments controlled by foreign partners. They take little into account the national interests of production and strive to transfer production investment functions (construction and installation work, installation and debugging of equipment) to foreign firms. This practice leads to a reduction in domestic output of technological equipment, construction machinery and materials, and specific employment of the population, which ultimately increases inflation. Thirdly, external sources of investment import inflation from other countries 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 gross domestic product, in the second, they enter into the economic circulation of the country without being the result of this process. The first group includes everyone economic sources capital investments, except for the issue of credit money and foreign capital. The formation of this set of financial resources is associated with accumulation and redistribution between the consumption fund and the money supply accumulation fund. 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 are increasing money supply in circulation. If, as a result of investment, the increase in the amount of money exceeds the economy's total need for means of payment, inflation will accelerate. The greater the share and amount of sources of non-productive origin in the total volume of capital investments, 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 retired fixed assets. This fund is a source of financing for the intensive renewal of fixed assets. An increase in the depreciation component is usually associated with a reduction in the share of net investment, the attraction of which indicates a transition to an extensive development path. Experience of countries with market economy shows: the lowest share of net investment is typical for mass retirement and renewal of fixed capital. During the period of its expanding accumulation, the share of net investment increases. As a result of the periodic alternation of these processes, corresponding changes occur in the share of net investment in the total volume of capital investment; in absolute terms, it is constantly decreasing. Under the current depreciation and tax policy The state 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 labor tools and stable prices for material resources, the amount of renovation contributions coincides with the cost of fixed assets used for replacement. The sinking fund is a very stable source of investment. Its size is determined by the volume of fixed assets used, the valuation 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 the stability of prices. Depreciation deductions are not taxed. However, they are also subject to inflationary processes and, in the case of long-term accumulation, depreciate, which leads to their inconsistency replacement cost of retiring fixed assets by the end of regulatory period services.

Let's look at the features investment sphere. In this area, the most important structural relationships are formed between accumulation and consumption, accumulation and investment, investment and growth capital property, costs and return on investment.

Investments can be classified according to various criteria. In terms of form, investments can be classified into one of three groups: financial investments; production investments; investments in other real assets.

Based economic essence financial documents 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 riskier than debt securities because they do not offer a guaranteed return (except preferred shares), however, they attract investors with the opportunity to receive 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 yields, stocks provide better asset protection against the effects of inflation than 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 the investor by participating in the creation of a fund of funds, which are then placed in other types of investments, i.e. in the formation investment portfolio. Features of cooperation with investment fund is the investor's passivity in relation to the process of forming an investment portfolio.

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

Production investments come in two main types: investments in the creation and development of other enterprises, as well as in the development of one’s own activities - reproductive investments. They can be carried out in the form of lending or in the form of financing an investment project. Such a project, unlike financing, is a relationship based on the conditions of urgency, repayment and payment.

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

A special case of industrial investment is leasing. At the same time, a financial and credit institution makes investments 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, leasing margin and risk premium. The core of any leasing transaction is credit operation. The peculiarity of leasing operations is that, on the one hand, leasing represents an investment of funds on a repayable basis in fixed capital. In this case, the conditions of urgency, repayment and payment are met. On the other hand, the participants in the transaction operate with capital not in monetary form, but in production form. That's why leasing operation can be defined as production in form and credit in content, i.e. it has a debt character.

Let us note that the scale of leasing development in the world is impressive. Thus, 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 remain aloof from the highly efficient investment leasing business. Our government is now seeking to attract $15 billion in investment 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 %).

The main content of investment projects is usually reflected in business plans, where, first of all, a detailed description of the initiator of the investment project is given - the enterprise that intends to use the facilities created as a result of the implementation of the investment project. The main thing here is the financial solvency of the project initiator, the sustainability of its activities and the provision of investment loans with its own property.

The business plan provides a detailed justification for the attractiveness of the product: its advantages over analogues, compliance with environmental standards, and the ability to occupy a certain niche in the markets. The ability of the enterprise to maintain a certain market share of a given type of product is shown. To do this, information is provided on the share of the main competitors in the relevant markets and the average prices of their products, the company’s market strategies 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, after-sales service, etc. .

Based on this, the projected annual output, unit price and profitability, as well as the volume and structure of financial resources necessary for the implementation of the project are determined. Given that receipts and payments must be made at current prices, special attention should be paid to projected estimates of inflation for various components of costs and receipts. In addition, it is advisable to use scenario approaches to assess parameters corresponding to optimistic and standard conditions for project implementation. If necessary use borrowed money The business plan contains calculations of the payback period of the project and the procedure for settlement of loans provided. In the event that the payback period for a project exceeds the value acceptable to the investor, special obligations are provided for on the part of the project initiator.

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

– obtaining 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 future needs of the investor;

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

– increasing the profitability of 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 for the formation of integration structures can be:

– the possibility of obtaining a sustainable income on invested capital;

– management of capitalization processes (in case of acquisition controlling stake shares) and increase on this basis the market value of shares owned by the investor;

– opportunities to access transactions in freely convertible currency.

For the enterprise in which the investment is made:

– reducing taxation through various forms of joint activities;

– availability of a guaranteed sales market for part of the products;

– increasing the competitiveness of products and increasing their output through production transformations;

– increasing the level of production profitability.

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

– export-oriented production with competitive products;

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

– supply and sales sphere – carrying out the functions of syndicates in combination with the parallel consolidation of other infrastructure units and financial resources of the participants.

During the transition to a market, it is important to create conditions for the emergence of missing financial mechanisms and organizational structures, first of all, the formation of large corporations and concerns. They will become the base of large intercorporate structures, including financial and industrial groups (FIGs). As the experience of developed countries shows, financial industrial groups ensure the stability of the economy and allow solving investment problems. This is especially true for Russia, since it was the area of ​​investment that suffered the greatest destruction during economic reforms. This is especially important for regions where the structure of production is dominated by investment industries (fuel and energy complex, metallurgy, chemical and forestry complex, etc.) and convertible industries. Financial industrial groups can become our most important means of implementing the state's selective structural policy. Through these large integrated structures it is easier for the state to carry out special industrial policy, protecting the domestic market against competition from foreign firms, regulating competition within the country within reasonable limits on the basis of decreasing costs and increased investment.

Everything noted above leaves its mark on targeted business planning, where in order to attract investment, some adjustments should be made to the structure of the plan. First of all, at the first stage of negotiations with an investor, you can use not the full business plan, which has a significant volume, but its condensed version. The abridged plan usually retains the main features of the full plan, but is significantly shorter (4–5 pages instead of 40–50). If the investor is interested, the abbreviated plan is supplemented by an expanded one. As for individual sections of the business plan, important has a short summary. It is possible that the future investor to whom the company is going to approach receives many offers of cooperation, reads dozens of business plans, so the summary should give short review the essence of a business proposal that can attract the attention of an investor and stimulate him to further familiarize himself with the business plan. To achieve optimal results, it is preferable to prepare a resume after working on the remaining sections of the business plan. The summary should include two to three sentences from each section and several of the most striking digital data. When 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, i.e. in the form of tables and graphs, and supported by links to sources or authoritative statements by experts. If the business plan deals with products, it is advisable to attach a drawing, photograph of the product or an advertising brochure to it. If we are talking 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 useful to provide a list of consumers who are familiar with the goods or services and are able to provide information about them. positive feedback. Such evidence may be presented in a report or included in an annex to the plan.

When drawing up a business plan, it is important to avoid one very serious mistake - embellishing reality. If a company wants to establish itself in the industry for a long time and seriously, in no case should one succumb to the temptation to exaggerate its own merits, keeping silent about shortcomings or flaunting the imaginary 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 develop a reputation as unprofessionals or, worse, as deceivers. Then obtaining new credit resources will be much more difficult and expensive. Therefore, it is better to evaluate competitors very soberly, pointing out those real gaps in their strategy that open the path to success for the company. Only in this case is the company guaranteed respect from investors and more high chances to receive capital investments.

There is another potential danger that awaits the company and the plan it has developed. It is impossible to guarantee one hundred percent that the plan drawn up will only go to a bona fide investor. It may fall into the hands of competitors or simply dishonest people whose goal is to obtain well-researched and prepared business information for which they are not going to pay. Currently, a large number of foreign companies are hunting for ideas and scientifically - research work, which were carried out in Russia and the CIS and are being carried out now. High level scientific research and design developments of Russian scientists are widely known and recognized throughout the world. The Russian mafia is also interested in such information. Therefore, there is a high chance that the company’s business plan will be used independently of it and not in its interests. This is compounded by imperfection Russian legislation about copyright and information protection, as well as general confusion on domestic market information.

To avoid unauthorized use of a business plan, it is advisable, when citing calculations and digital information in documents, not to go into detailed descriptions of technology, equipment, and the manufacturing process of 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 discussed in the project, i.e. mention the presence of patents, licenses, “know-how” of the company and methods of its protection. You can indicate a list at the end of the business plan officials who have the right to allow other persons to view it.

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

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

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

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

Investment projects implemented by enterprises (firms) vary:

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

– by scale: projects are divided into global, large-scale, regional, sectoral, city-scale and local. The scale of the project is determined not only by the volume of capital investment, 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 equipment upgrades, etc. Long-term projects include scientific - technical developments (new technology, new products) and their development.

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

Often life cycle The project is determined by cash flow: from the first investments (costs) to the last cash receipts (benefits). The initial stage of implementation of an investment project is characterized, as a rule, by a negative value cash flow, since funds are being invested. Subsequently, with an increase in project income, its value becomes positive.

The magnitude (value) of costs and benefits at the time the idea of ​​investing in a project is born and at the time its operation ends is different. Specific calculations of their value are possible based on the use of the theory of the value of money over time. The practice of project analysis allows us 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.

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

Replacement of equipment to reduce current production costs. The goal of such projects is to use more advanced equipment to replace working, but relatively less efficient equipment, which is Lately has become obsolete. This type of project requires a very detailed analysis of the profitability of each individual project, since technically more advanced equipment is not necessarily more profitable from a financial point of view.

Increasing product output and (or) expanding the services market. This type of project requires a very responsible decision, which is usually made by the top level of management of the enterprise. It is necessary to analyze in more detail the commercial feasibility of the project with a careful justification for expanding the market niche, as well as the financial efficiency of the project, determining whether an increase in sales volume will lead to a corresponding increase in profits.

Expansion of the enterprise to release new products. This type of project is the result of new strategic decisions and may involve a change in the nature of the business.

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

Projects with environmental impact. During investment design, environmental analysis is a necessary element. Projects that have an environmental impact are by their nature always associated with environmental pollution, and therefore this part of the analysis is critical. The main dilemma that must be solved 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 whose significance in terms of decision-making responsibility is less important. Projects of this type concern the construction of a new office, the purchase of a new car, etc.

Goals of the business plan. Defining goals is a rather complex task that must be solved before drawing up a business plan. Goals can be considered as the desired state that 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 establishing the general goals of the enterprise, indicating its specific specific goals, which define intermediate stages in achieving general goals, prioritizing goals and their distribution over time.

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

– increase in the capital of the enterprise;

– increase in profit margin;

– saturation of the services market;

– development of new types of goods and services;

– access to new commodity markets and service markets;

– development of other types of activities (diversification of production);

– other goals.

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

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

2) what new goods and services are offered to consumers, is there 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’s activities;

5) why will a loan or investment make the enterprise 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 intended 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 various areas of marketing. The marketing section in a business plan considers target markets, competition, sales, advertising, and pricing issues. A 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 for sections used in Russian and foreign practice is essentially the same and differs only in the form of presentation and arrangement of the parts.

Calculating the net flow of payments and determining other financial characteristics of an investment project requires knowledge of a fairly large amount of initial data about the project.

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

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

Every activity has a planning stage. financial sector This issue is given special attention. 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 and a scenario of behavior in a particular case. Development of an investment plan is mandatory requirement, regardless of the volume of investments, therefore each investor must have the appropriate skills in drawing it up.

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

The essence of this document is that it represents a complete strategy for achieving the goals and objectives, as well as the expected results of the investment. In a broad sense, any person can create an investment plan, 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 an enterprise, the expected results of the investment and specific deadlines for achieving them. However, there are some differences between an investment plan and a business plan:

1. A business plan is a specific elaboration of a newly created or already ready-made business, description of attachments, full estimate expected 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, however, it represents long-term planning of investments in one or 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. And therefore the concepts are often used with the same meaning, which is not a mistake.

Purpose, objectives and functions

Each plan has its own goals and objectives. In a global sense, the goal of a strategic project is to determine the object of investment, the timing of 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 by investing a specific amount in the enterprise. Accordingly, the following tasks arise:

• attracting investments;
• creation of new jobs;
• improvement of key economic indicators, business expansion;
• correct prioritization, highlighting the main and secondary areas 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:

• creating a business concept and a model for its development;
• practical implementation of this model, analysis of possible risks;
• attracting new financial resources, searching for sources;
• calculations and evaluation 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. It must contain specific qualitative and quantitative indicators, real goals that are expected to be achieved in a given period. Also, any plan must contain a complete list of its advantages and weaknesses. In fact, it is risk analysis that allows the company to achieve financial stability, 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, a main part where the stages, volumes of investments and desired results are described in detail, as well as a conclusion with tracking of all key indicators and an analysis of the actual situation on the market.

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

Marketing plan

It is an analysis of the features of product sales:

• analysis of market conditions;
• goals and development strategy of the company in the foreseeable period (next year);
• tactics, detail of each stage ( detailed description strategy);
• budget, analysis of expenses and income (fixed and variable);
• system for monitoring the implementation of the plan, the ability to adjust it.

Organization of the project implementation process

This is one of the most important components of an investment plan. The project itself, the stages of its implementation (timing, sales volumes, costs and expected results) are described in detail here. Typically 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 environment;
• development forecast.

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

Financial plan

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

• rent;
• purchase of goods;
• fund wages;
• taxation;
• transport costs, etc.

Conclusion

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

• minimal 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 and a description of the stages of its implementation. Therefore, the conclusion is a summary of the project with brief description all its points.

Example of an investment plan

It is possible to develop a strategic project for the development of a company only if you have 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 Tale World”.

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

Introduction

The name of the store is “Fairytale World”. The main products are children's toys, 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;
• Availability large companies who can offer a lower price;
• high rental costs (usually it is advisable to place such a store in large shopping centers).

Calculation of 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;
• renovation 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 registering a business and processing other documents - 100 thousand rubles;
• spare means for actions in unforeseen situations 250 thousand - 400 thousand rubles.

Selecting a room

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

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

Recruitment

Minimum requirement is 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 store’s assortment especially carefully. It should be quite diverse and designed for any family budget:

• cheap plastic toys (consumer goods) and expensive goods (board games, collectible models, gaming mechanisms);
• It is mandatory to have branded products that are associated with children’s films, for example, the “Smeshariki” series, “Angry Birds”, etc.;
• display of goods in strict accordance with the principles of successful merchandising (prices, color, design, in accordance with zoning, etc.).

Financial plan

Here we calculate the fixed costs necessary to maintain the normal state of the business (in monthly terms):

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

In total it turns out to be about 400 thousand rubles. monthly.

Risk analyzes

Risks include manifestations of business weaknesses that were described above:

• high competition among stores in a similar segment (small business);
• competition from major players(network companies);
• seasonal dependence (the largest sales volume during the period New Year's holidays, decline in summer);
• increase in rent payments and other costs (utilities, purchase price and etc.).

Expected return

Also in the investment plan it is necessary to specify in detail the expected level of income. It should be based on specific indicators:

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

Thus, in pure terms, the store can bring in 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 a reasonable 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 represents the answers to all the questions identified in the plan and the corresponding conclusions.

Investment planning is a very important process, the quality of which directly determines the amount of potential profit. Proper investment planning allows you to protect your existing capital during periods of instability in the international market.

It is for this reason that professional investors pay special attention to the investment planning process.

Investment planning. Main stages

In order to invest available capital wisely, certain skills are required. The main objective of the investment process is not only to preserve existing capital, but also to generate income.

Careful investment planning should be done before investing existing capital.

The investment planning process consists of a number of sequential stages:

1. At the very beginning, you need to take a broad look at the market segment you are interested in and perform a thorough analysis of the available investment options. At this stage, all strengths and weak sides those investment options that are most attractive to you. In situations where you intend to invest capital large size, it is necessary to analyze the available investment options as carefully as possible.
2. At the next stage of investment planning, it is necessary to perform an analysis current state selected market segment in order to determine the dynamics of its development. It is also recommended to compare the state of the selected market segment with the general state of the state’s economy. If the selected market segment experiences growth against the backdrop of growth in the entire country’s economy, then the moment for investing large capital has been chosen wisely. Practice shows that the country's economic growth can continue for five years.
3. At the third stage, an assessment of the level of profitability of the selected sector of the economy should be carried out. You should also correctly assess the prospects for growth in profitability of the selected industry.
4. The next stage of investment planning involves assessing the competitive environment. Special attention you should pay attention to the number of monopoly companies in your chosen industry.
5. Next, you need to identify the level of investment attractiveness of companies operating in your chosen industry. Experienced investors recommend giving preference to companies that are at the development stage. It is quite simple to identify such an enterprise by the annually increasing rate of asset turnover.
6. At the last stage, it is necessary to compare the pre-qualified companies with each other. To compare enterprises, it is recommended to use factors such as profitability level, autonomy ratio, and profitability.

Investment planning methods

Investment planning involves conducting a thorough analysis of the quantity and quality of current investment processes in the selected industry. During this process, the prospects of the selected industry are assessed, as well as the consequences of investing in them. additional capital.

It is customary to distinguish the following types of investment planning:

1. Short term. This type of planning is usually used to identify the short-term consequences of investing in selected industries. During the analysis, attention is paid to investment fluctuations in the market that are observed in the short term.
2. Medium term. This type of planning involves assessing medium-term investment instruments, which do not require large capital investments.
3. Long-term. This type of investment planning involves considering large segments of the economy that require large capital investments. Such investments are usually long-term.

Proper investment planning should include analysis at both the micro and macro levels. Conducting macro-level analysis involves performing an assessment general condition economies of states, as well as all industries that interest you.

Performing an analysis at the micro level involves assessing the current state and prospects of a particular company. When performing analysis, it is necessary to mandatory take into account factors such as the company's need for additional financing, as well as the effectiveness (risk-return ratio) of earlier investments in this company.

Investment planning is a rather complex process that requires the investor to be able to analyze available data on the state of the enterprise and the state economy as a whole. If you are going to invest large capital, then investment planning must be carried out without fail.

The complexity of the investment planning process lies in the fact that it is necessary to take into account many factors, including unforeseen ones, with an assessment of the degree of investment risk. A well-drafted investment plan ensures the successful operation of enterprises, otherwise the enterprise may become bankrupt. The enterprise investment plan consists of two sections: the plan portfolio investments and plan real investment. In practice, this plan may consist of one section.

The portfolio investment plan is a plan for the acquisition and sale by an enterprise of various securities - shares, bonds, etc. The real investment plan is an investment plan for the production and non-production development of the enterprise.

When preparing an investment plan, you should adhere to the following basic rules for investing:

· the enterprise should receive greater benefits compared to keeping money on bank deposits;

· return on investment must be higher than the inflation rate;

· preference is given to plans that provide a higher internal rate of return;

· economic benefit should be greatest with the least degree of risk.

If the analysis shows that it is more profitable to invest money in the development of your own enterprise, a capital investment plan is prepared. The capital construction plan includes the following sections:

1) the planned target for the commissioning of production capacities and fixed assets;

2) structure and volume of capital investments;

3) title lists of construction sites and objects;

4) plan for design and survey work;

5) program of construction and installation works;

6) economic efficiency of capital investments.

Most important indicators capital construction plan are: commissioning of production facilities and fixed assets, estimated cost, profitability of production, construction period and payback period of the project.

The choice of the optimal production investment option takes into account economic efficiency for each possible options, the following conditions are taken into account:

· compliance with government and international standards and standards;

· expanding or maintaining market share of products;

· maintaining the social stability of the enterprise’s personnel.

Compliance with the conditions considered allows the enterprise to avoid additional expenses: related to making changes to the project in the presence of discrepancies in standards and regulations; associated with the invasion of competitors into the market segment of the enterprise; from social conflicts and losses associated with them.

If investments aimed at developing and expanding production contribute to solving social issues, the work on projects should also involve government bodies, which is typical for creating new jobs, developing roads, and developing enterprise infrastructure.