The stability of the financial condition of an enterprise is the most important criterion for its survival in the face of changing market conditions, as well as fierce market competition. As the 2008 financial crisis showed, only financially sound businesses can stay afloat during the storms of global financial turmoil. In order to increase the stability of the enterprise, it is enough to adhere to several important rules.
Instructions
Step 1
Make a clear and well thought out financial plan. The financial plan must necessarily consist of three sections. The first one is “income and receipts”, which reflects all sources of receipt of funds in the process of economic activity of the enterprise. The second is “expenses and deductions”, which reflects all settlements with individuals, legal entities, and also with the budget. The third - "relationship", which spelled out the principles of the company's relationship with other counterparties.
Step 2
Work out the issue of increasing the efficiency of the use of working capital. Working capital is the "blood" of the enterprise, without which the whole organism cannot exist. Working capital is necessary to ensure the planned production activities of the enterprise, as well as for settlements with the budget, banks, other enterprises and the renewal of fixed assets.
Step 3
Conduct an economic analysis of the enterprise with the definition of its "problem areas". First of all, it is necessary to conduct an analysis of the cost of manufactured and sold products, which will help you determine the structure of production costs and identify the degree of influence of various cost items on the total cost of production. Based on the results of the analysis, you can determine which of the articles can be adjusted to obtain the optimal result. Next, analyze the receivables and payables. This analysis will determine the financial stability of the enterprise.
Step 4
Analyze the market for similar products and services. This will help you figure out the optimal bid and ask price, especially if your product has elastic demand, that is, it changes its demand in the market every time its price changes. As a result of establishing a competitive price for the product produced, you can easily adjust the production costs for it without losing your market niche.
