The diversification strategy of the company as a mechanism for increasing the economic stability of the company. Ways to increase the economic sustainability of the enterprise OJSC Vodmashoborudovanie Ways to increase the economic stability of an industrial enterprise

In order to develop measures that can increase the economic stability of OJSC Irbitskiy Khimfarmzavod, let us define the main problems that exist at the enterprise:

There is an increase in non-current assets,

The company lacks its own funds to finance current assets,

Accounts payable for all periods exceeds the amount of the most liquid assets,

Short-term liabilities for all periods exceed the amount of quickly realizable assets,

Decreases profitability of sales,

Property, resources and equity are used ineffectively,

The number of employees at the enterprise increases, but at the same time the net profit decreases,

The enterprise has a large amount of stocks,

· Accounts receivable are decreasing, but at the same time they remain quite high.

One of the main measures contributing to the increase in the economic stability of OJSC Irbitsky Khimfarmzavod is to reduce the share of non-current assets. Non-current assets in the enterprise are less liquid than accounts receivable, financial investments, cash, and if they can be transferred to more liquid assets, this will increase the overall liquidity of the IHFZ balance sheet and lead to the fact that quickly realizable assets will exceed the amount of short-term liabilities.

Return on sales can decline for a variety of reasons:

· Change of assortment policy,

· change pricing policy,

· Changes in cost rates, etc.

In our case, the profitability of sales at OAO IKhFZ decreases against the background of an increase in the cost of production with insufficient growth in the volume of production, which is an unfavorable trend. Possible reasons this could be:

Cost rates have increased,

· Inflationary growth of costs outstrips revenue growth.

At Irbitskiy Khimfarmzavod, the profitability of sales has decreased due to an increase in cost rates, so it is necessary to develop measures to reduce cost rates and increase the volume of production.

To increase economic sustainability, it is necessary to envisage measures that promote more efficient use of equity capital.

The growth in the number of employees in 2013 is observed against the background of a decrease in net profit... This is due to the fact that the specifics of the production of medicinal products requires that each employee know the basics of production, fulfill all the requirements for the production of quality products. The quality of products affects many indicators, for example, according to Roszdravnadzor of the Russian Federation, in 2011, products of the Irbit Chemical Pharmaceutical Plant were rejected in the amount of 871 thousand rubles, in 2012 - in the amount of 229 thousand rubles, in 2013 - for the amount of 1664 thousand rubles, i.e. there is an increase in products recognized as defective, and this, in turn, indicates the lack of experience of the personnel working at the plant, and the violation of requirements in terms of compliance with sanitary and hygienic standards in production.

The stocks at the enterprise have a tendency to increase, which testifies to the overstocking of the company's warehouses.

Accounts receivable for the periods under study are decreasing, but at the same time they remain quite high.

Based on the above, we will define the following measures that can increase the economic sustainability of OJSC Irbitskiy Khimfarmzavod:

1.reduction of norms of production costs,

2. more efficient use of equity and borrowed capital,

3.increase in the number of experienced workers,

4.reduction of stocks at the enterprise,

5. reduction of accounts receivable.

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Introduction

In market relations, an enterprise occupies a special place, by definition, it is a separate specialized unit, the basis of which is a professionally organized labor collective capable of using the means of production at his disposal to manufacture the products of the appropriate profile and assortment that consumers need. An indicator of market stability is the ability of an enterprise to successfully develop in the face of changing external and internal environments. A feature of the functioning of industrial enterprises in modern conditions is their constant dependence on all subjects of the aggregate of the common infrastructure. The enterprise in the process of production and economic activities constantly enters into direct and indirect relationships with suppliers of raw materials (materials), components, consumers finished products and competitors. The latter, proceeding from the goal of any enterprise - to retain their consumer, try to strengthen their position in the market, thereby weakening the position of other enterprises. In such conditions, their activities cannot be protected from unwanted shocks. But it is the firm position of the enterprise in the market that is the key to the survival of the enterprise. Therefore, there are problems of protecting the activities of the enterprise from negative influences external environment, as well as the ability to quickly eliminate diverse threats or adapt to existing conditions that do not adversely affect its activities. The solution to these issues is economic security enterprises. Thus, the relevance of this topic is justified by the need to create a system of measures that could ensure economic stability (sustainability of the enterprise). This work is devoted to the latter problem.

The importance of the study of economic sustainability is explained by the fact that it is it that is the basis on the basis of which the development of the main directions of the financial and economic policy of the enterprise is carried out, and the effectiveness of the management decisions taken depends on how well it is produced. Currently, first of all, it is necessary to achieve confidence in the actions of enterprises in market conditions... Therefore, the present work is aimed at improving the situation.

In the modern economic literature, there is no clear definition of the concept of "economic sustainability", and different opinions are expressed about the set of indicators that allow it to be determined. These circumstances have led to a certain scientific interest in the study of this problem. In particular, the works of scientists Yu.P. Anisimova, A.S. Bulatova, I.A. Blank, S.N. Chuprova, B.N. Gerasimova, M.N. Rubtsova, I.N. Omelchenko, P.V. Okladsky.

The purpose of the thesis is to consider the theoretical aspects of the study of the economic sustainability of an enterprise, in accordance with them to develop recommendations for increasing the economic sustainability of a particular enterprise.

To achieve this goal, it is necessary to perform the following tasks:

1) consider the concept of economic sustainability from the point of view of various authors;

2) identify a set of external and internal factors that determine the economic stability of the enterprise;

3) explore methodological approaches to assessing the economic sustainability of an enterprise;

4) conduct an analysis of economic sustainability at a specific enterprise;

5) identify ways to improve the economic sustainability of the enterprise.

The subject of research of the thesis is the economic sustainability of the enterprise, methods of its determination and evaluation.

The object of research is machine-building enterprise OJSC Vodmashoborudovanie.

The theoretical and methodological basis of the work was the fundamental provisions of economic theory, legislative regulatory documents of the authorities Russian Federation, results scientific research Russian and foreign scientists.

The information base of the thesis is the following data:

1) Balance sheet (form No. 1);

2) Statement of profit and loss (form No. 2);

3) Statement of capital flows (form No. 3);

4) Traffic report Money(form No. 4);

5) Appendix to the balance sheet (form No. 5);

6) Information from periodicals and Internet sites.

In the course of the analysis, materials from the financial and economic activities of enterprises, data from periodicals were used. As a methodological toolkit for solving the assigned tasks at various stages of the study, a systematic approach, methods of economic and statistical, financial analysis, economic and mathematical modeling using a PC and MS Excel software.

1 . Theoretical provisions for the study of the economic sustainability of an enterprise

1.1 The concept of economic sustainability of the enterprise

Currently, under the influence of environmental conditions, enterprises are becoming more complex systems. There is a process of integration of business units through mergers and acquisitions. This happens both on a voluntary and compulsory basis. All this makes new demands on the methods of managing the activities of enterprises in modern conditions. In this regard, one of the most important problems for any modern enterprise is to ensure its economic stability in the short and long term.

For the first time, the term "economic sustainability" arose in connection with the consideration of the problem of limited resources, which was a consequence of the global energy crises of 1973 and 1979. then this direction of economic thought turns into a separate discipline, which is called "ecosestate", which in translation means the economic stability of the state. She began to consider issues of sustainable economic development mainly at the country or region level.

However, in recent years it has become more and more obvious that sustainable economic development of both the country and its regions is achievable only with the economic stability of their structural elements such as industries, enterprises and organizations. Economic sustainability of everyone a separate enterprise allows all the country's economic system not only to retain its potential, but also to ensure its qualitative rise and access to international markets with new competitive goods.

Currently, there are many points of view of various authors on the definition of the concept of "economic sustainability of the enterprise". Some of them are presented in Table 1.

Table 1 - Approaches to the definition of the concept of "economic sustainability of the enterprise"

	Definition of the concept
O.G. Bodrov, V.A. Malygin, V.T. Timiryasov	Enterprises that, in conditions of uncertainty and market instability, are becoming economically sustainable to the greatest extent possible. modern organization scientifically production activities(the definition is given based on the reproductive approach)
N.N. Pogostinskaya R.L. Zhambekova	The activity of the economic system will be economically sustainable if the system corresponds to the formed resulting vector of goals, and possible unfavorable situations are neutralized by an adequate response of the system due to the reserves and reserves created by it
S.N. Nikeshin	An enterprise is economically stable if it is able to find the optimal ratio between all its elements, to establish connections between them, which allow it to maintain its vital important parameters at a given level, effectively counteracting the disturbing influence of the external environment (the definition is given from the standpoint of economic cybernetics)
V.D. Kamaev	Economic sustainability is the stability of an organization's receipt of sales revenues.
I.V. Bryantseva	Economic sustainability is a state of an enterprise in which the socio-economic parameters characterizing it retain their initial equilibrium and are within predetermined boundaries under the influence of the internal and external environment (the definition proceeds from the enterprise planning system and finding it in an equilibrium state in terms of planned indicators)
P.V. Okladsky	Economic sustainability is the dynamic correspondence (adequacy) of the parameters of the state of the system (enterprise) to the state of external and internal environment ensuring its effective functioning in conditions of disturbing influences
IN AND. Zakharchenko	The economic sustainability of an enterprise is a complex of properties of organizational, innovation, logistics, production, financial and credit activities, taking into account their mutual influence and interaction
A.S. Barkanov	The economic sustainability of an enterprise is the presence of an innovative potential for sustainable development and its effective use to neutralize external influences and factors of destabilization
I. N. Omelchenko E. V. Borisova	Organizational and economic stability is financial and economic stability (stability), namely the ability of an industrial enterprise to maintain its financial stability with a constant change in market conditions by improving and purposeful development of its production and technical and organizational structure methods logistics-oriented management

In order to formulate your own concept of economic sustainability, it is necessary to analyze the components of this concept.

The management system (of the enterprise) must provide acceptable efficiency within the framework of the deviations that occur, which can be characterized as a state of equilibrium or stability.

There are different interpretations of the concept of "enterprise sustainability". So, in the Big Encyclopedic Dictionary “a sustainable enterprise is entity, in which the structure of the ratio of assets and liabilities is such that, under all normal conditions, the proceeds from the sale or use of assets are sufficient to cover all liabilities, "and in the Big Economic Dictionary, stability is considered as persistence, constancy, not subject to the risk of losses and losses. Proponents of systems analysis substantiated the conclusion that "stability" should be defined as some kind of regular recurrence (ie, the property to repeat itself unchanged) and, accordingly, instability - as a state that occurs sporadically and may not repeat itself. From the standpoint of the theory of profit maximization, the supporters of which were A. Smith, A. Marshall, D. Keynes and others famous economists steady state of an enterprise is such a state in which it is able to maintain profits at a given level. V. Loginov, A. T. Cheblokov under the sustainability of an enterprise is understood as a complex of properties of its production, innovation, organizational, financial and credit activities, their mutual influence and interaction, the quality and novelty of products, the scientific and technical level of the material and technical base enterprises, the stability of its resource provision, the state of human and intellectual potential, the nature of innovation management. AND I. Bogdanov believes that the stability of an enterprise reflects the strength and reliability of its elements, vertical, horizontal and other connections within the system, the ability to withstand internal and external loads.

V. Solntsev believes that the enterprise is stable, when it makes a profit, if there is no profit, then the indicator of the low efficiency of its activities is the losses incurred. And it must change its economic policy, reduce costs, reduce the number of employees, or take other measures to improve its health. Otherwise, it will go bankrupt and disappear from the market. V. Lapin believes that sustainability primarily depends on the competent management of the enterprise. L.N. Khramova understands a stable state as the ability of a system to function stably in a dynamic external environment by achieving its maximum organization (the correspondence of the internal elements of the system to each other and the parameters of the external environment. The above definitions consider stability as the ability of the system to maintain its existence (function stably).

Thus, stability characterizes the state of an object in relation to external influences. More stable is a state that, with equal external influences and internal shifts, is subject to smaller changes, deviations from the previous one. The condition for resistance to external influences is the internal properties of the object itself. Stability is an external manifestation of the internal structure of an object. In order to increase its resistance to impact various factors, it is necessary, first of all, to improve the object itself.

The stability of an economic object is a set of separate, individual and partial equilibria. It is higher when the aggregate of stable equilibria of an economic object exceeds the number of unstable ones. The economic condition of an enterprise can vary from extremely unstable, in which it is on the verge of bankruptcy, to relatively stable.

In the case of a violation of stability, the direction of the process is essential: an increase in instability or its weakening. At the level of business entities, a conflict can also be a source of progressive development, although a competitive environment reproduced on the basis of supply and demand constantly upsets the balance, undermines the economic stability of some, while increasing the stability of other entities.

IN general view the state of stability of an economic system is understood as its ability, after an unfavorable deviation beyond the permissible value, to return to a state of equilibrium at the expense of its own and borrowed resources.

I believe that economic sustainability implies not only maintaining a positive level of indicators that characterize it, but also includes development, which is manifested in economic growth, i.e. tendencies of positive change in the aggregate indicators of the development of the enterprise for a certain period of time, usually for a year To characterize economic growth, both general and specific indicators are used.

Consideration should be given to the definitions of financial stability, or financial sustainability, from the point of view of various authors, presented in table 2.

Table 2 - Definitions of the concept of "financial stability" (or "financial stability")

	Definition of the concept
R.R. Akhmetov	Financial stability is stability financial relations and connections of an object or system can be considered as financial sustainability.
O.A. Lakshina, E.N. Chekmareva	Financial stability is a situation in which financial system is capable of performing well all the functions assigned to it and in which no changes in the nature of the financial system are expected in the near future.
V.V. Khrestinin	The stable financial condition of a company is a characteristic of its financial competitiveness, the use of financial resources and capital, the fulfillment of obligations to the state and other business entities.
A.M. Kovaleva	The financial condition of the company, its stability depend on the results of its production, commercial and financial activities... The results show the firm's stability and ultimately contribute to its development (sustainability)
Dictionary of Economics and Finance	The financial stability of an enterprise is a characteristic of the level of risk of an enterprise's activities in terms of balance or excess of income over expenses.

Comparing the concepts of economic sustainability and financial sustainability (stability), we can conclude that most authors identify these concepts. The rationale for this is the statement that the position of an enterprise in the market, first of all, depends on the availability and directions of use of financial resources. Assessment of the financial situation of the enterprise allows you to determine the "bottlenecks" in entrepreneurial activity, as well as find ways to prevent unfavorable tendencies in the development of the enterprise. Thus, the financial stability of the enterprise allows you to objectively assess the tactics of enterprise management.

Consider the mechanism for managing economic sustainability at an enterprise, shown in Figure 1.

The governing body (organizational structure of management) ensures that the deviations from the specified parameters of the system are maintained within the limits of permissible values and time intervals. Sustainability organizational system control is the ability to keep the control object in the equilibrium area provided for by the rules of functioning.

Figure 1 - Stability of the control system

The sustainable activity of an enterprise depends on internal capabilities to effectively use all the resources at its disposal, therefore, it is necessary to find out what is meant by economic resources.

Economic resources are understood as all natural, human and man-made resources that are used to produce goods and services. They are shown in Figure 2.

Economic resources are understood as all types of resources used in the production of goods and services. In essence, these are the goods that are used to produce other goods. Therefore, they are often called production resources, production factors, factors of production, factors of economic growth.

Figure 2 - Types of economic resources

In essence, these are the goods that are used to produce other goods. Therefore, they are often called production resources, factors of economic growth. The production resources of the enterprise in material and material and monetary form are presented in Table 3.

Table 3 - Production resources of the enterprise

Material and material form	Monetary form
	In the accepted reporting	In market conditions

Work force	Wage fund	Variable capital
Tools	Fixed assets	Main capital
Objects of labor	Revolving funds	Working capital
Finished products	Circulation funds Money in circulation	Working capital in the sphere of circulation Working capital in cash
Natural conditions of production		Main capital

Thus, the concept of economic sustainability of an enterprise can be formulated as an equilibrium balanced state of economic resources, which ensures stable profitability and normal conditions for sustainable economic growth in the long term, taking into account the most important external and internal factors.

As a result of consideration in this section of the concept of economic sustainability, it was substantiated that one of the most important problems for modern enterprises is to ensure their economic sustainability in the short and long term. The points of view of various authors on the concept of "economic sustainability" were also analyzed. Based on their comparison with the content of the concept of "financial stability", a conclusion was made about the identity of both concepts, and a justification was given for it. The mechanism for managing economic sustainability is analyzed and its own definition is given to the concept under consideration, based not only on maintaining a positive level of economic sustainability indicators, but also on its growth.

1.2 Factors that determine the economic sustainability of an enterprise

Economic stability is formed under the influence of a complex of factors. Their ratio, interaction, interconnection are extremely important and relevant not only for individual subjects, but also for the entire economic system. Over time, the influence of some factors increases, while others weaken.

There are various approaches to the classification of factors affecting economic sustainability. The most common is a classification that subdivides all factors according to the ways of influencing the factors of direct and indirect impact. It is shown in Figure 3.

Figure 3 - Factors affecting economic sustainability, depending on the type of impact

The reaction of the enterprise to the factors of direct and indirect impact is different. The enterprise can react to changes in the factors of direct influence in two ways: it can rebuild the internal environment and begin a policy of both adaptation and a policy of active or passive counteraction. The enterprise is forced to adapt its goals, objectives, structure, technology, personnel to the factors of indirect influence.

There is a classification that divides all factors into two main groups - internal and external in relation to the enterprise. It is shown in Figure 4.

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Figure 4 - Factors affecting economic sustainability, depending on the type of environment

Environmental factors have different levels and directions of influence. They can be divided into three levels: regional, national and international. In their direction, the factors are stabilizing and destabilizing.

Based on dynamics external factors strong and weaknesses the position of the enterprise in a developing market, proactive measures for its development are developed and appropriate management decisions... The impact of environmental factors to a large extent makes the balance and stability of economic entities and industries less stable, and leads to an increase in the dependence of the national economy on them as a whole.

The ability of an enterprise to overcome crises, to win the competition, to maintain economic stability largely depends on the action of an internal group of factors - on the state of its internal environment. The internal group of factors includes the goals, objectives, structure, technology, personnel of the enterprise, production capacity and the potential of the enterprise.

In countries with stable economies, the ratio of external and internal factors is in favor of the latter. Thus, the analysis of bankruptcy of enterprises in developed countries shows that 1/3 of external and 2/3 of internal factors are involved in bankruptcy. In a stable economy, the main obstacles hindering the development of an enterprise, as a rule, lie in the sphere of its own activities and contain internal discrepancies and contradictions about the goals of the enterprise, means of achieving them, resources, methods of organizing activities, and management to achieve goals.

Ensuring economic sustainability will require enterprises to forecast and comprehensively take into account market requirements, the actions of competitors, suppliers, the state of the macroeconomic environment for doing business, and organizing management based on a strategic approach.

This approach will allow enterprises to take into account the factors of the external and internal environment and develop comprehensive measures that take into account long-term strategic goals further sustainable development of the enterprise.

The main problems of the economic sustainability of industrial enterprises that hinder their development and functioning in modern conditions are:

a) a high degree of wear and tear of fixed assets and a shortage of investment resources;

c) high energy intensity of energy systems, several times higher than the specific energy intensity of the economy of developed countries;

d) lack of developed and stable legislation adapted to the conditions and specifics of the functioning of industrial enterprises.

Such a variety of factors also subdivides resistance itself by species. So, in relation to the enterprise, it can be: depending on the factors influencing it: internal and external, general (price), financial.

1 Internal stability is such a general financial condition of an enterprise, which ensures a consistently high result of its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

2 The external stability of the enterprise is due to the stability of the economic environment in which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

3 The general stability of an enterprise in a market environment requires, first of all, a stable receipt of revenue, moreover, sufficient in size to pay off the state, suppliers, creditors, employees. At the same time, for the development of an enterprise, it is necessary that after all calculations and fulfillment of all obligations, it has a profit that allows it to develop production, modernize its material and technical base, and improve the social climate of the enterprise. In other words, the overall stability of the enterprise presupposes, first of all, such a movement of cash flows, which ensures a constant excess of the receipt of funds (income) over their expenditure (costs).

4 Financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the enterprise. Financial stability is characterized by the state and structure of the organization's assets, their provision with sources. It is the main criterion for the reliability of an organization as a commercial partner. The study of financial stability allows you to assess the ability of an organization to ensure a smooth process of financial and economic activities and the degree of coverage of funds invested in assets by its own sources.

Of interest is the classification, which is based on the factors contributing to the bankruptcy of the enterprise, since it is it that is more consistent with the approach I have chosen to study the economic sustainability of the enterprise. It is presented in Appendix M.

Bankruptcy is understood as the inability of an enterprise to satisfy the claims of creditors for payment for goods (works, services), including the inability to ensure obligatory payments to the budget and extra-budgetary funds.

This choice is motivated by the fact that bankruptcy is mainly based on financial reasons that upset the equilibrium state of economic resources, thereby undermining the economic stability of the enterprise.

From the standpoint of determining the economic stability of an enterprise, bankruptcy characterizes an imbalance in economic resources. The main reasons include:

Serious violation of the financial stability of the enterprise, impeding the normal implementation of its economic activities. The realization of this catastrophic risk is characterized by the excess of the financial obligations of the enterprise over its assets;

Significant imbalance over a relatively long period of cash flow volumes. The realization of this catastrophic risk is characterized by a prolonged excess of the volume of negative cash flow over the positive and lack of prospects for a reversal of this negative trend;

Long-term insolvency of the enterprise caused by the low liquidity of its assets. The realization of this catastrophic risk is characterized by a significant excess of urgent financial obligations of the enterprise over the amount of the balance of its cash and assets in a highly liquid form, which is of a chronic nature.

In the process of studying and evaluating, the factors contributing to the bankruptcy of a firm are divided into two groups:

a) independent of the activities of the enterprise (external or exogenous factors):

1) general economic factors;

2) market factors;

3) other factors.

b) depending on the activities of the enterprise (internal or endogenous factors):

1) operational factors;

2) investment factors;

3) financial factors.

Factors contributing to the bankruptcy of an enterprise can be classified depending on the stage life cycle enterprises. This approach is based on the concept of "competitive advantage of the firm", which implies a sustainable financial position a firm in which the needs for financial resources for the current and, especially, for strategic, long-term development are met completely and mainly at the expense of their own funds. The life cycle of a firm's competitive advantage includes several stages.

The emergence of the firm's competitive advantage. Investments are directed primarily to the most significant elements of strategic potential that can, in a short time, create a basis for the company's competitiveness. At the same time, the firm makes efforts to find and implement the most preferable conditions for itself, formed by the determinants of the "national diamond".

Accelerating the growth of the firm's competitive advantage. This stage is characterized by a significant increase in the strategic potential of the firm due to the intensification of investment activity, stimulated by the parameters of demand for the firm's products. Separate elements of the strategic potential of the firm are formed into a system, between them there are stable links that allow to obtain the effect of integrity, which significantly enhances the competitive advantage of the firm. In addition, the firm's interaction with related and supportive industries increases and the degree of aggressiveness increases. competitive strategy firms.

Slowdown in the growth of the firm's competitive advantage. It can be a consequence of the beginning of penetration into the market of a larger than before, the number of competitors, the emergence of stronger rivals. The company is forced to invest additional funds in updating the technical base, improving the level of technology and organization of production, improving human resources. All this somewhat reduces the profitability of production. However, the rivalry in the competition is not yet strong enough to deprive a firm of leadership.

The maturity of the firm's competitive advantage. It comes as a result of the tension of all the main forces of the company. Some rival firms, unable to withstand the competition, left the market. The incident helped the firm to use unconventional means of production. The government changed monetary policy, which allowed the firm to obtain, on better terms, the credit it needed to maintain critical elements of its strategic capacity. All this made it possible to achieve the highest knowledge of the level of the company's competitive advantage and to maintain the maximum productivity of the use of its resources for a certain period. At the same time, by the end of this period, negative tendencies became noticeable, indicating the "beginning of the end" of competitive advantage - more powerful rivals began to occupy a dominant position in the market.

Decline (loss) of the firm's competitive advantage. It comes due to the aggressive policies of rival firms, as well as due to the increasing aging of the firm. This applies to both material (material) and personnel, information, and organizational resources. The management and management services of the firm were unable to take adequate measures in a timely manner for a kind of remarketing or supportive marketing of the firm's competitive advantage.

Taking into account the stages of the life cycle of the competitive advantage of the enterprise, Table 4 lists the factors contributing to the bankruptcy of the enterprise.

Table 4 - Factors contributing to the bankruptcy of the enterprise, depending on the stage of the life cycle of the enterprise

Stage of the enterprise life cycle	Factors contributing to the bankruptcy of the enterprise
Inception stage	1) definition of the mission and production profile of the enterprise; 2) low entrepreneurial ability; 3) low qualifications management personnel; 5) a high proportion of borrowed capital; 6) low qualification of performers.
Growth acceleration stage	1) a high proportion of borrowed capital;
Growth retardation stage	1) loss of flexibility in management;
Maturity stage	1) aging of management personnel; 2) aging of equity capital;
Decline stage	1) aging of fixed capital, a high proportion of borrowed capital;

As a result of considering the factors affecting the economic stability of the enterprise, their classification was carried out depending on the type of impact (on direct and indirect impact), on the type of environment (internal and external). The relationship between the life cycle of an enterprise and factors affecting the decline in economic stability is considered. For use in this study, a classification was selected based on the selection of factors contributing to the bankruptcy of an enterprise.

1.3 Methods and indicators for assessing the economic sustainability of an enterprise

The level of economic sustainability can be assessed using various methods of financial analysis. Financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements; the process of researching the financial condition and the main results of the financial activity of an enterprise in order to identify reserves for further increasing its market value. Financial analysis can be defined as a way of accumulating, transforming and using information of a financial nature with a purpose. Financial analysis functions are presented in Figure 5.

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Figure 5 - Functions of financial analysis

The main methods of analyzing the financial condition of an enterprise include:

Horizontal (temporary) - comparison of each reporting item with the previous period. Horizontal analysis consists in the construction of one or more analytical tables, in which the absolute balance sheet indicators are supplemented by the relative growth (decline) rates;

Vertical (structural) - determination of the structure of financial indicators with the identification of the impact of each reporting item on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in its overall total;

Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, i.e. the main trend of the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, the possible values of indicators are formed, and therefore, a forward-looking, predictive analysis is carried out;

Coefficient - calculation of reporting relationships, determination of the relationship of indicators;

Comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as comparison of financial indicators with those of competitors, with the industry average and average general economic data;

Factor analysis - analysis of the influence of individual factors (reasons) on the effective indicator. Factor analysis can be either direct, i.e. splitting the effective indicator into its component parts, and inverse (synthesis), i.e. combining its individual elements into a common effective indicator.

In the process of assessing and analyzing financial resources, different methods of analysis are used. The method of analysis is a way to study the dynamics of an economic indicator and the reasons for this dynamics.

The main techniques of financial analysis are: comparison of indicators, summary and grouping, calculation of average indicators and relative values, reception of balance linkage, elimination (reception of chain substitution, reception of differences, balance reception, reception of equity participation, integral reception), graphical reception, correlation and regression analysis. The characteristics of the analysis techniques are presented in Appendix H.

The principles on which the methodology for assessing the economic sustainability of an enterprise should be based are presented in Appendix O. The main ones are the principle of reliability, sufficiency, efficiency, priority, resource provision.

The problem of determining the level of economic sustainability has not yet been sufficiently studied. Based on different approaches to defining the concept of "economic sustainability", the authors propose different methods for assessing economic sustainability.

There are a number of approaches to assessing financial sustainability presented in Appendix P.

One of the criteria for assessing the financial stability of an organization is the surplus or lack of sources of funds for the formation of reserves (material working capital).

In the works of M.I. Bakanova, A.D. Sheremet, V.V. Kovalev and other scientists indicate that the provision of reserves with sources of formation is the essence of financial stability, while solvency is its external manifestation.

There are usually four types of financial strength.

1 Absolute financial stability is observed when the amount of own working capital and short-term loans and borrowed funds exceeds the need for reserves, and is calculated by the formula (1):

where Ko is the ratio of the supply of stocks with sources of funds

2 Normal stability, the value of which guarantees payment, is displayed in the formula (3):

EZ = EU + SZK at Ko = (EU + SZK) / EZ = 1

The volume of reserves allows you to cover short-term loans and borrowings and have your own working capital.

3 Unstable financial condition, in which the balance of payments is disturbed, but it remains possible to restore the balance of means of payment and payment obligations by attracting temporarily free sources of funds into the organization's turnover (reserve capital, accumulation and consumption fund, bank loans and borrowed funds for temporary replenishment of working capital and etc. - sources that weaken financial tension) is presented in the formula (4):

Equilibrium in the balance of payments in this situation can be ensured by overdue payments for wages, bank loans and borrowed funds, suppliers, taxes and fees, etc.

Abryutina M.S. considers the assessment of the level of economic sustainability in the framework of express analysis, which assumes a scale of financial and economic sustainability based on deviations from the equilibrium point. This technique is based on the statement that an individual point of financial and economic equilibrium can be determined for each business entity. It is not expressed in the fact that this entity there are no debts (liabilities) at all and all the capital in circulation is own, but the fact that equity is sufficient to finance non-financial (productive, real) assets. Then financial assets will certainly be enough to cover all liabilities, since the sum of all economic assets and all capital are the same. Equilibrium means that even in the event of force majeure circumstances this enterprise will be able to return all debts in a short time without resorting to the urgent sale of stocks or equipment, which would disrupt the course of production and could cause losses. One of the central concepts used by the author is the concept of an indicator of financial and economic stability (FEU) of an enterprise in the express analysis system. In this case, the formula (6) of financial and economic stability has the form:

I = SK - ON,

where I is the PMT indicator;

SK - equity capital;

NA - non-financial assets.

Kulbaka N.A. proceeds from the statement of the possibility of using the methods of diagnosing bankruptcy to determine the economic stability of the enterprise. Business activity of joint-stock enterprises is characterized by the degree of sustainability of economic development or growth. Depending on the goals and methods of implementation, the diagnostics of the bankruptcy of the enterprise is subdivided into the system of express diagnostics of bankruptcy and the system of fundamental diagnostics of bankruptcy. Express diagnostics characterizes the system of regular assessment of the crisis parameters of the financial development of the enterprise, carried out on the basis of its financial accounting according to standard analysis algorithms. In the process of analyzing certain aspects of the crisis financial development of an enterprise, standard methods of financial analysis are used. Thus, the system of express-diagnostics of bankruptcy provides early detection of signs of crisis development of the enterprise and allows you to take prompt measures to neutralize them.

In the event of a deep financial crisis or financial catastrophe, the express diagnostic system must be supplemented with a fundamental diagnostic system.

In the process of performing fundamental analysis, a number of basic methods are used.

1 Analysis of financial ratios characterizing the financial stability of the enterprise, its liquidity and solvency.

Financial stability along with absolute indicators is characterized by a system of financial ratios.

The relative ratios of financial stability are shown in Table 5.

Table 5 - Relative ratios of financial stability

Indicator name	Calculation method	Normative value

1 Ratio of autonomy (financial independence)	equity / balance sheet currency
2 Financial debt (financial risk) ratio	borrowed capital / equity
3 Self-financing ratio	equity / debt capital
4 Financial stress ratio	borrowed capital / balance sheet currency
5 Equity capital flexibility ratio	own working capital / equity
6 Coefficient of provision of current assets with own working capital	own working capital / current assets
7 Coefficient of supply of stocks and costs with own working capital	own working capital / total stocks
8 Real estate ratio	non-current assets + stocks / balance sheet currency

The coefficient of autonomy (financial independence) - characterizes the share of own funds in the total amount of assets.

The ratio of financial debt (financial risk) - shows how much borrowed funds the company has attracted for 1 p. own funds invested in assets.

Self-financing ratio - shows how many times the receipts to own sources of funds exceed the attracted borrowed resources. The larger its value, the higher the level of self-financing.

Financial stress ratio - shows how much borrowed funds are attracted for 1 p. equity capital.

Equity capital flexibility ratio - shows what part of equity capital is used to finance current activities, i.e. invested in working capital, in the most maneuverable part of assets.

Coefficient of provision of circulating assets with own circulating capital - characterizes the share of own circulating assets in all circulating assets of the enterprise.

Coefficient of provision of stocks and costs with own working capital - characterizes the amount of coverage of stocks and costs by own working capital.

Ratio of real property - shows the share of means of production in the value of property, the level of production potential of the enterprise, security production facilities production.

You should also analyze the indicators of business activity, the calculation methodology and the essence of which are presented in the table in Appendix R.

To complete the assessment of economic sustainability, it is necessary to analyze the profitability indicators, the essence and calculation method of which is presented in Appendix C.

2 Comprehensive analysis based on the use of empirical coefficients.

An empirical assessment of the possibility of bankruptcy can be carried out on the basis of a foreign approach (model Z - accounts of E. Altman), the model of O.P. Zaitseva and Sayfullin.

The general economic meaning of the Z model - E. Altman's accounts is a function of some indicators characterizing the economic potential of the enterprise and the results of its work over the past period. The Z-score scale is shown in Table 6.

Formula (7) for calculating the modified five-factor Altman model has the form:

Z = 0.717 * X1 + 0.847 * X2 + 3.107 * X3 + 0.42 * X4 + 0.995 * X5,

where X1 is the working capital to the sum of the assets of the enterprise. The indicator assesses the amount of the company's net liquid assets in relation to total assets;

X2 - undistributed profit to the amount of assets of the enterprise, reflects the level financial leverage companies;

X3 - profit before tax to total assets. The indicator reflects the efficiency of the company's operating activities;

X4 - book value of equity / borrowed capital;

X5 - the volume of sales to the total value of the assets of the enterprise characterizes the profitability of the assets of the enterprise.

Table 6 - Assessment of the likelihood of bankruptcy

Russian scientists R.S. Saifullin and G.G. Kadykov made an attempt to adapt E. Altman's Z-score model to Russian conditions.

They suggested using the rating number to assess the financial condition of enterprises, determined by the formula (8):

where Ko is the security coefficient own funds, is defined as the ratio of own circulating assets to the value of the company's circulating assets (Ko> = 0.1);

Ктл - current liquidity ratio (Ктл> = 2);

Ki - the coefficient of the intensity of the turnover of the advanced capital, which characterizes the volume of products sold per one ruble of funds invested in the activities of the enterprise (Ki> = 2.5);

Км - management coefficient, characterizes the ratio of profit from sales to the amount of proceeds from sales;

Kpr - return on equity - the ratio of balance sheet profit to equity (Kpr> = 0.2).

If the financial ratios are in full compliance with their minimum standard levels, the rating number will be equal to one and the organization will have a satisfactory state of the economy. The financial condition of enterprises with a rating number of less than one is characterized as unsatisfactory.

The Beaver model allows you to assess the financial condition of a company in terms of its possible future bankruptcy. The bankruptcy risk assessment scale is based on comparing the actual values of the indicators with the recommended ones. It is presented in Table 7. Column 3 - for prosperous enterprises, 4 - 5 years before bankruptcy, 5 - 1 year before bankruptcy. The probability of bankruptcy of a company is estimated according to one of the groups of possible states, where the majority of the calculated values of indicators are located.

Table 7 - U. Biver's system of indicators for diagnosing bankruptcy

Index		Value of indicators
1. Beaver coefficient	(Net profit + Amortization) / (Long-term + short-term liabilities)
2. Return on assets	(Net Income / Assets) * 100%
3. Financial leverage	(Long-term + Short-term liabilities) / Assets
4. Coverage ratio of assets by net working capital	(Equity - non-current assets) / Assets
5. Coverage ratio	Current assets / Current liabilities

In order for the analysis of the financial condition of the enterprise to be complete, you should also conduct an analysis of profitability and business activity. The indicators that need to be calculated for this are presented in Appendix P and C.

Fundamental diagnostics of bankruptcy allows you to get the most detailed picture of the crisis financial state of the enterprise, and diagnostics of bankruptcy should combine two main approaches to get a clearer picture.

3 Factor analysis, which evaluates the impact of individual factors on the financial development of the enterprise.

An increase in the volume of an enterprise's activities (production and sales of products) depends on the growth of its property, i.e. assets. This requires additional financial resources. The inflow of these resources can be provided through internal and external sources of financing. TO internal sources First of all, the profit directed to the development of production (reinvested profit) and the accrued depreciation are related. They supplement the company's equity capital. But it can be increased from the outside, through the issue of shares. In addition, an additional inflow of financial resources can be provided by attracting sources such as bank loans, loans, creditors' funds. At the same time, the growth of borrowed funds should be limited by a reasonable (optimal) limit, since with an increase in the share of borrowed capital, lending conditions are tightened, the company incurs additional costs, therefore, the likelihood of bankruptcy increases. The sustainability of economic growth suggests that the company is not in danger of bankruptcy. Unsustainable development implies the likelihood of bankruptcy. The coefficient of sustainability of economic growth shows the average rate at which the economic potential of the enterprise increases.

Factor analysis of the degree of sustainability of economic growth of an enterprise is carried out by the method of chain substitutions based on the formula (9):

Ways to increase the economic stability of the enterprise OJSC "Vodmashoborudovanie"

Areas of measures to improve economic sustainability

As a result of the analysis of economic sustainability, carried out in the second chapter of this work, on the basis of the results of factor analysis, the reasons for the decrease in the level of economic sustainability at the enterprise were identified. These include:

- decrease in the profitability of products sold;
- decrease in the turnover of own working capital;
- an increase in the share of borrowed capital;
- an increase in the amount of stocks at the enterprise;
- an increase in accounts payable and receivable;
- decrease in the level of provision of circulating assets with own circulating capital;
- decrease in current liquidity.

It is possible to increase the turnover of working capital by reducing production cycle, which is performed by the following actions:

1) reduction of the inventory turnover period;
2) reduction of the period of work-in-progress turnover;
3) reduction of the turnover period of finished products.

Acceleration of the turnover of working capital allows you to free up significant amounts, so you can increase the volume of production without additional funding, and use the released funds in accordance with the needs of the enterprise.

A great influence on the acceleration of the turnover of circulating assets (growth in the number of revolutions) is exerted by the implementation of the achievement scientific and technological progress and the organization of material and technical supply and marketing, which predetermines the amount of products sold.

When the turnover of circulating assets is accelerated, material resources and sources of their formation are freed from circulation, and when the turnover slows down, additional funds are involved in circulation.

The release of working capital due to the acceleration of their turnover can be:

- an absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review;
- the relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth production program enterprises, and the rate of growth of the volume of production outstrips the rate of growth of balances of working capital.

The most important prerequisites for reducing investment of working capital in this sphere of circulation are the rational organization of the sale of finished products, the use of progressive forms of payment, the timely execution of documentation and the acceleration of its movement, compliance with contractual and payment discipline.

The inventory management strategy allows the employees of the relevant services to determine, based on approximate simple calculations, the enterprise's inventory management policy.

For OJSC plant "Vodmashoborudovanie" the strategy of additional reserve will be most suitable. Material requirements are guaranteed by creating an additional reserve material resources... The amount of additional reserve is set equal to the average amount of demand multiplied by the average value of the lead time, corrected by the safety factor (usually its value is taken equal to 25-40%).

Since the enterprise has a material-intensive production, as well as significant costs associated with inventory management, a system of inventory control with a fixed order size should be applied.

A fixed order size system provides for the receipt of goods in equal, predefined optimal lots at varying intervals. In this system, orders are made only under the condition that stocks at that moment were equal to or less than the established minimum level.

It focuses on a situation where inventory and ordering costs are so significant that they become comparable to the losses from out-of-stock.

This system is beneficial in cooperation with suppliers offering favorable conditions for the supply of materials and components (if the order of goods imposes volume restrictions on the minimum lot size), since it is easier to adjust a fixed lot size once than to continuously adjust its variable order.

An inventory management system with a fixed order size is often chosen when it is necessary to respond quickly to changes in sales, which is also important in the event of a transition to the production of innovative products by OJSC Vodmashoborudovanie plant.

In a system with a fixed order size, the purchase volume should be optimal, and the optimization criterion should be the minimum total costs of storing stock and repetition of the order.

When analyzing the amount of stocks of OJSC plant “Vodmashoborudovanie” for the reporting year, it was revealed that in the composition of stocks the largest share are costs for raw materials, materials, other similar values, finished goods stocks and costs in work in progress.

The advantage of the considered system is its simplicity, since regulation is carried out once during the entire interval between deliveries. The efficiency of using this system is expressed in an average reduction in the size of stocks of raw materials and materials by 8%.

The main ways to reduce production stocks can be identified:

- introduction of economically justified stock norms;
- bringing suppliers of raw materials, semi-finished products, components closer to consumers and customers;
- improving the organization of supply, including through the establishment of clear contractual terms of supply and ensuring their implementation, the optimal choice of suppliers, the well-organized operation of transport;
- elimination of excess stocks of materials;
- improvement of stock rationing;
- improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation;
- optimal choice suppliers;
- well-organized work of transport.

The value of the standard of working capital in work in progress depends on the following factors:

- volume and composition of manufactured products. The more products are produced, all other things being equal, the larger the work in progress will be. When increasing specific gravity products with a shorter production cycle, the volume of work in progress will decrease, and vice versa;
- the duration of the production cycle. The amount of WIP is directly proportional to the duration of the production cycle. Reducing inventories in work in progress helps to improve the use of working capital by reducing the duration of the production cycle;
- the cost of production. The lower the production costs, the less work-in-progress in monetary terms... An increase in the cost of production leads to an increase in work in progress.

Thus, we can formulate the main directions for reducing WIP:

1) reducing the duration of the production cycle (reducing the time for performing auxiliary operations; reducing the time of intra-shift and inter-shift breaks, increasing the degree of parallelism of the work performed, replacing natural processes with appropriate technological operations);
2) reducing the cost and material consumption of products, in particular due to the use of cheaper construction materials;
3) improvement of operational planning of production;
4) an increase in the organizational and technical level of production, an increase in the comprehensive mechanization and automation of production processes.

Ways to reduce stocks of finished products:

1) reducing the time for picking lots;
2) reducing the time for packing, loading and transporting products from the warehouse;
3) improving sales planning;
4) acceleration of settlements by using computer programs "bank-client", etc.

To improve the financial condition of the enterprise, it is necessary to clearly control and manage accounts receivable, monitor the quality and ratio. Accounts receivable are the source of repayment of the accounts payable of the enterprise. If the enterprise freezes the amounts in settlements with buyers and customers, then it may feel a large shortage of funds, which will lead to the formation of accounts payable, delays in payments to the budget, extra-budgetary funds, social insurance and security contributions, wage arrears, and others. payments. This, in turn, will entail the payment of fines, penalties, and penalties. Violation of contractual obligations and late payment for products to suppliers will lead to the loss of the business reputation of the company and, ultimately, to insolvency and illiquidity. Therefore, to improve the financial condition of each enterprise, it is necessary to monitor the ratio of accounts receivable and payable, to find ways and means to reduce the amount of debt at the enterprise. Therefore, Vodmashoborudovanie OJSC must, first of all, competently manage accounts receivable. Analysis and management of accounts receivable involves, first of all, control over the turnover of funds in the calculations. Acceleration of turnover over time is seen as a positive trend.

Since in 2009 there is a significant increase in accounts receivable, it is necessary to take measures aimed at reducing its value. The current state of the enterprise is partly characterized by the presence of accounts receivable and has a significant impact on the stability of the enterprise. Failure to comply with contractual and settlement discipline, untimely filing of claims for arising debts lead to a significant increase in accounts receivable, and, consequently, to instability of the financial condition of the enterprise.

Measures to optimize the composition and movement of accounts receivable are presented in the following form:

1) analysis of the current state of receivables - the composition and structure of receivables in terms of maturity, calculation of indicators characterizing the receivables of the enterprise;
2) the formation of analytical information that allows you to control accounts receivable - maintaining a journal-order and a statement of accounts with buyers and customers, taking into account the classification of invoices by payment terms;
3) analysis and development of a settlement policy with buyers and customers - justification of the conditions for granting a loan to individual buyers, determination of the real value of receivables in the context of changing purchasing power of funds, calculation of the opportunity cost of funds, development of measures for early repayment of receivables: proposals to stimulate sales with immediate payment and payment "after the fact", the introduction of penalties for late payments;
4) control over the compliance of the terms of granting credit to buyers, use different forms early repayment of receivables, offers for discounts and other sales promotion activities with immediate payment or post-payment;
5) forecasting of receivables.

The main purpose of the analysis of accounts receivable is to develop a credit policy for buyers aimed at increasing the organization's profits, speeding up settlements and reducing the risk of non-payment.

In order to collect overdue receivables, an enterprise can use the following measures:

- finding out to what extent the reason for non-payment is valid, as well as what is the degree of the payer's solvency at the moment;
- notifying the debtor in writing or in person that the payment is overdue and must be made with an indication of the deadline, signing a reconciliation report with the debtor;
- negotiating with the debtor on the choice of the method of debt repayment;
- warning the debtor that the case may be referred to an arbitration court, and other sanctions may also be applied;
- termination of the delivery of products to the defaulter;
- contacting a company that collects debts;
- sale of debt, including bills;
- an appeal to the arbitration court with a request either to collect the debt, or to start bankruptcy proceedings.

To effectively manage accounts receivable, the company must follow the following guidelines:

1) it is necessary to establish certain conditions for crediting debtors: to establish an advance payment of 50% of the cost of products. In case of non-payment within a month, the customer will be forced to pay a fine, the amount of which depends on the moment of payment;
2) monitor the status of settlements with buyers (for deferred debt) and promptly file claims;
3) focus on the largest possible number of buyers in order to reduce the risk of non-payment by one or more large consumers;
4) monitor the compliance of accounts payable and receivable.

Consider the main directions of the policy of accelerating and increasing the efficiency of calculations, which include:

- provision of discounts to debtors for shortening the terms of return of payments;
- the use of bills in settlements with debtors, taking into account debts in the bank to accelerate the receipt of funds from debtors with payment of interest and commissions to the bank, factoring operations;
- Granting a deferral of payments with the receipt of interest from the use of a commercial loan by debtors.

Another way that commercial banks currently offer to pay off receivables is an assignment agreement, that is, the assignment of the right of claim and the transfer of ownership.

Assignment is a document of the borrower (assignor) in which he assigns his claim (receivable) to the creditor (bank) as security for the repayment of the loan. In other words, the company receives a loan from the bank, a loan account is opened for it and at the same time an assignment agreement is drawn up. As a rule, an open assignment is applied, which involves informing the debtor about the assignment of claims. In this case, the debtor repays his obligation to the bank, and not to the borrower of the bank (assignor). Thus, the assignment agreement allows you to solve the problem of accounts receivable, replenish working capital and flexibly maneuver your resources in the presence of accounts payable to the bank, because the repayment of the received loan will take place through the loan account.

As for the field of contractual work and contractual discipline, given the massive non-payments between enterprises, it would be appropriate to conclude a collection agreement with the bank for an acceptance form of settlements with customer enterprises for compulsory services, as well as to conclude an agreement with the bank on the automatic accrual of a fine for each day of delay. in case of untimely payment for services with the issuance of a payment request to the address of the bank serving the buyer.

The main source of own financial resources is profit. The main areas for increasing profits include:

- growth of production output. The more products are produced, the greater the mass of profit;
- improving the quality of products that have higher consumer properties and higher prices;
- reduction of production costs. This is the most effective way to increase your profits. It is possible to reduce production costs by saving raw materials, energy resources, better use of existing fixed assets, introduction of new equipment and technology;
- integrated use of raw materials, which is ensured by the introduction of waste-free production.

A necessary condition for making a profit and improving the financial condition is a certain degree of production development, which ensures the excess of proceeds from the production of products over the costs of their implementation.

The main factors of the chain that generate profit are costs, production volume. They must be constantly monitored and monitored.

This problem is solved on the basis of the organization of cost accounting, the values of which increase in connection with the transition to a market economy. Cost accounting should ensure that the maximum possible results are achieved without compromising quality while reducing all types of costs.

This is possible if the enterprise first of all introduces:

- strict regulation of the consumption of raw materials, materials, electricity, as well as the stimulation of their saving;
- improving the organization of production, management and control. For management personnel, it is necessary to modernize existing technologies for faster and more efficient control over activities;
- strict accounting of working hours and incentives to reduce labor costs. At the same time, an increase in the profit of an enterprise is possible if the growth rate of labor productivity exceeds the rate of growth wages and if each employee is paid in accordance with the quality and quantity of his labor;
- it is necessary to ensure financial responsibility employees for the results of management, while eliminating non-production payments for wages due to payment of all-day downtime and internal downtime hours, additional payments for overtime work.

It is planned to reduce costs by carrying out the following measures:

- save energy resources by metering and rational use of electricity, establish an internal limit for electricity consumption according to the installed capacity, based on the production need to determine the need for mechanisms and equipment that are energy consumers, install electric meters in all production facilities. Carry out an audit of the technical condition of the energy system of the enterprise;
- conduct an audit of the technical condition of the heating system, develop and observe a schedule for the temperature regime in the premises during the heating season. Take seriously the insulation of window frames and doorways, revise valves, valves, eliminate leaks, categorically prohibit the use of additional heaters, especially home-made ones;
- to reduce the cost of using water. Install the necessary counting devices and develop and bring the necessary water consumption limits by the structural divisions of the enterprise. Carry out an audit of the shut-off valves.

To obtain additional profit, OJSC Vodmashoborudovanie needs to sell surplus fixed assets, equipment not related to its core business and illiquid at market prices. All cash must be involved in economic circulation, all idle, conserved funds deaden production and sharply worsen the financial condition of the enterprise.

To prevent a shortage of own working capital and mitigate the negative consequences in case of its occurrence, it is recommended:

- create reserve funds, carry out the indexation of assets;
- keep under control the structure of working capital;
- to carefully determine the financial policy of the enterprise.

You can optimize current liquidity through the following measures:

- to ensure the profitability of the company and its growth;
- comply with the financial rule: investments in non-current assets must be made at the expense of long-term, but not short-term loans;
- to carry out investment investments within the limits of the received profit and attracted long-term investments, taking into account the state of the net working capital;
- aim for optimal size stocks of work in progress, that is, the least liquid current assets.

In this subsection, a number of measures were considered with the aim of eliminating the reasons for the decline in the economic stability of the enterprise of OJSC Vodmashoborudovanie. They are aimed at accelerating the turnover of working capital, increasing the level of current liquidity and profitability of products sold.

Any enterprise is a dynamic economic system, and the concept of sustainability is one of its most important characteristics. Stability should be understood as the constancy of the state of the system or the constancy of the sequences of some of its states in time in the process of its transformations.

Economic sustainability enterprises are a complex concept, like itself economic activity, and characterizes its state in relation to external influences, which can be considered stable if, with equal external influences and internal shifts, it is subject to smaller changes in relation to the previous one. At the same time, the economic condition of the enterprise can vary from extremely unstable, in which it is on the verge of bankruptcy, to relatively stable.

The condition for resistance to external influences is the internal properties of the enterprise itself, and stability itself is an external manifestation of the internal structure of the enterprise. In order to increase the stability of the enterprise to the effects of various factors, it is necessary, first of all, to improve it. internal structure, take into account new progressive phenomena of the external environment and use them in the activities of enterprises to improve efficiency and further development. The stability of the enterprise depends on the material and material structure of production, sales of products, organization of work, financial circulation, innovation activities and such their dynamics, at which consistently high results are obtained.

The smaller the enterprise, the more acute the problem of economic sustainability, since large enterprises, the more their various associations (corporations, financial and industrial groups, etc.) can use such methods of adaptation to changes in the external environment as diversification of products, works, services, expansion of market relations, optimization of the structure of the main production assets, changes in the organizational and legal forms of enterprises, etc. Small businesses do not have these capabilities, and any change in even one of the parameters of the external environment may be critical for them.

Effective work has the opposite positive effect on the economic sustainability of the enterprise. At the heart of ensuring the achievement of internal sustainability is the implementation of the principle of active response to changes in various factors.

There are various constituent elements of the economic sustainability of an enterprise, which are interrelated and interdependent, and the level of development of each has a different impact on the overall economic sustainability of the enterprise.

Usually, the following components of economic sustainability are distinguished: financial, production and technical, commercial, organizational, innovative and social sustainability. Financial stability characterizes such a state of financial resources in which the enterprise is able, through their effective use, to ensure an uninterrupted process of production and sale of products, the costs of expanding and updating production. Industrial and technical sustainability the enterprise is the stability of the production cycle of the enterprise, the organization of its resource provision. Commercial sustainability is determined by the level of business activity, the reliability of economic ties, the competitive potential of the company, and its share in the sales market. Organizational sustainability presupposes the stability of the internal organizational structure, the smoothness and efficiency of relations between various departments and services of the enterprise, the effectiveness of their joint work. Innovative sustainability characterizes the ability of an enterprise to introduce new technologies and methods of organizing production, to produce new types of products, perform new types of work, and provide new types of services. Social sustainability involves the involvement of the enterprise team in social processes, promoting the growth of the well-being of society and the level of social security of its employees.

Determining the boundaries of the financial stability of enterprises is one of the most important economic problems in a competitive economy. The most important components of financial stability are solvency, the degree of liquidity of assets, and creditworthiness.

In countries with developed market economies, due to the transformation of economic entities (mergers and acquisitions, changes in the economic profile and organizational and management structures, penetration into new markets, etc.), the concept of sustainable economic development acquires new meaning- by him, it is more understood not to achieve adaptation to a changing environment, but to actively form this environment itself and construct new principles of reaction to it.

The diversification strategy of the company as a mechanism for increasing the economic stability of the company. Ways to increase the economic sustainability of the enterprise OJSC Vodmashoborudovanie Ways to increase the economic stability of an industrial enterprise

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