Desa Petrovic - Financial management
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Desa Petrovic - Financial management

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Financial management

Financial management

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    Desa Petrovic - Financial management Desa Petrovic - Financial management Presentation Transcript

    • FINANCIAL MANAGEMENT
    • AREAS :
      • Financial reports
      • Ratio analysis
      • Accounting control
      • Business plan
      • Sources of financing
    • 1. FINANCIAL REPORTS
      • BALANCE SHEET
      • INCOME STATEMENT
      • CASH FLOW ANALYSIS
    • BALANCE SHEET ASSETS 1.Current assets (1.1.+…+1.7. ) 20.000 1.1. Cash and equivalent Counter , account , papers of value 20.000 1.2. Requirement of customers Yield that customers owe according to deal 1.3. Reserve: raw material Bought meterial 1.4. Reserve : production in progress Costs of material and work for goods 1.5. Reserve: final products Final products ready for sale 1.6. Beforehand paid obligations Rent, insurance 1.7. Other current assets 2. Fixed assets ( 2.1.+ 2.2.+2.3 ) 520.000 2.1. Land Purchase cost of land 2.2. Business buildings Purchase cost of objects 2.3. Machines and equipment Purchase cost of machines and equipment 520.000 3. Amortization Amortization of fixed assets 0 4. Net value of fixed assets (2-3 ) 520.000 5. TOTAL ASSETS ( 1+4 ) 540.000
    • BALANCE SHEET LIABILITIES 6. Current liabilities (6.1.+..+6.5.) 0 6.1. Liabilities according to providers Yield which you owe to providers 6.2. Outstanding taxes Taxes of accounted salaries, immoovable property and owing gain 6.3. Outstanding interests Not paid interests 6.4. Short-term credits Principal of credits 6.5. Other short-term liabilities Not implied items previously 7. Long-term liabilities 100.000 7.1. Long-term credits Principal of credits 100.000 8. Total liabilities (6+7 ) 9. Capital (9.1.+9.2.+9.3) 440.000 9.1. Owners equity Initial owners equity 440.000 9.2. Investment capital New owners capital 9.3. Reinvestment gain Previously reinvestment gain TOTAL LIABILITIES (8+9 ) 540.000
    • INCOME STATEMENT Total sales 210.000 Basic and industrial costs 90.000 Salaries + overtime + special bonus and additions 15.000 Taxes and contributions of net salaries (social, health, literacy ) 10.800 Items used in production, but not object of sales 1.800 Repair and preserve, renovation, whitening and other 1.000 Advertising 1.000 Cars expences 0 Traveling and representation expences 3.000 Accounting, juristical, management consalting 1.500 Rent ; phone, fax and internet ; electricity, water, gas, heating 5.700 Property and employees insurance 450 Immoovable property taxes 0 Interests costs 0 Amortization of elementary means 13.000 Previously not implied liabillities 0 Amotrtization of fixed assets 143.250 66.750 Accounted taxes on valid metre of tax on gain 13.350 53.400
    • CASH FLOW ANALYSIS Jan.’07 Feb.’07 Mar.’07 1. Cash on Hand (beginning of period) 20.000 20.000 20.000 2. Cash receipts 2.1. Cash sales 40.000 45.000 50.000 2.2. Initial owners capital 420.000 0 0 2.3. Loan cash 100.000 0 0 2.4. New owners investment capital 0 0 0 2.5. Other cash receipts 0 0 0 TOTAL CASH RECEIPTS 560.000 45.000 50.000
    • CASH FLOW ANALYSIS 3. Cash paid out Jan.’07 Feb.’07 Mar.’07 3.1. Flux according to operative activity (OA) 3.1.1. Material ( basic + auxillary ) 20.000 20.000 20.000 3.1.2. Salaries 5.000 5.000 5.000 3.1.3. Taxes and contributions of salaries 3.600 3.600 3.600 3.1.4. Office material 0 1.800 0 3.1.5. Repairs & maintenance 1.000 0 0 3.1.6. Advertising 500 500 0 3.1.7. Car park 0 0 0 3.1.8. Travel expences and representation 1.000 1.000 1.000 3.1.9. Audit consultancies 500 500 500 3.1.10. Rent 2.100 0 0 3.1.11. Phone, fax and internet 700 700 700 3.1.12. Municipals 500 500 500 3.1.13. Insurance 450 0 0 3.1.14. Taxes 0 0 0 3.1.15. Other liabilities 0 0 0 TOTAL FLUX – OPERATIVE ACTIVITY 35.350 33.600 31.300
    • CASH FLOW ANALYSIS 3.2. Flux according to financial activity ( F A) Jan.’07 Feb.’07 Mar.’07 3.2.1. Principal of credits 0 0 5.000 3.2.2. Interests 0 0 2.500 TOTAL FLUX – FINANCIAL ACTIVITY 0 0 7.500 3.3. Flux according to investment activity (IA) 3.3.1. Purchase of elementary means 520.000 0 0 3.3.2. Start-up expences 21.000 0 0 TOTAL FLUX – INVEST MENT ACTIVITY 541.000 0 0 3.4. Cash withdrawal by owner 0 10.000 0 3. TOTAL CASH PAID OUT (3.1. + ... + 3.4.) 576.350 43.600 38.800 4. Total cash (2-3) -16.350 1.400 11.200 5. Total cash in the end of the period (1+4) 3.650 5.050 16.250
    • 2. RA T IO ANAL YSIS
      • Liquidity ratios
      • Solvency ratios
      • Efficency ratios
      • Profitability ratios
      • Productivity ratios
      • Net capital turnover analysis
    • RA T IO ANALYSIS BALANCE SHEET ASSETS LIABILITIES Fixed assets 60.000 Own sources ( owner’s equity ) 102.000 Current assets : - reserve - requirement - cash 96.000 46.500 34.500 15.000 Long-term credits 12.000 Short-term credits 42.000 TOTAL 156.000 TOTAL 156.000
    • LIQUIDITY RATIOS
      • Measure the ability of a firm to meet its short-term financial obligations. It is used:
      • Current ratio
      • Quick ratio (Acid Test ratio)
      • Cash ratio
    • Current ratio
      • CURRENT ASSETS
      • CR = ----------------------------- --- ----
      • SHORT-TERM OBLIGATIONS
      • 96.000
      • CR = ------------------- = 2,29  1
      • 42.000
    • Quick ratio (Acid Test ratio)
      • CASH + REQUIREMENT
      • QR = ------------------------------- - ----- SHORT-TERM OBLIGATIONS
      • 15.000+34.500
      • QR = --------------------- = 1,2  1
      • 42.000
    • Cash ratio
      • CASH
      • CR = ------------------------------------
      • SHORT-TERM OBLIGATIONS
      • 15.000
      • CR = ------------------ = 0,35  1
      • 42.000
    • SOLVENCY RATIO
      • Sources structure of financing ratio shows real abilities of business
      • Debt ratio shows the level of owing
    • Sources structure of financing ratio
      • OWNER’S EQUITY
      • SSFR = ----------------------------- BORROWED EQITY
      • 102. 000
      • SSFR = ------------ = 1,89  1
      • 54. 000
    • Debt ratio
      • BORROWED FINANCING SOURCES
      • DR = ----- ------------------------------------- TOTAL BUSINESS ASSETS
      • 54.000
      • DR = ------------ x 100 = 34,6 %
      • 156. 000
    • EFFICENCY RATIO
      • Usually it is used :
      • Reserve turnover ratio
      • Requirement ratio ( from buyers )
      • Obligation ratio ( toward provider )
    • Reserve turnover ratio
      • PRICE OF REALISED PRODUCTS
      • RTR = -----------------------------------------------
      • AVERAGE TOTAL RESERVE
      • 150.000
      • RTR = ------------------------------ = 3,2
      • 1/2 ( 46.500 + 47.400)
      • 360 DAYS
      • AVERAGE PERIOD OF RESERVE KEEPING = ----------------------------------
      • RESERVE TURNOVER RATIO
    • Requirement ratio
      • INCOME OF REALISED PRODUCTS
      • TURNOVER BUYERS RATIO = --------------------------------------------------- ----- AVERAGE TOTAL BUYERS
      • 360 DAYS
      • AVERAGE PERIOD OF PAYMENT = ---------------------------------
      • TURNOVER BYERS RATIO
    • Obligation ratio
      • PRICE OF REALISED PRODUCTS
      • TURNOVER PROVIDERS RATIO = -------------------------------------------------- ---------- AVERAGE TOTAL PROVIDERS
      • 360 DAYS
      • AVERAGE PERIOD OF RECONCILE OBLIGATIONS = ----------------------------- --------- TURNOVER PROVIDERS
      • RATIO
    • PROFITABILITY RATIO
      • It is used :
      • Meter of net gain
      • Meter of yield on total assets
    • Meter of net gain
      • NET GAIN
      • MNG = ------------------------------------------ -------
      • INCOME OF PRODUCT REALISATION
      • 45.000
      • MNG = --------------- = 15%
      • 300.000
    • Meter of yield on total assets
      • NET GAIN
      • METER OF YIELD ON TOTAL ASSETS = ----------------------- . . AVERAGE ASSETS
      • 45.000
      • METER OF YIELD ON TOTAL ASSETS= -------------------- = 29% . . 156.000
    • NET CAPITAL TURNOVER ANALYSIS
      • NCT = ( R + RE + C ) – STO
      • R - reserve
      • RE - requirement
      • C - cash
      • STO - short-term obligations
    • Break-even point
    • Break-even point can be shown by following formula: TFC BEP = ------------- U – VC/U where is : TFC – total fixed costs, U – unit selling price, VC/U variable costs per unit total profit (TP) = total costs (TC) TP = unit selling price (U) x quantity of product (P) and TC = total fixed costs (TFC) + total variable costs (TVC) U x P = TFC + TVC TVC = VC/U x U U x P = TFC + ( VC/U x U) P ( U - VC/U) = TFC TFC P = -------------- U - VC/U
    • 3. ACCOUNTING CONTROL
    • TARGETS RELEVANT ASPECTS OF COST MANAGEMENT WHAT’S THE TARGET OF:  MANAGEMENT CONTROL MANAGEMENT CONTROL TARGETS WHAT’S MANAGEMENT CONTROL?  IT’S A DEFINED SYSTEM WITH: * PROCEDURES * RESULTS  IT HAS NOT TO BE CONSIDERED A “UNA TANTUM ANALYSIS” OR A SUBPRODUCT OF GENERAL LEDGER PRINCIPAL FEATURES OF MANAGEMENT CONTROL HOW CAN YOU PROJECT A MANAGEMENT CONTROL SYSTEM  IT HAS TO BE DEFINED AS “SPECIFIC” SYSTEM FOR EACH COMPANY  IT HAS TO BE DEFINED ACCORDING TO THE DECISONS COSTS CLASSIFICATION  WE WILL HAVE TO KNOW THE DIFFERENT WAYS TO CLASSIFY COSTS
    • RELEVANT ASPECTS FOR COMPANY MANAGEMENT AN EFFICIENT COMPANY MANAGEMENT NEEDS
        • SKILLS TO MANAGE THE DIFFERENT “AREAS” IN THE COMPANY
        • AN INFORMATION SYSTEM
        • HUMAN RESOURCES ABLE TO REACH ECONOMICAL TARGETS
    • SKILLS TO MANAGE THE DIFFERENT “AREAS” IN THE COMPANY SALES NOT ONLY SALES, BUT MARGINS OPTIMIZE PRODUCTION COSTS : * MAKE OR BUY * MANUFACTURING DEVELOPMENT PRODUCTION ANALYSE GENERAL EXPENSES AND DECIDE WHO WILL BE RESPONSABLE OF THEM GENERAL EXPENSES
    • INFORMATION SYSTEM (IS) THE FAST EVOLUTION OF MARKET ASK FOR INFORMATION SYSTEM WHICH GIVES THE POSSIBILITY OF ANALYSE RESULTS SUPPORT DECISIONS
    • INFORMA TION S Y STEM INFORMATION SYSTEM GENERAL LEDGER MANAGEMENT CONTROL
      • IT’S FOR LAW
      • ONLY AMOUNTS
      • IT’S FOR INTERNAL MANAGEMENT
      • * AMOUNTS AND QUANTITY UNIT SALES UNITS PRODUCTION
      • OVERHEADS EFFICIENCY AND PRODUCTIVITY AND SO ON ………
    • INFORMA TION S Y STEM ECONOMICS RESULTS ANALYSIS CAN BE DONE WITH GENERAL LEDGER MANAGEMENT CONTROL INCOME STATEMENT IN UE FORMAT INCOME STATEMENT IN COST OF SALES FORMAT ECONOMICS REPORTS
    • INCOME STATEMENT SHOWS GENERAL LEDGER ACCOUNTING CONTROL GLOBAL RESULTS PRODUCT LINE RESULTS SHOWS
    • HUMAN RESOURCES ABLE TO REACH ECONOMICAL TARGETS RESULTS TOTAL COMPANY SALES
      • SELLING
      • PRODUCTION
      MANAGERS SALES MANAGER FACTORY MANAGER VARIABLE COSTS GROSS MARGIN
      • RESEARCH & DEVELOPMENT
      • SELLING
      • ADMINISTRATIVE
      • AND GENERAL
      SELLIN AND ADMINISTRATIVE MANAGERS FIXED COSTS EBIT SALES MANAGER GENERAL MANAGER
    • INCOME STATEMENT
    • THE INCOME STATEMENT FOR MANAGEMENT ACCOUNTING THE PRINCIPAL AIMS OF INCOME STATEMENT FOR MANAGEMENT ACCOUNTING ARE TO GIVE A SYNTHETICAL VISION OF ECONOMICAL RESULTS TO SUPPORT DECISIONS 1 TO GIVE EVIDENCE TO : - OPERATING RESULTS - NOT OPERATING RESULTS 2 4 TO ANALYSE MARGING OF DIFFERENT PRODUCT LINES OR BUSINESS AREAS 3 TO DEFINE DIFFERENT LEVELS OF MARGINS TO EVALUATE : - CONTRIBUTION MARGIN - MANUFACTURING MARGIN AND EBIT - CASH FLOW (OPERATING AND FINAL)
    • DIFFERENT MARGINS AND RESULTS CONTRIBUTION MARGIN GROSS MARGIN/PROFIT OPERATING PROFIT (EBIT) GENERAL EXPENCES DEPENDS BY VARIABLE AND FIX COSTS IT DEPENDS BY ALL MANUFACTURING COSTS IT DEPENDS BY ALL THE OPERATING COSTS
    • NOT OPERATING COSTS FINANCIAL EXTRAORDINARY FISCAL TYPE CONTENTS BANK INTEREST AND CHARGES NON RECURRENT INCOMES OR COSTS TAXES ON PROFITS
    • DIFFERENT METHODS FOR “COSTING” COSTING METHOD THE COICE OF IT’ S BASED ON RECEIVERS AND USE MANUFACTURING PROCESS COMPANY ORGANIZATION
    • DIFFERENT METHODS FOR “COSTING” THE DIFFERENT METHODS WE CAN USE FOR CAN BE SINTHETYZED IN FULL COSTING MANUFACTURING COSTING DIRECT COSTING EVALUATE COSTS
    • COST CALSSIFICATION
      • ACCORDING TO WHAT YOU HAVE TO EVALUATE:
      • PRODUCT
      • COST CENTRE
      DIRECT COSTS OBJECTIVELY IMPUTABLE TO PRODUCT OR COST CENTRE I.E.: RAW MATERIALS, DIRECT LABOUR COST INDIRECT COSTS SUBJECTIVELY IMPUTABLE WITH “LOGICAL METHODS” I.E.: GENERAL EXPENSES, FINANCIAL COSTS
      • ACCORDING TO THE RELATION WITH VOLUMES
      • PRODUCTION
      • SALES
      VARIABLE COSTS THEY CHANGE PROPORTIONALLY, IN RELATION WITH VOLUMES I.E.:RAW MATERIALS, DIRECT LABOUR COST, COMMISSIONS FIXED COSTS THEY DO NOT CHANGE IN RELATION WITH VOLUMES, BUT THEY ARE LINKED TO TIME I.E.:EMPLOYEES LABOUR COST., AMMORTISATION, SHOWS AND EXIBITION, ….. COSTS CLASSIFICATION DESCRIPTION
    • FULL COSTING FULL COSTING CAN BE DONE ON TWO LEVELS MANUFACTURING COST TOTAL COST
    • MANUFACTURING COSTS MANUFACTURING COST THE METHOD OF IS BASED ON THE PRODUCT EVALUTION WITH ALL COSTS CONCERNED WITH MANUFACTURING PROCESS
    • TOTAL COSTS TOTAL COST THE METHOD OF IS BASED ON THE PRODUCT EVALUTION WITH MANUFACTURING COSTS GENERAL EXPENSES
    • DIRECT COSING VARIABLE COST THE METHOD IS BASED ON THE PRODUCT EVALUATION WITH DEPENDING ON SALES DEPENDING ON PRODUCTION VARIABLE COSTS
    • DIRECT COSTING VARIABLE COSTS DIRECT COSTING METHOD THE PRODUCT IS EVALUATED WIYH ONLY LIMITS:
      • POSSIBLE DIFFICULTIES IN DIVIDING COSTS INTO VARIABLE AND FIXED
      • PRODUCT IS EVALUATED WITH ONLY “FEW” COSTS
    • DIRECT COSTING VARIABLE COSTS DIRECT COSTING METHOD THE PRODUCT IS EVALUATED WIYH ONLY ADVANTAGES:
      • THE VARIABLE COST IS THE “MINIMUM LEVEL” TO ACCEPT A SALES PRICE
      • DIRECT COSTING CORRECTLY SUPPORT STRATEGIES FOR INCREASING SALES VOLUMES
    • FULL COSTING ALL THE COMPANY COSTS FULL COSTING THE PRODUCT IS EVALUATED WITH LIMITS: THE ATTRIBUTION OF GENERAL EXPENSES TO THE SINGLE PRODUCTS IS NEVER OBJECTIVE
    • FULL COSTING ALL THE COMPANY COSTS FULL COSTING THE PRODUCT IS EVALUATED WITH ADVANTAGES: THE “THOUGHT” THAT A PRICE THAT WILL COVER ALL COSTS, GIVES YOU SURE EARNINGS
    • COST CENTER AND RESPONSABILITY
    • COST CENTER COMPANY “ENTITY” TO WHICH CAN BE ATTRIBUTED COST CENTER A COSTS IS A
    • COST CENTER AIMS COST CENTER AIMS THE PRICIPAL CAN BE CONSIDERED TO DEFINE COST DESTINATION TO ATTRIBUTE INDIRECT COSTS TO PRODUCT TO LINK RESPONSABILITY AND COSTS
    • COST CENTER CLASSIFICATION COST CENTERS IT CAN BE DEVIDED BASING ON ACTIVITY: PRODUCTION COST CENTER OVERHEAD COST CENTER AUXILIAR COST CENTER 1 2 3
    • PRODUCTION COST CENTER ALL THE WHICH ARE DIRECTLY INVOLVED IN THE PRODUCTION COST CENTER IT’S POSSIBLE TO CLASSIFY AS MANUFACTURING PROCESS COMPANY ENTITIES
    • OVERHEAD COST CENTERS OVERHEAD COST CENTERS IT’S POSSIBE TO CLASSIFY AS WHICH ARE INVOLVED IN GENERAL ACTIVITY MANAGEMENT: COMPANY ENTITIES ALL THE SALES, PURCHASES, PRODUCTION MANAGEMENT, RESEARCH AND DEVELOPMENT, FINANCE
    • PRODUCT COSTS PRODUCT COST RAW MATERIAL EXTERNAL SERVICES/PRODUCTION INTERNAL MANUFACTURING COSTS 1 2 3 HAS TO BE COMPOSED BY
    • PRODUCT COSTS PRODUCT COST RAW MATERIAL EXTERNAL SERVICES/PRODUCTION INTERNAL MANUFACTURING COSTS 1 2 3 HAS TO BE COMPOSED BY
    • PRODUCT COSTS EXTERNAL SERVICES THE NUMBER OF “OPERATIONS” EXTERNALLY MADE PURCHASE PRICE OF EVERY OPERATION EXTERNAL SERVICES COSTS 1 2 DEPENDS ON
    • PRODUCT COSTS MANUFACTURING COSTS THE NUMBER OF “OPERATIONS” INTERNALLY MADE MANUFACTURING COST CENTER RATES INTERNAL MANUFACTURING COSTS 1 2 DEPENDS ON
    • PRODUCT COSTS PRODUCT COSTS DEPENDS ON THE SYSTEM WE HAVE CHOSEN, AND THE IMPACT OF THE DIFFERENT SYSTEM WILL CHANGE ONLY THE MANUFACTURING COST, SO WE WILL HAVE: VARIABLE MANUFACTURING COST AND VARIABLE PRODUCT COST TOTAL MANUFACTURING COST AND FULL PRODUCT COST
    • 4. BUSINESS PLAN Preparing a business plan
    • What is a business plan ?
      • Writen resume of
        • past ,
        • present and
        • future
        • activities of your business .
      • Business itinerer of how to get from present position to one which is projected in future .
    • Goal of preparing business plan ?
      • Document which is used as a standard for :
        • checking your planed business ideas and projects
        • tracking realisation of your elementary planed business activities with current realised results
        • evaluation of projects at insurance additional needed capital for its realisation u
    • Paramet ars of business plan (1)
      • Start-up
      • Development of existing firm
      • N ew project > new firm
    • Paramet ars of business plan (2)
      • Structure of owner
      • Caracter of program / action
      • Owner’s capital
    • Paramet ars of business plan (3)
      • Time dimension of business plan
      • Aiming additional sources and level of capital
        • It is optimal to prepare chronological Business plan based on term which shows investment term of repayment of capital.
    • Elemen s of Business plan
      • Basic elements of business plan are :
      • Cover page
      • Resume
      • Description of firm ( company profile )
      • Market analysis ( branch analysis , activity )
      • Production programme and production plan
      • Human recources plan
      • Selling plan
      • Marketing plan
      • Financial plan
      • Plan of future development
      • Addition
      • On cover page it is shown :
      • - firm
      • - title of business plan
      • - relate period
      • - aut h or( s )
      Cover page
    • Re su me (1)
      • This part of Business plan is compiled in the end of its preparing, and it is placing on its beginning.
      • It represent “window” of Business plan .
      • It should be concise, descriptive and comprehensible, with size of one or two pages.
      • It illuminate only the most important and key results which are obtained during preparing all other elements of business plan.
    • Re su me (2)
      • It is especially important to point up key details linked to :
      • program me / activity ,
      • te c hnolog y , equipment and production process,
      • concurrent in pro duct / service ,
      • market ,
      • and especially financial construction which should give concise ilustration of level and dynamics of necessary investment, and also flow of assets repayment.
    • Description of firm
      • Here are given basic information about firm, which should demonstrate its business profile, and it includes data like :
      • - business place ,
      • - type of ownership , level and sources of capital ,
      • - authority t ea m (CV of management),
      • - form of organisation ,
      • - available assets and liabilities ,
      • - business propaganda ,
      • - positional capital of firm , good will, and other.
    • Market analysis ( branch analysis , activity )
      • In this part you shoud give answers on theese questions :
      • How large is production in country ?
      • How large is growth ?
      • Which are the most important regions ?
      • How large is volume of selling ?
      • Which are the basic trends ?
      • How is economy and loyal environment?
      • Who is concurrent ?
      • What are the advantages og concurrent ?
      • What are the main barriers in entering the market?
    • Production programme and production plan (1)
      • This part of Business plan should give answers on next questions:
      • Identif ying production programme ( merit of product and assortment).
      • What are the main features of production process ?
      • Choice of te c hnolog y and necessary equipment.
      • Who are productors and delivers of equipment?
    • Production programme and production plan (2)
      • Which are and how are solved technical demands ( electrical energy , water i canalization and other) for using selected technology ?
      • What kind of objects and location are needed?
      • Identif ying of raw material and delivers for realisation of production programme.
      • Is all proces of production performed substantively and who are other under-performers?
      • How big are costs of production ?
      • What are future investments in equipment ?
    • Human recources plan
      • Here is necessary to define next elements :
      • What are the tasks and works ?
      • What functions are officiated?
      • Who are performers?
      • How big are refunds and obligations?
    • Selling plan
      • In this part you should make analysis of selling which is believed to be accomplished on market. To do that next is necessary:
      • Create calculation of costs and form prices of products .
      • Forecast selling with more scenarios.
      • Setup organisation of selling.
      • Make buyers analysis.
    • Marketing plan
      • This part is most important for succesful realisation of Business plan. According to that it is necessary to do market analysis with answers to next questions:
      • What is aim group, apropos who are potential buyers of product?
      • What are like prices on market?
      • How to do product promotion ?
      • Which are distribution chanels?
      • What kind of advertising to use?
      • How big are advertising expences?
    • Finan cial plan
      • This is together the most important and most complexed part of business plan. It shows financial adequacy of entering in business. To do it on valid way you shoul analyse next :
      • Initial and operative capital
      • Income statement
      • Balance sheet
      • Cash flow analysis
      • Break-even point
      • Summary of amortization and credits .
    • Plan of future development
      • This part of business plan should indicate on main directions and goals in next period.
    • Addition
      • In this part is content all necessary materials and documentation which are important for realisation of whole business and Business plan.
    • Reali sation of business plan
      • It is necessary, as especially important for realisation of Business plan, to notice that in process of animation and attraction of potential partners or/and external buyers for realisation of Business plan, and during of process of negotiation with them, you should:
      • approach pheasantly and
      • proceed selectively.
    • CLASIFICATION OF BUSINESS PLAN
      • It is shown that you do not ought to give completed Business plan to all potential partners, but it is suggested its clasification on three parts, which are:
      • Resume with letter of purpose,
      • Business plan without addition , and
      • Addition .
      • This three parts should be dimensioned on that way to stop possible unauthorized malversation!
    • RE SU ME of Business plan
      • RE SU ME of B usiness plan should show that the project is:
      • Attractive for market,
      • Reliable fof investment ,
      • Mutualy profitable for potential partner and investitor.
    • Business plan
      • Business plan should give arguments from Resume and show that project is in:
      • management ,
      • organization ,
      • technology ,
      • production ,
      • market and marketing ,
      • cadre ,
      • optimaly quantitively and qualitively dimensionised.
    • Addition
      • Addition , with special details and clasified business data which are related on :
      • business politics (know-how),
      • positional capital (good will)
      • firm potential ( who are buyers and providers)
      • should affirm that the project is objectively efficient.
    • Phases of realisation
      • Realisation process sholud be guided in next three phases:
      • Resume with letter of purpose,
      • Business plan without addition , and
      • Addition .
    • First phase
      • First phase is delivery of Resume with letter of purpose to all potential business addresses, like:
      • business banks and institutional development funds ,
      • public economy chambers and other business and profession associations,
      • private investment funds and “business angels”,
      • existing business partners (buyers and providers),
      • potential business partners ( producers and sellers of equipment, tools and raw material),
      • and all other informal contacts (relatives, friends and similar).
    • Second phase
      • Second phase is delivery of Business plan to selectively interested potential partners and/or creditors, by negotiations for:
      • affirmig grade of their interest, and
      • outline limit under which they are ready for business cooperation.
    • Third phase
      • Third phase is showing Addition to selected external subjects with whom is entered in final phase of negotiation and their direct decision of willing for product realisation, where are defined final modes of relation in project realisation.
    • 5. SOURCES OF FINANCING
    • SOURCES OF FINANCING
      • Business banks
      • Republic fund for development
      • Regional guarantee fund
      • Investment funds
    • FINANCIAL MANAGEMENT Second day
    • 2. RATIO ANALYSIS
    • RA T IO ANAL YSIS
      • Liquidity ratios
      • Solvency ratios
      • Efficency ratios
      • Profitability ratios
      • Productivity ratios
      • Net capital turnover analysis
    • RA T IO ANALYSIS BALANCE SHEET ASSETS LIABILITIES Fixed assets 60.000 Own sources ( owner’s equity ) 102.000 Current assets : - reserve - requirement - cash 96.000 46.500 34.500 15.000 Long-term credits 12.000 Short-term credits 42.000 TOTAL 156.000 TOTAL 156.000
    • LIQUIDITY RATIOS
      • Measure the ability of a firm to meet its short-term financial obligations. It is used:
      • Current ratio
      • Quick ratio (Acid Test ratio)
      • Cash ratio
    • Current ratio
      • CURRENT ASSETS
      • CR = ----------------------------- --- ----
      • SHORT-TERM OBLIGATIONS
      • 96.000
      • CR = ------------------- = 2,29  1
      • 42.000
    • Quick ratio (Acid Test ratio)
      • CASH + REQUIREMENT
      • QR = ------------------------------- - ----- SHORT-TERM OBLIGATIONS
      • 15.000+34.500
      • QR = --------------------- = 1,2  1
      • 42.000
    • Cash ratio
      • CASH
      • CR = ------------------------------------
      • SHORT-TERM OBLIGATIONS
      • 15.000
      • CR = ------------------ = 0,35  1
      • 42.000
    • SOLVENCY RATIO
      • Sources structure of financing ratio shows real abilities of business
      • Debt ratio shows the level of owing
    • Sources structure of financing ratio
      • OWNER’S EQUITY
      • SSFR = ----------------------------- BORROWED EQITY
      • 102. 000
      • SSFR = ------------ = 1,89  1
      • 54. 000
    • Debt ratio
      • BORROWED FINANCING SOURCES
      • DR = ----- ------------------------------------- TOTAL BUSINESS ASSETS
      • 54.000
      • DR = ------------ x 100 = 34,6 %
      • 156. 000
    • EFFICENCY RATIO
      • Usually it is used :
      • Reserve turnover ratio
      • Requirement ratio ( from buyers )
      • Obligation ratio ( toward provider )
    • Reserve turnover ratio
      • PRICE OF REALISED PRODUCTS
      • RTR = -----------------------------------------------
      • AVERAGE TOTAL RESERVE
      • 150.000
      • RTR = ------------------------------ = 3,2
      • 1/2 ( 46.500 + 47.400)
      • 360 DAYS
      • AVERAGE PERIOD OF RESERVE KEEPING = ----------------------------------
      • RESERVE TURNOVER RATIO
    • Requirement ratio
      • INCOME OF REALISED PRODUCTS
      • TURNOVER BUYERS RATIO = --------------------------------------------------- ----- AVERAGE TOTAL BUYERS
      • 360 DAYS
      • AVERAGE PERIOD OF PAYMENT = ---------------------------------
      • TURNOVER BYERS RATIO
    • Obligation ratio
      • PRICE OF REALISED PRODUCTS
      • TURNOVER PROVIDERS RATIO = -------------------------------------------------- ---------- AVERAGE TOTAL PROVIDERS
      • 360 DAYS
      • AVERAGE PERIOD OF RECONCILE OBLIGATIONS = ----------------------------- --------- TURNOVER PROVIDERS
      • RATIO
    • PROFITABILITY RATIO
      • It is used :
      • Meter of net gain
      • Return on total assets
    • Meter of net gain
      • NET GAIN
      • MNG = ------------------------------------------ -------
      • INCOME OF PRODUCT REALISATION
      • 45.000
      • MNG = --------------- = 15%
      • 300.000
    • Return on total assets
      • NET GAIN
      • RETURN ON TOTAL ASSETS = ----------------------- . . AVERAGE ASSETS
      • 45.000
      • RETURN ON TOTAL ASSETS= -------------------- = 29% . 156.000
    • NET CAPITAL TURNOVER ANALYSIS
      • NCT = ( R + RE + C ) – STO
      • R - reserve
      • RE - requirement
      • C - cash
      • STO - short-term obligations
    • Break-even point
    • Break-even point can be shown by following formula: TFC BEP = ------------- U – VC/U where is : TFC – total fixed costs, U – unit selling price, VC/U variable costs per unit total profit (TP) = total costs (TC) TP = unit selling price (U) x quantity of product (P) and TC = total fixed costs (TFC) + total variable costs (TVC) U x P = TFC + TVC TVC = VC/U x U U x P = TFC + ( VC/U x U) P ( U - VC/U) = TFC TFC P = -------------- U - VC/U
    • FINANCIAL MANAGEMENT Third day
    • 3. ACCOUNTING CONTROL
    • TARGETS RELEVANT ASPECTS OF COST MANAGEMENT WHAT’S THE TARGET OF:  MANAGEMENT CONTROL MANAGEMENT CONTROL TARGETS WHAT’S MANAGEMENT CONTROL?  IT’S A DEFINED SYSTEM WITH: * PROCEDURES * RESULTS  IT HAS NOT TO BE CONSIDERED A “UNA TANTUM ANALYSIS” OR A SUBPRODUCT OF GENERAL LEDGER PRINCIPAL FEATURES OF MANAGEMENT CONTROL HOW CAN YOU PROJECT A MANAGEMENT CONTROL SYSTEM  IT HAS TO BE DEFINED AS “SPECIFIC” SYSTEM FOR EACH COMPANY  IT HAS TO BE DEFINED ACCORDING TO THE DECISONS COSTS CLASSIFICATION  WE WILL HAVE TO KNOW THE DIFFERENT WAYS TO CLASSIFY COSTS
    • RELEVANT ASPECTS FOR COMPANY MANAGEMENT AN EFFICIENT COMPANY MANAGEMENT NEEDS
        • SKILLS TO MANAGE THE DIFFERENT “AREAS” IN THE COMPANY
        • AN INFORMATION SYSTEM
        • HUMAN RESOURCES ABLE TO REACH ECONOMICAL TARGETS
    • SKILLS TO MANAGE THE DIFFERENT “AREAS” IN THE COMPANY SALES NOT ONLY SALES, BUT MARGINS OPTIMIZE PRODUCTION COSTS : * MAKE OR BUY * MANUFACTURING DEVELOPMENT PRODUCTION ANALYSE GENERAL EXPENSES AND DECIDE WHO WILL BE RESPONSABLE OF THEM GENERAL EXPENSES
    • INFORMATION SYSTEM (IS) THE FAST EVOLUTION OF MARKET ASK FOR INFORMATION SYSTEM WHICH GIVES THE POSSIBILITY OF ANALYSE RESULTS SUPPORT DECISIONS
    • INFORMA TION S Y STEM INFORMATION SYSTEM GENERAL LEDGER MANAGEMENT CONTROL
      • IT’S FOR LAW
      • ONLY AMOUNTS
      • IT’S FOR INTERNAL MANAGEMENT
      • * AMOUNTS AND QUANTITY UNIT SALES UNITS PRODUCTION
      • OVERHEADS EFFICIENCY AND PRODUCTIVITY AND SO ON ………
    • INFORMA TION S Y STEM ECONOMICS RESULTS ANALYSIS CAN BE DONE WITH GENERAL LEDGER MANAGEMENT CONTROL INCOME STATEMENT IN UE FORMAT INCOME STATEMENT IN COST OF SALES FORMAT ECONOMICS REPORTS
    • INCOME STATEMENT SHOWS GENERAL LEDGER ACCOUNTING CONTROL GLOBAL RESULTS PRODUCT LINE RESULTS SHOWS
    • HUMAN RESOURCES ABLE TO REACH ECONOMICAL TARGETS RESULTS TOTAL COMPANY SALES
      • SELLING
      • PRODUCTION
      MANAGERS SALES MANAGER FACTORY MANAGER VARIABLE COSTS GROSS MARGIN
      • RESEARCH & DEVELOPMENT
      • SELLING
      • ADMINISTRATIVE
      • AND GENERAL
      SELLIN AND ADMINISTRATIVE MANAGERS FIXED COSTS EBIT SALES MANAGER GENERAL MANAGER
    • INCOME STATEMENT
    • THE INCOME STATEMENT FOR MANAGEMENT ACCOUNTING THE PRINCIPAL AIMS OF INCOME STATEMENT FOR MANAGEMENT ACCOUNTING ARE TO GIVE A SYNTHETICAL VISION OF ECONOMICAL RESULTS TO SUPPORT DECISIONS 1 TO GIVE EVIDENCE TO : - OPERATING RESULTS - NOT OPERATING RESULTS 2 4 TO ANALYSE MARGING OF DIFFERENT PRODUCT LINES OR BUSINESS AREAS 3 TO DEFINE DIFFERENT LEVELS OF MARGINS TO EVALUATE : - CONTRIBUTION MARGIN - MANUFACTURING MARGIN AND EBIT - CASH FLOW (OPERATING AND FINAL)
    • DIFFERENT MARGINS AND RESULTS CONTRIBUTION MARGIN GROSS MARGIN/PROFIT OPERATING PROFIT (EBIT) GENERAL EXPENCES DEPENDS BY VARIABLE AND FIX COSTS IT DEPENDS BY ALL MANUFACTURING COSTS IT DEPENDS BY ALL THE OPERATING COSTS
    • NOT OPERATING COSTS FINANCIAL EXTRAORDINARY FISCAL TYPE CONTENTS BANK INTEREST AND CHARGES NON RECURRENT INCOMES OR COSTS TAXES ON PROFITS
    • DIFFERENT METHODS FOR “COSTING” COSTING METHOD THE COICE OF IT’ S BASED ON RECEIVERS AND USE MANUFACTURING PROCESS COMPANY ORGANIZATION
    • DIFFERENT METHODS FOR “COSTING” THE DIFFERENT METHODS WE CAN USE FOR CAN BE SINTHETYZED IN FULL COSTING MANUFACTURING COSTING DIRECT COSTING EVALUATE COSTS
    • COST CALSSIFICATION
      • ACCORDING TO WHAT YOU HAVE TO EVALUATE:
      • PRODUCT
      • COST CENTRE
      DIRECT COSTS OBJECTIVELY IMPUTABLE TO PRODUCT OR COST CENTRE I.E.: RAW MATERIALS, DIRECT LABOUR COST INDIRECT COSTS SUBJECTIVELY IMPUTABLE WITH “LOGICAL METHODS” I.E.: GENERAL EXPENSES, FINANCIAL COSTS
      • ACCORDING TO THE RELATION WITH VOLUMES
      • PRODUCTION
      • SALES
      VARIABLE COSTS THEY CHANGE PROPORTIONALLY, IN RELATION WITH VOLUMES I.E.:RAW MATERIALS, DIRECT LABOUR COST, COMMISSIONS FIXED COSTS THEY DO NOT CHANGE IN RELATION WITH VOLUMES, BUT THEY ARE LINKED TO TIME I.E.:EMPLOYEES LABOUR COST., AMMORTISATION, SHOWS AND EXIBITION, ….. COSTS CLASSIFICATION DESCRIPTION
    • FULL COSTING FULL COSTING CAN BE DONE ON TWO LEVELS MANUFACTURING COST TOTAL COST
    • MANUFACTURING COSTS MANUFACTURING COST THE METHOD OF IS BASED ON THE PRODUCT EVALUTION WITH ALL COSTS CONCERNED WITH MANUFACTURING PROCESS
    • TOTAL COSTS TOTAL COST THE METHOD OF IS BASED ON THE PRODUCT EVALUTION WITH MANUFACTURING COSTS GENERAL EXPENSES
    • DIRECT COSING VARIABLE COST THE METHOD IS BASED ON THE PRODUCT EVALUATION WITH DEPENDING ON SALES DEPENDING ON PRODUCTION VARIABLE COSTS
    • DIRECT COSTING VARIABLE COSTS DIRECT COSTING METHOD THE PRODUCT IS EVALUATED WIYH ONLY LIMITS:
      • POSSIBLE DIFFICULTIES IN DIVIDING COSTS INTO VARIABLE AND FIXED
      • PRODUCT IS EVALUATED WITH ONLY “FEW” COSTS
    • DIRECT COSTING VARIABLE COSTS DIRECT COSTING METHOD THE PRODUCT IS EVALUATED WIYH ONLY ADVANTAGES:
      • THE VARIABLE COST IS THE “MINIMUM LEVEL” TO ACCEPT A SALES PRICE
      • DIRECT COSTING CORRECTLY SUPPORT STRATEGIES FOR INCREASING SALES VOLUMES
    • FULL COSTING ALL THE COMPANY COSTS FULL COSTING THE PRODUCT IS EVALUATED WITH LIMITS: THE ATTRIBUTION OF GENERAL EXPENSES TO THE SINGLE PRODUCTS IS NEVER OBJECTIVE
    • FULL COSTING ALL THE COMPANY COSTS FULL COSTING THE PRODUCT IS EVALUATED WITH ADVANTAGES: THE “THOUGHT” THAT A PRICE THAT WILL COVER ALL COSTS, GIVES YOU SURE EARNINGS
    • COST CENTER AND RESPONSABILITY
    • COST CENTER COMPANY “ENTITY” TO WHICH CAN BE ATTRIBUTED COST CENTER A COSTS IS A
    • COST CENTER AIMS COST CENTER AIMS THE PRICIPAL CAN BE CONSIDERED TO DEFINE COST DESTINATION TO ATTRIBUTE INDIRECT COSTS TO PRODUCT TO LINK RESPONSABILITY AND COSTS
    • COST CENTER CLASSIFICATION COST CENTERS IT CAN BE DEVIDED BASING ON ACTIVITY: PRODUCTION COST CENTER OVERHEAD COST CENTER AUXILIAR COST CENTER 1 2 3
    • PRODUCTION COST CENTER ALL THE WHICH ARE DIRECTLY INVOLVED IN THE PRODUCTION COST CENTER IT’S POSSIBLE TO CLASSIFY AS MANUFACTURING PROCESS COMPANY ENTITIES
    • OVERHEAD COST CENTERS OVERHEAD COST CENTERS IT’S POSSIBE TO CLASSIFY AS WHICH ARE INVOLVED IN GENERAL ACTIVITY MANAGEMENT: COMPANY ENTITIES ALL THE SALES, PURCHASES, PRODUCTION MANAGEMENT, RESEARCH AND DEVELOPMENT, FINANCE
    • PRODUCT COSTS PRODUCT COST RAW MATERIAL EXTERNAL SERVICES/PRODUCTION INTERNAL MANUFACTURING COSTS 1 2 3 HAS TO BE COMPOSED BY
    • PRODUCT COSTS PRODUCT COST RAW MATERIAL EXTERNAL SERVICES/PRODUCTION INTERNAL MANUFACTURING COSTS 1 2 3 HAS TO BE COMPOSED BY
    • PRODUCT COSTS EXTERNAL SERVICES THE NUMBER OF “OPERATIONS” EXTERNALLY MADE PURCHASE PRICE OF EVERY OPERATION EXTERNAL SERVICES COSTS 1 2 DEPENDS ON
    • PRODUCT COSTS MANUFACTURING COSTS THE NUMBER OF “OPERATIONS” INTERNALLY MADE MANUFACTURING COST CENTER RATES INTERNAL MANUFACTURING COSTS 1 2 DEPENDS ON
    • PRODUCT COSTS PRODUCT COSTS DEPENDS ON THE SYSTEM WE HAVE CHOSEN, AND THE IMPACT OF THE DIFFERENT SYSTEM WILL CHANGE ONLY THE MANUFACTURING COST, SO WE WILL HAVE: VARIABLE MANUFACTURING COST AND VARIABLE PRODUCT COST TOTAL MANUFACTURING COST AND FULL PRODUCT COST
    • FINANCIAL MANAGEMENT Fourth day
    • 4. BUSINESS PLAN Preparing a business plan
    • What is a business plan ?
      • Writen resume of
        • past ,
        • present and
        • future
        • activities of your business .
      • Business itinerer of how to get from present position to one which is projected in future .
    • Goal of preparing business plan ?
      • Document which is used as a standard for :
        • checking your planed business ideas and projects
        • tracking realisation of your elementary planed business activities with current realised results
        • evaluation of projects at insurance additional needed capital for its realisation u
    • Paramet ars of business plan (1)
      • Start-up
      • Development of existing firm
      • N ew project > new firm
    • Paramet ars of business plan (2)
      • Structure of owner
      • Caracter of program / action
      • Owner’s capital
    • Paramet ars of business plan (3)
      • Time dimension of business plan
      • Aiming additional sources and level of capital
        • It is optimal to prepare chronological Business plan based on term which shows investment term of repayment of capital.
    • Elemen s of Business plan
      • Basic elements of business plan are :
      • Cover page
      • Resume
      • Description of firm ( company profile )
      • Market analysis ( branch analysis , activity )
      • Production programme and production plan
      • Human recources plan
      • Selling plan
      • Marketing plan
      • Financial plan
      • Plan of future development
      • Addition
      • On cover page it is shown :
      • - firm
      • - title of business plan
      • - relate period
      • - aut h or( s )
      Cover page
    • Re su me (1)
      • This part of Business plan is compiled in the end of its preparing, and it is placing on its beginning.
      • It represent “window” of Business plan .
      • It should be concise, descriptive and comprehensible, with size of one or two pages.
      • It illuminate only the most important and key results which are obtained during preparing all other elements of business plan.
    • Re su me (2)
      • It is especially important to point up key details linked to :
      • program me / activity ,
      • te c hnolog y , equipment and production process,
      • concurrent in pro duct / service ,
      • market ,
      • and especially financial construction which should give concise ilustration of level and dynamics of necessary investment, and also flow of assets repayment.
    • Description of firm
      • Here are given basic information about firm, which should demonstrate its business profile, and includes data like :
      • - business place ,
      • - type of ownership , level and sources of capital ,
      • - authority t ea m (CV of management),
      • - form of organisation ,
      • - available assets and liabilities ,
      • - business propaganda ,
      • - positional capital of firm , good will, and other.
    • Market analysis ( branch analysis , activity )
      • In this part you shoud give answers on theese questions :
      • How large is production in country ?
      • How big is growth ?
      • Which are the most important regions ?
      • How big is volume of selling ?
      • Which are the basic trends ?
      • How is economy and loyal environment?
      • Who is concurrent ?
      • What are the advantages og concurrent ?
      • What are the main barriers in entering the market?
    • Production programme and production plan (1)
      • This part of business plan should give answers on next questions:
      • Identif ying production programme ( merit of product and assortment).
      • What are the main features of production process ?
      • Choice of te c hnolog y and necessary equipment.
      • Who are productors and delivers of equipment?
    • Production programme and production plan (2)
      • Which are and how are solved technical demands ( electrical energy , water i canalization and other) for using selected technology ?
      • What kind of objects and location are needed?
      • Identif ying of raw material and delivers for realisation of production programme.
      • Is all proces of production performed substantively and who are other under-performers?
      • How big are costs of production ?
      • What are future investments in equipment ?
    • Human recources plan
      • Here is necessary to define next elements :
      • What are the tasks and works ?
      • What functions are officiated?
      • Who are performers?
      • How big are refunds and obligations?
    • Selling plan
      • In this part you should make analysis of selling which is believed to be accomplished on market. To do that next is necessary:
      • Create calculation of costs and form prices of products .
      • Forecast selling with more scenarios.
      • Setup organisation of selling.
      • Make buyers analysis.
    • Marketing plan
      • This part is most important for succesful realisation of Business plan. According to that it is necessary to do market analysis with answers to next questions:
      • What is aim group, apropos who are potential buyers of product?
      • What are like prices on market?
      • How to do product promotion ?
      • Which are distribution chanels?
      • What kind of advertising to use?
      • How big are advertising expences?
    • Finan cial plan
      • This is together the most important and most complexed part of business plan. It shows financial adequacy of entering in business. To do it on valid way you shoul analyse next :
      • Initial and operative capital
      • Income statement
      • Balance sheet
      • Cash flow analysis
      • Break-even point
      • Summary of amortization and credits .
    • Plan of future development
      • This part of business plan should indicate on main directions and goals in next period.
    • Addition
      • In this part is content all necessary materials and documentation which are important for realisation of whole business and Business plan.
    • Reali sation of business plan
      • It is necessary, as especially important for realisation of Business plan, to notice that in process of animation and attraction of potential partners or/and external buyers for realisation of Business plan, and during of process of negotiation with them, you should:
      • approach pheasantly and
      • proceed selectively.
    • CLASIFICATION OF BUSINESS PLAN
      • It is shown that you do not ought to give completed Business plan to all potential partners, but it is suggested its clasification on three parts, which are:
      • Resume with letter of purpose,
      • Business plan without addition , and
      • Addition .
      • This three parts should be dimensioned on that way to stop possible unauthorized malversation!
    • RE SU ME of Business plan
      • RE SU ME of B usiness plan should show that the project is:
      • Attractive for market,
      • Reliable fof investment ,
      • Mutualy profitable for potential partner and investitor.
    • Business plan
      • Business plan should give arguments from Resume and show that project is in:
      • management ,
      • organization ,
      • technology ,
      • production ,
      • market and marketing ,
      • cadre ,
      • optimaly quantitively and qualitively dimensionised.
    • Addition
      • Addition , with special details and clasified business data which are related on :
      • business politics (know-how),
      • positional capital (good will)
      • firm potential ( who are buyers and providers)
      • should affirm that the project is objectively efficient.
    • Phases of realisation
      • Realisation process sholud be guided in next three phases:
      • Resume with letter of purpose,
      • Business plan without addition , and
      • Addition .
    • First phase
      • First phase is delivery of Resume with letter of purpose to all potential business addresses, like:
      • business banks and institutional development funds ,
      • public economy chambers and other business and profession associations,
      • private investment funds and “business angels”,
      • existing business partners (buyers and providers),
      • potential business partners ( producers and sellers of equipment, tools and raw material),
      • and all other informal contacts (relatives, friends and similar).
    • Second phase
      • Second phase is delivery of Business plan to selectively interested potential partners and/or creditors, by negotiations for:
      • affirmig grade of their interest, and
      • outline limit under which they are ready for business cooperation.
    • Third phase
      • Third phase is showing Addition to selected external subjects with whom is entered in final phase of negotiation and their direct decision of willing for product realisation, where are defined final modes of relation in project realisation.
    • FINANCIAL MANAGEMENT Fifth day
    • 5. SOURCES OF FINANCING
    • SOURCES OF FINANCING
      • Business banks
      • Republic fund for development
      • Regional guarantee fund
      • Investment funds