4.3. Resource support for a business transaction taking into account market risks
The objective function of wholesale and commercial activities is to satisfy the needs of consumers and, above all, to bring the flow of goods to the end user, using various forms and methods of the wholesale and retail trade network. In turn, the enterprises and firms of the retail network complete a multi-level market turnover through the sale of products to the end customer.
The indicator of the effectiveness of wholesale brokering activities is its profitability by measuring revenue with total costs. Exactly executed goods turnover is a clear indicator of the balance of supply and demand. Therefore, the definition of market conditions, the ability to accurately predict sales volumes, the level of demand are necessary conditions in achieving commercial success. Equally important is the timely assessment of breakeven volumes of commodity lots in a market competition with simultaneous consideration of real costs of circulation and the availability of an appropriate sales and marketing network, service, advertising, various incentive methods.
Realizing the operative control over the costs of circulation, wholesale brokerage firms also closely follow the demand situation and, in analyzing the indicators, forms and methods of business organization, try to have data on the current and prospective state of the commercial services provided.
High-quality services have always been popular. The practice of commercial activity shows that the client is not always right, but it is always much more profitable to satisfy any of his claims than to leave it unfulfilled, as it is for certain that 91% of unsatisfied customers will never again apply. The main factor of success in this situation is the rapid resolution of the client's problem. Classification of types of demand for commercial services is shown in Fig. 4.9.
Fig. 4.9. Classification of types of demand for commercial services
In order to maintain the demand for own intermediary services, it is necessary to keep in mind the main factors ensuring the customer's satisfaction with the services received:
1. Reliability - the client must be sure that he will receive a timely and customized service.
2. Responsiveness-the client must feel the firm's constant desire to serve him and at any moment come to his aid as advisory, and on the delivery, installation and operation of the goods purchased.
3. Guarantees - the desire of the client in addition to the service culture to have firm guarantees in case of unforeseen deviations when using the purchased goods.
4. External factors - the firm should have an attractive office, beautifully designed showcases, exhibition halls and highly cultured, friendly, competent service personnel.
You can not achieve high results of wholesale business without an effective program to stimulate the workforce, which includes praise for excellent service expressed in the face of the whole workforce, annual, quarterly awards of winners in competitions "The best employee of the year", for the best appearance of the showcase , the development of original advertising, packaging of goods, etc. It is not bad to remember and celebrate the anniversary of their employees, to encourage them to work "without sick leaves" and so on.
The commercial success of any intermediary organization depends, first of all, on the ability to organize and successfully conduct the business operations it has planned, starting from the mediation plan for acquiring, selling, reselling goods and services and ending with the receipt of the planned profit as the final result of the activity. It is essential for the intermediary that the planned business operations are conducted in a fairly short time and with a tangible result.
Any economic, commercial, intermediary operation is the process of performing a particular function. A transaction is understood as an operation legally executed by the relevant contracts of the parties, contracts or agreements.
A business transaction is a set of procedures from the beginning to the completion of an entrepreneurial plan, a project, that is, from investing the original means and obtaining a net income as the final result of the activity. Finding partners or acquiring what can then be profitable to sell is the main content of the intermediary's business transaction.
The scheme for conducting a business transaction includes the following main stages: idea, formation of intent, planning, contracting, resource provision, obtaining and/or selling products and achieving the intended effect.
The idea of a business transaction forms its idea, which is supported by the idea of a trade operation. In order for the operation to be successful, it is first and foremost necessary to think through, justify and formulate the content, goals and objectives. Thinking of an operation, it is important to understand what its meaning is and what it promises to be a commercial success. It is at this stage that the intermediary thinks over the effectiveness of the forthcoming business transaction, evaluates its multivariance in accordance with the available resources and the opportunities for their acquisition.
The planning of an operation involves the development of a business plan for the operation, a program for its implementation and implementation.
In the previous section, the objectives, content and consistency of the business plan development for the purposes of intra-company planning were outlined. Many provisions apply to the procedure for the conduct and development of a business plan for a separate commercial operation, which should specify the general ideas contained in the corporate business plan.
The business plan for the operation should specifically identify all the main stages of its implementation, ways and ways to implement them. It clarifies the main areas of intermediation in comparison with the real capabilities of the firm to perform a specific commercial operation. The business plan helps in the selection of new sources of resources, partners and is supported by an accurate economic justification for all the total costs in terms of value and in kind.
After the development of the plan for carrying out the operation, the entrepreneur clearly knows what he has in stock, and who should buy it. But here it is necessary to take into account also the expenses connected with carrying out of preliminary negotiations, reception of visitors, business trips with a view of the conclusion of contracts and contracts. It is necessary to provide for the costs of formalizing labor contracts for outside specialists.
Negotiating with counterparties of the operation is an essential stage in its preparation. With the mutual consent of the parties, the negotiations, as a rule, end with the registration of the proposed transaction in the form of a relevant contract, contract. However, it is often not expedient to conclude the final version of the agreement at once, but first to draw up a protocol of intentions of the parties that does not specifically oblige anyone, but also demonstrates the willingness of the legal parties to cooperate with each other. On the basis of this protocol, the details of the transaction are specified and the final contract is drawn up.
Actually, the beginning of the practical implementation of a business operation begins with the implementation of the planned plan for the acquisition of the necessary resources and working capital. Part of the resources are attracted from the side, part is covered by available funds. The need to replenish resources usually occurs throughout the entire business transaction, especially in terms of cash.
Getting products and implementing them are the final stages of a business transaction. It is very important delivery of goods to the entrepreneur, their storage, preparation for sale, creation of service terms of sale.
The final stage of the operation is the sale of products, which should not only cover the total costs of its implementation, but also ensure the receipt of the planned profit. This stage is associated with possible changes in the market, the emergence and overcoming of force majeure circumstances that are not dependent on the seller. A business transaction is considered complete when all the goods received are sold or a full range of services has been completed.
The main thing in the final stage of a business transaction is to recover the total costs and get the planned profit.
The mediator buys goods from the manufacturer, usually at the wholesale price of the industry, which is almost always much lower than market prices. So, for example, the intermediary purchased from the supplier in disassembled form 500 pcs. food containers at a price of 40 rubles. And sold them to retail stores at a price of 80 rubles. For each, but already in a complete (assembled) form and with a shiny aluminum coating. As a result of the business transaction, the intermediary's proceeds amounted to 40,000 rubles. In order to determine the net income from the operation, from this received revenue, you must deduct the costs of paying for his personal labor and hired labor of executors, the costs of handling associated with transportation, loading, unloading, storage of containers; costs associated with the maintenance (lease) of equipment, office and warehouse. The most significant costs were incurred when assembling containers and carrying out an operation for galvanizing them with aluminum, as well as for mandatory deductions to the state budget in the form of taxes, payment of customs duties, etc. After deducting all total costs, the intermediary received an income of about 8,000 rubles. In this case, about 1000 rubles in the business transaction under consideration. he had to allocate for marketing research market.
When starting a business, each trade and intermediary organization accumulates certain own working capital at its own expense, primarily due to the initial investments of the founders, as well as through income and sustainable liabilities. But in the conditions of the market mechanism, a significant source of working capital formation is the bank's loans and other borrowed working capital, acquired at a certain percentage. Of course, a certain share of working capital accounts for accounts payable and other liabilities, as well as for social funds. Such working capital is called attracted.
Thus, to the sources of formation of current assets should be attributed to those funds that provide the turnover of the intermediary organization for the purpose of forming stock and carrying out all financial and commercial operations and settlements.
In terms of material content, current assets are divided into: material - goods and other types of inventory and intangible - cash, funds in goods shipped and accounts receivable.
Current assets in assets are divided:
o for standardized - stocks of goods and other material values, materials for economic needs, low-value and wearing items, future reporting periods, funds in calculations, etc.
o non-standardizable - cash, goods shipped, accounts receivable.
When planning intermediary activity, use such a relative indicator as the rate of own working capital, which characterizes the need for working capital for the performance of any business transaction. The value expression of the norm of own circulating assets represents the norm of own circulating assets.
Determination of the optimal level of the standard of working capital is an important economic task of the trade and intermediary firm, since its overstatement leads to overstocking and the formation of surplus stock of commodity and material values, and its underestimation - to a shortage of cash and inventory, to the emergence deficit positions, which certainly leads to a decrease in the quality of customer service.
To measure the effectiveness of the use of working capital indicators use the duration of one revolution (B) and the turnover ratio of working capital:
where T - the volume of wholesale sales, rubles.
T - average annual trade balances, rubles.
Kob - coefficient of turnover of working capital.
The duration of one revolution is an expression of the speed of turnover and directly affects the effectiveness of intermediary activity. And the turnover ratio shows how many times circulating assets have circulated per unit of time (year, quarter, month). The shorter the duration of one revolution, the higher the turnover ratio, the more efficient the financial and economic activity of the trade and intermediary organization.
Counting and control over the expenditure of own working capital is possible only with a well-organized accounting of the total costs of living and materialized labor in the process of implementing a business transaction, that is, accounting for the costs of circulation, which are the total costs associated with the circulation of goods in the process of their transportation, loading and unloading, storage, sale, etc.
The ability of intermediaries to take into account market changes, correctly and in accordance with established norms to keep records of aggregate circulation costs allow them not only to survive, but also to maintain a sustainable competitiveness in a rapidly changing market for goods and services.
Annually, the US Government in its Resolution "On Approval of the Regulations on the Composition of Costs for the Production and Sale of Products (Work, Services) Included in the Cost of Products (Works, Services) of Enterprises and Trade Organizations" specifies a single accounting nomenclature of articles of distribution costs for wholesale and retail enterprises.
For the purposes of planning, recording and reporting of distribution costs to wholesale intermediary organizations, it is recommended to apply the following nomenclature of items of distribution costs:
o Transportation costs.
o Labor costs.
o Social contributions.
o Expenses for rent and maintenance of buildings, equipment and inventory.
o Depreciation of property, plant and equipment.
o Expenses for repair of fixed assets.
o Wear of sanitary and special clothing, table linen, dishes, appliances, other low-value and wear items.
o Costs for fuel, gas, electricity.
o Expenses for storage, processing, sorting and packing.
o Advertising costs.
o Costs for payment of interest for using the loan.
o Loss of goods and technological waste.
o The cost of packaging.
o Other costs.
o Interest on short-term loans.
In the practice of the intermediary activity of wholesale, commission and other commercial organizations distinguish additional and pure costs of circulation.
The additional costs of circulation represent the costs associated with the continuation of the manufacturing process in the sphere of circulation, which, naturally, cause an increase in the final cost of the commodity and its selling price. This is primarily the cost of transportation of goods, storage, loading and unloading and others aimed at satisfying customers' requests in the required time, in a specified assortment and in a certain place. This part of costs is, as a rule, the largest share in the total volume of distribution costs.
Another, smaller, part is the net cost of circulation. It is unproductive, involves the change of forms of value in the process of buying and selling, does not form a new value of the goods. This part is aimed at the maintenance of the agency of the intermediary firm, for the acquisition and processing of payment documents, payment of interest for the received bank loan, financial planning, accounting, etc. Without increasing the cost of the goods, net costs of circulation also affect the increase in its selling price.
When carrying out a business transaction, a firm must have, first of all, resources: for the payment of labor of employees, expenditures for material costs; payment for services of third-party organizations and other expenses related primarily to deductions for taxes and fees, bank interest, mark-ups to suppliers, etc.
A significant part is the cost of preparing and conducting numerous negotiations, meeting guests, drafting preliminary protocols on joint activities and many other organizational arrangements for concluding a profitable contract. These market costs, aimed at preparatory work before the execution of a business transaction, were called transaction costs. The English economist R. Kroes defines the economic content and significance of transaction costs: "To implement market transactions it is necessary: to identify with whom it is desirable to conclude a deal; disseminate information that someone is willing to enter into a transaction and on what terms; conduct negotiations leading to conclusion of the transaction; carry out an investigation to make sure that the terms of the contract are observed, and so on. 1 The rightful statement of the English scientist confirms the undeniable idea that any business transaction needs primarily to estimate the total costs for its implementation, taking into account the costs of market transactions.
In order to be sure of the sufficiency and reliability of the resource support for the planned business transaction, the intermediary must precisely determine the types and volumes of the required resources, as well as the sources of their receipt and coverage. The channels of receiving money are subject to mandatory checking.
The trading intermediary must first calculate how much, when, from whom, from where and how he should purchase resources, on the one hand, and on the other - to form a portfolio of orders, ie, to determine to whom, in what volume, the range , at what price and in what terms he plans to sell his goods and services.
The general idea of the necessary resources for conducting a business transaction is illustrated in Fig. 4.10.
Fig. 4.10. Business transaction support
In the above scheme of resource support for a business transaction, the following notations are accepted:
M - materials purchased by an entrepreneur to carry out a business transaction;
D - the amount of money paid by the entrepreneur for the purchased materials necessary for the performance of a business transaction;
T - goods that the entrepreneur sells;
Дт - money received for the sold goods;
And - information resources (industry standards, price lists, commercial information base of the market, partner reliability, characteristics of the buyer, competitor, etc.), necessary for the operation;
Di - money paid by the entrepreneur for obtaining the necessary information;
OS - fixed assets in the form of buildings, structures, equipment, transport, etc., used in the performance of a business transaction;
D - the cost of the share of fixed assets required to conduct a trade transaction;
Y - services received by the entrepreneur from municipal and federal authorities, as well as from other companies in the form of outsourcing to use transport, audit, banking and other types of services;
Doo - cash for necessary commercial services;
Дн - state taxes paid by the entrepreneur in accordance with the established procedure for replenishment of state and local budgets;
Tp - the labor resources required to complete a business transaction;
D-money spent by an intermediary for the use of labor resources;
D. - the amount of money received by the intermediary from the bank;
Dv - the amount of money returned by the reseller to the bank for using the loan in an amount exceeding the credit received by the amount of interest paid for its use.
In the presented scheme three main participants of the business transaction are distinguished: the seller, the reseller, the buyers, to whom the intermediary sells the goods T in exchange for their money Дт. With the successful organization of the money received from buyers, the intermediary should be sufficient to recover the cost of the operation and receive the planned profit. However, this money comes to the intermediary at the final stage of the operation, while purchasing goods, resources for their subsequent resale are at the initial stage.
The practice of intermediary activity shows that entrepreneurs often try to get money from buyers in the form of an advance payment in the order of an advance payment when concluding a contract for the supply of goods. Nevertheless, to acquire resources before receipt of proceeds, the intermediary has to find the initial money-capital. To compensate for the lack of money in circulation, he is forced, as a rule, to resort to a loan, that is, to borrow in the amount of Dk. After a certain time, this money must be returned, but already in the amount of D, exceeding D. on the amount of interest paid for obtaining a loan.
The money available at the beginning, the loan granted and the advance received from future buyers of the goods, form the starting capital of the reseller. To a number of very mobile, continuously consumed material resources are, as already mentioned, the own circulating assets of the entrepreneur. These funds are necessary for the intermediary both at the beginning of the business transaction and throughout its entire length. To purchase the necessary goods, the entrepreneur is forced to allocate money to DM during the operation. The basic formula for calculating material costs is:
where D - the amount of material costs in monetary terms;
M - the number of purchased materials;
Ц - the price of a unit of used material. Since different types of goods are used in the course of the operation, the determination of the monetary funds Dm is made by summing up the costs for certain types of material resources:
where M, M2, ... Mn is the amount of material resources of one kind;
Ц1, Ц. "... Цп - the unit costs of individual types of material resources;
n - the number of individual types of material resources.
No business transaction, as a rule, is complete without the use of labor resources. This kind of resources is needed from the very beginning of the business transaction, and this is primarily the intermediary himself, his co-executors and employees, often attracted from outside by labor agreements or temporary contracts. For these labor resources, the intermediary pays Dr in the form of wages for permanent employees of the firm and temporarily attracted throughout the process of executing the transaction.
When calculating cash (Dp) for the payment of employees it is advisable to divide employees into groups: permanently employed throughout the entire business operation and attracted for a separate time.
The cost of money (Dp) to pay for each group of employees can be calculated using the formula
where 31 is the average hourly wage of workers in this group;
N - the number of employees in the group;
& pound; - the time of labor participation of employees in the operation.
In a business operation lasting 200 hours, participate:
- an entrepreneur with an hourly rate of 10 rubles./h;
- two full-time employees with an hourly rate of 5 rubles./h;
- one full-time employee with an hourly rate of 6 rubles./h, but unlike the entrepreneur and two full-time employees, he is half busy in the operation;
- three employees on loading and unloading works with an average payment of 8 rubles./h for 50 hours each.
The total cost of money for labor payment will be:
Dr = 10 o 1 o 200 + 5 o 2 o 200 + 6 o 1 o 100 + 8 o 3 o 50 = 5,8 thousand rubles.
But when calculating the salary the firm is obliged to contribute money in the form of deductions to non-budgetary funds for social insurance, pensions, compulsory medical insurance, and also to the employment fund. These deductions are charged in the established percentage of the amount Dr accrued by the firm. In Fig. 4.10 they are expressed by total costs D.
Taking into account the taxes paid, the total costs of the firm D. associated with wages, will be:
where b - the share of deductions to off-budget funds.
Therefore, the total costs associated with wages are 1.4 to the wage charged by the firm.
In our example, an intermediary firm will have to deduct from its funds in off-budget funds: 5.8-0.4 = 2.32 thousand rubles, and the total amount of labor costs will be 5.8 + 2.32 = = 8.12 thousand rubles. Material costs and labor costs together constitute direct costs of the firm. But, in addition to direct costs, there are a number of indirect costs.
Costs for the use of fixed assets, or fixed assets (OS), in the form of buildings, premises, machinery, equipment, are allocated to the number of tangible costs when executing a business transaction. They are not used entirely during the time of one operation; and the intermediary, as a rule, acquires only those fixed assets that can be exploited many times in the process of trade and intermediary activity: offices in the form of office, furniture, telephones, computers, copier, fax, telex, etc. These are constantly used Resources, only part of the cost of which in the form of depreciation is the cost of D to conduct this particular operation. If the funds are needed only for one business transaction, then the entrepreneur resorts to their lease for a certain period of time, during which they are actively used. In a lease, D is equal to the value of these funds in a share relating to the time of the operation. Therefore, in determining the costs of DOs, it is advisable to divide the fixed assets into two groups:
1) owned by the entrepreneur or purchased by him and the purposes of continuous use in many business transactions;
2) leased for a certain period of time.
With respect to the first group of fixed assets, D is determined in monetary terms as the amount of depreciation of these funds for the period of their use in this operation. This part is determined by the formula
where D is the monetary value of the fixed assets used in the business transaction, i.e., their initial cost;
& pound; - duration of use of fixed assets in this operation;
& pound; - the total service life of fixed assets. Example. The intermediary organization for carrying out the business transaction uses a 20-ton truck for the transport of goods, the cost of which is 100 million rubles, for 2 months with a total service life of 5 years. Then the depreciation costs of D will be:
It must be remembered that D is always less than the cash allocated for the purchase of fixed assets. In our example, an intermediary, buying for 100 million rubles. 20-ton truck, it will be used not for one operation for the amount of D = 3.3 million rubles, but also in many other cases.
For leased fixed assets, expenses will be D, equal to the amount of rent that the lessee will pay to the lessor in accordance with the concluded agreement during the business transaction.
In a market economy, no business transaction takes place without providing it with information resources in the form of information about the state of the market, its segments, its main competitors, prices for purchased and sold goods, regulatory documents, etc. But in conditions market for any information must be paid. As a rule, these costs fall to the initial stage of the operation and are determined by the summation of costs for the acquisition of different types of information and prices for it.
Almost in the implementation of any business transaction, there is always a need for the services of other entrepreneurs or government agencies, starting with the use of transportation, communications, trade, advertising agents, consulting, security services and ending with production services. Since for any service you have to pay, the entrepreneur must always calculate the cost of its monetary costs in accordance with the volume of services and their prices for each separately. The costs for information and services are included in the additional costs of ddt, also called overhead. They include transportation costs, repair costs of equipment and premises, travel expenses, training costs, advertising costs, and a number of other costs arising from the conduct of a business transaction and not included in the main cost elements.
It is necessary to emphasize the importance of accounting for costs associated with obtaining a loan. As noted above, having received a loan, the intermediary is obliged to return it, but already in the amount of D exceeding AD for the difference D - D. This difference is the cost of the intermediary that he pays out of his own pocket:
where t is the interest monthly loan rate; B is the time taken for the loan, month.
For example, if an entrepreneur takes a loan in the amount of 100 million rubles. for one month at a monthly rate of 10%, he will have to pay 100 --- 1 = 10 million rubles. 100%
The entrepreneur's costs include the payment of taxes and taxes.
In addition to these basic taxes, excise duties are levied on various excisable goods, a tax on exceeding a six-fold minimum wage and customs duties on the export and import of goods.
The total costs of DS for a business transaction, referred to as the cost of circulation or the cost of a business transaction, are determined by the formula
When calculating total costs for a business transaction, it is customary to allocate fixed costs that are independent of the quantity of the goods sold, and variable costs, which are greater, the larger the sales volume.
The amount of revenue from the sale of goods is determined as the product of the number of goods sold at their price. Determining the revenue and total cash costs, that is, the total costs of conducting a business transaction, determine the gross profit of Pv as a difference in revenue and costs:
After receiving gross profit, calculate the profit tax Dpr:
where тпр - the tax rate as a percentage of profit.
The profit remaining with the entrepreneur after the withdrawal of the tax will be:
The ratio of residual profit to total costs is the profitability of the operation (Po). In the practice of United States business, a business transaction is considered successful if its profit is not less than 25-30% of the cost of total costs, i.e., Ro & gt; 0.25-0.3.
1. Intrafirm planning in the commercial structure represents an integral set of system documents that ensure the company's progressive development through the flexible use of technology of long-term planning, market participation tactics, operational methods, various forms of control over the implementation of business projects.
2. The technology of long-term planning represents a corporate document reflecting the successive stages of market participation, highlighting the development prospects of the company, the tactics of its implementation and competitiveness relative to other participants in the commodity exchange process.
3. Strategic planning is the process of developing a concept for the development of a firm, forming a mission for it, which determines the long-term orientation of commercial activity in order to gain a high image and a stable position in the market.
4. The mission of the firm is to justify the philosophy of the firm's behavior on the market, its image, its economic and social responsibility to its partners, and to society as a whole.
5. The strategy (from the Greek strategia & Stratos 'army' and ago 'lead') is a set of basic decisions, principles, leadership abilities aimed at achieving the overall goal.
6. The marketing strategic matrix is a spatial model of the company choosing a specific strategy using a coordinate system that reflects the quantitative and qualitative characteristics of the characteristics.
7. Portfolio strategies are the aggregate portfolio that includes planning and management decisions to redistribute corporate resources between the company's structural divisions to justify profitable market segments and potential opportunities for each business unit.
8. Growth strategies are strategies in which the level of short-term and long-term goals of each year is significantly increased relative to the previous one.
9. Competition (from Latin concurrere 'collide') is a mechanism of competition between market participants for more favorable terms of sale of goods and services in order to capture the maximum market share and profit.
10. The choice of a competitive strategy is due, on the one hand, to the competitive environment and its forces, on the other hand, to a competitive position reflecting the company's real position and capabilities.
11. Operational planning is one of the fundamental prerequisites for the optimal process of managing commercial activities in the field of the sale of goods, works, services, which presupposes the obligatory availability of sufficient potential for resource provision, as well as the sales market.
12. A business plan is a system document designed to assess the market stability of a company, a new entrepreneurial plan, attracting profitable investments and highly qualified specialists.
13. A competently designed business plan plays the role of a roadmap with profitable routes, sales markets in order to attract investors, high-quality specialists and obtain the necessary benefits and subsidies from the power structures.
14. The structure of the business plan includes such main sections as: general summary; common section; marketing plan; organizational plan; assessment of market environment factors; risk assessment and financial plan.
15. A business transaction is a set of procedures from the beginning to the completion of an entrepreneurial plan, a project, that is, from investing the original means and to obtaining net income as the final result of the activity. Finding partners or acquiring what can then be profitable to sell is the main content of the intermediary business transaction.
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