c.ph.s, docent Moiseeva F.A., Kolotii V.A.
Donetsk national university of economics and trade
Enterprise Sustainable Development Strategy,
Contemporary Aspect
Research findings of development
dynamics of domestic enterprises in various industries, including trade, indicate
that the operating effect of enterprises directly depends on their capability
to prevent and remove losses from internal and external threats. Whereas particular
dangers for an enterprise are posed by threats, which are able to destabilize its
financial activities up to bankruptcy.
An upcoming trend for tasks
solution and enterprise’s financial security alerts is an implementation of the
complex of management models into the enterprise management system, which will ensure
sustainable development. The main units of the complex are a unit for the financial
analysis of an enterprise, a unit for the assessment of threats and possible
insolvency, a unit for the prevention of crisis financial situations, a unit
for the creation of investment appeal and innovation activities.
The main tasks of the
first unit are the financial analysis of an enterprise and identification of
crisis financial situations. The solution of the tasks allows to form a bank of
data on crisis severity levels at the enterprise during former periods and to
define the ranges of indicator values, which correspond to different classes of
financial situations. It should be noted, that the ranges will vary for each
particular enterprise, since they will reflect specific structures,
relationships and business environment. Such an individual approach enhances
the value of the obtained results and allows to synthesize the results by
industry and territory in an appropriate way.
The unit consists of the
following models:
The model for scoring
system development, indicating the enterprise’s financial condition.
The model for integral
estimate of the enterprise’s financial condition.
The model for the change
analysis of the integral index values.
The model for
development of classes of financial situations.
The model for
identification of enterprise’s financial condition by crisis development level.
The model for investment
and innovation appeal.
The second unit of the
proposed complex of models consists of the assessment of how threats impact the
enterprise’s financial condition. Within the frameworks of the unit
retrospective information serves as the basis for creation of the list of the
top-priority internal and external threats, which have the most significant
effect on the enterprise’s financial condition. Afterwards the threat or set of
threats is identified, the neutralization or localization of which prevents the
enterprise from moving from one crisis class to another. The obtained
information is used to identify the top-priority directions for spending of the
limited investment and resource potential of the enterprise.
The main models of the
unit are:
The model for the development
of internal and external threats set of an enterprise.
The model for selection
of dominant threats.
The model for
identification of dominant threats indicators.
The model for the choice
of representing indices by financial performance groups.
The model for assessment
of the closeness between financial performance systems and priority threats.
The model for the
cutting down of enterprise’s threats space.
The model for synergy
evaluation of threats combination.
The third unit of the complex
is the prevention of crisis financial situations. Within this unit the information
on the retrospective threats effect and the classes of financial losses, caused
by the threats, serves as a ground for the forecast of destabilizing effects
and the amount of the financial loss. The forecast results undergo the
selection of those threats, the localization of which allows to prevent the
transition of a financial condition from one crisis class to another. Then the
set of actions on the threats locating is developed and probable expenditures
on the execution of the actions are calculated. In the final phase the set of
actions is optimized by expenses and prevented losses.
The main models of the
unit are:
The model for the
forecast of enterprise’s financial condition by the set of threats.
The model for the
forecast of threats indicators values.
The model for the
identification of predicted financial conditions of an enterprise.
The model for threats
ranking by locating priority.
The model for locating
of critical threats.
So, the execution of the
developed complex of models for sustainable development of enterprise financial
activities allows to increase the level of financial security and to ensure its
sustained operation when optimally using the limited investment and resource
potential.
The achievement of the
sustainable development is based on three approaches, i.e. economic prosperity
ensuring, ecological and social progress. But economic welfare, created without
regard to ecological factors, cannot be sustainable in the long term. In
essence, the business has the task to develop also an ecology-oriented model of
entrepreneurial activity during the period of transition to the sustainable
development. Obsolete though still widespread opinion about the relationships
between entrepreneurship and ecology is based on the fact that environmental
protection and commercial activities are opposite by nature. The improvement of
environmental conditions is considered to reduce entrepreneurs’ profit and to
increase consumer prices, while profitability is connected with the necessity
of ruthless exploitation and destruction of natural resources. The achievement
of sustainable development needs the reorientation of business activities
towards stable environment and prosperous economy simultaneously. This means
that ecology and economy are interconnected and do not exclude but supplement each
other towards the improvement of life quality in the whole. Consequently, the
base for the ecology-oriented entrepreneurship should be the concept of
innovative ecological efficiency, combining the improvement of economic
indicators of an enterprise on the one hand and higher productivity of
resources, less waste and prevention of emissions on the other.
The main components of the
innovative ecological efficiency are:
- decrease of material
consumption for goods and services;
- decrease of power
consumption for the manufactured products;
- decrease of toxic
agents spread;
- increase of
opportunities for materials recycling;
- increase of sustained
usage of renewable resources;
- increase of the
operating life of the manufactures products;
- accumulation of
after-sales service of goods and services.