Assessing the financial security of the engineering enterprises as preconditions of application of anti-crisis management: practical aspect

Abstract. Introduction. Enterprise financial security is one of the measures to ensure and support financial stability. It is able to act as one of the main anti-crisis management methods and is extremely relevant in the uncertainty of the activities implementation. Management and staff must comply with a number of requirements for ensuring and maintaining their own level of financial capacity for effective enterprise functioning. After all, this factor will promote both its general adaptation, and will allow to carry out own activity now. It will also contribute to the plan formation to ensure the enterprise activities for the future, taking into account the necessary changes based on determining their impact on the development of further events in the business world. Purpose. His article has been described the essence and features of the «Financial security of the enterprise» concept. The necessity of its application in modern conditions of enterprise activity as one of the most important anti-crisis management methods in conditions of uncertainty has been described. Results. The financial security of the enterprise is the basis of effective activity of any enterprise in modern business conditions, taking into account the influence of both internal and external factors that take place in the business world as a whole has been determined. It is researched that financial security needs constant updating and improvement. So, it must meet modern requirements for ensuring the stability of the enterprise as an important anti-crisis managing its activities method. The main components of financial security of the enterprise are offered and described, namely: organizational, managerial, and financial-economic. Conclusions. As a result or consequence of this, the formation, support, and development of the country’s enterprises’ financial security are influenced by many different, both interdependent and independent, internal and external factors. In addition, financial security needs constant provision to achieve a high level of support for the stable and uninterrupted operation of the enterprise under any conditions of its operation. Keywords: financial security; anti-crisis method; crisis phenomenon; organizational component; management component; financial and economic component; soft skills.

Download Full-text

ANTI-CRISIS MANAGEMENT IN BUSINESS FINANCIAL SECURITY ENSURING

Vìsnik Sumsʹkogo deržavnogo unìversitetu ◽

10.21272/1817-9215.2021.1-7 ◽

2021 ◽

Vol 2021 (1) ◽

Author(s):

T. Zhukova ◽

I. Basanets ◽

I. Plikus

Keyword(s):

Crisis Management ◽

Economic Crisis ◽

Business Processes ◽

Stable State ◽

Financial Policy ◽

Financial Security ◽

Theoretical Approaches ◽

Main Thing ◽

Definition Of ◽

The Impact

The problem of effective anti-crisis management is of crucial importance for ensuring the overall level of development of Ukraine, surmounting the financial and economic crisis, as well as creating an appropriate level of national security. In today's world with its unstable economic, political and legal dimension an entity is exposed to the external environment. The impact of the economic crisis in the world, including Ukraine, has led to the fact that most companies are close to financial crisis and some of them have already gone bankrupt. The article presents the data showing that companies are in crisis and need anti-crisis management. It is reasoned that anti-crisis management as a mechanism of adaptive regulation of business processes of enterprises is relevant and in demand both in science and in practice; the program of anti-crisis measures in case of its successful practical application can help the companies being on the brick of bankruptcy. Theoretical approaches to the formation of anti-crisis management of enterprises are considered, further research was given to the problems of developing a system of anti-crisis management of the enterprise and the development of anti-crisis financial policy. It is proved that crisis management is aimed at adapting the enterprises' activities to the constantly changing environmental conditions as well as to extract benefits from new opportunities. At the same time, the main thing in the implementation of such management is the rejection of unpromising areas of activity and the definition of the most promising ways of the organization activity ensuring its development. After analysing the latest research on ensuring the stable state and bringing the company out of the crisis, the main approaches to preventing and overcoming bankruptcy in enterprises have been identified. For effective management the measures that will clearly assess the threat and respond to management staff are proposed in the article. The causes and factors that accompany the emergence of a crisis at the enterprise are studied. The activity of Ukrainian enterprises in the conditions of crisis is analyses and a set of measures to improve crisis management for the financial security of the company is created.

Download Full-text

MODELING THE PROCESS OF APPLYING ANTI-CRISIS MANAGEMENT IN THE SYSTEM OF ENSURING FINANCIAL SECURITY OF THE ENTERPRISE

Verslas teorija ir praktika ◽

10.3846/btp.2019.41 ◽

2019 ◽

Vol 20 (0) ◽

pp. 446-455 ◽

Cited By ~ 6

Author(s):

Oleksandr Sylkin ◽

Myroslav Kryshtanovych ◽

Andryi Zachepa ◽

Sofiia Bilous ◽

Anna Krasko

Keyword(s):

Crisis Management ◽

Methodological Approach ◽

Financial Security ◽

Market Environment ◽

Functional Modelling ◽

Input Control ◽

Management Application ◽

Modelling Methodology ◽

Control Output

The methodological approach to the application of anti-crisis management in the system of ensuring financial security of the enterprise, unlike the existing ones, summarizes and systematizes the theoretical and methodological features of determining the main stages of anti-crisis management, based on the use of functional modelling methodology and graphical description of processes (IDEF0), significantly increases the ability enterprises adapt to a changing market environment, increase competitiveness and ensure to be stable in financial activities. A complex diagram of the IDEF0 model of applying the anti-crisis management in the process of ensuring the financial security of the enterprise is proposed. It includes input, control, output, mechanism. As a result, a decomposition of the first and the second level context diagrams of the IDEF0 model of anti-crisis management application in the process of ensuring the financial security of the enterprise was formed, which includes, in addition to input, control, output and mechanism, information about the progress of subprocesses and directives for their regulation.

Download Full-text

Crisis Management

Peacemakers ◽

10.5810/kentucky/9780813174358.003.0034 ◽

2018 ◽

Author(s):

James W. Pardew

Keyword(s):

National Security ◽

Crisis Management ◽

Practical Aspect ◽

Former Yugoslavia ◽

Peace Agreement ◽

International Crisis ◽

Multilateral Cooperation ◽

Humanitarian Interventions ◽

The Us ◽

The Military

The US engagement in the former Yugoslavia demonstrates the value of American leadership in an international crisis. This chapter highlights the critical importance of strong European democracies and NATO to American national security. It also emphasizes multilateral cooperation with key allies and international organizations as the best means to promote US security interests. Pardew draws from his crisis management experiences in the former Yugoslavia to present valuable lessons on the function of special envoys, activist diplomacy, the military role in humanitarian interventions, and the practical aspect of implementing a negotiated peace agreement.

Download Full-text