ФИНАНСОВЫЕ ЭЛЕМЕНТЫ СТАБИЛЬНОСТИ БИЗНЕСА

Аннотация

This article provides information on the financial elements of business sustainability. Also, appropriate conclusions and suggestions are given about the work to be carried out in the business. Key words: NPV, investments, resources, technology. ФИНАНСОВЫЕ ЭЛЕМЕНТЫ СТАБИЛЬНОСТИ БИЗНЕСА Аннотация. В данной статье представлена информация о финансовых элементах устойчивости бизнеса. Также даются соответствующие выводы и предложения по поводу работы, которую предстоит провести в бизнесе. Ключевые слова: NPV, инвестиции, ресурсы, технологии. Business organizations exist within the context of larger market economies where conditions are always changing. By advocating a strategic resilience, which is achievable when managers anticipate and adjust to changes that threaten a company’s core competencies. However, our suggestions for developing strategic resilience contain little guidance for incorporating financial decisions in the organization’s strategic deliberations. Despite this omission, financial decision making is an important part of the process of making a business more resilient. In early 2021, a survey of 1,054 senior financial executives reported that 41 percent had an increase in their responsibilities related to strategy business development in the past 18 months. Other areas with significant increases included information technology, customer service, risk analysis, operations, and human resources. Such expansion in responsibilities of these finance specialists attests to the importance of considering financial elements in developing business resilience. This article outlines recommendations for doing so through a systematic approach to financial decisions that can positively impact strategic resilience. An initial step for financial analysis is the quantitative evaluation of a firm’s investment opportunities. But special care is required here. The traditional Net Present Value (NPV) computations, first made popular by Dean, assume that once an investment is made, a manager cannot revise the initial commitment of resources in order to change future cash flows. These methods are still taught today, but they ignore flexibility. Many investments are not passive investments that are unchangeable once committed. Managers can and do act after initial investment commitments have been made to adjust the size and nature of cash flows when past assumptions about future conditions prove incorrect. To reflect the market value of such potential adjustments, Real Option Theory moves away from NPV’s assumption of a passive manager who no longer acts once an investment decision is made, to that of active management that permits managers to enact changes in resource commitments after initial investment is made. In this new view, total NPV of an investment opportunity is seen as a sum of two components: 1. The NPV with no revisions, plus 2. The NPV that is associated with possible revisions in commitments. 8 77 International scientific journal ISSN: 2181-3906 «MODERN SCIENCE АND RESEARCH» 2023 VOLUME 2 / ISSUE 12 / UIF:8.2 / MODERNSCIENCE.UZ Real Option Theory offers financial assessment of the flexibility that facilitates a company’s strategic resilience capabilities. It provides a method to quantify the value of managerial flexibility so that a manager’s real options can become part of NPV analyses. This approach can be used for several different purposes. In any of its investment-decision applications, Real Option Theory reflects the reality that managers are not passive, but are able to actively adjust company operations as unforeseeable future conditions unfold. Real Options Theory is not always as simple to use as computation-guided approaches, such as traditional NPV. It invites subjective judgments as to what could happen instead of focusing only on what is most likely to happen. Think, for example, of putting only enough gasoline in an automobile to safely make a scheduled trip of 100 miles. A traditional NPV approach buys the minimum amount of gasoline because less gasoline reduces investment cost without jeopardizing the scheduled trip. Conversely, Real Options Theory leads management to consider the value of putting an extra amount of gasoline in the automobile—based on the probability that an unanticipated but potentially profitable side trip should be taken during the originally scheduled 100-mile trip. In other words, investing for just the scheduled 100-mile trip does not allow the flexibility to seize an attractive—but unexpected—opportunity. The value of this flexibility involves managerial judgments. The same holds true in evaluating a threat, such as getting a flat tire—would you make this trip without a spare tire? A strictly profit-maximizing approach may seek to reduce costs by recommending against purchasing a spare tire. What is the value of having a spare tire? This is the kind of judgment decision overlooked by traditional NPV calculations. A company might invest in a power plant that can swi