MENADŽMENT OBRTNIH SREDSTAVA KAO FAKTOR FINANSIJSKE STABILNOSTI MSP

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1 originalni naučni rad UDK ; Prof dr Živan Nikolić Visoka strukovna škola za računovodstvo i berzansko poslovanje, Beograd zivan.nikolic14@gmail.com Mr Ivan Raonić MENADŽMENT OBRTNIH SREDSTAVA KAO FAKTOR FINANSIJSKE STABILNOSTI MSP Visoka strukovna škola za računovodstvo i berzansko poslovanje, Beograd ivan.raonic@gmail.com Rezime U ovom radu daje se prikaz menadžmenta obrtnim sredstvima, uvažavajući sve specifičnosti organizacije malih i srednjih preduzeća, kako kapitalne, tako i kadrovske. Pored toga, biće reči o izračunavanju optimalnog nivoa obrtnih sredstava za nesmetano odvijanje poslovnih aktivnosti, kao i o osnovnim pokazateljima koji ukazuju na eventualnu promenu u nivou obrtnog kapitala. Cilj ovog rada je da prikaže osnovne indikatore koji ukazuju da je došlo do disbalansa u kvantumu obrtnih sredstava. Ključne reči: mala i srednja preduzeća, neto obrtna sredstva, koeficijent obrta, broj dana vezivanja, JEL: G31, G32, L25 Rad primljen: Odobren za štampu:

2 UDC ; original scientific paper WORKING CAPITAL MANAGEMENT AS THE FINANCIAL STABILITY FACTOR FOR THE SMEs Prof Živan Nikolić PhD Senior Vocational School for Accounting and Stock Brokerage, Belgrade zivan.nikolic14@gmail.com Ivan Raonić MSc Senior Vocational School for Accounting and Stock Brokerage, Belgrade ivan.raonic@gmail.com Summary This paper focuses on the working capital management regarding all the specificities of the small and medium-sized enterprises organisation, their capital structure and human resources. In addition, it discusses calculation of the optimal level of working capital required for the smooth running of business activities, and the basic indicators identifying potential changes in the level of working capital. The objective of this paper is to present the basic indicators that suggest that there is an imbalance in the working capital quantum. Key words: small and medium-sized enterprises - SMEs, working capital, turnover ratio, cash conversion cycle JEL: G31, G32, L25 Paper received: Approved for publishing:

3 Uvod Kreatori ekonomske politike u Srbiji su proces tranzicije prevashodno oslonili na privlačenje stranih direktnih investicija (SDI) i podsticaju razvoja sektora malih i srednjih preduzeća (MSP), uz sveobuhvatan proces privatizacije društvene svojine. Pri tome, u cilju otvaranja novih radnih mesta glavna uloga je namenjena sektoru MSP, što je razumljivo kad se zna da MSP čini preko 90% svih preduzeća u Srbiji. Ovaj sektor pokazuje visok stepen inovativnost i prilagodljivosti svom poslovnom okruženju, ali raspolaže ograničenim vlastitim resursima i ima teži pristup finansijskom tržištu. Za razliku od velikih firmi, mala preduzeća imaju nerazvijenu organizacionu strukturu i ograničen kadrovski kapacitet. U praksi zaposleni obavljaju po više funkcija u preduzeću, a često jedno lice je istovremeno vlasnik i menadžer. Racionalnost i potreba za novim znanjima, primorava preduzeća da neke funkcije izmeste iz svoje organizacije i povere ih specilizovanim agencijama (outsourcing). Na taj način štede se finansijska sredstva koja bi bila trošak glomazne organizacije, uz istovremeni pristup izvorima savremenih znanja i veština. Problemi nastaju kada vlasnik preduzeća (preduzetnik) redukuje svoj poslovnu aktivnost na aspekt individualne preduzimljivosti i poslovne veštine, što poslovanje uvodi u stanje inercije, bez studioznog i osmišljenog menadžmenta. Na dug rok, nije dovoljno samo proizvesti i prodati proizvod, već je nužno osmisliti marketing, finansijsko planiranje, razvoj, i sl. Takav pristup dovodi do situacije da se poslovne knjige vode zbog zakonski propisane obaveze, a računovodstvo ne predstavlja osnovni izvor podataka za donošenje poslovnih odluka, već nužno zlo. Navedeni pristup ima za posledicu neadekvatnog i neblagovremenog suočavanja sa kvalitetom interne ekonomije i izazovima finansijskog Slika 1. Prikaz strukture neto obrtnih sredstava okruženja. To je, pored ostalog, posledica odsustva finansijskog planiranja i menadžmenta obrtnim sredstvima, usled čega nastaje rizik u poslovanju iznad mogućnosti raspoloživog kapitala malih preduzeća. Upravljanje obrtnim sredstvima treba da omogući zadovoljavajuću likvidnost preduzeća i uštede koje povoljno utiču na rezultate poslovanja. Dakle, politikom upravljanja obrtnim sredstvima teži se njihovom svođenju na optimalni nivo, kako sa aspekta veličine tako i sa stanovišta strukture (zalihe, potraživanja, novac). U ovom radu se razmatraju indikatori koji omogućavaju upravljanje obrtnim sredstvima i pružaju mogućnost menadžmentu da rano spozna probleme, a time i mogućnost preduzimanja adekvatnih mera. Dakle, pravilno i kontinurano praćenje predmetnih indikatora pomaže svođenju obrtnih sredstva na optimalni nivo i podupire održivu finansijsku stabilnost preduzeća. Pojam neto obrtnih sredstava U širem smislu, obrtna sredstva se mogu definisati kao poslovna sredstva preduzeća koja se jednokratnom upotrebom troše u poslovnim procesima, tako što se njihova vrednost preobrazi iz robnog u novčani oblik najmanje jednom u toku godine. Tema ovog rada zahteva da se obrna sredstva definišu u užem značenju poznata u teoriji i poslovnoj praksi pod nazivom neto obrtna sredstva (working capital). Neto obrtna sredstva predstavljaju razliku između bruto obrtnih sredstava i kratkoročnih (tekućih) obaveza. Ilustracija kategorije neto obrtna sredstva može se sagledati iz podbilansa Bilansa Stanja preduzeća: POZICIJA IZNOS POZICIJA IZNOS 1. Zalihe ,00 1. Kratkoročne finansijske obaveze ,00 2. Potraživanja ,00 2. Obaveze iz poslovanja ,00 3. Kratkoročni finansijski plasmani ,00 3. Ostale kratkoročne obaveze ,00 4. Gotovina ,00 4. Obaveze za porez iz rezultata 5.000,00 OBRTNA IMOVINA ,00 KRATKOROČNE OBAVEZE

4 Introduction Economic policy makers in Serbia have based the transition process mainly on the attraction of foreign direct investments (FDIs) and incentives for the development of the sector of the small and medium-sized enterprises (SMEs), together with a comprehensive process of privatisation of the socially-owned assets. In doing this, and with the aim of creating new jobs, the main role was designated to the SMEs sector, which is understandable in view of the fact that SMEs make up for a total of over 90% of all the enterprises operating in Serbia. This sector is manifesting a high degree of innovation in its business approach and adaptability to its business environment, but it disposes with limited owned resources and has a rather constrained access to the financial market. Opposite to the case of the large-scale companies, small-sized enterprises have an under-developed organisational structure and limited human resources. In practice, staff employed in the SMEs often perform several functions within the company, with one and the same person not infrequently assuming simultaneously both the role of the owner and that of the manager of the same enterprise. For reasons of cost efficiency and new knowledge and skills required, enterprises are often forced to outsource some of the functions from their organisation and entrust them to specialised agencies (outsourcing). In this way, they are saving financial resources that would otherwise be a cost of a heavy organization, simultaaneously gaining immediate access to the sources of the state-of-the-art knowledge and skills. Problems arise when an owner of the enterprise (entrepreneur) reduces his business activities to the aspect of his own individual entrepreneurship and business skills, which leads the business to fall in a state of inertia, without any studious or well designed management. In a long-term perspective, it is not sufficient just to produce and sell the product, but it is necessary to conceive marketing approach, to have proper financial planning in place, development objectives, etc. Such an approach results in situations where business books are kept for legally prescribed purposes, and accounting is no longer the main source of data to be used when making business decisions, but it rather remains a necessary evil. The above approach also results in an inadequate and untimely confrontation with the quality of internal economy and challenges of financial environment. This is the consequence, among other, of the absence of financial planning and working capital management, thus causing risk to appear in business operations exceeding capabilities of capital available for small sized enterprises. Working capital management should allow for a satisfactory liquidity of an enterprise and savings that will have a positive impact on business results. Hence, the working capital management policy is aimed at its reduction to an optimal level, both from the aspect of size and from the aspect of structure (inventories, receivables, cash). This paper will examine indicators that allow working capital management and offer the opportunity to the management to have an early warning of potential problems, hence the opportunities for undertaking timely and adequate measures. Therefore, correct and continuous monitoring of the said indicators is helping in bringing working capital down to its optimal level and acts in support of a sustainable financial stability of the given enterprise. The notion of net working capital In a broader sense, working capital may be defined as business assets of an enterprise which are spent in a one-off use in business processes, in the way that their value is converted from the product into cash form, at least once during the year. The topic of this work requires working capital to be defined in a more narrow sense known in the theory and business practice as net working capital. Net working capital is the difference between gross working capital and the short-term (current) liabilities. Illustration presenting the category of net working capital may best be seen from the subbalance of the Balance Sheet of an enterprise: 73

5 Neto obrtna sredstva = obrtna imovina - kratkoročne obaveze Dakle, neto obrtna sredstva predstavljaju deo obrtnih sredstava koji je finansiran iz dugoročnih izvora, što u našem primeru iznosi ,00 dinara. Veličina neto obrtnih sredstava je bitan finansijski pokazatelj iz više razloga. Prvo, zainteresovanim licima pruža informacije o stepenu likvidnosti posmatrane firme i obimu poslovnih obaveza. Drugo, neto obrtni fond implicira viši nivo finansijske stabilnosti preduzeća, pošto se veći deo obrtne imovine finansira iz vlastitih izvora. Treće, kreditori analizom neto obrtne imovine stiču informacije o visini tuđih izvora u formiranju mase obrtne imovine preduzeća, kao i mogući kapacitet novog zaduživanja. Četvrto, analiza neto obrtnih sredstava u dužem vremenskom periodu omogućava da se sagleda poslovna politika preduzeća, kako u pogledu odnosa prema izdvajanju sredstava (npr. dobit) u obrtni kapital, tako i o upravljanju njima. Peto, posmatrani ekonomski agregat na sintetički način omogućava da se izvede zaključak o kvalitetu menadžmenta zalihama, potraživanjima, obavezama i što je najbitnije, da li firma odbacuje pozitivan novčani tok ili ne. Prema tome, pozitivan saldo neto obrtnih sredstava nam govori da je privredni subjekt u stanju da plati svoje kratkoročne obaveze u svakom o roku, da je poslovni rizik u poslovanju sa njim, po tom kriteriju nizak, i obratno. Razlikujemo više uzroka koji uslovljavaju negativan saldo neto obrtnih sredstava, a najčešći su: ulazak firme u zonu prezaduženosti, pad prodaje, pogoršanje naplate potraživanja, skraćenje rokova plaćanja dobavljačima, promena kursa nacionalne valute, itd. Obim i struktura obrtnih sredstava je različita u zavisnosti od toga o kojoj grani privrede se radi. Ovo je naročito važno pitanje sa aspekta zaliha. Primera radi, u trgovinskim delatnostima dominira učešće zaliha robe. U proizvodnim delatnostima struktura zaliha je prilagođena proizvodnom procesu, tako da srećemo reprodukcioni i pomoćni materijal, nedovršenu proizvodnju i gotove proizvode, dok robe najčešće nema. U uslužnim delatnostima zalihe se u najvećem broju slučajeva neće javiti kao bilansna pozicija. Srećemo proizvodne delatnosti koje zbog prirode tehnološkog procesa nemaju zalihe gotovih proizvoda (npr. proizvodnja električne energije i sl. ). Uočene specifičnosti odraziće se na obrt zaliha, koji će biti različit u zavisnosti od delatnosti kojom se firma bavi. Možemo konstatovati da je u okviru mendžmenta obrtnim sredstvima politika zaliha važan, a kadkad i odlučujući pokazatelj efikasnog upravljanja obrtnim sredstvima. Naime, što je stok zaliha veći i njihovo vreme vezivanja duže, biće potrebno angažovati veći iznos obrtnog kapitala. Pogrešna odluke prilikom upravljanja zalihama mogu dovesti do pogoršanja novčanog toka i ulaska u zonu nelikvidnosti, povećati zaduženost i trošak firme, poremetiti tok reprodukcije, i sl. Ovim ne isključujemo važnost drugih oblika obrtnog kapitala: potraživanja i novca. Logičan ekonomski pristup je da naplata potraživanja bude u što kraćem roku, uz uslov da je dužnik relativno predvidivog rizika. Novac, kao univerzalni oblik obrtnog kapitala zamenljiv za sve druge oblike obrtnih i drugih sredstava, mora biti pravilno upotrebljavan (ulagan), jer se do njega najteže dolazi i njemu se, kao cilju, teži u menadžmentu obrtih sredstava. Statično posmatranje proračuna neto obrtnih sredstava može dati neadekvatnu sliku, pa čak i navesti na pogrešan zaključak da preduzeće ima višak obrtnih sredstava u odnosu na plaćanje tekućih obaveza. U poslovnoj praksi situacija je, po pravilu, nepovoljnija od iskazanog stanja u bilansima. Tako, na primer, potraživanja po osnovu prodaje često se ne mogu naplatiti u ugovorenom roku, već po njegovom isteku. Zalihe gotovih proizvoda, iako su registrovane u knjigovodstvu po prodajnim cenama, neće odbaciti predviđeni prihod, jer je preduzeće suočeno sa konkurencijom primorano da odobri rabat kupcima. Za analitičke svrhe je upravo iz navedenih razloga najracionalnije u obzir uzeti dimamički pristup zasnovan na povezanim indikatorima, koji ukazuju na gotovinski tok kompanije kao sintetizovan izraz kretanja obrtnih sredstava. Takav pristup će biti analiziran u nastavku ovog teksta. 74

6 Figure 1 Presentation of the net working capital structure We can distinguish ITEM AMOUNT ITEM AMOUNT several reasons 1. Stock 500, Short-term financial liabilities 200, that cause a 2. Receivables 400, Business liabilities 500, negative balance 3. Short-term financial of the net working 100, Other short-term liabilities 100, placements capital to ensue, 4. Cash 150, Tax on gains liabilities 5, the most frequent CURRENT ASSETS: 1,150, SHORT-TERM LIABILITIES: 805,000 ones being the following: venture of the firm into the zone of overindebtedness, Net working capital = current assets - short-term liabilities fall in sales, deterioration of receivables collection, shorter payments dates due to suppliers, change in the exchange rate Therefore, net working capital is the part of working capital that is financed from the longterm sources, which in our case amounts to 300, dinars. The size of net working capital is a significant financial indicator for several reasons. Firstly, it offers interested parties information on the degree of liquidity of the observed firm and the volume of its business liabilities. Secondly, net working fund implies a higher level of financial stability of the enterprise, as the major part of the current assets is being financed from the own sources of the company. Thirdly, creditors in their analysis of the net current assets acquire information on the amount of exterior sources in the formation of the mass of the current assets of the company, as well as on the possible capacity for new borrowing. Fourthly, the analysis of net working capital over a longer time period, allows an assessment to be made of the business policy of the company, both in respect to the attitude towards allocation of funds (for example, profit) into working capital, and on the working capital management. of the national currency, etc. The volume and structure of working capital differ depending on the industrial branch in which the firm operates. This is especially important from the aspect of inventories. To give an example, in the trading activities the predominant is the share of the inventories. In the production activities the structure of inventories is adjusted to the production process, so that we encounter reproduction and auxiliary material, incomplete production and finished products, while goods are most often absent. In the field of services, in most of the cases inventories will not be present as a balance sheet item. We are also encountering production activities where, for reason of the nature of technological process, there will be no inventories of final products (for example, electrical power production, and similar). The observed specific features will have their impact on the inventories turnover, which will differ depending on the activity that the given firm is engaged in. We can conclude that within the working Fifthly, the observed economic aggregate in a capital management, the inventories synthetic way allows a conclusion to be made on the quality of inventories, receivables, and liabilities management, and most importantly, on whether there is non-acceptance of a positive cash flow or not by the firm. Therefore, positive balance of the net working capital tells us that the commercial entity is capable of repaying its short-term liabilities on due maturity dates, and that the business risk in doing business with them, according to this criterion, is low, and vice versa. management policy is an important factor, and at times, even a decisive indicator of an efficient working capital management. Namely, the larger the size of inventories and their cash conversion cycle is longer, it will be necessary to engage a higher amount of the working capital. Wrong decisions in inventories management will cause deterioration of the cash flows and the entry into the zone of illiquidity, higher indebtedness, and higher costs incurred by the firm, a disturbed reproduction flows, etc. 75

7 Menadžment obrtnih sredstava Suština upravljanja obrtnim sredstvima sastoji se u pronalaženju optimalnih rešenja u pogledu visine i strukture svih komponenti ovih sredstava i usklađivanju njihove dinamike, u cilju obezbeđivanja normalnog odvijanja poslovanja uz maksimalne finansijske efekte. Krajnji cilj svakog preduzeća je dostizanje optimuma obrtnih sredstava kako po obimu tako i po strukturi, dok je funkcija menadžmenta sredstvo kojim se može ostvariti taj cilj. Optimum obrtnih sredstava teži da ostvari dve važne faunkcije: 1. kontinuirano odvijanje procesa reprodukcije, uz adekvatno korišćenje raspoloživih kapaciteta; i 2. angažovanje obrtnih sredstava uz najniže troškove. Kao osnovna aktivnost usmerena u postizanju maksimizacije finansijskih efekata je svakako upravljanje novčanim tokovima firme. U redovnim poslovnim aktivnostima čest je slučaj da preduzeća posluju profitabilno, obim prodaje je na zadovoljavajućem nivou, a da sa druge strane povremeno dolazi do nedostatka novčanih sredstava za plaćanje tekućih obaveza. Uzrok ovakvom stanju je svakako loše planiranje i upravljanje novčanim tokovima i njegovim ekvivalentima. Kao osnovni alat za upravljanje novčanim tokovima najčešće se koristi plan novčanih tokova. Plan se formira na osnovu plana proizvodnje, plana prodaje, planu troškova i faktora koji opredeljuju vremenski raspored nočanih priliva i odliva. Pristup kojim će preduzeće upravljati svojom obrtnom imovinom, različit je u zavisnosti od njegove veličine. U malim firmama preduzeća se pretežno orijentišu na proizvodnju i prodaju, uz siromašan instrumentarij savremenog planiranja novčanih tokova. Velika preduzeća imaju razgranatu organizaciju strukturu u kojoj se čitavi sektori bave problemom izrade planova novčanih tokova i upravljanjem obrtnim sredstvima. Sa druge strane, mala preduzeća nemaju osnovne preduslove i mogućnosti za ovakvom internom organizacijiom, a veliki je znak pitanja da li ovako složenu poslovnu aktivnost mogu da podvedu pod outsourcing. Kao što je istaknuto, MSP u svom nastanku najviše pažnje usmerava na sam proizvod i njegov plasman. To je faza u kojoj dominiraju znanja, veštine i iskustvo samog preduzetnika - vlasnika preduzeća, koji na sebe preuzima veliki deo ključnih menadžerskih funkcija. Sektori koji postoje u velikim firmama, kao što su proizvodnja, nabavka, prodaja, finansije, unutrašnja organizacija preduzeća itd., sada se ogledaju samo u jednoj ličnosti - vlasniku preduzeća. U fazi nastanka preduzeća to se smatra logičnim rešenjem, imajući u vidu ograničena sredstava koja stoje na raspolaganju. Prelomni momenat nastaje kada preduzeće počinje da širi svoju delatnost, a procedure upravljanja aktivnostima i funkcijama ostaje isti. Vlasnik preduzeća to najčešće opravdava time da je firma još uvek mala, da nema finansijskih mogućnosti za angažovanje profesionalnih menadžera, kao i da najviše poverenja ima u sebe za preuzimanje poslovne odgovornosti i preduzetničkog rizika. Ovakvo objašnjenje je moguće opravdati u početnim fazama rasta i razvoja preduzeća, jer se poslovne odluke uglavnom zasnivaju na znanjima i iskustvima preduzetnika stečenim pre ulaska u biznis. Disbalans između kruto shvaćene vlasničke funkcije i potrebe za kompetetnim upravljanjem poslovima preduzeća u njegovim višim fazama razvoja jedan je od ključnih činilaca destrukcije efikasnog upravljanja reprodukcijom, uključiv i obrtna sredstva. Mesto naučnih metoda i savremenih principa organizacije rada ustupa se intuiciji i improvizaciji. Ubrzan rast i razvoj preduzeća ne prati odgovarajući rast i razvoj menadžerskih znanja i veština. Takav pristup razvoju menadžmenta u praksi može da potraje i duži vremenski period. Preduzetnik, koji je istovremeno i direktor preduzeća, i dalje sam odlučuje o svim pitanjima, radi po ceo dan, nema vremena, i, što je najvažnije, zbog sve većeg broja i obima operativnih aktivnosti zanemaruje strateška pitanja rasta i razvoja preduzeća. Posledica takvog pristupa može izazvati stagnaciju poslovnih aktivnosti, a u najgorem slučaju i bankrot samog preduzeća. Mala i srednja preduzeća bi bolje poslovala kada bi se angažovali eksperti na koje bi se preneo značajan obim odlučivanja uz neophodnu odgovornost i kontrolnu funkciju vlasnika. Preduzeća sa grupom nevlasnika u menadžerskoj ulozi bolje će se snalaziti u kompleksnom okruženju, ali iskustvo je pokazalo da čak i u takvim organizacijama vlasnici svojim 76

8 This does not preclude the importance of other forms of working capital: receivables and cash. Logical economic approach is that the collection of receivables should be conducted in the shortest possible time, on condition that the obligor is of a rather predictable level of risk. The cash, as a universal form of working capital, is exchangeable for other forms of working and other capital resources, must be correctly used (placed), as it is the hardest to obtain and it is a target aimed at in the working capital management. Statistical assessment of the net working capital calculation may give an inadequate picture, and even lead to a wrong conclusion that the enterprise has a surplus of working capital in respect to the payment of current liabilities. In the business practice, the situation is, as a rule, more unfavourable that the one presented in the balance sheets. Hence, for example, receivables from the sales are often uncollectible in the contracted term, but only after it has expired. Finish goods inventories, although recorded in the accounting books according to their sales prices, will not generate the forecasted revenue, as the company, faced with competition, will be forced to approve a discount to its buyers. For analytic purposes, actually for the above stated reasons, the most rational procedure is to take into consideration the dynamic approach based on linked indicators which point out at the company s cash flow as a synthesised expression of movement of the working capital. Such an approach will be analysed further in this paper. Working capital management The essence of the working capital management is in finding optimum solutions regarding the size and structure of all the components of these funds and harmonising their dynamics, for purpose of securing normal running of business operations, by achieving maximum financial effects. The ultimate goal of every company is to achieve optimum level of working capital, both in size and in structure, while the management function is the means for reaching that end. The working capital optimum tends to achieve two important functions: 1. A continuous development of the reproduction process, together with an adequate engagement of available capacities; and 2. To engage working capital at minimum cost. The basic activity aimed at the achievement of the maximised financial effects is certainly the company s cash flows management. In regular business activities it often occurs that the company is working profitably, that the volume of sales is at a satisfactory level, while on the other hand, what appears at times is the shortage of money funds for payment of current liabilities. The cause for such a situation is certainly poor planning and cash flows and their equivalents management. As the basic tool for the cash flows management what is often used is the cash flow plan. The plan is formed on the basis of the production plan, sales plan, costs plan and factors determining the time schedule of cash inflows and outflows. The approach that the company will adopt for managing its working assets will differ depending on working assets size. In case of small-sized firms, companies are mainly focusing on production and sales, having at their disposal a rather modest set of tools for modern planning of cash flows. Largescale companies have a well branched out organisational structure where entire sectors engage in problems of designing cash flow plans and working capital management. On the other hand, small-sized companies do not have the basic prerequisites and opportunities for setting up such an internal organisation, and it is under a great question mark whether they can engage in outsourcing of such a complex business activity. It was already stated that the SMEs, in their initial phase of development, focus greatest attention on the product itself and its placement. This is the phase in which predominant are knowledge, skills and experience of the entrepreneur himself - the owner of the company, who takes upon himself the major part of key managerial functions. The sectors that are present is large companies, such as production, supplies, financial sectors, internal company organisation, etc., are in our case reflected in one person alone - the owner of the company. In the phase of company incorporation this is deemed to be a logical solution, bearing in mind the limited resources 77

9 menadžerima samo povremeno daju slobodu u donošenju odluka, dobro čuvajući autoritet svoje vlasničke funkcije. Činjenica da najveći broj vlasnika preduzeća nije sklon da delegira važne odluke na zaposlene menadžere nesumnjivo predstavlja značajan ograničavajući faktor njihovom uspešnijem razvoju. Jedan od mogućih pravaca i ponuđenih opcija svakako je menadžment novčanih tokova, odnosno obrtnim sredstvima u globalu. Definitivno je to svojevrstan izazov koji se postavlja pred mala i srednja preduzeća i centralna tema oko koje se vrti gro poslovnih aktivnosti. Neophodno je dati odgovor na pitanja koliki je iznos neto obrtnih sredstava potreban za održavanje poslovne (reproduktivne) aktivnosti, a da se u isto vreme održava likvidnost. U daljem toku rada biće ponuđen alternativni metod menadžmenta obrtnim sredstvima prilagođen potrebama MSP. U skladu sa organizacionom strukturom MSP i zahtevima održivosti poslovanja, najpodesniji pokazatelj menadžmenta obrtnih sredstava je broj dana vezivanja obrtnog kapitala, odnosno, koliko je dana potrebno da se početno novčano ulaganje u proizvodni ciklus ponovo konvertuje u novčana sredstva. Dakle, radi se o svojevrsnoj meri efikasnosti upotebe neto obrtnih sredstava. Kružno kretanje obrtnih sredstava može se grafički prikazati na sledeći način: Pitanje broja dana vezivanja obrtnih sredstava u ekonomskoj teorija se objašnjava većim brojem različitih pokazatelja. Polazeći od specifičnosti malih preduzeća, kadrovskih, organizacionih i materijalnih ograničenja, kao i od potrebe pojednostavljivanja modela podesnom razumevanju širokom broju preduzetnika i vlasnika, u ovom radu biće obrađena tri osnovna racija, i to: a. Koeficijent obrta zaliha - dobija se kada se u odnos stave cena koštanja realizovanih proizvoda (nabavna vrednost prodate robe) i prosečno stanje zaliha, b. Koeficijent obrta kupaca (potraživanja) - dobija se kada se u odnos stave prihodi od prodaje i prosečno stanje potraživanja, c. Koeficijent obrta dobavljača (obaveza) - dobija se kada se u odnos stave ukupna vrednost svih nabavki (cena koštanja realizovanih proizvoda) i prosečno stanje obaveza iz poslovanja. Izračunavanje broja dana vezivanja obrtnih sredstava Pogledajmo sada na hipotetičkom primeru preduzeća ABC Beograd koliki je broj dana vezivanja obrtnih sredstava: Slika 2. Dijagram toka kružnog kretanja obrtnih sredstava 78

10 that are available. The crucial moment is when the company starts expanding its activities and yet the procedures of business activities and functions management remain the same. The owner of the company most often explains this by saying that the firm is still a small one, that it has no financial capabilities to engage professional managers, but also that he has the most confidence in himself when undertaking business responsibilities and the entrepreneurial risks. Such an explanation may be justified in the initial phases of growth and development of an enterprise, as the business decisions are mainly based on knowledge and experience that the entrepreneur has acquired before he had ventured into the field of business. The imbalance between strictly perceived proprietary function and the need for competent company business management in its higher development phases is one of the key factors of the destruction of an efficient management of reproduction, including working capital. Instead of scientific methods and modern principles of work organisation, what is applied is intuition and improvisation. An accelerated growth and development of a company is not always accompanied by an adequate growth and development of managerial knowledge and skills. Such an approach to the management development in practice may take some time and even last for a longer time period. Entrepreneur, who is at the same time company director, still remains the only one who is deciding on all the matters, who works all day long, who lacks time, and most importantly, because of a growing number and scope of his operational activities, is neglecting strategic matters of growth and development of the company. The consequence of such an approach may cause stagnation of business activities, and in the worst case scenario may even induce bankruptcy of the company itself. Small and medium sized enterprises would be better off if they are to engage experts to undertake significant scope of decisionmaking issues, together with the necessary responsibility and control function in the hands of the company owner. Companies with the group of non-proprietary persons holding managerial roles will manage better in a complex business environment, but experience shows that even in such organisations owners allow their managers freedom of decision making only rarely, carefully guarding the authority of their proprietary function. The fact remains that the largest number of company owners is not inclined to delegate important decisions to their employed managers, which is a significant limiting factor to their more successful development. One of the possible lines of engagement and options offered is certainly the cash flow management, i.e. an overall working capital management. This is definitely a particular challenge placed before small and mediumsized enterprises and the central topic around which the core of business activities revolves. Answer must be given to the question what is the net amount of working capital needed for keeping-up business (reproductive) activities, while at the same time maintaining liquidity. Further in this paper we will offer an alternative working capital management method adjusted to the needs of the SMEs. Concurrent with the organisational structure of the SMEs and requirements for sustainable business operation, the most appropriate working capital management indicator is the number of days in the cash conversion cycle, i.e. the number of days necessary to the initial money invested in production cycle to be converted again into cash. Hence it is a question here of the particular measure of the net working capital engagement efficacy. Cyclic movement of working capital may be graphically presented in the following manner: Figure 2 Cyclic working capital movement graph 79

11 Slika 3. Preračun broja dana vezivanja obrtnih sredstava preduzeća ABC Beograd Bilans uspeha Prihodi od prodaje Cena koštanja realizovanih proizvoda Bilans Stanja - Aktiva Obrtna imovina Zalihe Potraživanja Kratkoročni finansijski plasmani Gotovina i gotovinski ekvivalenti AVR Bilans Stanja - Pasiva Kratkoročne obaveze Kratkoročne finansijske obaveze Obaveze iz poslovanja Ostale kratkoročne obaveze i PVR 0 0 Obaveze za poreze iz rezultata 0 0 NOS Koeficijent obrta 1. Zalihe 2. Kupci 3. Dobavljči cena koštanja realizovanih proizvoda stanje zaliha na kraju i početku perioda prosek ( i ) 4,4 prihodi od prodaje stanje potraživanja na kraju i početku perioda prosek ( i ) 13 cena koštanja realizovanih proizvoda stanje obaveza na kraju i početku perioda prosek ( i ) 9,19 koeficijent obrta koeficijent obrta koeficijent obrta Broj dana vezivanja - dobija se kada se broj dana u godini podeli sa koeficijentom obrta 1. Zalihe 2. Kupci 3. Dobavljči broj dana koeficijent obrta broj dana vezivanja 365 4,4 82 broj dana koeficijent obrta broj dana vezivanja broj dana koeficijent obrta broj dana vezivanja 365 9,19 40 Broj dana vezivanja obrtnih sredstava (1+2-3) 70 dana Dakle, poslovni ciklus preduzeća traje 70 dana, odnosno potrebno je 70 dana da početno novčano ulaganje, koje se transformisalo u robni oblik u cilju procesa reprodukcije, ponovo dobije svoj prvobitni (novčani) oblik. Iz gornjeg primera daće se, takođe, samo 80

12 The matter of the cash conversion days in economic theory is explained by a number of various indicators. Starting from the specificity of the small sized enterprises, their staff, organisational and material limitations, and the need to simplify the model making it understandable to a broad spectrum of entrepreneurs and proprietors, this paper will examine the three basic ratios, as follows: a. Inventories turnover ratio - is obtained when the ratio is based on the price of product made (supply value of goods sold) and the average balance of stocks. b. Buyer turnover ratio (receivables) - is obtained when ratio is based on sales revenues and average balance of receivables. c. Supplier turnover ratio (liabilities) - is obtained when ratio is based on total value of all supplies (cost price of goods produced) and average balance of business operations liabilities. Calculation of the number of cash conversion cycle days Let us examine a hypothetical ABC Belgrade company and the number of days in cash conversion cycle in their case: Figure 3 Calculation of the number of days in the cash conversion cycle for the ABC Belgrade company Income statement Sales revenues 715, ,000 Cost price for products made 620, ,000 Balance sheet - Assets Current assets 300, ,000 Inventories 150, ,000 Receivables 60,000 50,000 Short-ter financial placements 7,000 10,000 Cash and cash equivalents 80,000 20,000 AVR 3,000 5,000 Balance sheet - Liabilities Short-term liabilities 105,000 50,000 Short-term financial liabilities 0 20,000 Business operations liabilities 105,000 30,000 Other shrt-term liabilities and PVR 0 0 Gain tax liabilities 0 0 Net working capital Turnover ratio 1. Inventories 2. Buyers 3. Suppliers Cost price of products made Inventories at end and beginning of period Turnover ratio Average ( and ) 4,4 Sales revenues Receivables balance at end and beginning of period Turnover ratio Average ( and ) 13 Cost price of products made Balance of liabilities at end and beginning of period Turnover ratio Average ( and ) 9,19 Number of conversion days - is obtained when the number of days in a year is divided by turnover ratio 1. Inventories Number of days Turnover ratio Conversion days no ,4 82 Number of days Turnover ratio Conversion days no. 2. Buyers Number of days Turnover ratio Conversion days no. 3. Suppliers 365 9,19 40 Cash conversion cycle days (1+2-3) 70 days 81

13 najosnovniji pokazatelji poslovanja preduzeća. S tim u vezi, preduzeće ABC Beograd u godini ima: 1. NOS u iznosu od , 2. Stopu bruto dobiti od 15% (prihodi od prodaje / cena koštanja realizovanih proizvoda), 3. Stopu NOS po dinaru prodaje od 27% (NOS / prihodi od prodaje). Prezentovane pokazatelje treba uvek posmatrati u relativnom smislu, imajući pre svega u vidu položaj preduzeća u okviru grane u kojoj posluje. Tako na primer, prosečna stopa bruto dobiti za pojedine grane industrije može biti 5%, dok za druge grane iznosi 30%. Takođe, stopa NOS po dinaru prodaje za trgovinske (maloprodajne) delatnosti iznosi 10-15%, dok za pojedine grane industrije iznosi 20-25%. Identifikacija disbalansa u kvantumu neto obrtnih sredstava U prethodnom poglavlju dat je prikaz stanja u kome se nalazi jedno preduzeće, kako sa aspekta poslovnog rezultata, tako i sa aspekta angažovanja obrtnih sredstava. Ono što je karakteristično za navedeni prikaz, jeste činjenica da se radi o pretežno statičnom sagledavanju pozicije preduzeća. Drugim rečima, na bazi istorijskih podataka iz finansijskih izveštaja, dat je prikaz pomenutih pokazatelja. Sa druge strane, poslovni život jednog preduzeća je vrlo dinamična stvar, a pred menadžmentom stoji bezbroj svakodnevnih izazova u pravcu efikasnog upravljanja poslovanjem. To dalje znači da pokazatelji iz prethodnog poglavlja menadžmentu preduzeća predstavljaju određenu polaznu osnovu i specifičan okvir u kome će se donositi buduće poslovne odluke. Kao što je pomenuto, u savremenom poslovnom okruženju pred donosiocima poslovnih odluka u preduzeću nalazi se puno nepoznanica, a vremena za pravovremeno reagovanje je vrlo malo. Iz tog razloga, menadžer u jednom malom preduzeću, sa ograničenom kadrovskom strukturom i nedovoljnom informacionom bazom, mora pred sobom da ima određene indikatore, ili tzv. signale za rano upozorenje, koji će mu ukazati da je u menadžmentu obrtnih sredstava došlo do određenih disbalansa. Prvi indikator je promena u nivou neto obrtnih sredstava. U našem primeru visina NOS na dan godine iznosi Ovaj iznos NOS obezbeđuje stopu bruto dobiti od 15% i stopu NOS po dinaru prodaje od 27%. Dakle, ukoliko preduzeće želi da održi ovaj nivo poslovne aktivnosti, NOS u svakom momentu ne smeju da padnu ispod Značajno je istaći da je u praksi kod malih i srednjih preduzeća čest slučaj da oni koji donose odluke, iz neznanja ili neadekvatne kvalifikacione strukture, zanemaruju ovaj pokazatelj, odnosno ne vode dovoljno računa o tome koliki im je obim NOS u svakom momentu. Bilo da se radi o povlačenju sredstava iz obrta zarad sopstvene potrošnje vlasnika, bilo da se radi o povlačenju sredstava zarad investiranja, neophodan je kontinuirani monitoring obrtnih sredstava u realnom vremenu kako se ne bi ugrozilo tekuće poslovanje. Drugi indikator je broj dana vezivanja obrtnih sredstava. Kao i kod prethodnog indikatora, i u ovom slučaju se od menadžmenta zahteva real - time monitoring neto obrtnih sredstava. S tim u vezi, razmotrićemo dve studije slučaja. Prvi slučaj ilustruje situaciju u kojoj je menadžer (najčešće vlasnik) malog preduzeća odlučio da poveća obim poslovne aktivnosti za 40%, uz pretpostavku istog broja dana vezivanja obrtnih sredstava u procesu reprodukcije. Za finansiranje novog obima posla preduzeću je potrebna investicija u obrtna sredstva kako je prikazano u tabeli 1.: 82

14 Therefore, the business cycle of the company lasts 70 days, i.e. 70 days are necessary to pass for the initial investment made, that was converted into product form for purpose of reproduction process, to acquire again its original (cash) form. The above example gives only the most basic indicators about the company business. In this respect it may be concluded that the ABC Belgrade company, in the year 2011, was in the following position: 1. NET WORKING CAPITAL was 195, Gross rate of return was 15% (sales revenues / cost price of products made) 3. NWC rate of 27% per 1 dinar of sale (NWC / sales revenues). The above presented indicators should always be observed in a relative sense, primarily bearing in mind the position of the company within the branch in which it operates. Thus, for example, the average gross rate of return for certain industrial branches may be 5%, while for some other ones it reaches 30%. In addition, the Net Working Capital per 1 dinar of sale for trading (retail) activities amounts to 10-15%, while for some other industrial branches it amounts to 20-25%. Identifying imbalance in the net working capital quantum In the previous chapter we have presented the position of an enterprise from the aspect of business result, but also from the aspect of the working capital engaged. What is characteristic for this case is the fact that it is mostly a static assessment of an enterprise position. In other words, on the basis of historical data from financial reports, presentation was given of the above mentioned indicators. Business life of an enterprise, however, is a very dynamic affair, and management is faced with countless challenges of daily business life in the sense of efficient business management. This also means that the indictors from the previous chapter offer to the company management a starting position and a specific framework within which future business decisions are to be made. In the contemporary business environment, as we have already noted, those responsible for making business decisions in an enterprise are faced with many ambiguities and the time for timely reaction is very short. For this reason, manager in a small sized enterprise, with limited staff resources and an inadequate information technology basis, must have available certain indicators, or the so-called early-warning signals, that will show him that in the working capital management a certain inequilibrium has occurred. The first indicator is the change in the level of net working capital. In our case study the amount of NWC as of 31 December 2011 amounts to 195,000. This sum of NWC provides for the gross rate of return of 15%, and the NWC rate per 1 dinar of sale of 27%. Hence if the enterprise is willing to maintain this level of business activity, NWC at no time must fall below 195,000. It is important to note that in practice, the case that often occurs in small and mediumsized enterprises is that those who are making decisions, either for the lack of awareness or because of their inadequate qualification structure, tend to disregard this indicator, i.e. they are not taking into account the importance of knowing at all times what is the size of their NWC. Whether it is the case of withdrawing funds from turnover for the sake of personal consumption of the owner, or the withdrawal of funds for purpose of making investments, it is necessary to have a continuous monitoring of the working capital in real time in order to safeguard current business from trouble. The second indicator is the number of days in the cash conversion cycle. As was the case with the previous indicator, in this case also it is required of the management to conduct the realtime monitoring of the net working capital. To this end, we shall examine two case studies. The first case study illustrates the situation where the manager (most often the owner) of a small sized enterprise, decides to upgrade the scope of business activities for 40% on the assumption of the same number of days for the cash conversion cycle in the reproduction process. For purpose of financing the new volume of business of the enterprise it is necessary to make investment into working capital as presented in Table 1. 83

15 Tabela 1. Prikaz potrebne investicije u obrtna sredstva za povećanje obima poslovnih aktivnosti R. br. Vrsta obrtnih sredstava Godišnji promet Broj dana vezivanja Koeficijent obrta Potrebna OS (3/5) Zalihe sirovina i materijala (roba) , , ,15 2 Potraživanja , , ,04 (A) Potrebna OS ,19 3 Dobavljači , , ,86 4 Dobit , , ,74 (B) Izvori iz tekućeg poslovanja ,60 (C) Investicije u obrtna sredstva (A-B) ,59 Izvor: Autorski prikaz Do sada je nivo NOS iznosio što je bilo dovoljno da se zatvori tekuća finansijska konstrukcija. Sa povećanjem obima posla za 40%, potreba za NOS takođe raste za 40%, tj. na Dakle, sada je pred menadžerima preduzeća izbor, koju odluku doneti sa aspekta načina finansiranja nedostajućih sredstava. Najbolje je prvo iskoristiti unutrašnje rezerve koje postoje u preduzeću, odnosno, povećati obrt zaliha i kupaca, istovremeno smanjiti obrt dobavljača, a onda odabrati adekvatan eksterni izvor finansiranja sa najpovoljnijom cenom. Ne sme se izgubiti iz vida da svako eksterno finansiranje umanjuje dobit firme. Naravno, uvek se plan povećanja obima posla od 40% može korigovati naniže, pa onda nije potrebno tražiti dodatne izvore finansiranja. Drugi slučaj je situacija u kojoj je obim aktivnosti ostao isti, ali je došlo do pogoršanja opštih uslova privređivanja. Uzećemo za primer da je usled pogoršane likvidnosti došlo do kašnjenja u plaćanju od strane kupaca, smanjenih porudžbina naših proizvoda, a dobavljači su dodatno smanjili rokove plaćanja. Kako je došlo do značajnijeg probijanja rokova, broj dana vezivanja obrtnih sredstava se značajno povećao. Za finansiranje ovako nastale nepovoljne situacije, preduzeću je potrebna investicija u obrtna sredstva kako je prikazano u tabeli 2.: Tabela 2. Prikaz potrebne investicije u obrtna sredstva usled pogoršanja poslovne klime R. br. Vrsta obrtnih sredstava Godišnji promet Broj dana vezivanja Koef. obrta Potrebna OS (3/5) 1 Zalihe sirovina i materijala (roba) , , ,23 2 Potraživanja , , ,97 (A) Potrebna OS ,21 3 Dobavljači , , ,42 4 Dobit , , ,51 (B) Izvori iz tekućeg poslovanja ,93 (C) Investicije u obrtna sredstva (A-B) ,27 Izvor: Autorski prikaz 84

16 Table 1 Presentation of the investment necessary in the working capital for purpose of upgrading the volume of business activities Item No. Working capital type Annual turnover Cash conversion cycle days Turnover ratio Working capital required (3/5) Raw material stocks (goods) 896, , Receivables 1,001, , (A) Working capital required 278, Suppliers 896, , Profit 133, , (B) Resources from current business 71, (C) Investments in working capital (A-B) 206, Source: Presentation by author Up till now, the level of the Net Working Capital amounted to 195,000 which were sufficient for closing the current financial structure. With an increased volume of work for 40%, the Net Working Capital requirements also grew for 40%, i.e. to 206,510. Hence, the company management is now faced with the choice, which is the decision to be made from the aspect of financing the absent funds. The best way to do this is to use first the internal reserves which are present in the company, i.e. to increase the inventory/buyer turnover, and at the same time to decrease the supplier turnover, and then to select an adequate external source of financing with the most favourable price. It must always be borne in mind that any external financing is decreasing company s profit. The plan to increase the volume of company business for 40%, of course, can always be downsized, so it would not be necessary to search for additional financing sources. The second case study deals with the situation where the volume of activities has remained the same, but where the global business circumstances have deteriorated. Let us take as the example a deteriorated liquidity caused by defaulting in their payments by the buyers, lower level of orders placed for our products, with the suppliers additionally shortening payment maturity dates. As a substantial delays in payments have occurred, the number of cash conversion cycle days has significantly increased. For financing of such an adverse situation, the company needs investment into working capital as presented in Table 2: Table 2 Presentation of investment into working capital required due to deteriorated business climate Item no. Working capital type Annual turnover Cash conversion cycle days Turnover ratio Working capital ratio (3/5) 1 Raw material stocks (goods) 640, , Receivables 715, , (A) Working capital required 297, Suppliers 640, , Profit 95, , (B) Resources from current business 76, (C) Investments in working capital (A-B) 221, Source: Presentation by author

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