After formulating the business idea of the future investment project, the question arises whether the company is able to implement this idea in principle. To answer this question, it is necessary to analyze the state of the sector of the economy to which the enterprise belongs, and consider the state of the enterprise against the background of the relevant industry. This analysis is the preliminary stage of development and analysis of the investment project. In the practice of Western project analysis, it is customary to use the following two criteria: the maturity of the industry, the competitiveness of the enterprise (its position in the market).
Analysis of the maturity of the industry is usually carried out by classifying it as one of the four states of development: embryonic, growing, mature and aging.
Below are examples of identification of industries by degree of maturity.
In accordance with the second criterion, it is necessary to determine the competitiveness of the enterprise within the industry to which it belongs. In other words, it is necessary to find out the position of this enterprise in the target market of goods or services. It is customary to use six main states of the enterprise: dominant, strong, favorable, shaky, weak, enviable. By comparing the criteria for the maturity of the industry and the competitiveness of the enterprise, we can build a matrix of life cycles of the enterprise.
The final result of the preliminary stage of project analysis is to determine the position of a particular enterprise according to these criteria, that is, to find out to which specific "cell" in the matrix this enterprise belongs to.
Based on the above formalization, one of the possible enterprise development strategies presented in Table 2 may be considered.
Enterprise Development Strategies
The new project is almost certainly doomed to failure if the position of the enterprise corresponds to the lower right side of the matrix.
The stage of preliminary analysis should not be long in time, and the conclusions made at the previous stage are mainly based on qualitative assessments. However, this stage is necessary for at least two reasons:
with further communication with the strategic investor, the issues of the maturity of the industry and the competitive position of the enterprise will necessarily be raised, and this must be prepared in advance,
if the managers of the enterprise do not take care of such an analysis, then the strategic investor will do it on his own, and his conclusions may not be so optimistic.
The concept of the project and the project cycle
In international practice, it is recommended to prepare an enterprise development plan in the form of a certain formalized business plan, which, in fact, is a structured description of the enterprise development project. If the project is related to attracting investment, then it is called an "investment project". Of course, any new project of the enterprise to one degree or another is associated with attracting new investments. In the most general sense, the project is in some way a formalized proposal to change the activities of an enterprise that pursues a certain goal.
Projects are divided into tactical and strategic. The latter usually include projects involving a change in the form of ownership (the creation of a rental enterprise, a joint-stock company, a private enterprise, a joint venture, etc.) or a radical change in the nature of production (the release of new products, the transition to fully automated production, etc.). Tactical projects are usually associated with a change in the volume of products, improving the quality of products, modernization of equipment.
For domestic practice, the concept of the project is not new. Its characteristic quality in the times of the was that the main directions of enterprise development, as a rule, were determined at the highest level of management of the economy of the industry in relation to the enterprise. In the new economic conditions, the enterprise represented by its owners and the highest management should be concerned about its future fate, independently solving all strategic and tactical issues. Investment design activities should be properly organized.
The general procedure for streamlining the investment activity of the enterprise in relation to a particular project is formalized in the form of the so-called project cycle, which has five stages.
1. Wording of the project (sometimes the term "identification" is used).
At this stage, the top management of the enterprise analyzes the current state of the enterprise and determines the priority directions of its further development. The result of this analysis is drawn up in the form of a certain business idea aimed at solving the most important tasks for the enterprise. Already at this stage, it is necessary to have a more or less convincing argument regarding the possibility of implementing this idea. At this stage, there may be several ideas for the further development of the enterprise. If all of them seem equally useful and feasible, then the equivalent development of several investment projects is carried out in order to make a decision on the most important of them at the final stage of development.
2. Development (preparation) of the project.
After the business idea of the project has passed the first test, it is necessary to develop it to the point where it will be possible to make a firm decision. This decision can be both positive and negative. At this stage, it is necessary to gradually clarify and improve the project plan in all its dimensions - commercial, technical, financial, economic, institutional, etc. the issue of extreme importance at the stage of project development is the search and collection of initial information for solving individual project problems. It is necessary to realize that the degree of reliability of the initial information and the ability to correctly interpret the data appearing in the process of project analysis depends on the success of the project.
3. Examination of the project.
Before starting the project, a very desirable stage of its life cycle is its qualified expertise. If a significant share of project financing is the contribution of a strategic investor (credit or direct), he himself will conduct this examination, for example, with the help of a certain reputable consulting firm, considering it a principle to spend a certain amount at this stage than to lose most of his money in the process of implementing the project. If the company plans to implement an investment project mainly at its own expense, then the examination of the project is also very desirable to verify compliance with the main provisions of the project.
4. Implementation of the project.
The implementation stage covers the real development of the business idea to the point where the project is fully operational. This includes tracking and analysis of all activities as they are implemented and monitored by supervisory authorities within the country and/or a foreign or domestic investor. This stage also includes the main part of the project implementation, the task of which is ultimately to check the sufficiency of cash flows generated by the project to cover the initial investment and ensure the return on the invested money desired by investors.
5. Evaluation of results.
Evaluation of the results is carried out both after the completion of the project as a whole, and in the process of its implementation. The main purpose of this type of activity is to obtain real feedback between the ideas laid down in the project and the degree of their actual implementation. The results of such a comparison create an invaluable experience of project developers, allowing it to be used in the development and implementation of other projects.
When conducting an examination of the project, it will also be useful to use the published material, because in the end the essence of the examination is to check the compliance of what constitutes the content of the developed investment project.
Currently, for America, an urgent measure of attracting an investor is the option of creating a joint venture in the form of a joint-stock company with the participation of the American side (recipient) and a foreign partner (investor). In this case, the initiative, as a rule, comes from the recipient trying to interest a potential investor.
The success of the investment project will significantly depend on the degree of satisfaction of the requirements of a foreign investor, which may be specific. In this case, the stage of development of an investment project may be preceded by the stage of preparation of investment proposals (or an investment memorandum).
This document includes detailed information about the recipient, the results of his activities in the past, the range of products, the strategy and tactics of behavior in the market and a number of other data. In addition, it is necessary to prepare the results of investment analysis, which is carried out without unnecessary detail and with possible coverage of several investment scenarios. After the approval of this memorandum by a potential investor, a detailed development of the investment project takes place, taking into account the comments and wishes of the investor. Such a scheme of organization of works allows you to save the efforts of the recipient.
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