Financial diagnostics as an instrument for promoting sustainable development of the enterprise in a crisis condition

Abstract

The growth of competition in the consumer market, changing consumer preferences and needs as a result of the reduction of solvent demand, the permanent recession of economic processes determine the volatility of market conditions. In order to ensure the efficiency of functioning of domestic enterprises and their sustainable development in conditions of uncertainty, it is extremely important to set up a qualitatively new system of information support for crisis management, which, in turn, requires the development of a conceptual approach to financial diagnostics as a component of the system. Conceptualization of financial diagnostics allowed concretizing its conceptual and terminological apparatus - essence, purpose, tasks, principles, methodical tools - as a leading tool of the crisis management system of the enterprise. On the basis of unification of the sequence of implementation of diagnostic procedures within the system of sustainable development of the enterprise with the use of simulation a reference model of the process of financial diagnostics in the system of ensuring sustainable development of the enterprise was developed that provides the integration and operational interaction of elements of the crisis management system with the enterprise management system in general. The purpose of the suggested adapted mechanism functional model for ensuring sustainable development in the system of crisis management of the enterprise is to provide financial stability, optimize the movement of financial resources, strengthen resource potential, which, in turn, is the basis for the development and effective implementation of a sustainable development strategy, taking into account the requirements of crisis management and financial security with sufficient financial independence of the enterprise.