Hembarska 2021 Management Of Financial Sustainability Of The Enterprise And Its Features I

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A journal article, Management of Financial Sustainability of the Enterprise and Its Features in the Field of Small Restaurant Business, by N. Hembarska, Kh. Danylkiv and L. Kvasnii, in the Journal of Lviv Polytechnic National University, Series of Economics and Management Issues, Vol. 5, No. 1, 2021. The authors are listed with Lviv Polytechnic National University and Drohobych Ivan Franko State Pedagogical University. The stated purpose is to analyze the theoretical foundations of financial sustainability management and their practical use in small restaurant businesses, and to develop recommendations for a concept of financial sustainability management. The authors state that they used induction, deduction and theoretical generalization.

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Journal of Lviv Polytechnic National University
Series of Economics and Management Issues
Vol. 5, No. 1, 2021

ПРОБЛЕМИ ЕКОНОМІКИ

UDK 336:658.1
JEL Classification Code G32, L20, М21, Р12

N. Hembarska1, Kh. Danylkiv2, L. Kvasnii3
1, 2
Lviv Polytechnic National University,
Department of Finance, Account and Analysis;
3
Drohobych Ivan Franko State Pedagogical University,
Department of Economic and management
ORCID:1 0000-0002-7839-4260 2 0000-0003-1283-6844 3 0000-0001-5248-544X

MANAGEMENT OF FINANCIAL SUSTAINABILITY
OF THE ENTERPRISE AND ITS FEATURES IN THE FIELD
OF SMALL RESTAURANT BUSINESS

https://doi.org/10.23939/semi2021.01.001

Purpose. The purpose of this study is to analyze the theoretical foundations of financial
sustainability management and their practical application in the field of small restaurant business,
improve methodological approaches and develop recommendations for the concept of financial
sustainability management to overcome existing problems in today’s conditions.
Design/methodology/approach. In the article the authors used the methods of induction,
deduction, theoretical generalization to clarify the essence of financial stability from the standpoint
of different authors and formulate a generalizing concept used to determine the basic principles of
financial stability management, its tasks, components and the sequence of their application in the
formation of the concept of managing the financial stability of a modern enterprise; observation,
causation, description, specification, formalization – to analyze the problems of choosing the method
on the basis of which the calculation of the main indicators of financial stability of the enterprise, as
well as interpretation of the data to be used for small businesses, their calculation and the desired
trend of change, the characteristics of the accounting support of this process; dialectical, modeling,
generalization – to develop recommendations for improving the methodology and organization of the
process of managing the financial stability of a small restaurant business.
Conclusions. It is hypothesized that improving the methodology and organization of financial
sustainability management of small restaurants allows to generate quality information space and
sufficient resources to ensure a high degree of financial independence and a stable financial
condition in which performance will improve or not deteriorate. changes in internal and external
factors. It is proposed and substantiated to implement the concept of financial stability management
of the enterprise taking into account the time factor in three levels: strategic, tactical and operational.
It is noted that in modern conditions entrepreneurs in the field of small business need educational
and training services for financial management, in particular, their financial stability, and the most
important and most accessible element of financial stability of the enterprise in the short term is its
budgeting system.

1
N. Hembarska, Kh. Danylkiv, L. Kvasnii

Practical implications. The results of this study are of interest to small restaurant businesses
that address financial sustainability management in quarantine, as quarantine and coronavirus
(COVID-19) have caused large-scale economic upheaval, forcing entire businesses to adapt to new,
more complex realities. In addition, the results can help identify weaknesses in marketing and
finance; the most common causes of bankruptcy; internal and external factors that affect the financial
stability of small restaurant business. The paper highlights the features and substantiates the main
ways to overcome possible problems of managing the financial stability of small restaurant business.
Originality/value. This study contains a description of the main parameters of managing the
financial stability of the enterprise in terms of management levels; reveals the characteristics of
modern small restaurant business and the problems that arise in the process of managing its financial
stability; contains proposals to ensure the financial stability of a small enterprise, namely, it is
proposed to pay attention to three main components: the efficiency of use and increase of equity;
ensuring solvency by regulating the size and structure of property and capital of the enterprise;
ensuring liquidity of assets.
Key words: Financial Stability; Financial Stability Management; Financial Stability Asses-
sment; Small Business; Restaurant Business.

Formulation of hypotheses and goal setting
The modern development of small business in Ukraine is associated with the constant overcoming of
crisis situations. This puts special demands on financial stability as a strategic factor in the financial
security of a small business, the growth of its business activity and investment attractiveness.
Managing the financial stability of the enterprise is one of the most important economic problems of
our time, because it is necessary to constantly maintain the “golden mean”, as insufficient financial
stability can lead to insolvency and lack of funds for business development, and excess will hinder
development, burdening the company stocks and reserves. The financial stability of the enterprise is the
key to its stable and successful operation, makes it possible to be solvent and independent of external
creditors in both short and long term.
In the context of economic globalization, the problem of managing the financial stability of the enterprise
becomes especially relevant. Solving this problem requires an analysis of the existing theoretical foundations
and practical aspects of managing the financial stability of the firm in order to improve its concept.
The practice of small restaurant business today is disappointing, especially due to the consequences
of quarantine restrictions due to the threat of coronavirus (COVID-19), which indicates the need to apply
the most effective concepts of financial sustainability management, which will keep afloat, not bankrupt
under these difficult conditions.

Research methods
In the work to clarify the main aspects of managing the financial stability of the enterprise and the
development of proposals for improving its methodology in the field of small restaurant business used
methods of empirical research: observation, description; theoretical knowledge: formalization; general
methods and techniques: induction, deduction, modeling, concretization, generalization.

Analysis of recent research and publications
Problems of managing the financial stability of the enterprise permeate many scientific studies. A
significant number of domestic and foreign scientists have contributed to the development of theoretical
and practical bases on this topic: I. M. Abramova, E. Altman, I. O. Blank, V. Kh. Biver, Ye. F. Brihkhem,
O. S. Bondarenko, D. K. Van Khorn, O. H. Holovko, O. V. Hrachov, O. O. Hubarev, O. V. Didukh, O. Ye. Ko-
valov, M. S. Zaiukova, Ye. V. Mnykh, N. A. Mamontova, L. V. Malik, K. I. Pavlova, V. M. Martyniuk,
N. V. Paranytsia, H. O. Partyn, V. I. Plysa, I. I. Pryimak, V. M. Radionova, H. V. Savytska, N. I. Soloviova,
N. O. Suprun, O. O. Sheremet, O. D. Shevchuk, M. S. Kravchenko, O. M. Trydid and other.
Management of financial sustainability of the enterprise and its features in the field of small restaurant business
However, most of the proposed methods of managing the financial stability of the enterprise are
based on a sufficiently large information base, are time-consuming and contain a list of indicators, the use
of which is not always economically justified and financially feasible for small businesses. It should be
noted that in the context of rapid changes in the external environment of business, the variability of the
accounting framework, the improvement of financial management of small businesses in Ukraine are given
very little attention and they still remain unresolved.
To date, there are virtually no scientific developments in the management of financial stability of small
restaurants, which would quickly, objectively and fully determine the degree of stability of their financial
condition and make operational, tactical and strategic decisions to ensure optimal financial stability.

The formulation of objectives
The purpose of the article is the further development of theoretical aspects, methodological
approaches and the development of recommendations for the formation of the concept of managing the
financial stability of small restaurant businesses in today’s conditions.

Presentation of main materials
In market conditions, businesses independently plan and carry out financial and economic activities
based on the conditions of internal and external environments. The main emphasis is on ensuring stability
and forecasting opportunities to improve efficiency and economic growth, which is impossible without
defining such a characteristic as financial stability.
In general, management is a process of planning, organization, motivation and control, which is
necessary in order to formulate and achieve the goals of the organization [1]. Regarding the definition of
the content of the process of managing the financial stability of the enterprise, it should be noted the
complexity of this issue, which is due to the complexity and ambiguity of the interpretation of the concept
of “financial stability”. Thus, we consider the essence of financial stability from the standpoint of different
authors, and the results of the study are summarized in Table 1.

Table 1
Definition of “financial stability of the enterprise”
№ Source The essence of the concept
1 2 3
Assessment of the financial stability of the enterprise is determined by its financial
independence; it is related to the general financial structure of the enterprise, the
1 K. Drury [2]
degree of its dependence on creditors and investors; financial stability in the long
run is characterized by the ratio of own and borrowed funds
Solvency over time with compliance with the condition of financial balance
H. O. Kramarenko between own and borrowed funds; financial equilibrium is a ratio of own and
2
[3] borrowed funds of the enterprise when at the expense of own means old and new
debts are completely repaid
Financial stability is defined as a ratio of the structure and composition of assets,
V. I. Kutsyk,
3 liabilities and equity, and states that “a stable financial position is formed in the
N. V. Borysenko [4]
course of all production and economic or commercial activities of the enterprise”
This is the state of financial resources, in which the company, freely maneuvering
funds, is able to use them effectively to ensure a continuous process of production
and trade, as well as the cost of its expansion and renewal. Financial stability
should be characterized by a state of financial resources that would meet market
L. A. Lakhtionova requirements and at the same time meet the needs of enterprise development.
4
[5] Financial stability is the main component (condition) of the overall stability of the
enterprise, which is formed in the process of all its financial and economic
activities, due to which the enterprise is able to effectively ensure the continuous
process of production and trade, as well as costs for its development. considers the
definition of the limits of financial stability to be an economic problem

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N. Ye. Hembarska, Kh. P. Danylkiv, L. G. Kvasnii
Continuation of Table 1
1 2 3
A. V. Lisovyi, Study of the ability to mobilize financial resources and use them in a direction that
5
I. I. Chunytska [6] will ensure economic growth
The economic condition of the enterprise, which ensures stable financial activity,
constant excess of income over expenses, free circulation of funds, efficient
N. A. Mamontova management of financial resources, continuous process of production and sale of
6
[7] products, expansion and renewal of production; indicates the provision of the
company with its own financial resources, the level of their use, directions of
placement
This economic category, which is achieved under the condition of stable excess of
revenues over costs, free maneuvering of funds and sustainable economic growth
7 Ye. V. Mnykh [8]
and is determined by the rational provision of the needs of the enterprise with
financial resources for effective operation in market conditions
This is the state of the enterprise, in which the amount of financial resources
available to the enterprise, ensures its financial independence, solvency and
8 H. O. Partyn [9]
creditworthiness and financing the development of activities for the current and
future periods
The ability of an entity to operate and develop, to maintain a balance of its assets
and liabilities in a changing internal and external environment, which guarantees its
9 H. V. Savytska [10]
continued solvency and investment attractiveness within the acceptable level of
risk
Ability to effectively form and use financial resources, maintain positive
10 N. I. Soloviova [11] profitability dynamics and support reproduction processes in conditions of random
fluctuations of the external and internal environment
Generalized qualitative assessment of the financial condition of the entity, which
reflects the main trends in financial relations under the influence of various factors,
11 O. Strishenets [12]
both internal and external, and is expressed in the credit and solvency of the
enterprise, as well as constant growth of profits and capital with minimal risk
The state of the enterprise, in which its income consistently exceeds costs, which
12 N. O. Suprun [13] ensures its financial independence, solvency and creditworthiness, as well as
financing the development of activities for the current and future periods

Source: compiled by the authors on the basis [2–13].

Finding out the essence of the financial stability of the enterprise is a prerequisite for determining
the basic principles of its management. As we can see, the definition under study has a huge number of
interpretations, which are mainly related to the state and structure of assets and liabilities. Consideration of
the semantics of the concept of “financial stability of the enterprise” from the point of view of various
scientists allows us to conclude that the financial stability of the enterprise is an economic category that
indicates a reliable solvency of the enterprise and its independence from market conditions. activities and
efficient allocation of economic resources of the entity.
We can conclude that the management of financial stability is a process whose main purpose is to
ensure financial security and stability of the enterprise and its development in the current and long term. It
depends on the industry characteristics and organizational and legal form of operation of the entity, as well
as the influence of internal and external factors.
The process of managing the financial stability of the enterprise requires an effective and justified
combination of interests of business entities that act as contractors, competitors; credit and banking
institutions that provide settlement and cash, credit services; a state that implements methods of
influencing its financial stability by combining a market regulator and legislative and regulatory acts.
The financial stability of the enterprise is influenced by various factors, which partially or
completely depend on the enterprise. The most significant external factors that form the financial stability
of a small business include:
– the company’s position in the market of goods and services (competitive position in the market);

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Management of financial sustainability of the enterprise and its features in the field of small restaurant business
– economic conditions of management;
– effective consumer demand;
– economic and financial policy of the state;
– social and environmental situation in the country, etc.
It should be noted that “periods of purely financially oriented performance management based
largely on financial indicators can be considered obsolete. More and more businesses are willing to invest
their resources on building strategic measurement system and performance management focused on non-
financial objectives and indicators, as well as sustainable development of enterprises” [14]. That is why in
the process of financial stability management it is necessary to take into account all relevant financial and
non-financial factors of influence of internal and external environment of enterprise functioning.
To identify opportunities and threats, strengths and weaknesses, companies conduct SWOT analysis,
which should provide the right direction of marketing research of the entity and provide competitive
advantages. Materials of SWOT-analysis are used to form the strategic position of the enterprise in order to
ensure its financial stability.
V. Martyniuk to the main tasks of the process of managing the financial stability of the enterprise
includes:
1) ensuring the optimal capital structure;
2) ensuring the optimal structure of assets;
3) ensuring constant solvency;
4) ensuring creditworthiness;
5) balancing and ensuring the optimal structure of cash flows [15].
Forming the concept of managing the financial stability of a modern enterprise must proceed from
the following sequence of its components:
1) definition of the purposes of financial stability, ways and directions of its development;
2) selection and development of methodological approaches to assessing the financial stability of the
enterprise and identifying problem points, analysis of the external and internal environment;
3) formation of a set of measures to maintain or increase the level of financial stability, the choice of
necessary tools;
4) the process of practical implementation of planned activities;
5) analysis and evaluation of the results of implemented measures to implement indicators of
financial stability of the enterprise;
6) forecasting financial stability.
It should be noted that in the process of managing the financial stability of the enterprise, along with
the analysis of sources of capital formation, it is necessary to explore the directions of its use, because
when the loan repayment period will be important liquidity of firm assets.
The process of managing the financial stability of the enterprise is an integral part of the overall
management strategy of the enterprise, as financially stable, stable, solvent enterprise has a number of
advantages over other enterprises of the same profile in obtaining loans, attracting investments, selecting
suppliers and selecting qualified personnel. it is more protected from the effects of negative external
factors and has a lower risk of bankruptcy [16].
An important aspect of managing the financial stability of the enterprise is its provision in the short,
medium and long term. Therefore, the implementation of the concept of managing the financial stability of
the enterprise should be carried out taking into account the time factor in three levels:
1) strategic (determines the purpose of financial stability management, taking into account the
development strategy of the enterprise);
2) tactical (helps to increase the level of financial security of financial stability);
3) operational (determines the areas of improvement of financial stability management).
Each of the above levels has its own evaluation criteria and objects (Fig. 1).
Thus, at the strategic level of management of financial stability of the enterprise its long-term
financial balance is provided due to formation of preconditions of growth of market value and full financial

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N. Ye. Hembarska, Kh. P. Danylkiv, L. G. Kvasnii
stabilization. At the tactical level, financial equilibrium for the medium term is maintained by identifying
threats to the loss of financial stability and taking preventive measures. Operational management of
financial stability involves maintaining a financial balance, which creates opportunities for immediate
payments on financial obligations, preventing the bankruptcy of the enterprise.
In the evaluation process, at each level of management of financial stability of the enterprise use
methods of relative indicators, averages, comparative analysis, cost, profit and option, graphical, methods
of rating the financial condition of the enterprise, economic and mathematical modeling and more.
Implementation of the concept of financial stability management of the enterprise will ensure the
sustainability of its development.
Qualitative assessment of financial stability is a source of information about the financial
capabilities of the entity today and in the future and the basis for the formation of its strategy and outline
trends. Under such conditions, the issue of accounting and information support of this process becomes
especially relevant. Under the accounting should be understood the process of preparation and formation of
accounting information, ensuring the quantity and quality of the information data set in the accounting
system [17, p. 534].

Levels of management of financial stability of the enterprise
¯ ¯ ¯
strategic tactical operative
¯ ¯ ¯
adjustment of methods of
monitoring of the internal clarification of the action analysis and evaluation of
Content ¯ and external environment of factors identified at factors that destabilize and
of the enterprise the operational level deactivate the development
of the enterprise
¯ ¯ ¯
assessment of the
assessment of the
dynamics of internal assessment of the dynamics
Efficiency dynamics of profitability
¯ business activity, of financial stability and
criteria and business activity in
product line upgrade and liquidity
the external environment
solvency
¯ ¯ ¯

competitiveness and the process of ensuring production process and the
Objects ¯ market value of the the proportionality of the process of capital turnover
enterprise enterprise of the enterprise

Fig. 1. Parameters for managing the financial stability of
the enterprise in terms of management levels
Source: formed by the authors based on the results of the study

The main source of accounting information for the assessment of financial stability is the financial
statements of the enterprise, which is formed in accordance with the provisions (standards) of accounting.
For micro-enterprises, small enterprises recognized as such in accordance with the Law of Ukraine “On
Accounting and Financial Reporting in Ukraine”, which conduct simplified accounting of income and
expenses in accordance with tax legislation, abbreviated financial statements are established in the balance
sheet and financial statements the results, the form and procedure of which are determined by the National
Regulation (standard) of accounting 25 “Simplified financial statements” [18]. An important condition for
the quality of accounting support for the analysis of financial stability is to take into account all the
features and changes in accounting standards during the formation of the information data set in the
accounting system.

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Management of financial sustainability of the enterprise and its features in the field of small restaurant business
National Regulation (Standard) 25 “Simplified Financial Statements” establishes the content and
form of financial statements of a small enterprise as part of the Balance Sheet (Form No. 1-m) and the
Statement of Financial Performance (Form No. 2-m), as well as the content and form of financial
statements of a micro-enterprise as part of the Balance Sheet (form No. 1-ms) and the Statement of
Financial Performance (form No. 2-ms) [18]. The main difference between the financial statement and the
simplified financial statement is in the consolidated lines. This gives a certain specificity of the formation
of accounting support for assessing the financial stability of a small enterprise, which uses a simplified
system of accounting and reporting.
When analyzing the financial stability of the enterprise to the forefront is the problem of choosing
the method on the basis of which the calculation of key indicators, as well as their interpretation. At the
first stage of the analysis it is necessary to assess financial stability by calculating the relative and absolute
indicators and determining the factors that affect them. For this purpose, it is advisable to use the
Guidelines for the detection of signs of insolvency of the enterprise and signs of actions to conceal
bankruptcy, fictitious bankruptcy or bankruptcy [19]. Taking into account the specifics of accounting
support, for the purposes of analyzing the financial stability of a small enterprise from the general list of
formulas proposed by the above guidelines, we choose the following (Table 2).

Table 2
Indicators of financial stability of a small enterprise
The order
No. Indicator, units vim. Trend of change (+ positive; – negative)
of calculation
1 2 3 4
the growth of this indicator indicates an increase in
Е
1 equity concentration ratio financial stability, stability and independence of the
B
enterprise
the value of this indicator depends on the capital structure
Е – NА and industry affiliation of the enterprise. In order to draw
2 equity maneuverability ratio
Е a conclusion, it is necessary to compare the value of this
indicator with the general industry size
loan capital concentration LC shows what part of the balance sheet of the enterprise is
3
ratio B borrowed capital
LC an increase in the value of this indicator indicates a
4 loan-to-equity ratio
Е decrease in financial stability, and vice versa
Е the decrease in the value of this indicator indicates
5 financial leverage ratio
B– Е positive changes in the enterprise
labor productivity, thousand SR the growth of this indicator is a favorable trend for the
6
UAH / person ANFE company
return on assets, UAH / SR the value of the indicator depends on the industry
7
UAH ACFA characteristics of the enterprise
turnover of funds in SR the growth of this indicator is a favorable trend for the
8
calculations, turnover, TFC AR company
a decrease in the value of the indicator indicates an
turnover time in 360 days
9 increase in OKRO and is a favorable trend for the
calculations, days, TTC TFC
company
turnover of stocks, СS the growth of this indicator is a favorable trend for the
10
turnovers, TS AS company
time of turnover of stocks, 360 days the tendency of decrease of this indicator is considered
11
days, TTS TS favorable
AAP × 360
time of turnover of accounts the tendency of decrease of an indicator is considered
12 days
payable, days, TTAP favorable
CS

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N. Ye. Hembarska, Kh. P. Danylkiv, L. G. Kvasnii
Continuation of Table 2
1 2 3 4
duration of the operating a decrease in the value of the indicator is considered a
13 TTC + TTS
cycle, days, DOC favorable trend for the company
duration of the financial a decrease in the value of the indicator is considered a
14 DOC – TTAP
cycle, days favorable trend for the company
AR a decrease in the value of the indicator is considered a
15 receivables repayment ratio
SR favorable trend for the company
SR increasing the value of this indicator is a favorable trend
16 turnover of equity, turnover
ACE for the company
turnover of total capital, SR increasing the value of this indicator is a favorable trend
17
turnover (Bp + Bk)/2 for the company
LFI + CE – a negative result indicates the current solvency of the
18 current solvency
LC enterprise
if this figure does not exceed 0.2, it reflects an
(NP–D)
19 Beaver coefficient undesirable reduction in the share of profits, which is
LC
directed to the development of production
B – balance; Е – equity; ЕSPР – ensuring subsequent payments and payments; DI – deferred income; NA – non-
current assets; LC – loan capital (long-term and current liabilities); LL – long-term liabilities; SR – sales revenue;
ANFE – the average number of full-time employees; ACFA – the average cost of fixed assets; AR – average
receivables; TFC – turnover of funds in calculations, turnovers; TTC – time of turnover in calculations, days;
TS – turnover of stocks, turnover; AAP – average accounts payable; TTS – time of turnover of stocks, days;
TTAP – time of turnover of accounts payable, days; CS – cost of sales; AS – average stocks; DOC – duration of
the operating cycle, days; ACE – the average cost of equity; DPS – dividends paid to shareholders; NP – net
profit; LFI – long-term financial investments; CE – cash and cash equivalents, current financial investments;
D – depreciation

Source: formed by the authors on the basis [19].

To determine the type of financial stability of the enterprise we use absolute indicators, the amount
of working capital is calculated as the difference between equity and non-current assets. Based on the
positions of the provision of stocks with financing, there are four types of financial stability (Table 3).

Table 3
Types of financial stability of the enterprise
Type of
No. financial Formula Characteristic
stability
Absolute Own working capital is enough to provide stocks; the solvency of
1 C< WOK
stability the enterprise is guaranteed
Normal In addition to own working capital, long-term loans and
2 C< WOK + CD
stability borrowings are used to secure inventories; solvency is guaranteed
In addition to own working capital and long-term loans and
Unstable
C< WOK + CD + borrowings, short-term loans and borrowings are attracted to
3 financial
+ CC secure inventories; solvency is violated, but it is possible to
condition
restore it
Crisis
C > WOK + CD + There are not enough “normal” sources of their formation to
4 financial
+ CC ensure stocks; the company is threatened with bankruptcy
situation
C – stocks; WOK – working capital; CD – long-term loans; CC – short-term loans

Source: formed by the authors on the basis [20].

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Management of financial sustainability of the enterprise and its features in the field of small restaurant business
As we can see, the essence of financial stability is the provision of stocks with sources of formation.
Relative indicators of financial stability characterize the ratio of sources of funds, capital structure. In order
to manage financial stability, indicators of liquidity, solvency, business activity, profitability are also
calculated.
The second stage of the analysis is to assess the margin of financial stability. The calculation of the
stock of financial stability in days, for each type of financial stability specified in Table 3, is carried out
according to the formulas:
a) for the first type of financial stability:
(WOK – C) × Т / SR , (1)
where T is the value of the analyzed period (for the year 365 days); SR – sales revenue;
b) for the second type of financial stability:
(WOK + CD – C) × Т / SR; (2)
c) for the third type of financial stability:
(WOK + CD + CC – C) × Т / SR. (3)
At this stage, calculate the critical volume of sales in order to determine the safety zone of the
enterprise and the break-even point.
In determining the set of priority indicators that characterize the activities of enterprises in the field
of small restaurant business, it is necessary to proceed primarily from the industry specifics of the
formation and use of financial resources, as well as a limited number of indicators.
A characteristic feature of a small restaurant business that must be taken into account in the process
of managing its financial stability is that its owners and managers have the opportunity to achieve the
desired standards for their institution, giving their business unique features that create a reality of success.
As it is not surprising at first glance, it is small independent institutions that need higher management
skills. This is due to the fact that large establishments provide significant profits and therefore have the
opportunity to hire qualified specialists of a narrow profile, at the same time, the director of a small
restaurant business can not afford to have a large staff of management staff. That is why managers of small
businesses must have a more thorough knowledge and high professionalism.
Small businesses have weaknesses in either marketing or finance, and sometimes both. The main
problem that exists for them is the constant search for the media to inform their consumers. If small
business leaders want to maintain profitability, they must implement modern systems and technologies.
According to restaurateurs, the most common causes of bankruptcy are:
1) lack of funds. The restaurateur may run out of money before the restaurant attracts enough
visitors and becomes profitable;
2) inefficient management. This is a trivial reason, but it cannot be ignored.
In addition, changes in public transport routes or liquidation of local parking, various illegal actions
of competitors (arson, complaint of violation of any rules in the institution, etc.) can lead to bankruptcy.
The reasons for the bankruptcy of modern food companies are very diverse, but in spite of everything, the
small restaurant market is developing, improving and achieving high results.
The main internal factors that affect the financial stability of a small restaurant business include:
– composition and structure of products (works, services);
– introduction of new technological models and ensuring the production of competitive products;
– ensuring the optimal ratio between conditionally fixed and conditionally variable costs;
– the amount of costs, their dynamics in relation to income;
– effective management of current assets, prevention of excessive stocks of raw materials, finished
products;
– the right choice of tactics and strategies for managing financial resources;
– study of economic and financial capabilities of competitors;
– cost of products and services (costs form the price and rate of return);
– the volume of sales (demand for products and services contribute to the timely receipt of sales
revenue);

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N. Ye. Hembarska, Kh. P. Danylkiv, L. G. Kvasnii
– the price of products and services (change in the price of products affects the proceeds from its
sale and vice versa, an increase in price leads to a reduction in sales and a decrease in net income).
The issue of financial stability management becomes especially acute in quarantine. Quarantine and
coronavirus have caused a major upheaval in the economy, forcing entire businesses to adapt to new, more
complex realities. For some, the quarantine conditions forced them to close the case, and for some, the
quarantine gave them new opportunities.
The inability to do business offline has prompted entrepreneurs to look for a variety of ways to sell
online. In particular, reorganize and launch a new service of home delivery and freezing. Former waiters
became couriers, and chefs began preparing online orders.
It should be noted that the process of managing the financial stability of a small business has its own
characteristics, which are associated with the small amount of capital available to small businesses, and
this is a prerequisite for its maneuverability. The start-up capital of a small enterprise is often the
entrepreneur’s own savings, the savings of his family or friends. Small businesses have a high level of
business risk. It is well known that there is a close relationship between risk and return. Therefore,
according to some surveys conducted in the United States, the return on investment in small businesses is
higher than in large ones. At the same time, under unfavorable business conditions, a small business owner
can incur significant losses.
The art of effective management of financial stability is to reconcile competing goals: optimal
(minimum for existing conditions in a given period of time), the quantitative level of financial stability and
maximum return on capital. The opposite of the goals is due to the fact that the maximum financial
stability (and hence independence from external sources of financing) is characteristic of an enterprise
operating without borrowed resources, mainly on equity, and the maximum return on equity assumes that
the enterprise has the minimum possible equity and attracts borrowed sources and uses the effect of
financial leverage [21].
The key areas for improving the financial stability of a small restaurant business are:
– increase the efficiency of management of assets and liabilities of the enterprise, which will
strengthen control over material and financial flows, as well as take into account the efficiency of use of
own and borrowed funds [22];
– stimulating an increase in the share of current assets in the structure of the balance sheet. The main
directions are to increase the volume of activity while accelerating the turnover of current assets,
identifying unused assets and their sale or lease, rational use of working capital, preventing its withdrawal
into non-current assets, overdue and unrealistic receivables;
– restructuring of problem debts (conducting factoring and forfeiting operations). Studies of lending
models of enterprises using factoring and forfeiting operations and existing approaches to the nature and
features of these banking services indicate the imperfection of the mechanisms of development of these
operations and the need to improve them to effectively implement in the practice of bank financing [23];
– increase the share of working capital from own resources by increasing net income and reducing
accounts payable, as a large share of borrowed funds has a negative impact on the financial stability of the
restaurant. The basis for achieving this goal is the optimization of the types of services performed – the
refusal to produce certain types of food, which bring the lowest profit in the total profit of the enterprise,
and the cost of production of this type of food is the highest;
– the most important and most accessible element of ensuring the financial stability of the enterprise
in the short term is its budgeting system. Budgeting at the enterprise reflects the main content of modern
technology of financial planning. It provides an opportunity in a single information format to develop and
monitor the implementation of the plan, to promptly assess the deviation of actual indicators from the
planned. This process of prompt management decisions and adjustment of current actions expresses the
basic requirement for the effectiveness of the financial management system in a dynamic economic
environment [24].
There is a close connection between such indicators as revenue growth rates, current assets growth
rates and the cost of sales of a small enterprise. Thus, constant control and monitoring of these indicators is

10
Management of financial sustainability of the enterprise and its features in the field of small restaurant business
part of ensuring the financial stability of the enterprise. Increasing equity by reinvesting net income makes
it possible to improve the capital structure.

Conclusions and prospects for further research
Summarizing the above, we can draw the following conclusions. Financial stability is a complex
category that characterizes the degree of financial independence of the enterprise in terms of ownership of
its property and its use, and is a prerequisite for life and economic development. The methods of analysis
of financial stability the company chooses independently, according to needs.
Small business financial management is combined with other functions performed by the
entrepreneur. Due to the fact that the function of financial management is not separated, simplified systems
of financial reporting, taxation, etc. are applied to small enterprises. A small number of key indicators are
used in the analysis and evaluation of financial statements. Their business plans and financial justifications
for investment projects are not overloaded with complex and time-consuming calculations. At the same
time, entrepreneurs in the field of small business need educational and training advisory services on
financial management, in particular their financial stability.
To ensure the financial stability of a small restaurant business it is necessary to use a comprehensive
approach to improving financial management, paying attention to three main components:
1) efficiency of use and increase of own capital;
2) ensuring solvency by regulating the size and structure of property and capital of the enterprise;
3) ensuring the liquidity of assets.
Given the high dependence of the financial stability of small businesses on external factors, the high
level of business risks requires constant monitoring.
To ensure the financial stability of the enterprise in the short term, the most appropriate and
affordable is the use of a budgeting system.
Ensuring financial balance for a long period – is to create conditions for self-financing, production
development, elimination of old and emerging new threats, improving the financial performance of the
enterprise. Ensuring the financial stability of the firm in the long run by increasing profits creates good
conditions for self-financing of economic growth of the enterprise and the reduction of borrowed
resources. This option is best suited to ensure the financial stability of a small business.
Taking into account the time factor conditionally divides the management of financial stability into
three levels, each of which has its own content, performance criteria and facilities, which allows to move
away from focused mainly on financial performance management of financial stability, expanding it by
involving a strategic system of measurement and management. focused on non-financial goals and
indicators in order to ensure sustainable development of enterprises. This view makes it possible to
generate a qualitatively new information space for the company to achieve current and long-term goals.
The proposed directions of improving the methodology and organization of the process of managing
the financial stability of a small restaurant business are the key to solving the problem of ensuring its
financial reliability (solvency, liquidity) and maximum adaptation to the operating environment.
Further research is needed to assess the current level of adaptation of small restaurant business to
quarantine conditions that have caused crises in various sectors of the economy and the formation of
indicators of its economic security.

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13
N. Ye. Hembarska, Kh. P. Danylkiv, L. G. Kvasnii

Н. Є. Гембарська1, Х. П. Данилків2, Л. Г. Квасній3,
1, 2
Національний університет “Львівська політехніка”,
кафедра фінансів, обліку і аналізу
3
Дрогобицький державний педагогічний університет ім. І. Франка,
кафедра економіки та менеджменту
ORCID:1 0000-0002-7839-4260 2 0000-0003-1283-6844 3 0000-0001-5248-544X

УПРАВЛІННЯ ФІНАНСОВОЮ СТІЙКІСТЮ ПІДПРИЄМСТВА
ТА ЙОГО ОСОБЛИВОСТІ У СФЕРІ МАЛОГО РЕСТОРАННОГО БІЗНЕСУ

Мета цього дослідження полягає в аналізі теоретичних основ управління фінансовою
стійкістю підприємства та їх практичного застосування у сфері малого ресторанного бізнесу,
удосконаленні методичних підходів і розробленні рекомендацій щодо формування концепції
управління фінансовою стійкістю для подолання істотних проблем в умовах сьогодення.
Використано методи: індукції, дедукції, теоретичного узагальнення, щоб з’ясувати сутність
фінансової стійкості із позицій різних авторів та сформулювати узагальнювальне поняття, яке
застосовано для визначення основоположних засад процесу управління фінансовою стійкістю
підприємства, його завдань, складових та послідовності їх використання під час формування
концепції управління фінансовою стійкістю сучасного підприємства; спостереження, причинно-
наслідкових зв’язків, опису, конкретизації, формалізації – для аналізу проблем вибору методики,
на основі якої здійснюється розрахунок основних показників оцінки фінансової стійкості
підприємства, а також інтерпретації одержаних даних, які доцільно використовувати для малого
підприємства, порядку їх розрахунку та бажаної тенденції зміни, характеристики облікового
забезпечення цього процесу; діалектичний, моделювання, узагальнення – для розроблення
рекомендацій щодо удосконалення методики та організації управління фінансовою стійкістю
підприємства малого ресторанного бізнесу.
Доведено гіпотезу про те, що вдосконалення методики та організації управління фінан-
совою стійкістю підприємства малого ресторанного бізнесу дає можливість генерувати якісний
інформаційний простір і достатні ресурси, щоб забезпечити високий ступінь його фінансової
незалежності та стійкий фінансовий стан, за якого показники діяльності будуть покращуватися
або не погіршуватися у разі зміни внутрішніх і зовнішніх чинників. Із обґрунтуванням
запропоновано реалізувати концепції управління фінансовою стійкістю підприємства, урахову-
ючи чинник часу в трирівневому вимірі: стратегічному, тактичному та оперативному. Зазначено,
що у сучасних умовах підприємці у сфері малого бізнесу потребують освітніх й навчально-
консультативних послуг щодо управління фінансами, зокрема, їх фінансовою стійкістю, а
найважливішим і найдоступнішим елементом забезпечення фінансової стійкості підприємства у
короткостроковому періоді є його система бюджетування.
Результати цього дослідження становлять інтерес для малих підприємств ресторанного
бізнесу, які вирішують питання управління фінансовою стійкістю в умовах карантину, адже
карантин та пандемія коронавірусу (COVID-19) спричинили масштабний злам в економіці,
змусивши цілі бізнес-структури пристосовуватися до нових, складніших реалій. Крім того,
результати можуть допомогти у визначенні слабких сторін сфер маркетингу та фінансів;
найпоширеніших причин банкрутства; внутрішніх та зовнішніх чинників, які впливають на
фінансову стійкість малого ресторанного бізнесу. Виділено особливості та обґрунтовано основні
шляхи подолання можливих проблем управління фінансовою стійкістю малого ресторанного
бізнесу.
Це дослідження містить характеристику основних параметрів управління фінансовою
стійкістю підприємства за рівнями управління; розкриває характерні риси сучасного малого
ресторанного бізнесу та проблеми, які виникають під час управління його фінансовою стійкістю;
подано пропозиції щодо забезпечення фінансової стійкості малого підприємства, а саме
запропоновано звертати увагу на три основні складові: ефективність використання та примно-
ження власного капіталу; забезпечення платоспроможності регулюванням величини та струк-
тури майна й капіталу підприємства; забезпечення ліквідності активів.
Ключові слова: фінансова стійкість; управління фінансовою стійкістю; оцінка фінансової
стійкості; малий бізнес; ресторанний бізнес.

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Original: science.lpnu.ua