Formation of the profit management system of the enterprise: an innovative approach

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Formation of the profit management system of the enterprise: an innovative approach

Veronika Ostapenko, Winner of the third educational and scientific level of higher education Simon Kuznets Kharkiv National University of Economics

Tetiana Tokhtamysh, Department of Economics and Marketing, O.M. Beketov National University of Urban Economics in Kharkiv



Abstract

The article discloses the theoretical and practical aspects of the formation of the company's profit management system, modern problems of implementing this process and possible solutions. The purpose of the article is to develop proposals for the application of an innovative approach to the formation of an enterprise profit management system, which would be as accessible and practical as possible for implementation by an individual enterprise. The work describes the results of the study of modern approaches to the formation of the profit management system. The problems of the introduction of profit management into the general system of enterprise management were studied and the author of the publication proposed an approach to enterprise profit management gained from practical experience. The main direction of work is increasing the relevance of approaches to the formation of a profit management system and using the results of the author's practical experience. The article presents the structure of enterprise profit management developed by the author, which includes the necessary resources and directions for the implementation of the profit management system for a modern enterprise that develops in a highly dynamic external and internal environment.

Key words: costs, efficiency, enterprise, innovation, system, profit management.



Формування системи управління прибутком підприємства: інноваційний підхід

Анотація

У статті пропонується інноваційний підхід до формування системи управління прибутком підприємства, який вплине на досягнення ефективних результатів та забезпечить конкурентоспроможність. Доведено, що управління прибутком є одним із ключових аспектів успішної діяльності будь-якого підприємства. Забезпечення стабільного та зростаючого рівня прибутку стає викликом у сучасному бізнес- середовищі, що характеризується постійними змінами та конкурентним тиском.

У статті проведено аналіз сучасних тенденцій управління прибутком, включаючи роль стратегічного планування, аналізу витрат та прибутковості, управління ризиками та впровадження інноваційних підходів. Розглянуто основні складові інноваційного підходу до управління прибутком, включаючи застосування нових технологій та процесів, створення нових продуктів та послуг, оптимізацію витрат та забезпечення ефективного контролю.

Особлива увага приділяється розгляду інструментів та методик, які можуть бути використані для формування системи управління прибутком на підприємстві. Запропоновано використовувати балансовий підхід, який враховує не тільки фінансові показники, але й нематеріальні активи, клієнтську базу та інші фактори. Крім того, розглядаються моделі прогнозування прибутку, які дозволяють зробити точні оцінки та планувати майбутні результати.

Розглянуто приклади успішного впровадження інноваційного підходу до управління прибутком на різних підприємствах, а також досліджено кейси компаній, які змогли досягти значних покращень у своїх фінансових показниках завдяки впровадженню нових стратегій та інструментів управління прибутком. Для того, щоб керівництво підприємства було готове до впровадження нових стратегій та інструментів, рекомендовано використовувати сучасні інформаційні технології для збору та аналізу даних.

У статті запропоновано інноваційний підхід до формування системи управління прибутком підприємства, який забезпечить його стабільність та конкурентоспроможність на ринку. Впровадження нових стратегій, інструментів та технологій дозволить досягти ефективного управління прибутком, а також забезпечити зростання та розвиток підприємства в сучасному бізнес-середовищі.

Ключові слова: управління прибутком, підприємство, система, витрати, ефективність, інновації.



Abstract

The article proposes an innovative approach to the formation of the company's profit management system, which will help achieve effective results and ensure competitiveness. It has been proven that profit management is one of the key aspects of the successful operation of any enterprise. Ensuring a stable and growing level of profit becomes a challenge in today's business environment characterized by constant changes and competitive pressure.

The article analyzes modern trends in profit management, including the role of strategic planning, cost and profitability analysis, risk management, and the implementation of innovative approaches. The main components of an innovative approach to profit management are considered, including the introduction of new technologies and processes, the creation of new products and services, the optimization of costs and the provision of effective control.

Special attention is paid to the consideration of tools and methods that can be used to form a profit management system at the enterprise. It is proposed to use a balance sheet approach that takes into account not only financial indicators, but also intangible assets, customer base and other factors. In addition, profit forecasting models are considered, which allow accurate estimations and planning of future results.

Specific examples of successful implementation of an innovative approach to profit management at various enterprises are considered, as well as case studies of companies that were able to achieve significant improvements in their financial indicators due to the implementation of new strategies and profit management tools. In order for the company's management to be ready for the implementation of new strategies and tools, it is recommended to use modern information technologies for data collection and analysis.

The article proposes an innovative approach to the formation of the company's profit management system, which will ensure its stability and competitiveness in the market. The implementation of new strategies, tools and technologies will allow to achieve effective profit management, as well as to ensure the growth and development of the enterprise in the modern business environment.

Key words: profit management, enterprise, system, costs, efficiency, innovation.



Introduction

Innovation is a key factor for the growth of enterprises and creation of their competitive advantage. In today's global economy, innovative growth is considered a necessary condition for the success of enterprises. Especially outstanding achievements in the field of innovation take place in developed countries, such as the USA, Western European countries and Japan.

Meanwhile, with the recognition of the importance of innovation in the development of modern enterprises, the heads of enterprises are dissatisfied with the insignificant return from large investments. Despite significant investment in new ideas and projects, the benefits may be implicit or difficult to measure. Every year, entrepreneurs spend more and more effort on innovation, but the ratio of income to costs of innovation is decreasing.

In this regard, companies are looking for alternative ways to achieve their goals. Investments in countries with low costs become a priority. Governments and the business community are looking for solutions to improve the efficiency of the innovation process, providing support and facilitating the development of innovative enterprises. This may include the creation of a favourable innovation environment and financial support.

In the conditions of a market economy, profit is the most important criterion for the successful operation of enterprises, which characterises the final result of all types of activities and is a source of growth in the assets of their owners. At the same time, every year the state of formation of financial results of domestic enterprises worsens. In modern conditions, any enterprise faces the task of obtaining the maximum profit from its activity, however, such an effect is possible only as a result of the correct distribution, formation and management of the result of its activity.

The problem of profit management includes various aspects that can affect the financial results of the enterprise. One of the main problems is that many companies do not have a clear understanding of their income and its sources. This can lead to incorrect decision-making, underestimation of potential risks and loss of opportunities to increase profits.

Another problem is the lack of effective accounting and cost analysis systems. Many enterprises do not have proper mechanisms to control costs, which can lead to their excess, unproductive use of resources and reduced profits.

Another problem is insufficient attention to pricing. Many companies do not analyse market conditions, competition and consumer preferences, which can lead to incorrect pricing policies and loss of competitiveness.

Inadequate development and implementation of marketing strategies can also be a problem. Many businesses fail to use effective marketing campaigns to attract new customers and retain existing ones, which can lead to lower sales and lower profits.

Risk management can also be a challenge. Modern businesses are limited in using proper mechanisms to identify and manage risks, which can lead to unpredictable losses and reduced profits. These problems are emphasised by statistical data. Enterprises and organisations of Ukraine in 2022 received profit from ordinary activities before taxation in the amount of UAH 88.48 billion, which is 12.6 times less than the figure for 2021 (1.12 trillion UAH). This is reported by Interfax-Ukraine with reference to the State Statistics Service. It is noted that this is caused by the increase in the share of unprofitable enterprises from 26.7% in 2021 to 33.8% in 2022, and their total losses quadrupled: from UAH 232.8 billion to UAH 928.2 billion. But in 2022, 66.2% of the country's enterprises worked profitably and received 1.02 trillion UAH in profit, while a year earlier there were 73.3% of such enterprises, and their total profit amounted to 1.35 trillion UAH (Synigovets O.M., 2019).

Effective revenue management requires proper attention to all aspects of the business, from budgeting and planning to revenue analysis, cost control, pricing, marketing strategies and risk management. These aspects should be included in the profit management system of the enterprise, which would meet the current requirements of the availability of implementation and would not require significant resources.

The problem of profit management at the enterprise is extremely relevant in modern economic conditions and at many levels of the country's economic development. This can be explained by the fact that profit is an important indicator for determining the valuation of any enterprise and is a significant source of financing for enhanced resource recovery. It is an important tool that stimulates the development of the economy of the state as a whole or a separate enterprise, etc. (Belinska S.M., Krysina O.I., 2022) The current state of the methodology for the implementation of profit management systems requires an innovative approach, a combination of practical experience and a scientific basis.

In view of this, the purpose of the article is to develop proposals for the application of an innovative approach to the formation of an enterprise profit management system, which would be as accessible and practical as possible for implementation by a particular enterprise.

Earnings management is considered by scholars from many aspects and sides that are important and have the most useful information from the point of view of the research objective. Table 1 shows the result of the analysis of modern approaches to the definition of the term «profit management system».

Combining the results of research and practical assets, the author highlighted the main directions of the formation of the profit management system:

- determination of the need to introduce into the general management system of the enterprise, and the development strategy should include planned financial indicators;

- the need to take into account all types of sources of its formation and direction of distribution;

- support for the implementation of the system with the distribution of financial responsibility;

- availability of planned financial indicators on which the profit management system is based. Thus, the combination of scientific research of domestic and foreign scientists with practical aspects of the formation of profit management systems will have a significant effect on the stabilisation of the domestic or national and world economy (Orlykovskyi M.O., Hryshkovets V.V., Zelinskyi R.S., Mordyuk V.V., 2019)



Methodology

The article examines modern methods and practices of profit management that can be applied at the enterprise. On the basis of the obtained results, proposals for the implementation of a new profit management system, which will meet the needs and characteristics of a particular enterprise, have been developed. The necessary resources and specialist skills required for the successful implementation of the new revenue management system are also identified. Based on the obtained results, it is planned to propose an action plan and recommendations for the phased implementation of a new profit management system at the enterprise. The research methodology for the formation of the profit management system may include the following stages:

profit management innovative competitiveness

Table 1 Analysis of approaches to defining the term «profit management system»

Source	Definition	Key words
(Bondenchuk L.B., Bondenchuk S.V., Nidelchu V.V., 2023)	The profit management system must assess the efficiency of the enterprise, profit and factors that affect it, as well as the development of measures to increase profit and increase the efficiency of the enterprise, ensure the efficiency of distribution and consumption of profit	profit, enterprise profit management system, factors influencing enterprise profit, elements of enterprise profit management system, principles of enterprise profit management
(Belinska S.M. Krysina O.I., 2022)	The profit management system should be organizationally ensured by the internal distribution of responsibility for the effectiveness of management decision-making.	profit; planning; influencing factors; profit management;efficiency
(Lavrionova K., Kapinos G.,2022)	The profit management system has a certain structure, in which six main blocks are distinguished: the management mechanism; purpose, principles and tasks of management; organisational support; information support; control over the implementation of the profit plan; profit analysis methods	profit management mechanism, profit management system
(Podderyogin A.M., Jufer D.B., 2019)	The profit management system is a set of specific methods, technologies, methods and methods of justifying managerial financial decisions regarding the formation of costs and revenues of the enterprise, as well as the forms of their implementation in order to ensure an acceptable level of profitability of the financial and economic activity of a particular enterprise management decisions, level of profitability	management decisions, level of profitability

1. Analysis of the current state: we conduct a detailed analysis of the company's financial activities, including financial reports and other sources of information. They study the structure of profits and costs and identify key factors affecting the company's profit.

2. Goal setting: Communicating with management and stakeholders to define goals and expectations for the revenue management system. This can establish the achievement of a certain level of profit, optimization of costs or improvement of the efficiency of the use of resources.

3. Strategy development: based on the analysis and definition of goals, we develop a profit management strategy. This may include the implementation of new financial policies, pricing strategies, cost management, etc.

4. Implementation and monitoring: after the development of the strategy, there is cooperation with the management staff to implement the profit management system, which monitors the effectiveness of the system and makes adjustments if necessary.

5. Evaluation of results: after a certain period of implementation of the profit management system, we evaluate the results. Specialists analyze achieved profitability, fulfillment of set goals and effectiveness of implemented strategies. This makes it possible to draw conclusions and recommendations for further improvement of the profit management system.

This research methodology for the formation of a profit management system can be adapted to the needs and specifics of a particular enterprise. It allows you to systematically analyze and optimise financial activities in order to achieve stable and profitable work.



Results

The result of the research is a profit management system developed and adapted for implementation in the practical activities of enterprises, which will affect the ability of the enterprise to achieve stability and efficiency in financial indicators when evaluating its activities. The features of the proposed profit management system are its comprehensive approach to financial management. This means that the system takes into account not only financial indicators, but also financial planning, strategy and management organization of management decisions. This approach allows for interaction between various aspects of financial management and to ensure their interdependence to achieve optimal results.

However, an additional important component of this system is the system of financial responsibility for making management decisions. This means that each participant in the management process who makes decisions must bear financial responsibility for the consequences of their decisions and the impact on the company's profit. This contributes to increasing the awareness and responsibility of managers and stimulates them to make informed and effective decisions.

In addition, the automation of the accounting system and management of business processes is another important aspect of improving the profit management system. The use of modern information technologies and software solutions allows for quick and accurate processing of financial information, as well as to improve the organisation of business processes. This contributes to increasing the productivity and efficiency of the company's financial department, and also provides wide access to financial information for making informed management decisions.

Such a comprehensive approach to profit management, including a system of financial responsibility and automation of the accounting system and management of business processes, allows to ensure effective management activities and achieve optimal results for the enterprise.

Discussion

Entrepreneurship is the process of organising and managing a business for the purpose of making a profit. This activity is aimed at meeting the ever-growing needs of individuals and society as a whole. Entrepreneurship involves constant monitoring and analysis of market needs, development of products or services, organisation of production, sales, marketing, logistics and management. The entrepreneurial process is also based on innovation aimed at achieving maximum productivity at every stage of reproduction.

Understanding the nature of profit is an important element of the process of managing the profit of an enterprise. In order to carry out effective profit management, it is necessary to have a deep understanding of the economic essence and meaning of profit. Profits can be derived from various sources, such as the sale of goods or services, investment transactions, or other business transactions. The profit management system should take into account these aspects and provide study and analysis of profit from different positions. It can include strategic planning, budgeting, cost control, analysis of results and making appropriate management decisions to achieve better financial results.

On the basis of the conducted analysis and practical experience, we determine insufficient understanding of profit by the management of enterprises and the sources of its occurrence. Many companies still have trouble defining and analyzing their profits. It is necessary to develop more accurate and reliable methods of profit accounting in order to have a clear understanding of the components of calculation and changes, but we observe a lack of effective accounting and cost analysis systems, which leads to the impossibility of obtaining a result.

Insufficient attention to product pricing also negatively affects profit management. Companies must be more attentive to the analysis of market conditions, competition and consumer preferences in order to set adequate prices for their goods and services. This requires regular market monitoring and data analysis to make informed pricing decisions. It should be noted that enterprises must have effective mechanisms for identifying, assessing and managing risks in order to avoid unforeseen losses and reduced profits. It is also advisable to systematically analyze risks and implement strategies for their management. Equally important is the establishment of clear communication and cooperation between the various divisions of the company, in particular between the finance department, marketing, production management and sales. This will help ensure their interaction and exchange of information, which is essential for effective revenue management.

In addition, companies must constantly update their knowledge and skills in the field of revenue management, learn new methods and practices, and use modern technologies, such as data analytics and process automation, to improve revenue management. Overall, effective revenue management requires a systematic approach, continuous improvement, and attention to all aspects of the business. Ensuring proper control over profits, costs, prices and risks will also affect companies' achievement of stable financial results and ensure long-term successful operation.

In today's increasingly competitive business environment, effective revenue management is critical for businesses. Formation of a profit management system is a complex process that requires a comprehensive approach and consideration of various factors.

Factors affecting the size of the company's profit are presented in the table. 2.

Table 2. Factors influencing the size of the company's profit

Groups of factors	Structure
External	- natural conditions; - state regulation of prices and tariffs, tax and interest rates
Internal	Non-production: - working conditions; - supply and sales activity; - environmental protection activities.
	Production: - extensive (financial resources; equipment operation time; number of personnel); - intensive (equipment productivity; improvement of staff qualifications; improvement of work organization; improvement of material processing technology, etc.)

External factors can have a significant impact on the amount of profit, but do not depend on the activity of the enterprise. These include natural conditions, state regulation of prices and tariffs, tax rates and benefits, interest rates, etc. Internal factors consist of production and non-production. The availability and use of means and objects of work, labor and financial resources are production factors, which, in turn, are divided into extensive and intensive.

It includes calculations, analysis of financial indicators, budgeting, control over budget implementation, cost optimization, strategic decision-making regarding pricing and product portfolio, as well as other tools to support effective management of the company's profit. Consider the structure of the profit management system, which has its structural elements, presented in pic. 1.

Budgeting and planning	determine your financial goals and develop a detailed budget control expenses and ensure optimal use of resources
Profit analysis	systematically analyse your financial activity, determine sources of income and identify opportunities for its increase
Costs monitoring	constantly control your expenses by implementing a system of accounting and analysis of costs
Pricing	it is necessary to determine the optimal balance between profit maximization and maintaining competitiveness
Marketing strategies	find your clients, their needs and preferences in order to develop marketing campaigns aimed at attracting new clients and retaining existing ones
Risk management	identify potential risks, assess their impact on profits and develop strategies to minimize or manage them

Pic. 1. Practical aspects of enterprise profit management Source: practical experience of the author.

Aspects of modern profit management considered in pic. 1 should be included in the appropriate system at the enterprise. It definitely needs the resources necessary for its implementation: scientific methodology, qualified personnel, automated accounting system.

The scientific method should be developed into simple and understandable regulations for internal implementation at a specific enterprise.

The main tasks of the company's profit management system are:

- optimal proportionality between the level of profit and the acceptable level of risk;

- the appropriate amount of financial resources at the expense of profit in accordance with the objectives of the enterprise's development;

- growth of the market value of the enterprise;

- payment of the required level of income to the owners of the enterprise;

- maximization of the amount of profit, which is formed in accordance with the resource potential of the enterprise.

When implementing all the above features of the formation of the profit management system, we note that it is an important element of the successful operation of the enterprise and is a complex process that requires constant monitoring, analysis and improvement.

An effective profit management system is an important factor for the stable functioning and development of the enterprise. Some of the benefits of such a system include:

1. Increasing the welfare of the owners of the enterprise: this allows the enterprise to increase profits and share them with the owners, contributing to their welfare.

2. Ensuring an increase in the market value of the enterprise: contributes to the improvement of the financial stability of the enterprise, which can lead to an increase in its market value.

3. Increasing investment attractiveness: enterprises with an effective earnings management system are more attractive to potential investors because they have demonstrated their ability for successful financial management.

4. Implementation of profit distribution in accordance with the company's development strategy: helps the company to distribute profit taking into account strategic goals and development needs.

5. Ensuring an effective impact on the labour activity of employees: employees who participate in profit sharing are more often motivated and involved in achieving the company's goals.

6. Increasing the level of solvency of the enterprise: allows the enterprise to have sufficient financial resources to ensure solvency and further development.

7. Reduction of operational risks: by applying effective profit management, the enterprise can reduce the risks associated with financial instability and unpredictable factors.

8. Implementation of social development of the enterprise: allows the enterprise to actively engage in social responsibility and contribute to social development.

The company's profit management system is an important element of the company's financial and economic activity. Its purpose is to ensure effective formation, distribution and use of profit in order to achieve the set profitability indicators. It should include agreed principles, tasks, elements and methods for the development and implementation of management decisions. This ensures optimal results of the financial and economic activity of the enterprise.

This can be considered using an innovative approach that combines target and organizational- functional subsystems. This increases the efficiency of profit management by creating a single integrated mechanism. The application of an innovative approach makes it possible to study ways of organizing subsystems within the framework of the company's profit management system and to analyze the mutual influence of the processes of functioning of the system as a whole on its individual components. This contributes to the improvement of the efficiency of management decisions regarding the profit of the enterprise. In general, effective management of the company's profit is possible with the use of a well-structured and coordinated management system, in which an innovative approach plays an important role. This makes it possible to achieve an acceptable level of profitability and ensure the stability of the enterprise's financial and economic activity.

For the implementation of an effective profit management system and the combination of all the above principles, the author proposes the following structure (pic. 2).

The proposed structure takes into account both the results of the analysis of scientific research and the practical aspects of the formation of the profit management system, as well as the experience of the author's practical activity. It shows the need for the formation of a financial strategy and planned financial indicators, the organization of a working group that will deal with the process from the beginning to implementation and analysis of deviations. A positive impact on the result will be the formation of such a working group of department heads, which have the maximum influence on the overall financial result of the company according to the sensitivity analysis. An important component of the proposed structure is the introduction of centers of financial responsibility and its consolidation through comprehensive motivation of both members of the working group and all participants in the process.

An enterprise that plans to reach stable or optimal financial indicators should have a fully equipped financial department that will form a financial plan and final monthly reporting on key financial indicators, as well as maintain an automated management accounting system. The most important function of the financial department is also the collection of current data and the signaling of deviations from the planned indicators based on the received data in order to make effective management decisions by members of the working group that can affect the final financial result (during the month at the end of the month). Thanks to such a structure of the profit management system, the company can influence the final financial result, adjust its planned indicators in the event of significant deviations and obtain optimal results from all activities.



Pic. 2. Structure of the profit management system Source: development of the author

The participation of managers of various enterprises as part of a working group under the general leadership of the director of the enterprise with the support of a qualified financial department, who are guided by scientifically based methods in the implementation of the profit management system, in the opinion of the author, will stabilise the financial results of both a specific enterprise and the economy of the region, and will also become the basis for the economy of the country and the world.

The main mechanism for the implementation of such a system is the implemented software, which makes it possible to receive operational information on the current state of the company's main indicators as necessary analytical data for making effective management decisions. A cyclic process is obtained: the formed financial strategy is the basis for the calculation of planned financial indicators, the current state of which is monitored through an automated system by a professional and equipped financial department. The revenue management working group makes effective management decisions based on reliable data and makes timely adjustments to current plans. Analysis of deviations when receiving actual financial reports starts the process of updating planned financial indicators to more effective and real ones.

Thus, the proposed enterprise profit management system, which is innovative in its autonomy, ease of implementation, as well as automation, can ensure the achievement of optimal financial indicators in general, and profit in particular.



Conclusions

The analysis of existing scientific studies on the topic of the formation of the profit management system shows that this topic is relevant for domestic and foreign specialists. Summarizing the author's practical experience, it can be determined that a clear methodology for implementing such a system is necessary. The features of the proposed profit management system are its comprehensive approach to financial management. This means that the system takes into account not only financial indicators, but also financial planning, strategy and management organization of management decisions. This approach allows for interaction between various aspects of financial management and to ensure their interdependence to achieve optimal results.

The innovativeness of the proposed profit management system lies in its adaptability. This means that the system can flexibly respond to changes in the internal and external environment of the enterprise. An important aspect is the possibility of implementing such a system by company employees with professional education and experience in organizations of any management system that does not require significant resources.

Separately, we will emphasize the innovativeness of the process of automation of the profit management system at the enterprise, which can be part of the overall project of implementing accounting software and business processes of the enterprise. The productivity and efficiency of the proposed system can be increased thanks to the automation of the accounting system and the organization of a high-quality financial department. The introduction of modern information technologies and software solutions will increase the speed and accuracy of financial information processing, as well as provide wide access to it for making informed management decisions.

Prospects for further research in the field of profit management may include research into the impact of the proposed system on the financial indicators of enterprises in various sectors of the economy. Research can focus on determining the optimal parameters and criteria of profit management for various business entities. In addition, a possible direction of research is the improvement of tools and methods of analyzing the profitability of enterprises, taking into account modern economic trends.

Additionally, an important aspect of further research is the analysis of the impact of the implementation of the proposed system on the strategic goals and competitiveness of enterprises. It becomes possible to investigate how the profit management system contributes to increasing the investment attractiveness of enterprises, attracting new customers and maintaining existing market positions.

In general, further research in the field of earnings management may also include analyzing the impact of changing financial policies and strategies on corporate profitability. Research can look at various aspects, such as the impact of rising costs, changes in market prices, competition and other factors on the profits of enterprises.

In addition, an important direction of research can be the development of new methods and models of profit management, which will take into account the specifics of various industries and types of enterprises. For example, research may focus on the development of revenue management models for financial institutions, small and medium-sized enterprises, trading companies, etc.

An important aspect of research can be the study of the influence of external factors, such as the economic situation, political stability, changes in legislation, etc., on profit management. Research can reveal how businesses can adapt to changing conditions and ensure sustainable profitability.



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