Financial planning as a tool for ensuring the sustainable development of enterprises

doi:10.26565/2786-4995-2025-2-08

Olena Golovko V. N. Karazin Kharkiv National University https://orcid.org/0000-0001-6502-4562
Kateryna Oriekhova V. N. Karazin Kharkiv National University https://orcid.org/0000-0003-0214-2750
Yuliia Yehorova Bratislava University of Economics https://orcid.org/0000-0002-8756-4073
Rustam Lagiev Wholesale Trading Company “CIAO-CIAO” https://orcid.org/0009-0000-9332-5098

DOI: https://doi.org/10.26565/2786-4995-2025-2-08

Keywords: financial planning, sustainable development, resource allocation, risk management, liquidity optimization, financial stability, corporate responsibility, advanced technologies

Abstract

Financial planning plays a crucial role in ensuring the sustainable development of enterprises. It enables resource allocation, risk management, and the achievement of long-term goals while aligning corporate objectives with sustainability, including efficient resource utilization and ethical practices.
The purpose of the study is to develop practical recommendations for improving financial planning processes to achieve economic, social, and environmental sustainability goals. The object of the research is the financial and economic condition of enterprises, analyzed through financial planning processes as a tool for achieving sustainable development in dynamic and turbulent market environments.
The study utilized an analysis of financial statements of a specific enterprise (PJSC “CHUMAK”) to evaluate the dynamics of assets and liabilities over a certain period. Comparative analysis of financial stability and liquidity indicators was conducted to identify trends and challenges in resource management for financial planning and enterprise sustainability.
The analysis of PJSC “CHUMAK” (2021-2023) revealed significant fluctuations in financial indicators. Intangible assets decreased by 19,46% in 2022 and by 23,81% in 2023, while fixed assets sharply declined by 98,13%. Сurrent assets increased by 38,18% in 2023, indicating some financial recovery.
Working capital significantly decreased, indicating liquidity challenges, and repayment indicators for accounts receivable and payable deteriorated. These findings underscore the need for advanced financial planning and financial technology integration to improve resource management and ensure stability.
The practical value of the results lies in the fact that improving financial planning processes, supported by the integration of advanced financial technologies, provides enterprises with tools to enhance resource allocation, optimize liquidity management, and strengthen financial stability. Practical recommendations based on the analysis of PJSC “CHUMAK” can help Ukrainian enterprises adapt effective financial strategies, ensuring sustainable development and resilience in dynamic market conditions.
The conclusions can be used to develop practical recommendations for improving financial planning processes in enterprises. They serve as a foundation for adapting international financial strategies and sustainable development practices to the local business environment, enhancing resource allocation, and optimizing liquidity management to achieve greater financial stability.

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Author Biographies

Olena Golovko , V. N. Karazin Kharkiv National University

PhD (in Economics), Associate Professor, Associate Professor of the Department of Banking and Financial Technology

Kateryna Oriekhova , V. N. Karazin Kharkiv National University

PhD in Economics, Associate Professor, Associate Professor of the Department of Banking Business and Financial Technologies

Yuliia Yehorova , Bratislava University of Economics

PhD in Economics, Associate Professor, Researcher, Research Institute of Trade and Sustainable Business

Rustam Lagiev , Wholesale Trading Company “CIAO-CIAO”

Sales Manager

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