Consider the most popular and important profitability ratios. Profitability ratios are used to assess the effectiveness (profitability) of our enterprise or to assess the profitability of investing money in other enterprises. The considered financial ratios are widely used in the practice of enterprises of various industries and forms of activity. Compared to other financial ratios, profitability ratios are the most important, because reflect the efficiency of the enterprise, expressed in its profitability.
Absolutely all financial profitability ratios are calculated according to the same principle:
Profitability(x)= Profit /X
The profitability of the indicator (X) is equal to Profit is divided by the quantitative value of this indicator. Profit is taken different: profit before tax, net profit, gross profit. However, the essence of this does not change.
The main profitability ratios that are used in the financial analysis of the enterprise are described below.
Enterprise profitability ratios
Overall profitability ratio
Perhaps one of the most common financial ratios from the Profitability group. It is calculated as the ratio of Profit before tax to Sales revenue. The higher the value of the coefficient, the more effective the sales of the enterprise. The formula for calculating the overall profitability ratio is presented below.
Rtotal = Profit before tax / Sales revenue
Return on current assets
Return on current assets is calculated through the ratio of net profit (profit minus taxes) to current assets. The ratio shows the company's ability to generate sufficient profit in relation to current assets. The more financial ratio the more efficiently current assets are used. The formula for calculating the return on current assets is presented below.
Rob.a = Net profit / current assets
Return on assets of the enterprise
Return on assets of the enterprise (ROA) is calculated by dividing the net income of the enterprise to its assets. The coefficient shows the efficiency of using the assets of the enterprise. The higher its value, the higher the efficiency, respectively. The formula for calculating the coefficient is presented below.
Rakt = Net profit /Enterprise assets
Profitability of production
The profitability of production is determined through the ratio of gross profit to the cost of production. This profitability ratio shows the efficiency of production. The calculation formula is shown below.
Rprod = Gross profit / Cost of production
Analysis of the effectiveness of the organization's activities is impossible without taking into account profitability indicators. An indicator that characterizes the profitability of an activity or, in other words, economic efficiency - this is the concept of profitability.
This parameter demonstrates how efficiently the company uses the available economic, labor, financial and natural resources.
For non-profit structures, profitability is the main indicator of work efficiency, and in commercial divisions, quantitative characteristics calculated with greater accuracy are important.
Therefore, there are many types of profitability: profitability of production, profitability of products, profitability of assets, etc.
But, in general terms, these indicators can be compared with efficiency indicators, the ratio between the costs incurred and the resulting profit (the ratio of costs to income). A business that brings profit according to the results of reporting periods is profitable.
Profitability indicators are necessary for the implementation financial analysis activities, identifying weaknesses, planning and implementation of measures to increase production efficiency.
The types of profitability are divided into those based on the cost approach, the resource approach or the approach that characterizes the profitability of sales.
Different types of profitability calculation pursue their own goals and use many different accounting indicators (net profit, production cost, commercial or management expenses, profit from sales, etc.).
Profitability of the main activity.
Refers to cost indicators, characterizes the effectiveness of not only the main activities of the company, but also work related to the sale of products. Allows you to evaluate the amount of profit received per 1 ruble spent.
This takes into account the costs associated with the direct production and sale of core products.
It is calculated as the ratio between the profit from sales and the sum of the cost of production, which includes:
- the cost of sold goods, works, products or services;
- cost of business expenses;
- cost of management expenses.
It characterizes the organization's ability to independently cover costs with profit. The calculation of the profitability of an enterprise is used to assess the effectiveness of its work and is calculated by the formula:
Genus = Prp / Z,
Where Z - costs, and Prp - profit received from the sale.
The calculation does not take into account the time elapsed between production and sale.
Return on current assets.
The profitability of current (in other words - mobile, current) assets shows the profit received by the organization from each ruble invested in current assets and reflects the efficiency of using these assets.
It is defined as the ratio between net profit (i.e., remaining after taxation) and current assets. This indicator is intended to reflect the organization's ability to generate a sufficient amount of profit in relation to the working capital used.
The higher this value, the more efficiently working capital is used.
Calculated according to the formula:
Ptot = Chp / Oa, where
Рtot is the total profitability, net profit is Np, and Oa is the cost of current assets.
Internal rate of return.
The criterion used to calculate the effectiveness of an investment. This indicator allows you to evaluate the feasibility of investing in investment projects and shows a certain discount rate at which the net worth of funds expected in the future will be equal to zero.
This is understood as the minimum rate of return, when the investment project under study assumes that the desired minimum rate of return or the company's cost of capital will exceed a smaller indicator of internal profitability.
This method The calculation is not very simple and involves careful calculations. In this case, inaccuracies made during the calculation can lead to the final incorrect results.
Moreover, when considering investment projects Other factors are taken into account, for example, gross margin. But it is on the basis of the calculation of the internal rate of return that the enterprise makes decisions of an investment nature.
Profitability of fixed assets.
The presence of profit, as an absolute indicator, does not always allow you to get a complete picture of the efficiency of the enterprise. For more accurate conclusions, relative indicators are analyzed, showing the effectiveness of specific resources.
The process of work of some enterprises depends on certain fixed assets, therefore, for a general increase in the efficiency of activities, it is necessary to calculate the profitability of fixed assets.
The calculation is carried out according to the formula:
Ros \u003d Chp / Os, where
Ros - profitability of fixed assets, Np - net profit, Os - cost of fixed assets.
This indicator allows you to get an idea of what part of the net profit falls on the unit cost of fixed assets of the organization.
Calculation of profitability of sales.
An indicator that reflects net profit in total revenue demonstrates the financial performance of the activity. The financial result in the calculations can be various indicators of profit, this leads to the existence of several variations of the indicator. Most often these are: profitability of sales in terms of gross profit, net profit and operating profitability.
Formulas for calculating the profitability of sales.
According to gross profit: Rpvp = Bp / B, where Bp is gross profit, and B is revenue.
Gross profit is the difference between sales revenue and cost of sales.
For net profit: Rnp = Np / V, where Np is net profit, and B is revenue.
Operating margin: Op = EBIT/B, where EBIT is profit before taxes and deductions, and B is revenue.
The optimal value of the profitability of sales depends on the industry and other characteristics of the enterprise.
So in organizations using a long production cycle, such profitability will be higher than those companies that work with a high turnover, although their efficiency may be the same.
Sales efficiency can also show the profitability of products sold, although it takes into account other factors.
Threshold of profitability.
It also has other names: critical volume of production or sales, critical point, break-even point. Denotes this level business activity organization in which total costs and total revenues are equal to each other. Allows you to determine the margin of financial strength of the organization.
Calculated by the following formula:
Pr \u003d Zp / Kvm, where
Pr - profitability threshold, Zp - fixed costs, and Kvm - gross margin ratio.
In turn, the gross margin ratio is calculated by another formula:
Vm = V - Zpr, where Vm is the gross margin, V is revenue, and Zpr is variable costs,
Kvm \u003d Vm / V.
The company incurs losses when the sales volume is below the profitability threshold and makes a profit if this indicator is above the threshold. It is worth noting that with an increase in sales, fixed costs per unit of production decrease, while variables remain the same. The profitability threshold can also be calculated for certain types services or products.
Cost-effectiveness.
It characterizes the payback of funds spent on production, shows the profit received from each ruble invested in production and sale. Used to evaluate the effectiveness of spending.
It is calculated as the ratio between the amount of profit and the amount of expenses that brought this profit. Such expenses are considered decapitalized, written off from the balance sheet asset, presented in the report.
The cost-benefit ratio is calculated as follows:
Rz = P/Dr, where P is profit and Dr is decapitalized expenses.
It should be noted that the calculation of cost-effectiveness indicators demonstrates only the degree of return on costs spent on specific areas, but does not reflect the return on invested resources. This task is performed by indicators of profitability of assets.
Factor analysis of profitability.
It is one of the parts of financial analysis and, in turn, is divided into several models, of which additive, multiplicative and multiple are most often used.
The essence of building such models is the creation of a mathematical relationship between all the studied factors.
Additive ones are used in cases where the indicator will be obtained as a difference or sum of the resulting factors, multiplicative - as their product, and multiple - when the factors are divided into each other to obtain the result.
Combinations of these models give combined or mixed models. For a full factorial analysis of profitability, multifactorial models are created that use various profitability indicators.
The most important type of profitability is the indicator of profitability working capital enterprise, which reflects the amount of money attributable to the unit of working capital of the organization.
The concept of working capital
Working capital of the company are the resources consumed in one production cycle and related to the cost of the finished product. The turnover of these funds is short-term and usually does not exceed 1 year.
Return on current assets and its calculation formulas
The amount of all working capital is subject to rationing.
The current assets of the enterprise are:
- Raw materials,
- fuel resources,
- Semi-finished products for production,
- Accounts receivable,
- Short-term investments, etc.
The profitability of working capital will grow as the resources spent to extract profit from the enterprise decrease. At the same time, the amount of working capital should be enough for the normal and uninterrupted functioning of the production process.
The management of the company conducts cost reduction by reducing:
- Amounts of accounts receivable,
- work in progress,
- Stock quantities, etc.
The formula for the profitability of working capital in general view as follows:
ROS = Pchist / SOS * 100%
Here ROS is an indicator of the profitability of working capital,
P net - the amount of net profit,
SOS - the average annual amount of working capital.
If you use the lines of financial statements, then the formula for the profitability of working capital will take the following form:
ROS = 2400 / 1200
Here line 2400 of the income statement (net profit of the company),
Line 1200 of the balance sheet (value of working capital).
The formula for the profitability of working capital with a total of more than one means the effective use of working capital, indicates a profit for the enterprise.
Increasing the profitability of working capital
Each enterprise should take measures to increase the profitability of working capital in order to increase their efficiency. These activities may include:
- Production of goods from in great demand to reduce the time of transformation of material and raw materials into finished products,
- Increasing the range of goods
- Reducing inventory,
- Carrying out work with product quality,
- Introduction of improved materials,
- Work with scientific and technical developments,
- Change in cost or price, etc.
Examples of problem solving
The first three indicators assess the profitability of turnover in the sale of products.
How to determine the profitability of current assets
To obtain percentage values, multiply the coefficient value by 100%.
Gross profit margin (GPM)- another name for this ratio is Gross margin ratio. Shows the share of gross profit in the sales volume of the enterprise.
Calculated according to the formula: GP/NS = Gross Profit/Total Revenue.
Return on operating profit (OPM)- shows the share of operating profit in sales volume.
Calculated according to the formula: OP/NS = Operating Profit/Total Revenue.
Net profit margin (NPM)- shows the share of net profit in sales volume.
Calculated according to the formula: NI/NS = Net income/Total revenue.
The following 4 ratios evaluate the return on capital invested in the enterprise. The calculation is made for the annual period using the average value of the respective items of assets and liabilities. To calculate for a period of less than one year, the value of profit is multiplied by the appropriate coefficient (12, 4, 2), and the average value of current assets for the period is used. To obtain percentage values, as in the previous cases, it is necessary to multiply the coefficient value by 100%.
Return on current assets (RCA)- demonstrates the ability of the enterprise to ensure a sufficient amount of profit in relation to the working capital used by the company. The higher the value of this ratio, the more efficiently working capital is used.
Calculated according to the formula: NI/CA = Net income/Working capital.
Return on Fixed Assets (RFA)- demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the company's fixed assets. The higher the value of this ratio, the more efficiently fixed assets are used.
Calculated according to the formula: NI/FA = Net income/Fixed assets.
Return on Assets (Return on Investment) (ROI) — There was some terminological confusion regarding this indicator. Literally translated from English, the name of this indicator sounds like “return on investment”, although, as follows from the formula, there is no question of any investment.
Calculated according to the formula: NI/EA = Net Income/Total Assets.
Profitability equity(ROE)—
allows you to determine the effectiveness of the use of capital invested by the owners of the enterprise. Usually this indicator is compared with a possible alternative investment in other securities. It shows how many monetary units of net profit "earned" each unit invested by the owners of the company.
Calculated according to the formula: NI/EQ = Net Income/Total Equity.
Return on working capital is an indicator of the effectiveness of working capital management. It indicates how much profit falls on each ruble of working capital. It is necessary to analyze the indicator in dynamics, comparing with the industry average value.
Profitability is relative economic efficiency, which indicates the profitability of the use of certain resources. It is calculated in relation to equity, borrowed capital, fixed assets, sales, assets, production, margin, etc.
Return on working capital (ROK) - the efficiency of the organization's working capital. Find it as a coefficient or as a percentage.
In simple words: ROK - the amount of profit for each ruble of current assets.
What is considered working capital
Working capital - means belonging to the enterprise and being its property. It is an indicator of financial viability and economic sustainability, difference between current assets and current liabilities.
Working capital includes:
- accounts receivable;
- Construction in progress;
- stocks of raw materials and materials;
- finished products which is stored in warehouses.
The amount of capital depends on the cost of raw materials, materials, the cost and terms of repayment of loans, additional costs on the sale of products, the duration of the production cycle and other factors.
Information about working capital is in the second section of the asset of the balance sheet of the enterprise.
Rice. 1. Scheme of enterprise capital
Why calculate profitability?
The financial position of any company is closely related to the state and efficiency of the use of working capital. Properly managing them, the company gains independence from external sources financing and increases its liquidity. It is necessary to analyze the profitability of working capital for the timely identification and elimination of problems in the management of inventory, receivables, and products in warehouses.
Calculation formula
To calculate the ROK, the formula is used:
- Pch - net profit;
- SOA - the value of the turnover of assets.
The indicator is calculated for a certain period of time - year, quarter, month. The value of assets is taken as an average over the required time.
The average value of assets is found by the formula:
- OANP - the cost of current assets at the beginning of the period;
- OAKP - the value of current assets at the end of the period.
Formula for calculating according to balance sheet data:
- line 2400 - value of line 2400 from form 2;
- page 1200 - value of line 1200 from form 1.
Calculation of the indicator by example
For clarity, it is better to use tables and the balance sheet of the enterprise.
The value of current assets of the enterprise at the beginning of 2016 amounted to 567,495 thousand rubles, at the end of the year - 678,905 thousand rubles.
Calculate ROCK:
In percents:
Thus, the profitability of the company's working capital in 2016 was 7% (each ruble of working capital brought 7 kopecks of profit).
To evaluate the indicator in dynamics, you need to compare it with data for other years of the company's operation (download the table in Excel).
The graph of the change in the indicator is shown in the diagram below.
Rice. 2. Change in ROCK in dynamics
Thus, the profitability of the company is gradually increasing. This means that each ruble of working capital provides more profit (in 2013 - only 5 kopecks, in 2016 - 6 kopecks).
Regulations
ROCK speaks about the security of the enterprise with working capital: it shows how much this item of assets ensures the profit of the company. For the indicator, there is no specific standard that would be suitable for all companies in any industry. It is necessary to analyze profitability in dynamics for past periods.
Important! Profitability in different areas differs significantly. So, for example, at large industrial city-forming enterprises with large turnovers, it will be lower than in small companies that offer services.
The resulting profitability indicator can be compared with the industry average. If the company is lagging behind, then this is a sure sign of inefficient management, and the company's development strategy needs to be adjusted.
Return on working capital formula
The most revealing will be a comparison with the closest competitors.
The main difficulty in calculating the indicator is to allocate working capital from assets. In addition, the indicators of return on equity and borrowed funds are of great value for analysis - they give a detailed picture of the use of resources in the enterprise. Therefore, it is not always rational to calculate ROK without dividing into methods of obtaining assets. It is found to compile a general picture of the availability of working capital.
Questions and answers on the topic
No questions have been asked for the material yet, you have the opportunity to be the first to do so
 |
Working capital is the backbone of any business. Without this article, it is impossible to manufacture products, since raw materials, materials and semi-finished products are part of working capital.
Working capital of the enterprise - what is it?
Working capital of an enterprise is a part of the property that is once involved in the production process, immediately transfers the value to the cost of production, requires restoration after each production cycle, and is characterized by a short term of use up to 12 months.
Working capital is also called mobile funds or working capital. They are the means of labor - the resources from which products are made. These funds are expressed in value(money) or natural(pieces, kilograms, etc.) meaning they require constant updating.
Composition and structure
All working capital items are reflected in the second section of the balance sheet. Working capital can be divided into tangible and intangible assets.
To material include inventories (raw materials, materials, semi-finished products, fuel and energy for production needs), work in progress, finished products, intangible- accounts receivable, cash, short-term financial investments. Each item is indicated in value terms.
The structure of working capital implies the share of each item in total amount working capital. Enterprises seek to minimize the share of receivables and inventories in the overall capital structure.
Usage performance indicators
Turnover ratio reflects how many turnovers of working capital it is necessary to make in order to provide a given revenue. The indicator can be found as follows:
K about \u003d TR / S about,
- where K about - turnover ratio,
- TR - revenue (income in value terms),
- S about - the average cost of working capital.
- Revenue is as follows:
- TR=P*Q,
- where P is the price of a unit of production,
- Q - the volume of manufactured products in pieces.
Data for the calculation of revenue are reflected in the statement of financial results.
The average cost of working capital can be found using the following formula:
S about \u003d S about ng + S about kg,
Data for calculating the average cost of working capital can be found in the balance sheet.
Turnover rate- shows how many days one revolution occurs.
T about \u003d T / K about,
- T about - the rate of turnover,
- T - period (number of days),
- K about - turnover ratio
Video - indicators of the effectiveness of the use of working capital of the enterprise:
Analysis of the working capital of the enterprise
For the purposes of the analysis of working capital, they are divided into normalized and non-normalized.
To normalized includes inventories, work in progress and finished goods. These values are calculated and their value is planned.
To irregular include cash - this indicator cannot be accurately planned.
Analysis of working capital allows you to divide capital into groups according to liquidity - the ability to turn into money. Cash has absolute liquidity, the rest are high and medium (that is, it takes some time for, for example, stocks to turn into cash).
Ways to improve the efficiency of use
There are several methods for optimizing the use of working capital of an enterprise for each article of capital. In the case of reserves, the following methods can be applied:
- delivery "just-in-time";
- reduction in the duration of the production cycle;
- acceleration of inventory turnover.
The "just-in-time" system implies the delivery of raw materials and materials directly at the time of production. Thus, the company does not need warehouses and the inventory value is zero. The biggest difficulty in applying this method is finding a reliable supplier who will provide production needs with resources on time.
Reducing the length of the production cycle period is possible through the introduction of additional capacities (machines, jobs), reducing downtime of equipment and workers.
More fast period turnover will lead to a decrease in the amount of working capital and the release of cash.
To minimize the amount of receivables, the following solutions are possible:
- system of discounts for timely payment;
- attraction of factoring firms;
- penalties for late payment.
When concluding a contract for the supply of products, it is necessary to indicate both positive (discounts) and negative (penalties) incentives for the buyer.
In case of non-repayment of funds, it is possible to sell the receivables to a factoring company that will return the buyer's debt. This method allows you to recover only part of the debt, but in the case of bad debts, this method is effective, since it is better to receive a part of the money than to receive nothing.
Return on working capital
Profitability of working capital - a relative indicator of activity - reflects how much profit brings 1 ruble invested in the working capital of the enterprise.
Profitability = Profit, rub. / Average cost of working capital, rub.
The average value of the working capital of the enterprise can be found by the following formula:
S about \u003d S about ng + S about kg,
- where S about ng is the amount of working capital at the beginning of the year,
- S about kg - the amount of working capital at the end of the year.
Usually the enterprise is calculated based on the profit from the sale. Profit from the sale is recorded in the statement of financial results of the enterprise.
In general, working capital is an important part of the company's activities. It is necessary to track their value and analyze the effectiveness of their use.
Video - what is the working capital of the enterprise and ways to improve their use:
Discussion (13 )
Yes, the effective use of working capital of any enterprise is the most important thing that ultimately affects the well-being of the entire company. As the saying goes, you have to know how to spend your money.
The efficiency of the use of working capital and their profitability depends entirely on the speed of their turnover, i.e. bought raw materials - spent on production - sold products - returned the money spent on the purchase of raw materials with a profit, they spent a month on all this. The lower the total turnover in days, the more efficient the use.
The efficiency of the use of working capital of the enterprise is greatly influenced by the security of the enterprise with normalized working capital. These are the means, usually raw materials, which must ensure the uninterrupted production of products, depending on the rhythms of supply. Their mandatory presence should provide the production process with a certain amount of time in days. For one type of raw material, a three-day supply, for another - ten. Harvesting in the future will worsen the indicators of the use of working capital.
When inflation comes with the prefix hyper, it is very difficult to correctly calculate the stocks of raw materials, and the correct investment of working capital in it. Since demand also falls with rising prices, it is possible to stock up on raw materials in the off-season, and in the season you simply cannot sell products due to changes in consumer demand, you made red pillows, for example, and blue ones are in fashion. Or one more factor people in connection with inflation began to buy essential goods, and put your furniture in the tenth place. There are many variables and depending on the type of business, you need to make informed decisions.
Good afternoon. Personally, my opinion is that working capital needs to be replenished to increase production or purchase goods. From this, the profit will grow. Every month, 10% of income must be invested in working capital.
And now the issue of standard reserves again becomes very relevant. On the one hand, the overstandard pulls production figures down and reduce work efficiency. But on the other hand, prices are rising and will continue to rise for at least six months. The natural desire is to purchase materials at affordable prices. But loans bite! And very strongly! So you have to figure everything out a hundred times and compare. In short, they are scissors. For head cutting real business
I will share my experience. I have a receivable, but only verified buyers, those who repay the debt within a month. With the rest I work only on an advance payment, whatever profitable terms they didn't offer. My main trade is in the summer, so in winter there is not enough working capital, and in winter the main purchase of goods takes place, because. prices are much lower. Therefore, in winter I usually take a short-term loan. Which in the summer more than pays for itself.
Working capital is the life of any enterprise. If there is no own working capital, then this will quickly lead to the collapse of any enterprise. When attracting working capital, it is very important to calculate the profitability of such attraction. The main thing is that the profit would cover losses on loans and increase working capital resources and the money supply with absolute liquidity would grow at the enterprise.
On the use of working capital, you can easily save money, as in my opinion they play a big role in the management of the enterprise. It is possible, by controlling production costs, to get more profit. By reducing the cost of raw materials, purchasing them at the lowest cost, you can thereby increase the volume of production, which is very important for both large enterprises as well as for small ones.
In fact, working capital in a number of our modern spheres businesses play a much larger role than the main ones. In trade, for example, from the main ones, only shelving can be everything. A rental, delivery (usually transport company), the purchase of the product itself - all this is just a turnover. In a small business, the ratio of fixed assets to working capital is usually less than or close to one. That is, there are more working capital than fixed assets.
And if in the 90s there was no talk of either rationing or particularly efficient use, now it's the other way around. Banks issue loans much more willingly for working capital, tk. they are much more liquid. And they are more likely to get their money back. According to me, loans should be taken precisely for working capital, and the main ones should be attracted at the expense of their debt securities. The current insolvency crisis is now precisely formed due to a misunderstanding of the purpose of credit for business. The equipment and all the “basic” were borrowed, but no one thought how to spin and how to form a turnover.
In general, I advise those starting a business to make the ratio in favor of working capital as much as possible. It is also liquid if “it doesn’t work! you can always cover at the lowest cost.
Return on assets (ROA)- an indicator of the effectiveness of the application and distribution of current and non-current assets of the enterprise. This ratio allows you to assess the company's ability to make a profit without taking into account financial leverage (the ratio of loan and equity capital). The return on assets gives an idea of the rationality of using all the assets of the enterprise (in contrast to the return on equity, which characterizes only own funds), and its calculation is more relevant for managers than for investors. The ROA index allows you to analyze the financial reliability, creditworthiness, investment attractiveness of an organization by calculating the amount of profit for each invested monetary unit.
Return on assets (formula)
Return on assets is the product of net income and total asset value:
The net profit indicator is located in the income statement, the value of assets is in. To reduce the calculation error, the average annual value of assets is substituted into the formula for return on assets: (cost at the beginning + cost at the end of the reporting period) / 2.
Return on assets is also defined as the product of net profit and interest payments per unit, minus the tax rate:
The formula clearly shows that in addition to net profit, the calculation takes into account interest for the use of borrowed funds. This suggests that both equity and loan capital are used in the formation of long-term assets, and both are taken into account when calculating ROA.
Normative value of the ROA indicator
The profitability ratio directly depends on the scope of the organization. Thus, in heavy industry, the indicator will be lower than in the service sector, since the enterprises of the latter need less investment in working capital. In general, return on assets reflects the effectiveness and profitability of asset management, and therefore, the higher it is, the better. If the coefficient began to decline, then one of the assets (non-current or current) does not make a sufficient contribution to the organization's income. A high return on assets indicates that a company is generating more revenue with less
How to disable ads on Android: remove pop-up ads
The Russian received a term and a million fine for "piracy Negative consequences of the law
Identification of key factors
The criteria for classifying organizations and individual entrepreneurs as small and medium-sized businesses have changed
See what "Royalty" is in other dictionaries Pitfalls of legislation