IMPROVEMENT OF MECHANISM FOR THE FORMATION OF FINANCIAL STABILITY OF HOSPITALITY
Abstract
Given the recent trends in the hospitality industry during quarantine restrictions, which can rather be described as "business survival", the problem of ensuring the financial stability of enterprises is quite acute, which today should be viewed from a different angle and have a relevant vector direction. That is why the article is devoted to a comprehensive generalization of theoretical and methodological and applied aspects of improving the mechanism of financial stability of enterprises in the hospitality industry and finding effective ways to manage activities, taking into account the specifics of specific financial management tools. Any business entity in modern market conditions independently plans and implements its own economic and financial activities. The management of enterprises pays the greatest attention to forecasting and ensuring economic growth, which is possible only under conditions of financial stability. Today, financial stability is one of the most effective tools of financial controlling, which makes it possible to establish an effective mechanism for managing the enterprise. In conditions when the economy develops cyclically, the emergence of crisis phenomena that threaten the financial stability of the enterprise – is natural. Therefore, it is necessary to timely, adequately identify crisis situations in the financial stability of the enterprise with a clear and timely implementation of risk management measures. An improved complex system of financial stability management has been formulated, which includes the basic functions of financial stability management, the implementation and realization of which involves the use of appropriate financial methods, forms and appropriate financial tools. The classification of indicators for assessing the financial stability of the enterprise according to certain key features. The main functions of financial stability are identified. The basic principles according to which the mechanism of management of financial stability of the enterprises of hospitality sphere should function are investigated. In order to assess the effectiveness of financial stability management, the following levels have been identified: operational, tactical and strategic levels and appropriate support tools.
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