Introduction
The issue of international finance occupies a relevant place in discussions developed by academics and heads of governments in charge of defining the monetary policy of their respective countries. The central concern has revolved around the growing challenges that they represent for the national sovereignty of the members of the world economy, due to the fact that their development has been accompanied by shocks and panics that cause numerous risks for policy management in the field of microeconomics and macroeconomics.
The key point that made these concerns denote was the financial crisis that is hitting the world at the moment, based on the fact that the most powerful economies in the world do not know how to get out of the crisis and also because of the cyclical nature of the crisis. Another worrying thing is that financial principles have collapsed and it is impossible to explain these things because of their connotation in these economies, which for a long time were considered extremely healthy. However, the reality of the events was in charge of demonstrating the setbacks that accompany the technological transformations in the framework of capitalism.
We can say that businesses are becoming more and more competitive and corporate profitability is increasingly dependent on operational efficiency. This situation is desirable from a social point of view, since consumers are obtaining higher quality goods at lower prices, but intense competition has certainly made life more difficult for corporate managers. Businesses can no longer afford to sit back and assume that the strategies that got them where they are will continue to work in the future.
One point on which managers agree is the idea of efficient financial planning through mathematical models to develop a series of assumptions for each state of the economy that bring them closer and closer to reality. Knowledge of the future can be classified into three types: certainty, uncertainty and ignorance; and each of them requires a different type of planning: commitment, contingency and sensitivity.
Many companies have a financial model, sometimes they can use more than one, perhaps a detailed model that integrates capital budgeting and operational planning, or a simpler model focused on the global impacts of financial strategies. Most authors of the financial literature take it for granted that no model can find the best financial strategy, furthermore because the models do not emphasize financial analysis tools, incremental cash flow, present value, and market risk.
After 1989, the Cuban economy lost the dose of certainty that characterized it after the breakdown of economic relations with the socialist camp and the countries of Eastern Europe. And for this reason, since it does not have a secure market, it is affected by changes in international financial markets, making it essential to direct efforts towards the search for business efficiency as the only alternative.
Although the Cuban economy does not have markets and investments are made by the central budget, it can be believed that it is very easy to draw up strategies, but practice has shown that without good financial planning, even long-term plans go to waste, and that is It is good to keep in mind that most specialists take for granted that the capital budget is the main thing, which shows that it is a mistake.
The very development of companies has brought as a consequence that their forecast close to their short-term situation requires greater efficiency, which must be given by the relationship that exists between collections and payments, the management of existence and achieving a proper cash management.
In a globalized world and in crisis, the Cuban economy faces an unfavorable situation so it is necessary for our companies to be efficient in their economic management, it is essential that they cover their expenses with their own income and obtain a certain profit margin, that is say that they are profitable companies.
The foregoing is a necessary premise to achieve a certain degree of efficiency, in economic management and the basis of the harmonious realization of the individual interests of the workers with the interests of the company and those of the whole society, taking into account that in the current conditions of our social system, the utility of the company is the main source of income of the state budget and from it the monetary resources are obtained that are destined to the material stimulation of the workers.
When we talk about financial planning, they take for granted that it is not a fundamental part of the analysis of the company or they simply take it as a poorly illustrative indicator of their company. It is very clear that models are sometimes complex, but really necessary. We also know that there is no international or national standard model for financial models, which sometimes has a bit more logic than a series of formulas, but we have to keep in mind that understanding the past is the first step to understanding the future.
As we stated in previous paragraphs, the Cuban economy is a bit oblivious to the markets although movements in them influence us, so it would be time to think more about the operational part of the company than about the sources of financing because as companies are known Cubans are financed through loans or the state budget, so it is time to bring companies closer to short-term financial decisions.
We can say that few Cuban companies use an economic-financial planning model, first because most companies the only reports that they generally ask for are the balance sheet and income statement and perhaps a budget of income and expenses. But no one knows when they need cash in a month when they will have a deficit, or when they will have excess cash that can be transferred or invested in new raw materials or any other need of the company.
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