Budget Planning of Foreign Economic Activity as a Factor of Economic Efficiency of Enterprise Potential and Development Management

Abstract

The relevance of the study is stipulated by the need to improve the budget planning process in the context of constant changes in international markets and difficult economic conditions, particularly for Ukrainian enterprises operating in the context of war and economic instability. It is established that in today's globalized environment, the importance of effective management of potential and development, adaptation to rapidly changing conditions, and the introduction of innovative technologies are key factors in ensuring the sustainability of enterprises. This paper focuses on the integration of the latest approaches to budget planning, including digital tools, and the adaptation of international experience to the specifics of the Ukrainian business environment.

The purpose of the study is to explore innovative approaches to budget planning and their adaptation to the conditions of Ukrainian enterprises, in particular, through the integration of digital technologies and new methods of managing the economic potential and development of enterprises to increase the transparency, flexibility and efficiency of both the planning process and enterprise management in general. The focus is on identifying the main problems faced by Ukrainian enterprises and developing recommendations for their solution.

The study is based on the analysis of modern scientific publications and a review of international experience in introducing innovations in budget planning. The approaches used in developed economies are compared and the possibility of their adaptation to the Ukrainian environment is considered. Attention is paid not only to technological aspects, but also to organisational and managerial ones.

The results of the study indicate that Ukrainian enterprises do not sufficiently use the potential of modern technologies in budgeting processes, which reduces their efficiency in the face of global challenges. It has been proved that the main problems are low transparency of budgeting processes, limited flexibility in responding to external changes, and imperfect risk management mechanisms, which lead to a decrease in the economic efficiency of management and inhibition of enterprise development. It is proposed that automated platforms for real-time budget management be introduced, scenario planning be integrated, and multi-currency models for working in international markets be created.

The conclusions emphasise the importance of applying innovative approaches to budget planning to increase the economic efficiency, competitiveness and potential of Ukrainian enterprises, their financial stability and ability to adapt to changes in international markets. It is concluded that increasing the transparency and flexibility of budgeting processes allows for more efficient management of resources in the face of unpredictable changes.

Prospects for further research include an analysis of the use of artificial intelligence and big data to improve forecasting in budget planning, as well as the development of adaptive budgeting models for small and medium-sized businesses in post-conflict economies.