Introduction
Funding institutions are playing vital role in projects finance. Thus, project administrators were creating expressive efforts towards project development and financing. However, this effort is crucial for organisations as it compromises their financial capabilities. Thus, before financing a project, organisations should carefully assess their capability to avoid financial distress. Financial distress occurs when a project administrator of an organisation broke their promises to the lenders or funding institutions due to difficulty. Basically, the drive towards gaining competitive advantage that avoids financial distress in accordance to project finance was the proper allocation of budget and time (Burke, 2003). Businesses at present are finding means of creating added value to products and services that are being delivered to the consumers but they shouldn’t forget countering financial distress brought by financing a project. Management and project executives should carefully plan strategies that will help them to avoid financial distress.
According to Karp & Schlessinger (2002), effective execution of plans and strategies is only possible if the management is aware of the available resources of the organisation and knew their financing capabilities. By familiarising with the strengths of the organisation, formulation of strategic plans is realisable since assessment and evaluation of the capabilities of the entire organisation is taken into account. Examining the extensive ways of utilising the available resources of the organisation will enable decision-makers to construct profitable project ventures that will contribute to the success of the organisation and will also counter financial distress. Such practices will also clearly define the characteristics of the business and the market environment that surrounds it thereby opening opportunities to assess and evaluate the inherent risks and issues that are challenging the competitiveness of the organisation (Karp & Schlessinger, 2002). All these enable the management to take full control of the existence of the organisation.
Apparently, a large project is never been easy and will never be easy to finance. With that, the corporations involved in the project should first identify if the proposed project is accurate enough to be considered profitable (Burke, 2003). With the use of the technology and scrutinising mind of the business analysts, the results of the intensive research are in favour for the organisation (Burke, 2003).
The next thing to ask is how possible the project to execute and implement. The very first and obvious idea that the entire organisation needs to know came from the finance department. Financing a large project is a great challenge no matter what perspective a manager tries to look at it. Before financing the problem is where to acquire the financing resources and after financing the problem arise on how to return the investment or if the proposed project is enough to return the investment as well as supporting the organisation long-term business cycle. In the issue of investment or additional capital, the basic questions are really obvious, easy to read, hard to digest and seems impossible to transform into reality.
A big corporation seems find no trouble in dealing with such project but every organisation stays in a green pasture. Corporations still feel doubt whenever there is a proposal of another project, especially when there is a low probability for additional income. But if the same organisation is willing to undertake risk, then the business propellers should be prepare for the changes for it will surely affect them all. Basically, for continues development of businesses is faced with various challenges and possibly led to a drastic trouble known as financial distress. Owners or managers should consider the impact of this trouble to continuously create progress to the company.
Background of the Study
As for the project financing efforts, every business organisations and their associates are expected to understand the different business cycle within the industry in order to avoid financial distress especially in the cases of project finance (Burke, 2003). They are also expected to comprehend the complexity of the business world and the interactions within the relationship ties and their connections (Badiru, 1993). Every part of the business world plays an essential role and business leaders often forget the how to fidget these parts. The capital market and efficiency market hypothesis are part of the mundane business cycle, although different in applied term still, these two shares the idea of financing especially in countering and avoiding financial distress.
Financing in a project is one of the most important factors in the business. With the use of the appropriate finances, the business can provide what are the things truly needed. But to appropriately execute the financing actions, it is better to have a good planning (Badiru, 1993). A sound planning accompanies with the management and through this principle, the financing is controlled. As a finance manager, the duty is to provide the responsible actions in allocating the funds on the appropriate business activities. Aside from the experience, the knowledge and skills are very helpful in managing and controlling the funds.
Businesses are supported with the provided capital and it is very ideal that the organisation will give importance on the role being played by the finance manager (Badiru, 1993). It is easy to say that all the funds should be properly allocated but it cannot be done without the sound planning and management. In a deeper sense, the use of the budget or the amount separated from the organisation’s capital is the most popular action of the finance manager. Through the use of the budget, the manager can decide on what are the most important things or the important structure that should be first prioritised. The management of the finances comes with the use of the controls. The control of the finance manager is monitored with the use of the records and this is where he can decide on the things that can be use for the improvement of the business.
Project Finance Appraisal
In financing projects, assessment of its profitability is crucial in countering financial distress (Arter, 2002). Appraisal is one of the most important factors in business project finance since it contributes to the process of strategic decision-making process for the classification of the company’s management capabilities that counters financial distress. Companies should distribute limited capital resources to the opportunities of long-term investment. For that reason, the decisions pertaining to investment to be allocated in certain project should be done in the area of the company’s strategic business plan (Arter, 2002). The said plan should also conform to the goal of getting the most out of the value of long-term market of the company and the recognition of its business objectives. According to Mcmenamin (1999), the investment and project decision-making procedure engages recognising, assessing and executing opportunities of long-term investment which will augment and increase the wealth of shareholders and attain the firm’s objective.
Basically, the benefits and costs of the said opportunities of project will increase as the time passes. In accordance to the results of long-term investment decisions, it will directly affect the value and future of the company. With this it is crucially vital that proposals pertaining to investment should be appropriately evaluated prior to its implementation. The investment essence is to sacrifice current resources consumption in order to boost the resources total amount which can be guzzled in the future. As added in the paper of Mcmenamin (1999), the usual goal of an investment decision is to obtain an asset for less than its worth, within this process organisation/personal wealth can be increased. Obtaining an asset for at slightest its worth will keep value and wealth. For Mcmenamin (1999) belief, it isn’t a good idea to consider and acquire an asset greater than its value since the organisation’s wealth would be worn.
In accordance to the point of view of an organisation, the manager especially those who are handling organisations’ financial should only invest in projects that could augment the shareholder and to corporate value. However, there are some problems in which in the outset it is often not easy to verify which projects or assets that could increase or decrease the wealth. And for those reasons, business practitioners should utilise excellent evaluation/appraisal procedures and techniques that could contribute in making right decision and choice. Basically, the most frequent investment type that wealth-maximising business enterprise considers is their real corporate assets (Arter, 2002). For most firms, the said assets are very crucial because it represents the largest financial investment and are the main earning assets of the organisation. As argued by Mcmenamin (1999), investment decisions are prepared for many grounds and factors to consider, but although the purposes may differ, the systems and procedure used to appraise them are basically alike.
The project financing decisions fundamental benefits are obtained in its capacity to show evidences in numerical form as a decision-making foundation. Nevertheless, even though there are numerous varieties of capital budgeting projects appraisal, the business organisation should think the method that conforms to the business and aspects affecting the shareholder wealth.
Role of Debt and Debtors in Project Finance
Debts and Debtors are variables that actually affect the development of projects in project finance. Debts and Debtors are commonly the main factors that cause financial distress. Basically, Mann & Roberts (2005, p. 805) defined debts as: ‘an obligation to pay money owed by a debtor to a creditor’. Debts are created by purchases of goods at the consumer level; by retailers in buying products from a wholesaler, distributor or a manufacturer; issuance and sale of debentures, corporate mortgage bonds and other types of debt securities (Schmidt & Piumelli, 1998); and in this paper’s context, by borrowers of funds from various lending institutions such as banks used in financing a project.
Business transactions are regularly entered into a credit basis, and in fact, a great deal of commercial activity would be restricted if credit is not readily available or if needed funds were unavailable for lending (Fairweather & Border, 2006). There are two general types of type debt: (1) Secured and (2) Unsecured. Barrett & Bergman (2005, p. 22/4) described the two as: ‘A secured debt is an obligation that is guaranteed by a specific property, often called collateral or security, while an unsecured debt is one that is linked only to a debtor to repay and not to any specific item of property’. Normally, banks secure a collateral when extending credit to individuals and organizations, as a guarantee of the debt.
An increase in debtor levels as a result of changes in economic variables has to be financed, either by internally generated funds or externally with borrowed money on which interest and other charges will be paid (Ming, Xialing & Lanbo, 1992). The money used to finance debtors cannot be used elsewhere in the firm (Mcmenamin, 1999). Fairweather & Border (2006) asserted that the greater a firm’s investment in debtors, the greater the risk of default by customers and the greater the opportunity cost of funds tied up. A combination of higher risk and higher costs will depress the value of the firm (Bass, 1998). In today’s intensely competitive business environment, granting credit facilities to customers is used as a key competitive and marketing tool (John & Whitaker, 2006). Such tactics as offering interest-free credit and repayment holidays are widely used by retail firms to stimulate sales, gather marketing intelligence on customers and build customer loyalty (Fairweather & Border, 2006).
The formulation of the firm’s credit and collection policies will also be influenced by the competing demands of the financial, marketing and operational managers (Schmidt & Piumelli, 1998). The credit management units’ primary concern will be to minimize the firm’s investment in debtors in order to minimize opportunity costs and the risk of default (Ming, Xialing & Lanbo, 1992).
For instance, when a financing institution grants credit to project developers it incurs the risk of non-payment. Credit management, or more precisely credit risk management, refers to the systems, procedures and controls which a financing institution has in place to ensure the efficient collection of customer payments and minimize the risk of non-payment (Ming, Xialing & Lanbo, 1992). Credit risk management will form a key part of a company’s overall risk management strategy. Weak credit risk management is a primary cause of much financial distress. Many small projects, for example, have neither the resources nor the expertise to operate a sound credit risk management system (Schmidt & Piumelli, 1998). The management of debtors or accounts receivable essentially begins with the decision whether to grant credit to a project administrator, and if so how much and on what terms (Fairweather & Border, 2006). It is consequently the logical starting point for our examination of credit policy.
The term credit policy is used in this paper’s context to include all the project’s systems and procedures governing the determination of: (1) Credit selection. This is the process of selecting the project administrators who will be granted credit and determining their individual credit limits. According to Ming, Xialing & Lanbo (1992), usually a set of criteria or checklists will be available to perform the initial credit screening; (2) Credit standards. These will specify the minimum acceptable standards of financial viability and creditworthiness which a customer must reach before credit is allowed. It is essentially an assessment of a potential project administrators’ credit quality; (3) Credit terms. These will set out the credit period allowed and any discount terms for early payment; and (4) Collection policy. This refers to the financing institution’s systems and procedures for collecting payment from debtors when it becomes due.
Credit policy needs to be operated in a balanced way. If it is operated too aggressively sales and profits will be lost. If it is operated too leniently, then the risk of non-payment (defaults) and bad debts increases. It is in this latter element of credit policy that this paper’s theme is revolving around.
Defaults create credit and collection problems, and both individuals and corporations encounter financial distress and business misfortunes due to it. Resistance to debt collection, according to Mcmullan (1982), may be an index of wider underlying social conflict. Many contemporary studies of class politics and class awareness quite wisely focus upon such phenomena as strikes, works to rule, community mobilizations and organizations, riots and the like; in other words, upon acts which occur visibly and which are preceded by coherent statements of strategy and ideology and examined in detail by the mass media.
Credit Risk Management
Many institutions involved in project finance such as banking and enterprises are needing management in terms of credit risk. The appropriate management of the financial sources and attributes makes it competitive for the organization to endure the threat of financial distress. In addition, the strategy on managing the risks can be the most desirable strategy that cannot be deteriorated but can be passed through the next generations of other managers.
The assessment of risks can be the basic strategy in all of the organizations especially in managing projects. Through the assessment of the risks, the organization can create a weighted decision and well project plan. This all can help the success draw out from the process. In the classification of various system that are involved in the assessing and managing the risk, the credit risk management is an emerging activity that lies within the organization. Many researches attempted to answer the benefits of the credit management within the organization. However, it remained unclear for the management on how to manage and the purpose of the credit risk management.
The credit risk management is popular among the banks and other financial resources. The main purpose of the credit risk management is to lessen or diminish the effects of the non-performing loans came from the project administrators. The procedures and processes of the banks and their affiliates create a great impact in the flow of the financial resources. However, various economic uncertainties, international markets, or financial constraints can cause the financial status to be unstable. Aside from the financial deficiencies, the other causes of the financial constraints are the lack of confidence among the financial market to provide external help for the needed consumers, lack of capability to gather the information of the project administrators, and the lack of push to have an aggressive debt collecting. The non-performing loans can definitely cause too much stagnation of the financial sources. To provide the credit risk management effectively, the banks and other financial institutions should asses the credibility of the loaners. In terms of an enterprise, the assessment of their credit portfolio is enough to provide a system that continuously promotes the reviewing the risks and the capability of the business enterprise to pay.
It is very common that the banking process limits the occurrence of the risks during every transaction; therefore, the bank managers should also rely on the effectiveness of the imposed regulations to anticipate the future risks. From the different financial indicators, the position of the institution on the market failure are still depends on the internal process and the actions of the people. The economic theory in banking encompasses the interest and income theory in which is the basis of the cash flow approach in bank lending (Akperan, 2005). Credit risk management needs to be a robust process that enables the banks to proactively manage the loan portfolios to minimize the losses and earn an acceptable level of return to its shareholders. The importance of the credit risk management is recognized by banks for it can establish the standards of process, segregation of duties and responsibilities such in policies and procedures endorsed by the banks (Focus Group, 2007).
Credit risks appear in banking institution because of the uncertainties plagued the financial system. The uncertainties remain a major challenge in country. Still, the major approaches applied by the banks are the continuing efforts on research and close monitoring. Banks believe that the research and monitoring are the key sources of uncertainties like data generating institutions and the treasury (Unchendu, 2009). The market structure is important in banking for it influences the competitiveness of the banking system and companies to access to funding or credit investment. The economic growth affects the structure and development of the banking system. In addition, the vast knowledge in risk assessment and managerial approach is recognized as part of the development. Moreover, because the banks and the processes are highly regulated, it became very useful in assessing the effects or impact of the credit risk management in the banks and even in other financial sources (Gonzalez, 2009).
Methodology
In studying the financial distress issues and ways to counter it, the researcher reviews past literature. The literature review method that was employed in this manuscript is appropriate since it seeks to interpret or illuminate the recorded actions and/or objective and subjective experiences of the business and financial professionals regarding practices concerning financial distress. This method also allows the researcher to determine the current stance financial distress issues and business management. The evaluation of different business and financial articles and journals related to financial distress and management was initiated. In the analysis section, practices pertaining to the avoidance of financial distress such as Financing Options for a Project, Cost Planning, Cost Definition, Cost Monitoring and Control and financial management of projects are assessed.
Many organisations aim to keep their effective financing strategies for a variety of reasons and one of it was avoid financial distress. The best part is to consider that the organisation is planning to win big in their entry to the new project. Organisation success is not founded by the sole investments of the proprietors but with the participation of different financing sources. And if the organisation settles the idea of acquiring additional funds, the first step that requires them is to find then evaluate the potential sources of capital (Winograd, 2009). Financial managers believe that the most important thing to consider is the availability than the cost more specifically during those financial crisis or unexpected challenges.
Analysis
Financing Options for a Project
The impact of the finance in a certain projects is essential for it can help its foundation and improvement. Most of the project administrators are utilizing the other financial sources to help additional needs for resources. Projects funds are needed to establish the kind of project that will help the organization to regulate it financial stability and avoid financial distress. Project fund may come in different sources but the most popular source came from the debtors who are willing to support the project. Project financing is a product of business decisions that was blended with the pure project and debt financing. The impact of project and debt financing will be seen competitive outcomes. In studies, the project initiatives with low debt ratios are actually their debt capacity. Specifically, cash is not the same as negative debt when reducing debt and does not guarantee the ability to access similar debt conditions in the future when debt capacity diminishes. When an organization has a saturated debt capacity when it faces financial constraints and when its funding opportunities tend to arrive when cash flows are low when hedging needs are high (Fresard, 2009). Issuing debt in a capital structure has a wide-ranging in terms of costs and benefits. In an overview, the capital structure depends on the specific circumstances of the firm and overall development of the capital market infrastructure. In different industry, the high leverage can reflect poor corporate governance that exerted too much control over organization. The more focus on size and market share while downplaying return on investment (Haksar & Kongsamut, 2003). The more likely to use debt financing as opposed to raising equity and diminishes the control on the ownership. And with this scheme of high leverage is the main symptom in making the sense of governance weaker. When there is a presence of the large shareholder that will dominate the ownership of companies, the pursuance in financing policy has characterized the equity and dominating the companies in their respective industries. The usual strategy in organization projects is also expanding their investments in using borrowed funds although the returns on those investments are declining (Saldaña, 1999). It is because larger organization that have superior access in debt financing is used to apply this kind of strategy, that results in further concentration in industry sales.
Cost Planning
Project cost management is the process of ensuring the project team has completed the whole project within the approval budget. It is the responsibility of the project manager to ensure the project is progressing well in term of cost estimating within the approval budget. As for project fund, the project manager will be using the capital allocated for this project. The fund to be used is solely from the budget of the company and leasing of some equipment was not part of the budget. Basically, the project budget only considered the following costs such as direct costs, indirect costs, time related costs, labor costs, material and equipment costs, transportation costs preliminary and general costs, project office costs and project team costs. For these costs, the cost planning abilities of the project manager is crucial since he is also responsible to inform the top management and stakeholders on the progress report regarding the cost control on the project performance.
Cost Definition
A cost management system consists of a set of formal methods developed for planning and controlling an organization's cost-generating activities relative to its short-term objectives and long-term strategies (Kinney, Prather-Kinsey & Raiborn, 2006). The cost management information system, according to Hansen & Mowen (2005), is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives. The cost control system is not bound by externally imposed criteria that define inputs and processes. Instead, the criteria that govern the inputs and processes are set by the people in the company. Rayburn (1993) stated that the cost control system has three broad categories that provide information for: (1) costing out services, products and other objects of interest to management; (2) planning and control; and (3) decision-making. Since cost control is part of this report, it should be stressed that cost control should help managers decide what should be done, why should it be done, how should it be done, and how well it is being done. For example, information about the expected revenues and costs for a new product could be used as an input for target costing.
Cost Monitoring and Control
Cost monitoring involves allocating the overall cost estimate to the individual work items to establish a baseline for measuring performance to the budget project. The main outputs of cost budgeting process are cost baseline, project funding requirements, requested changes and updates to the cost management plan. On the other hand, Cost Control involves in controlling changes to the project budget. The main outputs of the cost control process are including the performance measurements, forecasted completion information, requested changes, recommended corrective action, update to the project management plan which include cost management plan, cost estimate, cost baseline and organization process assets.
Financial Management
The increasing importance of financial management is answered through the financial manager’s responsibilities. The forecasting and planning takes place if the proposed project for additional business venture proved its potential. Financing decisions are the next step that the organisation should be settled for their major investment. Coordination and control are expected for everyone to achieve their goals. The organisation is also viewing the close deal with the financial to help them in their risk management.
Financial manager faced a big responsibility and the entire organisation expected them to contribute all their knowledge and skills in understanding different market constraints for they believe that in the hands of a financial manager lies the financing source which is need for the future. The fact is, organisation leaders should also consider the voice and the view of the financial manager before making any decisions about financing a project which includes expansion, extension, or product development. The worst part is only realised when all are gone and nothing left for the company. The focus of the organisation in their business should be only on how will make more money but also on how to save and reinvest. If all the responsibilities within the organisation had been employed, it will surely reflect in the performance of the business and competitive advantage.
As previously stated, the context of Financial Distress conforms to the financial capabilities of a firm. However, it was still important to consider the exposure of a certain business to derivatives in the markets. In the case of the financial distress, businesses should have careful assessment of their business process to avoid downfall. They should have risks management. In most businesses today, the cost of guarantee had limited administration's alternatives in dealing with the perils faced by the firm. Actually, one of the most vital and crucial practices was that insurers rated firms according to business in such a way that an excellent business that had few losses were required to pay for the claims of poorly run firms within the same industry. As part of this development risk management shows significant impact in the business practices of most organisations in avoiding financial distress.
Management of business begin to make out that shortened losses projected reduced risk cost concerning project financing. If managers abridged losses they could hold them themselves without resorting to security. Nevertheless, it obtained some time for industries to resolve in management. The subtle curiosity in management is the result of a number of immediate glides. With the current economy, the production and trade has amplified direct investment and financial in unbalanced up-and-coming marketplaces. With this we may say that risk management has also fascinated deliberation as a result of the chronic and well-publicised collapses linked with its implementation. In spite of the improved and specialised and academic concentration paid to risk management, common occurrences still happen when classy firms experience unexpected, abrupt and devastating losses.
Additionally, changing the extent of debt and equity in capital composition, firms and similar organisations can also sway their possibility of liquidation by mitigating the risk admissions they stand for. Firms come out to favour between the degrees and types of disclosures, pretentious those that they think about have an insistent increase in laying others off and supervision into the capital markets. Apparently, Tufano (1996; pp. 1097-1137) argued that other features of the firm's procedures such as their tax lists the convexity can also pressure the total to which administrators confront to ease risks. Besanko, Dranove & Shanley, (1996; p. 1) on the other hand, believes that strategic planners and economists view risk management as being connected to the concern of the firm boundaries. In this arrangement, the decree to ease thorough risks is analogous to the outcome to farm out a particular intention. Consequently, risk management, similar to technology, allotment, or altitude, is a foundation of economical advantage.
With respect to financial efforts, we may also say that, approaches used by any organisation may chip in to their probable achievement rate particularly in the countenance of financial distress that engages the financial facet of the business organisation. The occurrence of a these approaches may provide the organisation a reasonable advantage over their rival organisations throughout their scheme on how the departments or organisation that make up the business are able to work mutually, and together how they set up their standing in order to keep on giving their services to their clients. At this time, the business approaches use involves the businesses tasks and the brands that add to the feat of organisations.
Conclusion
Financing of a project is one of the most important factors in project development. With the use of the appropriate finances, the project can provide what are the things truly needed. But to appropriately execute the financing actions, it is better to have a good planning. A sound planning accompanies with the management and through this principle, the financing is controlled. As a finance manager, the duty is to provide the responsible actions in allocating the funds on the appropriate project activities. Aside from the experience, the knowledge and skills are very helpful in managing and controlling the funds.
Projects are supported with the provided capital and it is very ideal that the organization will give importance on the role being played by the finance manager. It is easy to say that all the funds should be properly allocated but it cannot be done without the sound planning and management. In a deeper sense, the use of the budget or the amount separated from the organization’s capital is the most popular action of the finance manager. Through the use of the budget, the manager can decide on what are the most important things or the important structure that should be first prioritized. The management of the finances comes with the use of the controls. The control of the finance manager is monitored with the use of the records and this is where he can decide on the things that can be use for the improvement of the business.
Managing financial issues in certain project is another important factor of the project that does not only manages the financial aspect of the organisation, it also place a good connection with the financial intermediaries. This is the same aspect of the organisation that faces too much burden if there is an appearance of financial distress. A broad knowledge in managing finance and internal control are part of the financial management. It is important that the project administrators understands the different aspects of the financing and on to what extent they should play in risk. Sometimes, the project administrators’ propellers ignore the lean financing sources of the organisation because of the different expenses involved, capital budgeting programs, working capital strategies, and paying liabilities. Therefore, the project administrators and their finance manager per se should manage to explain these different concepts on the management team and create suitable options if there is really a need for additional funding.
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