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Corresponding author:
1 Donetsk Institute of Private Joint-Stock Company “Higher education institution 
“Interregional Academy of Personnel Management”, Ukraine.

DOI: https://doi.org/10.30525/2661-5150/2020-2-4

FEATURES OF ENTERPRISE DEVELOPMENT MANAGEMENT  
BY INDICATORS OF IMBALANCES

Oleksandr Likhota1

Abstract. The paper considers the model of enterprise development management taking into account imbalances, 
which allows to improve its quality in the short and long term. It is proved that the development and operation of 
special management functions, the implementation of strategies in the proposed set of measures improves the 
quality of management in terms of imbalance in the direction of achieving or maintaining the development of the 
enterprise. It is shown that in order to prevent the risk of losses from imbalances it is necessary to use monitoring, 
which will identify factors of economic imbalance of enterprise development indicators and identify trends, and the 
result of its use is to take into account early signals and ensure timely implementation of enterprise development 
strategy. Attention is drawn to the fact that the system of diagnostics of imbalances is characterized by various 
objects and subjects involved in this process, and its object is a complex highly organized dynamic system and 
its elements. Such work on the diagnosis of imbalances should be carried out by the analytical services of the 
enterprise, and in the absence of specialists with sufficient knowledge and experience it is possible to purchase 
analytical services in consulting firms. Attention is drawn to the fact that the initial stages of the technology of 
management decisions are the development of a system of measures, collection of initial information about the 
situation in the company, morphological analysis of external and internal environment, search for options to avoid 
imbalances. In order to assess the possibility of implementing strategic directions, it is necessary to distribute 
them according to the level of priority, adequacy of resource potential, lack of funds, which becomes an incentive 
to increase the economic stability of the production enterprise. Management actions to prevent imbalances in 
corporate governance should be carried out at the expense of internal resource potential, and depending on the 
availability of resource and management capabilities, the following types can be used: management: organization; 
consulting management; crisis management.

Key words: consensus, compromise, imbalance, vertically integrated corporate structures, enterprise development 
indicators, special management functions, control algorithm.

JEL Classification: G32, H12

1. Introduction 
Relevance of the research topic is connected with 

the fact that the development of Ukraine’s economy 
in the crisis is characterized by frequent and sharp 
changes in trends, lack of regularity and sustainable 
development. In real life, this state of affairs can 
be characterized as the presence of systemic 
imbalances, when the characteristics of some 
elements of the economic system do not meet the 
needs of others. In parallel, features of management 
of development of the enterprise by indicators of 
imbalances allow to justify elements and functions 
of the corresponding management system, methods 
of its effective application in practice. In such 
conditions, it is necessary to determine the degree 

of compliance of the theory with the needs of the 
practice of enterprise development management, 
to form requirements for a set of methods and 
tools for diagnosing imbalances and to create 
conceptual provisions for enterprise development 
management.

Analysis of publications shows that this problem 
is given considerable attention in the works of 
B.M. Andrushkiv, Yu.P. Anisimov, A.V. Glazunov, 
E.L. Smolianov, E.M. Korotkov, Т.V. Hrynko, 
S.V. Koverh, N.V. Kasianova, V.L. Tovazhnianskyi, 
O.Yu. Tolkachenko, I.M. Dli, O.S. Masyutin, 
S.V. Shaposhnikov, M. Robson, B. Colasse, 
J.L. Gibson, F. Ullah. Despite the availability of 
these studies, the issue of enterprise development 



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management by indicators of imbalances needs to 
be systematized and further studied.

The purpose of the work is a study of the 
peculiarities of enterprise development manage-
ment by indicators of imbalances.

2. Research materials
It is necessary to start the presentation of research 

materials with the fact that in the current conditions 
of Ukraine there is a significant number of 
imbalances associated with the needs of enterprises 
in the workforce, the mismatch of their products 
to market needs, difficulties in finding investment 
funds. In such circumstances, enterprises are  
forced to work in conditions of systemic  
imbalances, which are superimposed on micro-
imbalances in their internal structure. On this 
basis, when choosing a technology to manage 
the company there is a need to take into account 
the nature of existing problems (standard, typical 
or non-standard) and determine the features of 
management. First of all, we consider the features 
of management depending on the level of balance 
of the enterprise: consensus; compromise; imbalance. 

In condition of consensus, management is 
focused on identifying negative trends. In this 
case, emphasis should be placed on a preventive 
management model based on a diagnostic checklist. 
This model is aimed at anticipating the response 
to critical factors of imbalances and the formation 
of a program of preventive action. In the course 
of such actions, the diagnosis of latent signals of 
threats to the company 's development is carried 
out. The imbalance of the system is often preceded 
by signals, the analysis of which allows to establish 
the nature of the problems, which makes these 
actions very important.

In conditions of economic disequilibrium 
(compromise), there are tendencies of increase of 
tension at the enterprise. In such circumstances, 
a model is needed to balance the interests of the 
company and all stakeholders. This model reveals 
ways to increase the economic balance of the 
corporate structure. Depending on the sufficiency 
of own potential, the range of measures to regulate 
imbalance factors is determined. On the basis of 
regulatory measures the consistent mitigation 
of acute problems with the subsequent change 
of a direction of influence of negative factors is 
provided. In the absence of effective measures, 
there are uncontrolled trends that lead the company 
to deepen imbalance.

Most specifically, the need to manage the 
development of enterprises in terms of imbalances 
is manifested in the crisis period (imbalance). 
During this period, a set of measures is needed 
to identify the objects of imbalances, assess their 
consequences, establish points of imbalances and 
factors of their change, to carry out regulatory 
measures. The result of regulatory measures is 
a gradual increase in the balance of economic 
development of the corporate structure. 

One of the main elements of enterprise 
development management is the diagnosis 
of their economic situation. As indicated by 
E.M. Korotkov, diagnostics provides a definition 
of the state of an object, subject, phenomenon or 
process through the implementation of a set of 
research procedures, identifying weaknesses and 
bottlenecks. Diagnosis is not the one-time act, but 
a process that is carried out in time and space with 
the participation of specialists with a high level of 
qualification (Korotkov, 1997).

In the process of diagnosing enterprises, various 
tasks are solved. Firstly, one of the important tasks 
solved by controlling, according to B. Colasse, is 
the observation of processes occurring in real time, 
comparing the target results with the achieved ones 
(Colasse, 1997). This position emphasizes the 
importance of monitoring in the rapid detection 
of imbalances, but does not take into account 
the strategic manifestation of the imbalance of 
enterprise development processes.

Secondly, in order to prevent the risks of losses from 
imbalances, monitoring is needed to allow to identify 
the factors of economic imbalance of indicators 
of enterprise development in time and to establish 
trends in their changes. The result of monitoring of 
negative factors and trends is to take into account the 
early signals and ensure the timely implementation of 
the strategy of enterprise development management 
in the context of imbalances.

Thirdly, in the process of diagnosing imbalances 
in enterprise development, it is important to 
ensure the effectiveness of the information retrieval 
system. When diagnosing imbalances, not only the 
static condition of the object is investigated, but 
also its development over time. The information is 
grouped in two directions: 
a) the influence of factors that stabilize the system;
b) the dynamic properties of the system and the 
scale of their manifestation.

Fourthly, in regulating imbalances, it is necessary 
to use monitoring as a tool to control the impact 



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of sectoral and territorial environment on the 
company 's activities. During the monitoring it is 
necessary to identify and assess the impact on the 
end result of controlled and uncontrolled factors.

Fifthly, in conditions of increasing imbalance 
of sectoral and territorial environment, the 
monitoring system should be as viable and useful 
as possible, have an innovative character from the 
standpoint of implementing the latest management 
methods and advanced technological processes.

The system of diagnostics of imbalances is 
characterized by various objects and subjects that 
participate in the diagnostic process. The objects 
of diagnosis are both a complex highly organized 
dynamic system and any element of this system, 
which should be represented from the standpoint 
of stakeholders. As O.V. Glazunov points out, 
stakeholders in the diagnosis may be the owners of 
enterprises, their contractors, banks, tax authorities 
and others (Glazunov). Practical work on the 
diagnosis of imbalances should be carried out by the 
analytical services of the enterprise, but specialists 
may not have sufficient knowledge and experience 
to conduct diagnostic procedures. In such cases, 
it is possible to purchase analytical services in 
consulting firms. Retraining and raising knowledge 
of the specialists of the production organization 
provides more accessible opportunities.

The initial stages of the technology of management 
decisions are the development of a system of 
measures, the collection of initial information 
about the situation in the company, morphological 
analysis of the external and internal environment, 
the search for options to avoid imbalances. In this 
sense, the technology of management decisions 
is narrow and should be presented as an active 
process of movement of the company from 
the priorities to obtain the planned results in 
management. On the basis of the chosen priorities, 
options of their realization, which become a basis 
of directions of development of the enterprise, are 
defined. For the formation of such options and 
the program of their implementation, barriers to 
sustainable development should be established. 
To create development programs, it is necessary to 
identify factors that influence the causes of negative 
trends. Given the influence of such factors, the 
strategic directions of development of enterprises 
of vertically integrated corporate structure are 
determined.

Assessing the possibility of implementing 
strategic directions, they are distributed 

according to the level of priority, the adequacy 
of resource potential is considered, and if 
there is a lack of funds, they are reviewed. As 
N.V. Kasyanov points out, the implementation of 
these areas becomes an incentive to increase the 
economic stability of the production enterprise 
and makes it possible to avoid imbalances at the 
macro and micro levels (Kasyanova, 2014).

Management actions to prevent imbalances in 
corporate governance should be carried out at the 
expense of internal resource potential. Depending 
on the availability of resources and management 
capabilities in solving problems, the following types 
can be used: organization; consulting management; 
crisis management. The organization is carried out 
by the company 's specialists while improving the 
effectiveness of interaction between its employees. 
This type involves the use of the resource 
potential of the corporation in order to carry out 
independent measures to reduce the risk of losses 
from imbalances. The application of organization 
model largely depends on the competence of 
management. Most often, in the management of 
the corporation there are specialists who have 
the necessary competencies, but managers may 
not have such competencies, which reduces the 
effectiveness of the measures taken. In many cases, 
as imbalances increase, owners reduce control 
over the actions of managers, which can also pose 
an additional risk of making erroneous measures 
in making appropriate management decisions. 
Thus, in order to form a development strategy that 
allows to balance the goals of all stakeholders, at the 
first stage it is necessary to identify development 
priorities for each of the enterprises that are part 
of the vertically integrated corporate structure 
(VICS). 

At the second stage the competitive position 
of the enterprise in the market is defined, i.e. 
the degree of performance of the revealed 
requirements of interested parties at the enterprise 
and at competitors is compared. When conducting 
periodic tracking of changes and constructions of 
“profiles” of your company and competitors, you 
can get very useful information, the analysis of 
which will give an interpretation of tactical and 
strategic actions of competitors.

The third stage is related to the definition 
of the relationship between the requirements 
of stakeholders and indicators of enterprise 
development, as well as the establishment of 
mutual correlation between indicators of enterprise 



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development, which allows to take into account 
their impact on each other. It should be noted that 
when calculating and controlling development 
indicators, managers forget about such a category 
as the quality of management, which plays an 
important role in the successful development of 
the enterprise. Based on the above, it is advisable to 
divide all indicators into two groups: indicators of 
management quality, which characterize the level 
of development tools and methods of management 
as a whole, and its individual units and indicators 
of organizational development, which characterize 
the level of corporate structure and its units.

At the fourth stage, the final list of indicators of 
enterprise development is determined and their 
planned values are calculated. Based on the obtained 
actual values of development indicators and their 
planned values, an enterprise development strategy 
is created, which has the following advantages: the 
strategy will take into account the requirements 
of all stakeholders; will take into account the 
impact of various development indicators on the 
implementation of these requirements; meeting the 
requirements of stakeholders will be correlated with 
the current competitive position of the enterprise; 
the influence of development indicators on each 
other will be taken into account, which will allow to 
avoid mistakes in the planning, when, for example, 
the necessary increase of one indicator leads to an 
undesirable decrease of another; strategic decision-
making will be more reasonable, as it will be based 
on quantitative data obtained by calculation.

In case of a further increase in the imbalances in 
the development of the enterprises of a vertically 
integrated company, it becomes necessary to 
manage taking into account a number of priority 
measures:
– information on the occurrence of imbalances 
should not be share outside the corporate structure;
– the control over the factors provoking imbalances 
is provided from the moment of their occurrence;
– development management taking into account 
imbalances justifies the need to preserve and restore 
the economic activity of the main enterprises of the 
technological chain.

For realization of the specified directions, the 
scheme of management of development of the 
enterprises of corporate structure taking into 
account imbalances is presented (Figure 1). The 
developed algorithm for managing the development 
of the enterprise on the indicators of imbalance 
contains four main stages, which involve the use 

of appropriate mathematical methods: regression 
analysis; сomprehensive operational assessment; 
risk analysis of losses from imbalances; assessment 
of the effectiveness of the management mechanism 
of enterprise development by indicators of 
imbalance.

This stage of the study must be completed 
by assessing the economic effectiveness of the 
proposed algorithm for managing the development 
of the enterprise by the indicators of imbalance of 
development factors and with the help of special 
management functions.

In order to solve this problem it is necessary to 
consider the concept of economic effectiveness of 
the process and the mechanism of development 
management by the indicators of imbalance. Several 
approaches to defining the nature and essence 
of the concepts of quality and effectiveness of 
management are proposed. Comparing indicators 
of quality and effectiveness of the process of 
functioning of the system as factors of structural 
analysis, some approaches determine its structure 
in the magnitude relation “causes – results”, and 
another determine the algorithm for converting 
resources into results. Quality indicators are 
evaluated by comparing the homogeneous 
characteristics of the properties of the object, actual 
and target indicators. In this case, the effectiveness 
should take into account various indicators of 
results (system outputs) and resources (inputs), 
which characterize the usefulness of the results of 
their consumption.

A well-known specialist J. Gibson believes that 
the concept of effectiveness should be based on 
a temporal model of organizational effectiveness 
(Gibson, 2000). The scientist emphasizes 
organizational effectiveness as the ratio of the 
results of its activities to the costs used for these 
resources-factors. Moreover, short-term results can 
be the increased sales, reduced losses, costs and 
more. To the list of internal (individual and group) 
effectiveness factors in the short term, J. Gibson 
includes quality of work, flexibility of reactions, 
staff satisfaction, and in the long run – taking into 
account external opportunities and environmental 
threats. In the author's opinion, the effectiveness of 
assessing the quality of management of economic 
processes should be defined as a measure of the 
result from the standpoint of efforts spent to 
achieve it. Evaluation of indicators of the level 
of balance, quality indices and performance of 
special functions of development management 



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by indicators of imbalance, characterizes the 
complexity of this system. The gradual process 
of increasing economic effectiveness is carried 
out using the established algorithm and special 
control functions that reduce the level of imbalance 
and reduce the economic risks of losses from 
imbalances. Thus, the application of this algorithm 
and management functions makes it possible to 
regulate the imbalance in the development of 
enterprises and, consequently, increase economic 
effectiveness in the process of reducing risk losses
∑i∑jVDij → min.
The criterion for minimizing losses from 

imbalances is the minimum of integrated 
mathematical expectation of losses from risks of 
imbalance. This provides a minimal integrated 
mathematical expectation of losses. Analytical 
representation of the integrated mathematical 
expectation of losses from imbalances is a simple 

arithmetic sum of the mathematical expectation of 
all types of losses.

3. Conclusions
As a result of the study, the following conclusions 

can be done: 
1. Management of enterprise development taking 

into account imbalances allows to improve the 
quality of development management in the short 
and long term, which is expressed in an integrated 
indicator of the level of balance in the range of 
“compromise – consensus”.

2. To reduce economic losses from delayed 
response to the regulation of imbalances in 
enterprise development; to assess the economic 
losses resulting from the occurrence of a risky event 
due to an imbalance; to take measures to reduce 
imbalances in the development of the enterprise 
through appropriate strategies. 

 

Implementation of methods and 
strategies for managing the 

development of enterprises by the 
indicators of imbalances using basic 
and special management functions

The choice of methods and 
strategies for managing the 

development of enterprises by the 
indicators of imbalances

Formation of the 
system and 

Definition of target tasks: 
norms and planned 

indicators of quality of 
management of 

development of the 
enterprises of corporate 

structure by indicators of 
imbalances

Assessment of compliance with 
quality indicators of enterprise 
development management by 

indicators of imbalance

Formation of 
enterprise 

development 
management 

strategy

Assessment of the level 
of imbalance of 

enterprise development 
on the basis of 

development indicators

Results: compromise 
of interests of the 

corporation and its 
business structures

Quality control of 
enterprises of VICS 

development 
management by 

indicators of imbalance

Figure 1. Decision-making on the regulation of imbalances



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3. Development and operation of special 
management functions, implementation of 
strategies in the proposed set of measures improves 
the quality of management in terms of imbalance 
in the direction of achieving or maintaining the 
development of the enterprise. 

These provisions characterize the management 
system of a vertically integrated corporate structure 
with the simultaneous provision of values and 
motives, attitudes and threats, the definition of 
conditions that may be a motive or barrier to 
productive work.

References:
Korotkov, E. M. (1997). The concept of management. Moskow: Deka, 304 p.
Colasse, B. (1997). Management of financial activities of the enterprise: Problems, concepts and methods. 
Translated from French. Moskow: Finance: UNITI, 575 p.
Glazunov, A. V. Balance of interests of stakeholders. Available at: http://quality.eup.ru/DOCUM6/
balans-interesov-zainteresovannyh-storon.htm
Kasyanova, N. V. (2014). Assessment of the balance of enterprise development potential. Management 
models in a market economy: Coll. Science. Donetsk: DonNU, pp. 62–73.
Gibson, J. L. (2000). Organizations: behavior, structure, processes. Translated from English. 8th ed. 
Moskow: INFRA-M, XXVI, 662 p.