A cash flow statement is highly significant to the understanding of a company's financial health because the net income is adjusted for non-cash items and is therefore, an indication of the amount of cash which is available to be used for meeting obligations. The cash flow statement provides information as to the source of cash and explains where the money is spent during a specific period, and is comprised of three sections: 1) operations …shows the cash movement that results from product-sales or services, and includes accounts receivables, depreciation, inventory, and accounts payables, 2)investing...includes cash activities that are involved with equipment, assets, or investments, and 3) financing ....shows movements resulting from activities related to debts, loans, and dividends. Entries in each of the three sections are shown as impacting the firm's cash balance by either increasing the amount of available cash with inflows or diminishing cash holdings by paying bills and meeting obligations. Investor evaluation is not the only benefit to the story, which unfolds on the lines of a cash flow statement. While the picture of a firm's cash flow is a general indication of the company's performance or level of efficiency in cash management, the statement is also a means by which managers can pinpoint problems in liquidity (i.e. cash conversion cycle), make projections (i.e. rate of return and NVP), and guide the selection of strategies for maintaining the firm's solvency.
Analysis of cash flow requires the basic understanding of how activities within a business cycle impact each other. For example, reduction of long term liabilities is caused by an outflow of current assets. Growth in accounts receivables increase net working capital and increase also accounts payables by the purchase of materials to fill customer orders. Bank loans provide cash inflows, but also increase costs by incurring interest expense. Tracing the changes in cash or the interaction between inflows and outflows can divulge not only the liquidity and solvency of a corporation, but also can give valuable clues as to what facets of the business an organization deems as most important to established goals and policies, what levels of risk are considered acceptable and whether business decisions tend to favor liberal or conservative choices.
While short term cash flow statements are connected to the long range health of a corporation, extended periods of negative cash flows have serious implications for a company to be able to continue operations, and therefore, require regular monitoring and immediate problem resolutions. The cash flow problem faced by Lawrence Sports, the course scenario company, has not yet endangered the firm's productivity level, but is a serious sign that requires close monitoring and best-practice solutions in order that the defaulting company's problem is properly assessed, that the short term solutions that are being considered will be sufficient to prevent future recurrence, and that positive cash flows can be re-established. Adding to Lawrence's concerns are the facts that the defaulting company has been a principal customer, contributing the greatest inflow of cash to Lawrence's operating revenue.... that a bank loan and deferred payable account have already been used to address one week of the negative cash flow.... and that future customer relations could be jeopardized by relying upon harsh actions that might force earlier payment.
F) Identify best practices in working capital management in a given industry
G) Evaluate the risks and opportunities of working capital strategies
Analyze the Ethical Implications of Competing Working Capital Alternatives
When obtaining finances for working capital, ethical decisions for an organization have to be made regarding how funding is received for a company as well as how to repay that loan or funding. Many options for receiving working capital exists but how its obtained can become an ethical issue. Since mostly anyone qualifies for this type of advance, it is beneficial for a company such as Lawrence Sports and its potential process, in growing. Going this route will help keep the company current and competitive in the market since this type of funding is used typically for marketing, payroll, and even handling company debt amongst other things. Ethics generally comes to play in obtaining these finances because access could determine a business’s failure or success, literally.
J) Editing
Benchmarked Companies
Hope Bradley – United Parcel Service (UPS)
Over the past 100 years, UPS has become an expert in transformation, growing from a small messenger company to a leading provider of air, ocean, ground, and electronic services. Founded in 1907 as a messenger company in the United States, UPS has grown into a $42.6 billion corporation by clearly focusing on the goal of enabling commerce around the globe. It is a company that has never shied away from reinventing itself with new ideas with its main focus being on customer service. Executives and top management at UPS focus on goals that consist of how to grow business by reaching new markets, how to improve their cash position, how to differentiate products, how to improve customer service, and how to enhance productivity. Much like the scenario, executive management has found ways to establish acquisition amongst the markets that allows the company itself to remain ahead in the market and one of the “top dogs” in its industry. Although the core of the business remained the distribution of goods and the information that accompanies them, UPS had begun to branch out and focus on a new channel, services. As UPS management saw it, the company’s expertise in shipping and tracking positioned it to become an enabler of global commerce, and a facilitator of the three flows that make up commerce: goods, information, and capital. To fulfill this vision of new service offerings, UPS began strategically acquiring existing companies and creating new kinds of companies that didn’t previously exist. UPS has been able to succeed in accomplishing the best practices beyond the industry they have been involved in because of the tactics used by management to involve the spread of powers. Two necessary acquisition moves the company made to keep up with competition was the buy out of Overnight, another competitive transportation company, and the development of the UPS Store. The UPS store can often be compared to the FedEx Kinko’s establishment.
With such a huge volume even today, UPS has had to develop even more innovative technology to maintain efficiency, keep prices competitive, and provide new customer services. The new technology used at UPS spans an incredible range, from small handheld devices, to specially designed package delivery vehicles, to global computer and communications systems.
Within recent years, UPS has even been able to adopt the acronym UPS which is an indicator that it has the capability of a broad expanse of services. Through these acquisitions and creations, UPS sought to serve its customers in a new way. By providing unique supply-chain solutions, UPS allowed its customers to better serve their own customers, and focus on core skills. From this, UPS formed UPS Logistics Group to provide global supply chain management solutions and consulting services based on customers´ individual needs. Over time, UPS has become a leader in global supply chain management. At UPS, global distribution and logistics involves managing not only the movement of goods, but also the information and funds that move with those goods.
In recent years, UPS net profit took a decrease of 13.5% for the first time since 2003. This was due to weak domestic market. However, UPS decided to concentrate on its international market to balance things out. “Strong growth in our international package and supply chain and freight business helped offset the impact of a slowing U.S economy. We will continue to invest aggressively to seize the growth opportunities created by the rise in global trade,” (Page, 2007, p. 1).
Due to UPS’s strive for excellence in every aspect of maintaining its business; they have managed to become successful in all their acquired services. Furthermore, the company has maintained to be true to its origins in maintaining its integrity, reliability, employee ownership and empowerment, and to customer service.
Hope Bradley – Federal Express (FedEx)
Federal Express is an express transportation company founded in 1973 by Fredrick W. Smith. Federal Express is said to have become so successful so quickly because all their competition became weaker at the same time. FedEx’s main focus is to bring returns to stockholders which consist of a great amount of employees. They also have focuses on emphasizing adding value above and beyond just their service of transporting an object from one place to another and a focus of operations in logistics, transportation, and related information. Information about the package is as important as the package itself.
I said that in 1978, five years after FedEx created the modern express industry. Please
don’t misunderstand me. We care a lot about what’s inside the box, but the ability to
track and trace shipments and thereby manage inventory in motion revolutionized
logistics, (Smith, 2007, p. 64).
FedEx’s management’s mission is focused to keep them from diversifying, yet vague enough for the purpose to leave room for growth in all those areas. Like the scenario in the Lawrence Sports example, FedEx merged with Kinko’s in order to maintain a sense of seniority within the packaging industry. This merge and move made the company stronger in ways that provided more options to consumers by being able to do more jobs than just transportation.
Management at FedEx expressed that its goals are to manage collaboratively and collectively and are committed as a team and that their senior leaders are in it for the long haul. Federal Express has five strategies that govern business tactics. These are to improve service levels, lower unit costs, establish international leadership and sustain profitability, get closer to the customer, and maintain the People-Service-Profit Philosophy. Management also placed an emphasis on five focus areas which are having the FedEx outstanding experience, improving service reliability, managing domestic business for revenue and yield, reducing structural costs, and extending global reach. Federal Express operates on a global scale in which they provide services that appeal to most of the world. In result of this, FedEx uses and continues to search for new technology. They allow spending of $1billion a year, for information technology. That commitment keeps customers from switching to other providers, proving that FedEx has excellent global communication with their customers.
Federal Express, in its years of operation, has experienced company weaknesses and resource deficiencies. (Harris, date unknown) Some are its rising prices which are now above their competitors’. They have also had issues with labor disputes with pilots. An organization was formed where there were demands in the changes in pilots’ salaries, retirement benefits, and the fact that FedEx outsources some foreign flights instead of giving their own pilots the job. Due to this, FedEx and its pilots have developed a tentative agreement.
FedEx has opportunities for improvement. FedEx has the desire to continue to expand globally. The company has continued to expand into new technologies or areas within their industry.
In conclusion, Federal Express operates on a global scale and operates in 211 countries providing services that appeal to most of the world. They have such a large market in which to operate, and thus realize tremendous revenues. The constant expenditure on new technology shows that they are committed to their customers. Because of this, FedEx customers are assured that they will always be on top of technology. They are determined to incorporating smaller companies with similar operations under its belt to synergize and control more of the market. Management at FedEx expressed that its goals are to manage collaboratively and collectively and are committed as a team in order for the company to reach its potential to remain one of the leading transportation companies in the world.
Travis Kinney – Ford Motor Company
Ford Motor Company was founded by Henry Ford and was incorporated on June 16, 1903. However, their long history is not a guarantee for future success. According to Edmunds.com Ford “lost $1.6 billion in all of 2005”(Edmunds.com). Making it even worse for Ford is the current sinking economy and a huge spike in gas prices during 2008 that has scared many people away from buying the gas guzzling American cars and trucks that the Ford Lineup offers.
A company must eventually earn profits in order to stay in business. Ford, GM, and Chrysler have all recently run into cash shortfalls. While the latter two companies have required money from the government to stay afloat while they modify their operations Ford has been able to survive on its own cash so far. They have taken measures to increase the amount of days of accounts payable they have.
By extending the amount of days payable they have from 32 to 35 (Ioma’s Report) they are in effect raising the amount of cash they have on hand. There are negative consequences for this however, “some companies are reluctant to stretch payments because they are concerned about how it will look on their financial statements. They do not want potential investors, and perhaps their bankers, thinking that they cannot pay their bills” (Ioma’s Report). Vendors may also not be happy with the later payments as it affects their cash flow also.
However, the vendors that Ford is paying late have a huge interest in helping Ford. If Ford goes out of business they will no longer receive the business that they gain from Ford. It is possible that some vendors will no longer want to work with Ford and may have other options or contracts with other car manufacturers that will keep them afloat. This is something that Ford had to consider before making this change.
Travis Kinney –
Jon Barrett –
Jon Barrett – Procter & Gamble
Procter & Gamble is a company provided health, beauty and household care products with a global reach of more than 280 countries. P&G’s 2008 SEC filing show the company making $5 billion with $1.58 per share, for the quarter compared to $3.27 billion or 98 cents a share the previous year. CEO, Alan Lafley, was trying to increase market share by promoting coupons and expressing value to customers on a budget. According t the Form 10Q, cash generated from operating activities for the fiscal year to date period was $5.6 billion, a decrease of 20% compared to the prior year.
The company’s net earnings, adjusted for non-cash items (primarily depreciation,
amortization, share based compensation, deferred income taxes and gains on the sale of
businesses) provided $8.0 billion of operating cash. This was partially offset by an
increase in working capital, driven primarily by inventory, accounts receivable and
accounts payable, accrued and other liabilities. Inventory increased primarily due to
higher input costs and the decline in unit volume, which drove a 2 day increase in the
amount of inventory on hand, (Procter & Gamble Form 10Q, 2008, p. 1).
This was likely due t n increase in working capital because of inventory, accounts receivable.
P&G has demonstrated that its success depends on its customers, people, and
innovation. Each employee is brought together by the company’s come, and payable on
culture, values, and goals. The company recognizes its diversity as a unique characteristic
and strength and it’s been able to maximize the talents and creativity from these people.
P&G has also demonstrated that not just in business to maximize shareholders wealth but
it’s also a social responsible company, (Gunu, 2008, p. 1).
Procter & Gamble is focused on external factors where they create and deliver products and concepts to build brand equity.
Valeriu Alin Bargan – General Electric
General Electric has grown as businesses year of year since its foundation by Thomas.
GE is the world's largest manufacturer of jet engines, power plants, locomotives and
medical equipment, and a leader in health care, plastics, and lighting. This and other
activity generated revenue of $150 billion last year and net income of $16.3 billion,
(Burton, 2008, p. 1).
Right from the beginning, GE was perpetually developing efficient products through research and innovation. GE leadership has developed effective and viable internal business growth plans that had to be modified from time to time due to mergers and acquisitions in order to maintain the competitive advantage in front of the increased competition. In 1879 was founded Thomson-Houston Company which was a direct competitor to Edison’s business organization. Mergers and acquisition of smaller competitors and patents rights detained by the these two business organization made almost impossible for either of these organization to develop, launch and produce new complete electrical products only with their personal technologies. In consequences in 1892 these business organization receive financial help from JP Morgan to form the General Electric Company (General Electric Company, 2008).
General Electric’s leadership did not have always in the agenda only the business process of mergers and acquisitions of another business organization. In 1970, the leadership of GE took the strategic business decision to sell to Honeywell, the GE’s computer division. This strategic business decision offered to GE the opportunity to withdraw from the computer industry in order to maintain GE’s business focus on entertainment products like network television. Presently, General Electric is the main owner of NBC Universal (General Electric Company, 2008).
At the beginning of 2001, GE’s leadership took the strategic business decision to implement a working capital management system by a successfully converting the accounts payable process to be fully automated. In May 2001, GE’s leadership has communicated that almost 70% of calls were coming from GE’s internal managers enquiring about the vendor’s status payment and 20% from external vendors’ enquiries. In addition, the administrative cost were high because GE’s staffs were using almost half of their time in order to match the invoices of the shipping receipts and purchase orders. The new automated system has furnished the business advantage to increase the staffs’ productivity and to reduce the costs. The cost savings was oriented toward business plans like mergers and acquisitions that represent long-term opportunities. In 2001, General Electric announced acquisitions that totalize nearly $23 billion. “We added new platforms in Power, Medical and Industrial Systems. The Telemundo acquisition by NBC will extend our reach in the fast growing Spanish language segment in the United States,” (General Electric, 2001, p. 1).
Through effective and efficient leadership knowledge, skills and abilities (KSAs) in working capital management and viable strategic business plans GE demonstrated the capability to grow the business by effectively manage the working capital to take advantage of the external business opportunities and to make investment in development of innovative and efficient products. GE annual report for 2001 state:
Cash from operating activities grew to $17.2 billion, up 12% from 2000. Excluding
progress collections, cash was $13.8 billion, up 13% from 2000. Operating margin
expanded to 19.6% from the previous year's comparable 18.9%; return on average total
capital remained at 27%, (General Electric, 2001, p. 1).
Valeriu Alin Bargan – Regions Bank
Regions Bank was created in 1971 under the name of First Alabama Bancshares Inc. This bank was open in 40 locations, which totalize 543 million dollars in assets. Regions bank was founded by three main banks “First National Bank of Huntsville, chartered in 1856, the First National Bank of Montgomery, opened in 1871, and the Exchange Security Bank of Birmingham,” (Regions, 2009, p. 1). Regions Bank had managed efficiently the assets and the back could double the assets to over 1.2 billion dollars by the end of 1974. To accomplish this competitive business position on the marker, Regions Bank took the opportunity to acquire the banks that were in the Regions Bank’s expanding area.
In 1986, the government has voted an interstate banking bill, which permitted the banks from Alabama to buy out states banks. This banking law has offered to Regions Bank the business opportunities to extend the bank’s market share in six more American states like Tennessee, Georgia, South Carolina, Louisiana, Texas and Arkansas.
In 1987, Regions became the first bank in Alabama to provide customers with direct
access to their account information via a computerized telephone inquiry service.
Telephone banking continues to offer customers convenience today. By calling 1-800-
REGIONS customers have access to automated account data and assistance from
financial professionals, (Regions, 2009, p. 1).
In the past 20 years, the tremendous technology revolution has furnished the technical opportunity of linking the telephone communication networks with the computers. This technical development and opportunity has offered the possibility of an essential banking development. This banking development is the creation and launching of the automated teller machines (ATMs) for the banking industry. Taking advantage of the business opportunities that the computers, telephones and ATMs offered, Regions bank could extend and manage more efficiently the cash budgeting process – how much cash goes in and out to any potential customers.
In 1981, the bank established a statewide network of ATMs known as The Right Place
banking machines. With one of the most extensive ATM networks in the state, the bank
played a key role in the organization of a statewide-shared automated teller machine
network, which went on line in April 1986, (Regions, 2009, p. 1).
In the last 30 years, Regions Bank had the enormous business opportunity to increase its assets due to numerous mergers that also offered to the Regions bank to manage and extend the cash budgeting process to much more customers. In 30 years, Regions Bank was capable to attain $100 billion in deposits and to increase the assets from 543 million in 1971 to more then 140 billion in 2006. Because of its effective and efficient cash budgeting process (cash in and out) Regions Financial Corporation could attain one of the top 10 spots in the United States’ banking industry.
Gina Robinson – Dell Computers
The purpose of this writing is to discuss working capital concepts as relating to cash flows and cash conversion cycles, and to present an example, which demonstrates the significance of effective management in maintaining practices that sustain and promote profitability. Critical to the example is the topic of inventory management, the balance between growth and operational practice with respect to profitability, and the importance of tracking and managing cash flows.
Dell Computers is one of the fastest growing companies in the computer industry, with sales in 1997 rising to a hefty 42% more than the next largest competitor (Compaq) does. Return on Dell's invested capital reached 167%, a figure, which translated into 10 times that of the industry's average. One reason for such an astounding success rate was the company's innovative structuring that focused on maintaining low inventory levels and operating on an extremely abbreviated cash conversion cycle. In the words of the firm's founder, "The basic idea was to eliminate the middle man.....build relationships with suppliers, (and) reduce inventories," (Fisher, 1998, p. 1). By moving away from the traditional system of holding large inventories from which sales could later be made, Dell began a program of building products to order, and maintaining only 12 days of shelved inventory. The company was able to assemble, test, pack, and install software in just eight hours from the time an order was received...a fast delivery system, which gave the company a competitive edge against the industry giants such as IBM, Hewlett-Packard, and Compaq. Because Dell bought components on a just-in-time basis, and retail customers often paid Dell more quickly than paying other suppliers, cash flow was positive, profits rose, and growth became the number one focus. Unfortunately, the growth was so rapid that operational practices such as price changing could not be managed. Inventory became glutted, capital
became tied up and unable to be used, cash flows slowed, and Dell discovered the importance of working strategies. The Chief Financial Officer, Thomas Meredith, defined the problem in the following quote: "Any one strength used to excess becomes a weakness. We stumbled because we were singularly focused on growth to the detriment of profitability and liquidity," (Fisher, 1998, p. 1). Mr. Meredith's goal was to reduce inventory and refocus the company on the cash conversion cycle.
As with Dell, the sports manufacturer in the course scenario is facing a critical cash flow problem. While different in cause and origin, and predicted to be more temporary, Lawrence's cash flow crisis in accounts receivable creates a similar result...an extended cash conversion cycle and a shortage of cash that if not properly managed, can prove costly to the company's bottom line and produce long range effects on customer relationships. In this instance, Lawrence's answer to the cash flow problem will not be found on inventory shelves, but rather in short term financing methods that will provide temporary revenue for continued operations.
However, like Dell, Lawrence's focus is on long-range profitability. The cost of addressing the present cash flow problem will be measured by the long-term effect of implementing the best solution.
Gina Robinson – Chrysler Corporation
The purpose of this segment of the paper is to point out the impact, which cash flow decisions can have upon broader aspects of a company's value. As the course scenario company (Lawrence Sports) prepares to make a critical financial decision in dealing with a negative cash flow, a benchmark situation in the Chrysler Corporation is offered in order to demonstrate the critical nature of such a decision.
Following a recent history of serious financial difficulties, Chrysler Corporation has continued on a path of attempted corrective measures in order to side step the deeper concerns of bankruptcy and corporate collapse. Having enjoyed a position of strength within the industry
since conception in 1925, the organization met global competition and economic downturns that have consistently challenged the company's leadership and resulted in the slow and methodical deterioration of an industry giant. From failed attempts at global expansion, to changes in product lines, infusions of loans, and multiple merger projects, efforts have not proved sufficient to remove the existing risks inherent in a weakened economy that continues to endanger
Chrysler's cash flows.
James Joyner reported a cash flow crisis in his article Chrysler Cash flow Crisis that appeared on the online journal Outside the Beltway in June 9, 2008. The company's response was to make a declaration that the firm would begin taking 5% off all purchase orders and would extend payment terms from 45 days to 60 days... even stating that the new approach would include not only future purchases, but would be applied to existing orders. In such a unilateral decision, Chrysler's suppliers would no doubt find themselves in the same position as Lawrence Sports by having to deal with their own cash flow changes upon sudden and unexpected shortfalls. Chrysler's stand worked toward correcting immediate deficits in cash, but was soon met by less favorable results. Shortly thereafter, Moody lowered Chrysler's outlook from stable to negative and affirmed a weakened rating (B3) on probability of default, an erosion which ultimately stressed Chrysler's liquidity profile. Standard and Poor also placed Chrysler on CreditWatch with yet further negative implications (Farago, 2008).
Strategies for correcting cash problems can impact more than the inflow and outflow pattern as Robert Dent, an account manager for Lawrence Sports, is aware. Protecting future business can sometimes mean absorbing temporary losses in order to guarantee future gains. Protecting a firm's reputation can ultimately impact corporate value, ability to make future loans, and customer loyalty and market share. Such benchmarking examples as Chrysler Corporation can only increase Lawrence's concerns regarding the chosen strategy for dealing with a valued customer's financial difficulties. While Lawrence's immediate decision will address cash flow problems, concerns that are more extensive cannot be disregarded.
Conclusion
Working capital management is an important tool in measuring a company’s operational and financial effectiveness within its existing market or industry. The important part of the management of the working capital includes the company’s strategies in how to operate in various environments. Determining the best options for finance for a company can literally be a predetermination of a company’s growth or success in a specific industry. Improving the working capital of a company must be a constant work effort in order to remain leaders in industries and in order to maintain those positions throughout the operations and the company’s existence. Generic benchmarking is performed to reveal how the different companies in similar situations have overcome hiccups within their company that could be used as a good preventative maintenance tool for Lawrence Sports. Many of the company’s that were benchmarked in this paper revealed that the same measures are taken within them that should be done for Lawrence Sports as well, in order to remain ahead of the race. The similar situations are helpful in aiding and guiding a company in decision making processes much like a method of seeing the experience through that particular company being benchmarked. The combined strategies presented are like a blueprint in aiding Lawrence Sports in determining a particular route to take in accomplishing the company goals.
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