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FINANCIAL ANALYSIS: TOOLS AND TECHNIQUES CHAPTER 3

hel78340_ch03.qxd 9/27/01 CHAPTER 3 MANAGING OPERATING FUNDS. We now turn to the key issues surrounding the flow of funds through a business, that is, how to properly manage, on an ongoing basis, cash inflows and funding requirements for day-to-day operations. | hel78340_ch03.qxd 9 27 01 11 00 AM Pagy- -59 CHAPTER 3 MANAGING OPERATING FUNDS We now turn to the key issues surrounding the flow of funds through a business that is how to properly manage on an ongoing basis cash inflows and funding requirements for day-to-day operations. Managers must understand the specific cash movements within the business system which are caused by their daily decisions on investment operations financing and the many external circumstances affecting the business. These decisions and events in one form or another affect the company s ability to pay its bills obtain credit from suppliers and lenders extend credit to its customers and maintain a level of operations that matches the demand for the company s products or services supported by appropriate investments. In the end the combined effect of these decisions is the creation of shareholder value but as we ve stated before only if the net cash flows achieved by the business exceed the market s expectations over time. It should be obvious by now that every decision has a monetary impact on the ongoing pattern of uses and sources of cash. Management s job is to maintain at all times an appropriate balance between cash inflows and outflows and to plan for the cash impact of any changes in operations whether caused by management s decisions or by outside influences that might affect these flows. Properly managing operating cash flows is therefore fundamental to successful business performance. The principle is quite simple Obtain the most performance over time with the least commitment of resources. In practice however leads and lags in receipts and payments unexpected deviations from planned conditions delays in receiving cash from funding sources and myriad other factors can make cash flow management a complex challenge. New businesses often find that balancing operating funds needs and sources is a continuous struggle for survival. Yet even well-established companies need to devote .