Cash Flow Management Strategies and Profitability of Motor Dealers in
First District of Batangas
Chapter 1
THE PROBLEM
This chapter contains the introduction, background of the study, statement of the
problem, theoretical framework, and conceptual framework. Likewise, it includes the
significance of the study, the scope, and limitations of the study, and the definition of
terms that serve as a guide for the researchers in conducting the study.
Introduction
Cash is the most important aspect of operating a business. It is the basic input
that keeps business running on a day-to-day basis. Therefore, it is necessary to
manage cash effectively as a business’ operating environment is quite volatile. A firm
with a sufficient amount of cash is highly liquid, it has the ability to meet all of its
expenses. Whereas, an illiquid firm does not have enough cash. The insufficiency of
cash can act as a drag on the business operations.
Furthermore, business needs to maintains an optimal amount of cash balance.
This is because inadequate cash can slow down production. Whereas excessive cash
can turn out to be expensive as it hampers the earning potential of the business. This
means that having inadequate or surplus cash indicates mismanagement of business
funds. Therefore, the business must lay emphasis on maintaining an optimum balance
of cash and such a cash balance needs to be maintained at the right place, at the right
time and at the right cost (Cook 2019).
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In addition, cashflow in companies is categorized as cash arising from
investments and operations. It represents the cash inflows and outflows that come from
doing business. Managing cash flow is critical to the success of an organization. It
includes how a company manages its operations or business activities, financial
investments, and financing activities. Even if a company makes a profit by generating
more revenue than it spends on expenses, repaying investors, and expanding the
business, it must manage its cash flow properly to be successful. Cash inflows and
outflows must be linked to core business activities for businesses to pay vendors and
suppliers on time and decide when to purchase new assets. It takes time and effort to
improve cash management strategies. However, these strategies can help to forecast
cash needs, accelerate cash collections, and avoid borrowing money to run business.
Thus, cash management helps to manage business’ working capital efficiently. This
means that effective cash management indicates that the business’ working capital is
managed efficiently. It must have sufficient amount of cash at all times to meet its
business needs and it paves the way for meeting current obligations when it comes to
finances.
Similarly, cash flow and profitability help to analyze the company's cash
condition, the cash flow report and profitability is important. Cash flow is a part of motor
dealers finances that is just as crucial, if not more so, than profits. They cannot put the
horse before the cart if they prioritize profitability over cash flow. Dealers who do not
have enough cash on hand to fund operations and costs risk financial difficulty and, in
the worst case, may never even be able to realize those solid profits that looked like a
mirage on the balance sheet. A business needs to have enough cash on hand at all
times in order to succeed. It needs money to buy new assets, pay off bank loans, cover
expenses, and pay taxes.
On other hand the profitability of a motor dealers is typically used to measure its
financial success. Profits, after all, are what support owners' and other shareholders'
income, permit dealers to pay their staff well, and permit the stores to develop and
increase. Profitability is the primary goal of all business ventures and income and
expenses perform as a measure of it. The business cannot survive over the long term
without profitability. So, it is important to assess past and present profitability as well as
estimate future profitability.
In addition, most dealerships gauge financial success by their profitability. After
all, profits are what fuel owners' and other shareholders' income, enable dealerships to
compensate employees generously, and allow the stores to grow and expand. But
some vehicles remaining in stock for an excessive amount of time are unable to be sold,
which is the issue some dealers are encountering. The dealership will have more
money in the bank if you can sell and bring in another popular model more quickly.
Money is practically at hand, but until the car sells, it's reducing your income. With the
comparatively surety of the dealership cash flow cycle, dealerships can become
complacent. They consequently neglect to take simple actions that could enhance their
cash flows and operational functions.
According to Worth (2022), dealers must be cautious not to use their short-term
cash funds for long-term financial commitments. Automotive dealerships experiencing
liquidity issues may face challenges securing loans from banks or financial institutions
to bail them out. While hard money loans and private debt funding are available, these
can be expensive choices for recovery over finding resources where vehicles taking up
space can be quickly sold for a profit.
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In order to avoid cash flow issues dealers must know how to handle cash flow
effectively. Besides, a company's primary objective should also be profitability because,
without it, the company might not last over the long term. In order to assess the financial
health of the company, the owner, employee, etc. should be aware of both cash flow
management strategies and profitability because they are both significant in different
ways. The motor dealers would benefit from this study by being able to monitor the
amount of money that enters a company and calculate its current, previous, and future
profitability. A business that has a positive cash flow suggests that more money is
coming in than is going out. However, the essence of it is the same as with profitability
because it has an impact on securing a business and may attract other customers to
buy. These two things ought to always be connected because, even with a large profit,
poor cash flow management would still pose a challenge for a company.
Thus, it prompted the researchers to study the cash flow management strategies
and profitability of motor dealers in the First District of Batangas. This study provided
deep understanding how cash flow management strategies and profitability can
influence the success of motor dealers and how such strategies can be used to
enhance the business performance.
Background of the Study
The researchers are typically management-oriented individuals who were
interested in learning more about management accounting as preparation for the future.
“Cash flow management strategies and profitability of motor dealers in First District of
Batangas” was chosen by the researchers due to their enthusiasm to help motor
dealers to survive in these trying times.
The first district of Batangas boasted a limited number of private schools
from primary to the tertiary stage of education. Such private schools highly rely
on good budget plans to manage the inevitable ups and downs of the school year
and to ensure that programs are implemented according to the set educational
objectives. Moreover, good financial management facilitates the proper
administration of financial revenues and other school resources using various
budgetary control techniques.
According to Gagel (2014) new generations of buyers are gradually shifting to the
internet as the basis for the entire vehicle sales and aftersales experience. It will be less
likely for any dealer to survive in the competition with other brands, internet shops and
independent workshops. Gagel stated the five reasons why many dealers will fail.
First, they have no good internet accessibility. Answering e-mails, follow up web
page generated leads, making online appointments, sell online. For too many dealers,
all these things are still non-existent, poorly executed or simply not important.
Second is the store opening hours. Many car dealers still require their customer
to almost “take a day off” to buy a car or get a service. Stores closing at 5 or 6 pm, or
closed on the weekends, or even Saturdays are not competitive to the 24/7 internet.
Next is that aftersales experience at many dealers is still quite old fashioned-
except maybe the soft skills friendliness, and also some hard facts like timeliness.
Another is dealers need more than one brand to survive but no one really needs
all the cars of different manufacturers in one showroom. If a dealer does not live for the
brand they display, they will not transport the message and make the brand experiences
rather exchangeable.
Lastly, dealers must stay competitive in the market. Pricing out of the market is
an issue for some dealers. Sometimes it is only perception by the customers, like in
pharmacies thought of being expensive (which they often are, but not always). Their
competition is the web for new vehicles, and the independent workshop for the
aftersales. Not so much the dealer next door. Understanding this helps to have a better
view on what look at.
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The sustainable development goal related to this study is the goal number 8,
decent work and economic growth because in the world of business, it frequently
happens that some companies underpay their workers. Hence, with the help of this
sustainable development goal, the significance of good financial management will be
more emphasized, and employees will receive the appropriate compensation and be
provided with suitable employment.
In light of the aforementioned factors, the researchers carried out a study that
was primarily concerned with methods to maintain better cash flow and profitability for
motor dealers. Its justification made clear that it wanted to determine how important
cash flow management strategies and profitability to the motor dealers in First District of
Batangas. Additionally, it sought to ascertain how profitability and cash flow
management strategies could be applied to enhance business performance. Last but
not least, it advanced the researchers' level of professional development and added to
the body of knowledge.
Researchers believes that this study is pertinent to their course in that it may
offer a number of suggestions for cash flow management strategies and profitability that
are actually useful to management students. Furthermore, research recommendations
can serve as a great starting point for understanding how motor dealers use such cash
flow management strategies and profitability.
Statement of the Problem
This study aims to ascertain the cash flow management strategies and
profitability of motor dealers in First District of Batangas.
In accordance, it sights to answer the following questions:
1. What is the profile of the business in terms of:
1.1 Form of business;
1.2 Number of Employees;
1.3 Years of Operation;
1.4 Capitalization;
1.5 Average monthly income?
2. How do the respondents assess cash flow management strategies in terms of:
2.1 Collection Policy;
2.2 Offer Discounts;
2.3 Manage Inventory Effectively;
2.4 Better Systems?
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3. How do the respondents assess profitability in terms of:
3.1 Net Profit Margin;
3.2 Return on Asset;
3.3 Return on Equity?
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4. How may the response be compared?
5. What plans may be recommended for the motor dealer owners to enhance their
strategies in maximizing profit?
Theoretical Framework
This part of the study serves as the researchers' foundation for developing the
structure of their research. The theory describes the cash flow management strategies
on generating profit concerned with perceptions, as well as its relationship to the study.
Cash flow theory developed by Jensen & Meckling (1986) explains that the
managerial decision team will prefer to hold cash in their reserves so that they can
increase the volume of their firm’s assets and to some extent hold significant power in
financing their investments and making financial decisions.
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According to Cook (2019) cash flow management strategies involves collection
policy, offer discounts, manage inventory effectively and better systems.
First, collection policy enforces a formal collection policy to manage accounts
receivable balance.
Offer customers a discount, if they pay an invoice within 10 days. Sure, they will
collect slightly less cash. But some customers will pay faster, which improves cash
inflows.
Managing inventory effectively is a balancing act. Thus, it may keep a supply of
finished items on hand as inventory if the business is manufacturing. Carrying an
inventory balance quickly fill orders so that clients don’t have to wait. But minimize the
dollars tied up in inventory, while making sure not to lose a potential sale. Another tip for
inventory management; develop a strong relationship with largest customers.
Understanding the future needs of biggest clients allows to pre-plan the inventory
needs.
Lastly, better system includes using software tools that speed up the time it takes
to transfer payments into the company bank account. Thus, it can dramatically improve
cash position if it can speed up cash inflows by just a few days.
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In addition, according to Spaulding (2020) the best measure of a company is its
profitability, for without it, it cannot grow, and if it doesn't grow, then its stock will trend
downward. Increasing profits are the best indication that a company can pay dividends
and that the share price will trend upward. Creditors will loan money at a cheaper rate to
a profitable company than to an unprofitable one; consequently, profitable companies
can use leverage to increase stockholders' equity even more. The common profitability
measures compare profits with sales, assets, or equity: net profit margin, return on
assets, and return on equity.
The net profit margin is the net profit (aka net income) after taxes and excluding
extraordinary items divided by total revenues.
The return on assets (ROA) (aka return on total assets, return on average
assets, return on investment (ROI), is one of the most widely used profitability ratios
because it is related to both profit margin and asset turnover, and shows the rate of
return for both creditors and investors of the company. ROA shows how well a company
controls its costs and utilizes its resources.
The return on equity (ROE), also known as return on investment (ROI), is the
best measure of the return, since it is the product of the operating performance, asset
turnover, and debt-equity management of the firm. If a firm can borrow money and use it
to achieve a higher return than the cost of the debt, then the leveraging creates
additional revenue that accrues to stockholders as increased equity.
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Conceptual Framework
INPUT PROCESS OUTPUT
Profile:
- Form of business
- Number of
Employees
- Years of
Operation
- Capitalization
- Average monthly Data Gathering
income
Analysis and Proposed
Interpretations Recommendation
Cash flow
through Survey
management
Questionnaire
strategies:
- Collection Policy
- Offer Discounts
- Manage
Inventory
Effectively
- Better Systems
Profitability:
- Net Profit Margin
- Return on Asset
- Return on Equity
Figure 1 Conceptual Paradigm of the Study
Figure 1 exhibits the conceptual framework paradigm of the study. It serves as
baseline on determining the cash flow management strategies and profitability in the
First District of Batangas using Input-Process-Output.
Input includes the business profile of the respondents the profile of the business
in terms of form of business, number of employees, years of operation, capitalization
and average monthly income. It also includes the cash flow management strategies
such as collection policy, offer discounts, manage inventory effectively and better
systems. Lastly, the profitability such as net profit margin, return on asset and return on
equity.
Process contains data-gathering procedure, analysis, and interpretations that will
be made by the researchers through the use of Survey Questionnaire as main-gathering
instrument. The gathered data will be tallied, tabulated, statistically treated, and
interpreted.
Finally, the output is the source of action proposed by the researchers to further
enhance the strategies of motor dealer owners in maximizing profit based on the results
of the study.
Significance of the Study
This study will give significance to individuals regarding the cash flow
management strategies and profitability of motor dealers in First District of Batangas.
Also, the study is deemed advantageous to the following:
To the motor dealers, who will serve as respondents of the study, this may
provide knowledge on how they will monitor the cash flow of their business and control
its operations.
To business owners, it may help them to enhance their knowledge of cash flow
management strategies and apply it to their business for better generating profit.
To management accounting students, this study may provide them with a
range of insights and ideas about cash flow management strategies.
To Batangas State University – Lemery, this study may serve as additional or
new reference material that the university can provide to the students in doing any
research endeavor.
To the researchers, this study may certainly enhance their understanding
through the obtained knowledge about cash flow management strategies.
To future researchers, this may be used as reference data for future studies or
for testing the validity of other related findings. This study may also provide essential
information to develop new related studies in the future.
Scope and Limitation of the Study
This study involves the cash flow management strategies and profitability of
motor dealers in First District of Batangas. It focuses only on the specific categories that
entail the cash flow management strategies in terms of collection policy, offers
discounts, managing inventory effectively, and better systems. Also, it includes
profitability such as net profit margin, return on assets and return on equity.
The researchers will accommodate the motor dealers in First District of Batangas
wherein survey questionnaires will be used to gather information. The total population
size of motor dealers will serve as the total number of respondents.
However, this study is limited only to cash flow management strategies in terms
of collection policy, offering discounts, managing inventory effectively, and better
systems. Also, in profitability such as net profit margin, return on assets and return on
equity. Any critical information such as their financial statements and many others will
not be part of the study. The result of the assessment through a survey will serve as the
basis for the researchers to create recommendations to enhance their knowledge in
terms of cash flow management strategies and profitability. Likewise, this study is
delimited to the motor dealers outside First District of Batangas.
Definition of Terms
Net Profit Margin. It is also known as “Profit Margin” or “Net Profit Margin
Ratio”. It is a financial ratio used to calculate the percentage of profit a company
produces from its total revenue. It measures the amount of net profit a company obtains
per dollar of revenue gained (Schmidt 2023). In this study, net profit margin is assessed
as it shows how capable a business is in producing profit and controlling its costs.
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Return on Assets. It compares the value of a business’s assets with the profits it
produces over a set period of time. Return on assets is a tool used by managers and
financial analysts to determine how effectively a company is using its resources to make
a profit Birken and (Curry 2021). In this study, return on assets is evaluated as is it
allows the business to monitor good and bad investments and to analyze long - term
changes in business.
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Return on Equity. It is a measure of financial performance calculated by dividing
net income by shareholders' equity (Fernando 2023). In this study, return on equity is
used to identify the profitability of the business venture and how it generates those
profits efficiently.
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Conceptual Literature
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According to Nwanyanwu (2015), cash flow is among the standards and
parameter that financial statement consumers depend on while making financial and
investment decisions rather than accounting standards which are sometimes misused
and manipulated by managers. Accordingly, the cash flow statement allows investors
and other stake holders to understand how a company runs its operations, particularly
in terms of where its money is coming from, and how it is being spent.
In addition, on his part he opined that the decrease in cash flow management is
based on determining how much an organization is not efficient to rise and this is an
indication of its financial performance troubles. Cash management is therefore
essential, as it is not just about survival or liquidity but it is about the process of utilizing
cash resources to their optimal effect. Hence the need for the preparation of Statement
of Cash flows. According to IAS7, the cash flows of an entity can be classified under
operating, investing and financing activities. Its primary purpose is to provide
information regarding a company’s cash receipts and cash payments; thereby serving
as a complimentary financial report to the income statement and statement of financial
position. Aptly, the cash flow statement answers questions such as, “Where did the
cash come from?” and “What was it used for?”
Cuneyt et al, (2016) posited that, deposit money banks need to apply the
application of cash management techniques to contribute significantly to the
effectiveness of the system by providing an efficient mechanism for the
mobilization of resources and efficient utilization of funds for productive
investment. Effective cash investment means that, firms should meet up timely provision
of cash resources that are necessary to the company’s operations. With
the use of basic cash management tools and techniques, cash becomes a
corporate asset that contributes directly to the firm’s profit.
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Cash management practices refers to the management of an entity’s cash to
ensure that sufficient cash are sustained for entity’s daily operations, finance
opportunities and payments of unexpected services (Samuel & Peter, 2016). Cash
management practices involve the collection, handling, and usage of cash in
effective and efficient manner. It involves assessing market liquidity, cash flow,
and investments. Njeru (2015) defined Cash management practices as a financial
discipline that adopts some principles, regardless of the type of business, size or age of
an enterprise.
Major and Major (2020) defined it as the efficient collection, disbursement and
investment of the organization’s cash while meeting the firm’s liquidity requirements.
Cash management is concerned with the managing of cash flows into and out of the
firm; cash flows within the firm; and cash balances held by the firm at a
point of time by financing deficit or investing surplus cash (Yahaya, 2017).
Jean et al (2007) cash management refers to the step-by-step procedure of
managing liquidity and cash flow of a firm as well as managing risks and processes
related to capital optimization and cash flow. Management of cash covers many
activities and has its major purpose as controlling the company’s cash flow and
efficiently managing its funds. Efficient management of cash flow is vital for all
companies.
Soet [Link] (2018) points out that the aim of managing cash is to find optimal
cash level for creating the highest level of performance for an entity. The major
components of cash management lie in the two aspects; financial reporting and financial
management (Kinyajui, 2016).
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Marus et al (2019) posits that cash management decision is one of the most
important decisions in an organization because of the scarcity of financial resources of
many institutions. He further noted that, businesses are required to maintain a balance
between cash in hand and profitability when conducting day to day operations. Cash in
hand is a precautionary technique that firms use to meet up their short-term
obligations. Financial performance on the other hand is the measurement of what
has been attained by the firm, which is an indicator of the wealth
maximization for a period (Ganiyu et al, 2019)
Research literature
Ghodrati and Abyak (2014) investigated the relationship between operational
cash flow and the returns to stockholders of 54 firms from Tehran Stock Exchange. The
study covered period 2005-2011 and used cross-sectional data, descriptive – analytic
random statistical sample. The study used regression analysis to find the relationship
between operational cash flow and the return of stockholders. The results showed that
there was meaningful relationship between the operating cash flows profitability and the
returns of all stakeholders.
Owino (2014) studied the effect of cash flow management on the profitability of
manufacturing companies operating in Nairobi County. The main objective of his study
was investigating the effect of using current assets on profits of an organization, the
relationship between cash receivables and profitability as well as the effect of
management of incurred costs on the profitability of the firm.
Soet, Muturi and Oluoch (2018) studied the effect of operating cash flow
management on financial performance of mutual funds in Kenya. The study employed
causal research. Secondary panel data from the audited financial statements of 22
mutual funds was retrieved from financial reports for the period 2011-2016. The data
was evaluated using the regression technique. The study found out that operating cash
flow management had significant and positive effect on return on assets and
insignificant and positive effect on return on equity. The study concludes that operating
cash flow management had significant and positive effect on return on assets and
insignificant and positive effect on return on equity.
Nwakaego (2015) looked at the impact of the study on the performance of cash
flows in the food and beverage sector in Nigeria and found that the operational and
financial cash flows had a positive effect on corporate performance.
Akumu (2014) study was on free cash flow and how it affects the financial
performances of companies listed on the Nairobi Securities Exchange. He found out
that cash flow had significant and positive relationship with firm performance.
In Nigeria, a study carried out by Amah, Micheal and Ihendinihu (2016) examined
the relationship between cash flow and financial performance of listed banks in Nigeria.
The findings indicated that net profit (used a proxy for performance) had a significant
relationship with cash flow from operating activities of the sampled banks.
Konak (2018) on his part examined the effect of cash flows on firm performance
through estimating the impact of three types of cash flows that are namely operational,
investing and financing cash flows of companies listed on the Borsa İstanbul Industrial
Index in 10 years’ period from 2008 to 2017. To reveal the relationship between firm
performance and cash flows, cash flows from operating, investing and financing
activities are included in the analysis as independent variables, while ROA, ROE and
Tobins q are determined as dependent variables. Moreover, Pooled Ordinary Least
Squares test and Panel Data technique are employed. The outcomes obtained that
although statistically significant relationship between cash flows and firm performance is
detected, that relationship differed from the effect of the model and the direction of the
relationship on the basis of dependent variables.
Mohammed, Zheng and Sadaf (2017) studied the significance of free cash flows
on the profitability of firms listed at the Karachi Stock Exchange. Descriptive statistics
was used to analyze the impact of free cash flow on the profitability of firms listed at the
KSE. Data were obtained from audited annual reports and financial statements for a
period of five years (2010 –2014). Regression model was used to analyze the
quantitative data. Research indicates that free cash flow is significantly and positively
correlated with profitability of firms on the basis of obtained data.
Sharifi and Asadi (2016) analyzed the relationship between the cash flow and
stock value of 102 companies listed on the Tehran Stock Exchange. The results of the
study show an inverse relationship between cash flow and stock prices.
Bingilar and Oyadonghan (2014) examines the relationship between cash flow
and corporate performance in the Food and Beverages sector of Nigeria. The study
involved a survey of Six (6) Food and Beverages companies quoted in the Nigerian
Stock Exchange. Data were obtained from the annual report and accounts of the
selected companies under study. The relevant data were subjected to statistical
analysis using the multiple regression technique. The results of the study revealed that
operating and financing cash flows have significant positive relationship with corporate
performance in the Food and Beverage Sector of Nigeria.
Ali, et al (2013), studies the association between various earnings and cash flow
measures of firm performance and stock returns in Iran. They used the simple and
multiple regressions to analyze the data for a period of nine consecutive years from
2003 to 2011. The study revealed that company’s performance and cash flow have a
significant negative relationship; furthermore, earning based measures are more related
to stock returns and depict the company performance better than cash flow measures in
some companies with higher accruals.
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Mungal and Garbharran(2014) found that a significant relationship between cash
management knowledge and managing cash flow. This study revealed a correlation
between profitability in the business and implementation of cash management practices
as wellas a correlation between the challenges of cash management practices and their
ability to ensure profitability in their business. The findings of this study revealed that
there is insignificant but positive correlation between profitability in the business and
implementation of cash management practices. So, Implementation of cash
management practices helps the business owner to improve their profitability. The
findings is inconsistent with the previous findings because the owners, managers, staffs
working within the small and medium manufacturing business of kirtipur municipality has
low educational level and low financial status in comparison with the report analysis of
previous findings. Besides that, the contextual factors are also responsible for the
difference in findings.
Akinyomi(2014) found that only limited studies have investigated the relationship
between cash management and profitability in Nigeria. Therefore, this study examined
the relationship between cash management and profitability in the Nigerian
manufacturing firms. Correlation and regression analysis were carried out. The results
revealed a positive and significant relationship between Cash Conversion Cycle and
Return of Equity. In this research, the profitability and sustainability of small and
medium businesses is found to be affected by Cash Conversion Cycle, Cash flow
management, Inventory management. There is a positive but insignificant relationship
between Cash Conversion Cycle and profitability. The finding is considered to be
inconsistent with previous findings because proper cash conversion cycle time is
maintained within the previous finding whereas that is rarely seen within study area. A
buyer delays the cash payment to be done within certain period of time which directly
affects to the companies as well as to the workers. So, proper conversion cycle time
should be implemented for every company to gain profit.
Therefore, it seems that poor cash management practices are a contributing
factor for low profitability in SMEs. This study established the thesis that acquisition of
knowledge of cash management practices was one of the important elements in the
success of a small business.
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Additional references:
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