No Stone Unturned: Strategies for Cash Management in Hard Times

Finance executives, faced with tight credit markets and a shrinking economy, are looking beyond conventional improvements in working capital management to protect their bottom line and strengthen liquidity.

For a start, companies are:

• Stretching out payments
• Working down inventories
• Reducing capital spending
• Aggressively collecting Accounts Receivable (AR)
• Auditing their billing and collection processes
• Reining in extended terms to customers
• Belt-tightening in general

More and more companies are going beyond these measures, selling assets and short-term investments, refinancing equipment, seeking overseas markets and divesting low-margin lines of business. They are relying less on credit and holding the line of costs and back-office operations but still investing in sales people and relationship. Some are aggressively attacking weaker competitors and taking advantage of distressed acquisition opportunities. No opportunity for keeping their companies well funded is going unexplored.

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