I don’t think that a fast growing business will/should run out of working capital. I can name many small companies who are growing fast but are very prudent in managing their cash flow.
It’s important to distinguish between long term capital requirement and day to day operating expenses. It’s OK to raise debt for the first if you are in a fast growth phase and can’t fund that with internal cash. But for the latter a company should be able to consistently generate enough cash, from their operations, to buy raw material, pay their employees, clear their bills and fix broken equipment, at a very minimum, and still have enough for rainy days. If the management can’t do that, then either it’s a reflection of poor quality of management or nature of the industry.
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