Best Practice Working Capital

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1 Best Practice Working Capital Introduction to bpworkingcapital & Services MacArthur Discussion Group 7 th April 2010

2 About bpworkingcapital Specialists in Best Practice Working Capital Improvement Focus - small & medium business National, regional & metropolitan Principals & Experience Stephen Hilton, Strategy & Business Development Richard Yuen, Operations Mark Huxtable, Working Capital Services 30+ years Domestic & global organisations,15+ countries

3 Client Experience

4 Working Capital Processes Cash Receipt & Allocation of Cash Cash Collection Customer Service Billing Customer Strategy RECEIVABLES MANAGEMENT Order Fulfillment Sales Credit Check Risk Contract Sales Order Processing Cash PAYABLES Purchasing Strategy Budgeting & Forecasting Distribution Warehousing Production Production Planning Supply Chain Strategy SUPPLY CHAIN MANAGEMENT Raw Material Planning Product Range Forecasting Sales Order Processing Production Scheduling From Quote to Cash Payment Issuance Invoice Processing PAYABLES MANAGEMENT Originating Requirements Selecting & Negotiating From Order to Distribution Discrepancy Receiving & Evaluating Ordering & Contracting From Purchase to Pay

5 Services Workshop mentoring programme Working Capital Audit Advisory Invoice Finance

6 Workshop Programme Outline Workshop Presented by bpworkingcapital Covers AR, AP & Inventory management What is & why use Best Practice? Theory & Content Practical exercises Case Studies Mentoring Provided by bpworkingcapital & partner Practical implementation directly into business operations

7 Programme Objective Implement sustainable Best Practice working capital improvement and management into the business across: Accounts Receivable Accounts Payable Inventory

8 Intended Outcome Deliver benefits of approx % across DSO (receivables), DPO (payables) and Days Inventory (stock)

9 Outcomes Generate cash from operations vs. external finance Understand trade-offs Accurate measurement all WC functions Identify sub-par business performance Agree achievable WC targets Overall reduction in WC requirements Measurable & sustainable improvements

10 Methodology Attributes: Best Practice Sustainability Theory and Content Practical Implementation Operational Model Measure Empirical Proven Scalable

11 Measurement Examples Days Sales Outstanding vs. Best Possible Days Payable Outstanding vs. Best Possible Inventory Days vs. Best Possible Cover Stock Analysis vs. Best Possible Safety Stock Analysis vs. Best Possible

12 Terminology DSO Days Sales Outstanding DPO Days Payable Outstanding DI Days Inventory WACC Weighted Average Cost of Capital Days Pareto Gap Customer Service Level

13 Working Capital Myths Myths & Misconceptions around Working Capital We run the business, working capital pretty much looks after itself We ll get to that later it is fundamental to operational and financial management is a good barometer of business health never underestimate the influence of people & their behaviour

14 What is Best Practice? Empirically proven & repeatable techniques that deliver measurable, sustained performance improvements it is not our opinion or belief!

15 Why Best Practice? Improves Business. Processes & Performance Day to day Operations Strategy Efficiency & Effectiveness

16 Best Practice: Why Important to SMEs? Scalable Proven Practical Measureable Implementable Repeatable provides desired Objectives & Results

17 Working Capital Best Practice Facts A number of views about Best Practice:.not one size fits all.varies from company to company depending on sector, complexity and size

18 Cash Working Capital is Interlinked & Cross Functional Working Capital Strategy DPO INVENT DSO Budget Product Range Quotation & Pricing Terms Originating requirements Forecasting Sales & Marketing Risk Mgmt Selecting the Supplier Production Planning Customer Order Handling Ordering & Contracting Production Billing Receiving & Approval Cash Collection Warehouse & Distribution Payment Cash Allocation & Mgt Fulfil / Supply Payables Receivables Dispute Mgt

19 Working Capital Best Practice Facts Holistic view not in isolation Improvements require coordinated efforts across the company Commonly-understood key metrics are essential Improvement provides the Cheapest Source of Cash Accurate timely information assists to manage working capital Priorities have to be agreed or efficiency & effectiveness is diminished Successful initiatives begin with a PLAN

20 MacArthur Discussion Group Relationship? Strategic business relationship Deliver all services to existing and new clients MADG members to provide mentoring services Revenue share

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