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Extra info for Corporate Finance: Theory and Practice
The operating cycle will no longer be the same. The greengrocer may, for instance, begin receiving deliveries once a week only and will therefore have to run much larger inventories. Admittedly, the impact of the longer operating cycle due to much larger inventories may be offset by larger credit from his suppliers. The key point here is to recognise that the operating cycle will change. The operating cycle is different for each business and, generally speaking, the more sophisticated the end product, the longer the operating cycle.
Casting the ﬁnancial manager in the role of salesman also underlines the marketing aspect of his job, which is far from theoretical. He has customers (investors) that he must persuade to buy the securities his company issues. The better he understands their needs, the more successful he will be. To ensure that over the long run the company uses the resources investors put at its disposal to generate a rate of return at least equal to the rate of return the investors require. If it does, the company creates value.
Financing activities to fund these cycles: ◦ the debt cycle; ◦ the equity cycle. 1 Or sometimes as a statement of changes in financial position. 1 OPERATING AND INVESTMENT CYCLES 1/ THE IMPORTANCE OF THE OPERATING CYCLE 2 That is, credit granted by the company to its customers, allowing them to pay the bill several days, weeks or in some countries, even several months, after receiving the invoice. 3 That is, credit granted by suppliers to the company. Let’s take the example of a greengrocer, who is “cashing up” one evening.