Analysis of Financial Management and Cash Flow

The assignment provided is an analysis of financial management and cash flow, which includes a review of various research studies on topics such as intellectual capital, market value, and financial performance. It also covers the benefits of long-term vs. short-term financing, cash management processes, and performance measures in strategic and corporate entrepreneurship. The document provides a comprehensive overview of these topics, including relevant illustrations and references to online resources.

FINANCE FOR STRATEGIC
MANAGERS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Activity 1.........................................................................................................................................1
1. Assessing why financial information is needed in business...................................................1
2. Identifying business risks related to financial decisions.........................................................2
3. Summary of financial information required to make strategic business decisions.................3
ACTIVITY 2....................................................................................................................................4
1.purpose, structure and content of published financial statement.............................................4
2. Interpretation of the financial statement ................................................................................8
3. Calculation of financial ratio from the statement ...................................................................9
Activity 3.......................................................................................................................................10
1. Difference between short and long financial requirements of business................................10
2. Long term and short term sources of finance .......................................................................12
3. Technique of cash flow management ..................................................................................13
ACTIVITY 4..................................................................................................................................15
1. Kind of ownership structure, their legal requirement and role of manager and owner in
these structure ...........................................................................................................................15
2. Methods of appraising strategic capital or investment project .............................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Financial decision also known as capital structuring is process of identifying the funding
and financial sources option for business. Financial decision comprise question regarding money
arrangement like how, when and amount of money required for business. These decision are
taken after taking acquiring cost, risk, flexibility and interest rate of available finance sources.
This report will articulate about importance of financial decision and risk associates with these
decisions. Study will help in knowing the role of financial information in taking strategic
decision. Furthermore, interpretation of key financial information and ratios is also given. Report
will render decent understanding of short term and long term financing option along with cash
management techniques. It will also discuss about kind of ownership, their legal requirement and
obligation and role of manager in each legal structure. Lastly, methods to apprising the capital
and investment project also cover in report.
Activity 1
1. Assessing why financial information is needed in business
The final accounts are quite important part of the business as it helps to ascertain
financial position with ease. The financial information is needed for analysing business income,
operating expenses incurred in the best manner possible. It is helpful for company so that
business may be able to ascertain whether income exceeds expenses or not (Srivastava, 2014). If
expenses are more than that of income earned, then company is required to take remedial actions
so that operating expenses may be alleviated up to certain extent and profits may be attained
quite effectually. The objective of financial information is clear as it helps to analyse whether
business is financially sound or not.
Financial information is needed in business which is then used to prepare financial
statements such as income statement, balance sheet, cash flow statement and statement of
changes in equity etc. With the help of these statements, stakeholders of company such as
managers, shareholders, investors, customers, suppliers, employees, government and taxation
authorities are able to go through financial statements and then take decisions accordingly.
Financial position, performance and changes occurred in for a particular period can be assessed
with the help of financial statements being prepared from supplying financial information quite
comfortably (Feijóo, Gómez-Barroso and Voigt, 2014). This means that business may be able to
attain clarity regarding overall position and its strengths and weaknesses may be identified.
1

In accordance to financial position, company may be able to take decisions which will
enhance its position in the future. This will help to make well-structured decisions and as a
result, it may be able to accomplish desired profits by initiating healthy strategies. Thus, it can be
said that financial information is quite useful for business in analysing information in the best
way possible and take righteous decisions by incorporating strategies and achieve goals with
ease. Moreover, control may be initiated on expenses so as to reduce the same which obstacles in
garnering profits and thus, business would be able to attain stated goals by having transparent
financial information through financial statements.
2. Identifying business risks related to financial decisions
The business risks is termed as potential for organisation's actual returns varying from
expected returns. The type of business risks depends upon the operational activities being
conducted by company. Moreover, business risks which relates to financial decisions are listed
below-
Financial Risks
The financial risk arises due to events that weaken earnings of organisation and as a
result, affect shareholder's wealth up to a major extent. Shareholder's wealth will be diluted
because they may value organisation by discounting firm's projected cash flows. These types of
risks including changes in equity prices, credit spreads, interest rates, commodity and credit
which are risks to capital of company as it becomes unable to meet its present financial
obligations and not incurring significant losses (Macedo, Pinho and Silva, 2016). Thus, it is
required to ascertain risks in order to ascertain inaccuracy and make timely remedial actions.
Operational Risks
It is another risks which arises due to making financial decisions. The operational risk is
particularly related to organisation's internal activities and includes process risk. It pertains to
lack of desired resources which are essential for making up operational tasks in the best manner
possible. It includes employees, processes, materials and necessary equipments and machineries
(Nordmeyer. 2018). These are the inputs which are used for producing outputs in effective
manner. It can be said that business requires these inputs and in the absence of any of these
resources, outputs cannot be produced and thus, risk arises.
2

Strategic Risks
The strategic risk is related to business environment where organization operates. The
business activities and company's communication with investors. On the other hand, business
environmental risk means to issue with the markets in which company buys and sells goods and
services and government regulations and relate compliance issues. This means that business
needs to make well-structured strategies and as a result, strategic risk can be minimized. It also
includes unfavorable downturn in supply or demand for organization's commodities and rivals
with whom business competes for revenue and supplies up to a maximum possible extent.
3. Summary of financial information required to make strategic business decisions
The financial information is required and it can be ascertained by preparing three basic
financial reports such as balance sheet, income statement and cash flow statement which should
be in accordance to the guidelines being issued by GAAP (Generally Accepted Accounting
Principles). This is because it will be difficult for making strategic decisions on the basis of
inaccurate financial information. These are listed below-
Balance sheet
It is summary of business position at a certain point of time highlighting assets, liabiities
and shareholder's equity. It provides picture of strength of business and days of working capital
implying how effectively company could handle changes in sales. Balance sheet is also helpful
in identifying such as debtors cycle works and how net profits are being utilised and how often
machinery is replaced (Evans, Hodder and Hopkins, 2014). Thus, financial position helps to take
strategic decisions.
Income statement
It is another useful statement which helps to ascertain revenue and expenses during the
particular point of time, usually it is prepared at the end of financial year. The major purpose of
preparation of income statement is to show how firm has performed over the past year which
lists down sales and expenditures and profit or loss accomplished serving need for strategic
decision-making in the best manner possible.
Cash flow statement
The cash flow statement outlines inflows and outflows of cash for the particular period.
The cash movements are outlined for time and also it highlights various activities in which cash
inflows and outflows are arrived. The cash flow statement has three activities such as operating
3

activities, investing activities and financing activities (Nimtrakoon, 2015). It is required that cash
receipts must exceed cash payments for favourable cash balance and position of business quite
effectively. Hence, management may be able to take strategic decisions by relying on these
financial statements.
ACTIVITY 2
1.purpose, structure and content of published financial statement
The main purpose of the financial statement is to provide the stakeholders with the
accurate information relating to the organisation operations and the performance of the firm in
the market. The company by using the financial statement is able to provide information about
results of operation, financial position, cash flow of the organisation (McMillan and Overall,
2016). Financial statement help managers in making decision for improving the performance of
the organisation by analysing the financial information. Shareholder use this information to
determine the risk and return of this investment through use of the financial statement.
Financial statement are used by management for making effective decision for increasing
the profitability of the firm. It provides the information relating to the organisation activities for
formulating various policies and procedures for future growth (Falkheimer and et.al., 2017). The
purpose of financial statement is to provide the information top the stakeholders about the
current position of the firm it assists in identifying the liquidity of the business. The financial
statement are prepared by every company as it assist in providing the information to the readers
regarding the financial status of the firm. The structure of financial statement includes profit and
loss statement , balance sheet and cash flow statement.
The profit and loss statement contains the information relating to incomes and expenses
of the business by conducting the operational activities. This statement shows the profit earned
by the business by recording the information of the incomes and expenses. Balance sheets of the
business contains the information relating to assets and liabilities which provide the information
relating to the financial position of the business (Gliedt and Hoicka, 2015). Cash flow statement
record the information regarding the cash inflow and outflow for the period which assist in
determining the cash actual present with the business which will assist in conducting the future
activities of the business. The following shows the financial statement of the marks and Spencer
which consist of profit and loss statement, balance sheet and cash flow statement.
4

Profit and loss statement of marks and Spencer
5

Balance sheets of Marks and Spencer
6

Cash flow statement
7

2. Interpretation of the financial statement
The financial statement shown in the above question includes the profit and loss
statement balance sheet and cash flow statement of marks and Spencer.
Interpretation of profit and loss statement : The profit and loss statement is prepared
in order to determine the profits earned by the business. This statement assist in improving the
future performance and profitability by making affective strategies for increasing the profitability
by improving the area which increased the expenses. From the income statement it can be
interpreted that Gross profit of marks and Spencer in year 2018 is $4,047 and its total operating
expenses in the same year were $3377 and its operating income is $671 and its net profit for the
period is $26.It provides that Marks and Spencer earned the profit of $26 in the year 2018.
Interpretation of Balance sheet : The balance sheet contains the information relating to
assets and liabilities of Marks and Spencer. It assists in identifying the financial position of the
business on a particular date. From the above balance sheet of Marks and Spencer it can be
interpreted that it have total cash equals to 221. Its total current assets are 1318 and total non –
current equals to 6232. Marks and Spencer have total current liabilities equal to 1826 in the year
2018.moreover, It has non current liabilities which is equal to 2768 in 2018. Furthermore, the
total shareholder equity of Marks and Spencer is 2957. It shows that the organisation financial
position on a specific date.
Interpretation of cash flow statement : Cash flow statement consist of three activities
which includes operating activity, investing activity and financing activity. From the cash flow
statement of Marks and Spencer it can be interpreted that net cash as per the operating activity is
determined as $850 in the year 2018. Moreover, The Net cash used for investing activity is equal
8

to (316) which is a negative balance. Also, the cash provided by financing activity is equal to
(765) it is also a negative balance. The cash at the beginning of the period is 406 and at the end is
171. The free cash flow as per this statement is $501 for the year 2018.
3. Calculation of financial ratio from the statement
Profitability ratio
Particular Formula Amount
sales 10698
gross profit 4047
net profit 26
Total assets 7550
Gross profit ratio Gross profit / sales * 100 37.83
Net profit ratio Net profit / sales *100 0.24
Return on Assets Net profit / Total assets *100 0.34
Liquidity ratio
Particular Formula Amount
Current assets 1318
Current liabilities 1826
stock 781
shareholder equity 2957
long term debt 1623
Quick assets 537
current ratio Current assets / Current liabilities 0.72
Quick ratio Quick assets / Current liabilities 0.29
Debt / equity ratio long term debt /equity 0.55
Efficiency ratio
Particular Formula Amount
9

COGS Sales – Gross profit 6651
Opening stock 759
closing stock 781
Average stock Opening inventory + closing inventory/2 770
opening fixed assets 6569
closing fixed assets 6232
Total fixed assets 4394
Sales revenue 10698
Opening total assets 8293
Closing Total assets 7550
Average fixed assets Opening fixed assets + closing fixed assets /2 6401
Average total assets Opening + closing /2 7922
Stock turnover ratio COGS / Average inventory 8.64
Fixed assets turnover ratio Sales / Total fixed assets 1.67
Total assets turnover ratio Sales / Total assets 1.35
Investment ratio
Particular Amount
EPS 0.03
DPS 0.38
Marks and Spencer by suing this ratio is able to make effective decision for the future by
using the ratio such as profitability ratio the organisations able to identify the profitability by
using the net profit ratio, gross profit ratio and return on assets. Moreover, The organisation by
using this ratio can improve its performance by implementing various strategies for increasing
the revenue. Moreover, the Firm By using the liquidity ratios is able to identify its liquidity
position by identifying the current assets and liabilities (Hirshleifer, 2015). It provides
information to the company that it is having current assets for meeting its current obligations.
Efficiency ratio support the firm in identifying the information that the assets are used properly
for increasing the sales revenue. The investing ratio assist in providing information about the
10

returns the company provide to the shareholders. This ratios help in providing information
regarding the improvement in various areas of business activities.
Activity 3
1. Difference between short and long financial requirements of business
Short term finance necessities also known as working capital requirements. This money
is required to pay short term financial obligation which occurs on daily basis. Short term
expenses are made to generate revenue and generally paid in cash mode(Graham,Harvey and
Puri,2015). Company has to arrange amount for long term business decision and transaction.
These short term and long term necessity are given below:
Variable expenses
Short term finance are use for Cost and expense which directly attached with amount
production volume and change in activity level is called variable expenses. These expenses are
increases with increased level of production and vice versa. So manager has to arrange extra
money for additional manufacturing. Material cost, labour rate, delivery charges, daily supplies,
wages and salary, payrolls, commission on sale, transportation cost, Utility payments are the
common fluctuate cost of any business(Akingunola,Olawale and Olaniyan,2018). Apart from
these traditional expenses, business also has to arrange money for increase sale and to enhance
the organisation resources utility. For instance advertisement and promotion cost, discount gift to
customer and T&D respectively.
11

Fixed expenses
Long term money matters are related to capital expenditures and financial obligation
having payback period of more than one year. A business's long term finance essential increases
when it plans for growth and expansion, diversification and joint venture. Any technical change
need huge amount to brought into company. Like latest plant, machine, software have giant cost.
Changes in production process need long term resourcing as also need big investment. Like shift
from labour to machine in production method transpire outrage cost of machines. Research and
development activities are practice to bring innovation, correction and improvement in new and
existing product. But this function require more money as it requires new Assets, Software
development, Contracted services, testing equipment, wastage cost, costly safety measurements'
salary to expertise etc.
12
Illustration
1: Uses of long term financing

2. Long term and short term sources of finance
A business continuously need for money for temporary and permanent purposes.
Organization avail fund to meet this requirement from trade credits, retain profit, short- term
bank loans, Advances, factoring and commercial paper. Long term financing option are Equity,
Debt, Retained Earnings, Deferred credit, long term bank loan.
Dimension Short term financing Long term financing
Destination It is money requirement of business for
small period, generally less than 1 year.
It is financing need to pay long term payments
and obligation.
Cost of acquiring Cost of acquiring short term money are
less, in-compare of long term because they
have less flotation cost and no maturity
risk. Company have to carry out only
introductory cost like marketing,
distribution and promotion cost. Also, they
have less legal compliance fees(Lemmon,
and Zender, 2016).
They are expensive as they have high flotation
cost because these securities are traded in
secondary market which demand elevated cost
of legal fee, higher interest rate, professional
advisory fee, accountant ,stockbroker
commission and corporate lawyer fee and
charges given to public relations( P.R)
Flexibility Short term sourcing are flexible, as an
organization have to use them as per its
situational requirement.
Business can not use long term sourcing as per
its need, it can be use only for long term
requirement or promised purpose(to
shareholder). Though their allocation can be
change via repayment provision and
prepayment penalty.
Security No need of collateral security to avail the
fund.
As huge amount and maturity risk associate
with these, collateral security is essential.
These securities can be sale in market and
recover the residual obligation, in case of
defaults and solvency(Uwonda and Okello,
2015.).
Risk Short term funding is riskier than long term Interest rate of long term instruments are
13

because interest rate these instrument are
floating in nature and Firm has to pay
immediate dividend to shareholder in
recession which can raise the chances of
bankruptcy.
comparatively more stable. Also, they do not
get affected by temporary adverse economic
conditions.
Principle Amount Low High
Impact on cash
flow
As they have high interest rate payment
amount, cash flow is hugely impacted by
these.
Low interest rate, render less impact on cash
flow.
Interest rate
3. Technique of cash flow management
Cash flow management is process of keep eyes on the cash in flow and out flow in
organisation. It measures the amount which comes in and goes out. Cash management render the
real time availability of cash in business to perform various business activity. Manager can use
different but effective management methods, which are as follows:
1. To manage cash flow, it is required that manager have the anticipated cash flow amount.
If there a business have standard cash flow detail already, it can evaluate the actual cash
flow and target cash flow by variance analysis and budget controlling tool.
2. To have optimum cash in hand, manager should try to clear invoices as soon as possible.
Additionally, receivable should check on continues basis(Ayers and Odegaard,2017).
There are so many software available which perform these function like Fresh book,
Zoho Invoice and Sage Business clouding.
3. Non essential, unproductive and inefficient expenses should be ignored as they put
burden without rendering anything.
4. In case there is no late payment fine and penalty clause is present with supplier and
vendor, in such case manager should try to delay the payment.
5. Manager should encourage prompt and fast payment from customer by offering them
discounts, coupons and other attractive offers.
14

Importance of cash management
 To meet working capital requirement seamlessly
 Help in scheduling prominent earning and payments.
 To tackle uncertain and unexpected cash requirement(Wen and et.al.,2018).
 To control operating cost attached with cash.
 To maintain cash balance to grab favourable opportunity.
 Improve creditworthiness of company in market.
ACTIVITY 4
1. Kind of ownership structure, their legal requirement and role of manager and owner in these
structure
Ownership is a state of acquiring the legal possession of any tangible and intangible
assets. Generally, owner of a business is fully responsible to take major business decision,
15
Illustration 2: Cash management process
(Sources: Cash Management – Process, 2018)

formulate policy and function, enjoy profit and bear the loss pain. Following are the
classification of ownership:
Sole Trader:
It is the oldest and basic ownership style, where an individual form business by own
money for self employment purpose. Owner have full control over its business. Sole proprietor is
not legally separate from its business. Possessor has to pay all the obligation and debts. One has
to pay income tax on personal income and national insurance premium only. Individual must
have HMRC's registration number for self assessment(Esa,Zahari,and Nawang, 2018). Recently
came, The new General Data Protection Regulations (GDPR)also Business's revenue and profit
is consider as total income of owner force sole trader to protect its customer's personal data.
Partnership :
In this business structure, two and more than two individual come together for establish a
business. They all are considered as owner. Each partner has to pay income tax on their profit
share, hence corporate tax on company's revenue remain unaffected by corporate tax. Company
has separate legal identity from its owner(Lipton and Pollack,2016.). In general partnership,
members are liable to pay debts from personal assets in case of Solvency, Where in limited
liability partnership liability is only limited to company only. Business should register under
Partnership Act 1890( minimum= 2 people, maximum= unlimited) and LLP comes under
Limited Liability Partnerships Act 2000. To pay tax on income each member must have HMRC,
also they have to pay their own National Insurance Contributions. In LLP, Apart from individual
tax, company (as a whole) has to pay partnership Tax return.
Role of manager and owner
In individual business ownership, only one person is affected by outcome and profit, so
its role and functions are narrow. Like manager is responsible to raise fund from friend and
family, fill all the paper by self, take interview for new hiring and done all the accounting to
check the business performance and to fill tax(Lemmon and Zender,2016). Owner is generally
focused on profit maximization and expand the business only.
But, in partnership structure, owner not only responsible to protract their interest, they
also have to take care of stakeholder. Even they have to practice fair business function to
maintain safety of business. All members are collectively accountable to make different business
16

strategies, formulate organization vision and mission, policy for employee welfare, dividend
decision for shareholder, takes decision regarding business expansion and growth.
2. Methods of appraising strategic capital or investment project
There are various investment appraisal techniques that consist of the followings:
Payback period method :
This method is used to determine that period of the investment in which the initial cash
outlay is recovered (Fields, 2016). It is the method used to calculate the time required to earn the
cost incurred on the investment.
Advantages
 This method is very simple to calculate and easy to understand.
 It helps in analysing the risk by identifying the period in which the cost will be recovered.
 It measures the liquidity of the project.
Disadvantages
 This method ignores the time value of money.
 It does not consider the cash flow that occurred after the payback period.
 It does not measure the profitability of the entire project as it only focusses on time
required to recover initial cost of investment.
Net present value method :
This method is used to identify the present value of the future cash flows its assist in
identifying the profitability of investment.
Advantages
 This method gives importance to the time value of money.
 Profitability and risk of the project are given high priority.
 This method helps in maximising the firm's value.
Disadvantages
 Net present value method is difficult to use.
 It is difficult to calculate the appropriate discount rate.
 It does not give accurate result if the project are of unequal life.
17

Internal rate of return :It is the interest rate at which net present value of all cash flows
from the investment is equals to zero.
Advantages
 It takes into consideration the time value of money (Ogunsiji and Ladanu, 2017).
 Cost of capital is considered for decision making.
 It takes all the cash inflows and outflows for determining the rate.
Disadvantages
 It ignores the economies of scale.
 It is difficult to calculate and understand.
 This method ignores reinvestment rates.
CONCLUSION
From the above assignment it has concluded that strategic managers requires the
information relating to finance for conducting the business operation. This study has provided
with financial information relating to the financial statement that consisted of profit and loss
statement, balance sheet and cash flow statement. Moreover, it has calculated the financial ratios
on the basis of the financial statement for Marks and Spencer. These ratios contained
profitability ratio, liquidity ratio, investment ratio and efficiency ratio. This study has included
the different source of fund that includes retained earning, sale of fixed assets etc.
REFERENCES
Books and Journals
Akingunola, R. O., Olawale, L. S. and Olaniyan, J. D., 2018. Capital Structure Decision and
Firm Performance: Evidence from Non-Financial Firms in Nigeria. Acta Universitatis
Danubius. Œconomica. 13(6).
Ayers, J. B. and Odegaard, M. A., 2017. Retail supply chain management. CRC Press.
Chauhan, Y., Dey, D. K. and Jha, R. R., 2016. Board structure, controlling ownership, and
business groups: Evidence from India. Emerging Markets Review. 27. pp.63-83.
Esa, E., Zahari, A. R. and Nawang, D., 2018. Corporate Sustainability Reporting, Ownership
Structure and Brand Equity. Global Business & Management Research, 10.
Falkheimer, J. and et.al., 2017. Is Strategic Communication too important to be left to
Communication Professionals?: Managers’ and coworkers’ attitudes towards strategic
18

communication and communication professionals. Public Relations Review. 43(1). pp.91-
101.
Feijóo, C., Gómez-Barroso, J. L. and Voigt, P., 2014. Exploring the economic value of personal
information from firms’ financial statements. International Journal of Information
Management. 34(2). pp.248-256.
Fields, E., 2016. The essentials of finance and accounting for nonfinancial managers. Amacom.
Gliedt, T. and Hoicka, C.E., 2015. Energy upgrades as financial or strategic investment? Energy
Star property owners and managers improving building energy performance. Applied
Energy. 147. pp.430-443.
Graham, J. R., Harvey, C. R. and Puri, M., 2015. Capital allocation and delegation of decision-
making authority within firms. Journal of Financial Economics. 115(3). pp.449-470.
Hirshleifer, D., 2015. Behavioral finance. Annual Review of Financial Economics. 7. pp.133-
159.
Lemmon, M. L. and Zender, J. F., 2016. Asymmetric Information, Debt Capacity, And Capital
Structure.
Lipton, R. M. and Pollack, S., 2016. New Temporary Regulations Target Partnership-Owned
Disregarded Entities' Treatment of Partners as Employees. J. Passthrough Entities. 19. p.7.
Macedo, I. M., Pinho, J. C. and Silva, A. M., 2016. Revisiting the link between mission
statements and organizational performance in the non-profit sector: The mediating effect
of organizational commitment. European Management Journal.34(1). pp.36-46.
McMillan, C. and Overall, J., 2016. Wicked problems: turning strategic management upside
down. Journal of Business Strategy. 37(1). pp.34-43.
Nimtrakoon, S., 2015. The relationship between intellectual capital, firms’ market value and
financial performance: Empirical evidence from the ASEAN. Journal of Intellectual
Capital. 16(3). pp.587-618.
Ogunsiji, A. S. and Ladanu, W. K., 2017. A Theoretical Study of Performance Measures in the
Strategic and Corporate Entrepreneurships of Firms. International Journal of Physical
Sciences and Engineering (IJPSE). 1(1). pp.72-80.
Ross, T. K., 2018. A Comprehensive Guide to Budgeting for Health Care Managers. Jones &
Bartlett Learning.Evans, M. E., Hodder, L. and Hopkins, P. E., 2014. The predictive
ability of fair values for future financial performance of commercial banks and the relation
19

of predictive ability to banks' share prices. Contemporary Accounting Research.31(1).
pp.13-44.
Srivastava, A., 2014. Selling-price estimates in revenue recognition and the usefulness of
financial statements.Review of Accounting Studies.19(2). pp.661-697.
Uwonda, G. and Okello, N., 2015. Cash flow management and sustainability of small medium
enterprises (SMEs) in Northern Uganda. International Journal of Social Science and
Economics Invention. 1(03). pp.153-to.
Wen, M. M and et.al., 2018. Cash Flow Risk Management in the Property/Liability Insurance
Industry: A Dynamic Factor Modeling Approach. North American Actuarial Journal.
pp.1-14.
Yang, W. and Meyer, K. E., 2018. How does ownership influence business growth? A
competitive dynamics perspective. International Business Review.
Online
Cash Management – Process. 2018. [Online]. Available Through<
http://www.technofunc.com/index.php/functional-skills2/cash-management/item/cash-
management-process >
The Benefits of Long-Term vs. Short-Term Financing. 2018. [Online]. Available Through<
http://borrower.pricoacapital.com/the-benefits-of-long-term-vs--short-term-financing-
content-1497.php>
20