Van Wyk, Ch is J.
A icle
The economic si ua ion and challenges o managemen
Sou h A ican Jou nal o Business Managemen
P o ided in Coope a ion wi h:
Uni e si y o S ellenbosch Business School (USB), Bell ille, Sou h A ica
Sugges ed Ci a ion: Van Wyk, Ch is J. (1982) : The economic si ua ion and challenges o managemen ,
Sou h A ican Jou nal o Business Managemen , ISSN 2078-5976, A ican Online Scien i ic
In o ma ion Sys ems (AOSIS), Cape Town, Vol. 13, Iss. 3, pp. 151-155,
h ps://doi.o g/10.4102/sajbm. 13i3.1191
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/217809
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S.A .
J.
Bus.
Mgm
1982
13(3)
Toe
economic
si ua ion
and
challenges
o
managemen
Ch is
J.
an
Wyk
Join
Managing
Di ec o , The T us Bank
o
A ica L d., P.O.
Box
7694,
Johannesbu g
2000,
Republic
o
Sou h A ica
Add ess
o Fedmech Deale 's Annual Gene al
Mee ing a
Sun
Ci y, Ap il
21,
1982.
Huldlge
ekonomlese
klimaa
To somme onlangs nog he Suid-A ikaanse sakemanne·
'n guns ige ekonomiese klimaa en oo spoed in oo loed
belee . Hoe omse e, bui engewone wins e en goedkoop,
olop
inansie ing was
aan
die
o de
an die dag. Hie die
si uasie be eg e innige e ande as wa baie mense e -
wag
he
me die ge olg
da
alle an ons nou me p obleme
si
wa
d ingende
aandag
nodig be en baie inansiele
onge ie e oo saak.
Die
belang iks e kenme ke an die huidige ekonomiese
si uasie
is
da omse e besig
is
om
a
e pla en sel s e daal;
k edie wo d al skaa se ; inansie ingskos e
is
baie hoog;
oo ade hoop op; debi eu s e myne e leng; die isiko an
sleg e
skuld neem oe; e koopp yse kom onde
d uk
en
wins e
wo d al moeilike
gehandhaa .
Die
ei da banke se p im a ui leenkoe se sede die begin
an
e lede
jaa
mee as e dubbel he
o
die huidige
200'/o
en
da inansiele ins ellings i klein ui leen ansaksies
o
240/o
en e a, beklem oon die oes and an inansiele
knapheid.
Vanjaa gaan dus deu swakke sake oes ande as
1980
en
1981
gekenme k wo d. Sakemanne sal eel inding yke
moe wees
en s enge bes uu sbeginsels oepas
om
kop bo
wa e
e hou. Die landbou-meganiese bed y sal ene syds
die
a koeling oel as ge olg an swakke landbou-oes e en
die
lae lakke an ekke -aankope as ge olg an die
A lan is Dieselenjin-si uasie wa ·
nou
e by is.
'n
Ande ede
is
eg e
da
die oo e hi ing an die
ekonomie wa een die einde an
1980
eeds duidelik
sigbaa was,
daa oe
gelei he
da
die owe heid die emme
'n ge uime yd al
aand aai.
'n
Ma ige ekonomiese a koe-
ling
be e lede
jaa
eeds inge ee. Bui elandse ekonomiese
s agnasie en eko dhoe in e nasionale en ekoe se be ons
binnelandse ekonomiese a koeling e de aangehelp. Die
einde
an hie die ase is ongelukkig
nog
nie be eik nie. So
'n e posing
is
eg e nodig i die nasien en opknapping
an
die
oo e hi e ekonomiese masjien, wa
ook
op
bie -
die
s adium ie wa oo we k is.
Die
a koelings ase
gaan
meeb ing
da
'n
hele aan al
onde nemings en g onde sal gaan. So
oon
we eldwye
onde inding
da
e al die middelslag en kleine onde ne-
mings
'n
hoe onge allesy e wys wannee die ekonomie
e swak,
omse e en wins e daal, kompe isie moeilike aak
en
geld
skaa s en
duu
wo d. We ende da di die on e -
biddelike e loop an die ekonomiese siklus is, moe ons
n~u
_dubbel
so ha d daa aan we k om kop bo wa e e hou.
~I
1s
nie nou die yd
om
wanhopig e
aak
nie, wan di
15
hoo saaklik die d oe en o
bou
wa ui gesny wo d om
plek
e
maak i die nuwe, welige Io e an die olgende
ekonomiese g oeiseisoen.
I.SI
A
bank's
app oach
o
his
si ua ion
You may
well
ask how banks app oach hei business in
a de e io a ing phase
o
he business cycle.
Pa
o
he answe
is
o ealize ha a bank
is
a business
jus like any o he business; when imes a e ha d, banks
eel he p essu e jus like anyone else. In di icul imes
i
is
he e o e unsound policy o a bank o be as lenien
in espec
o
g an ing addi ional c edi
o
ex ending epay-
men as when business
is
booming.
These days banks
will
hus end o become mo e cau ious
and conse a i e. They
will
end o inc ease lending
a es,
be s ic e in assessing c edi applica ions and be mo e
wa ch ul
in
ega d o ou s anding deb as mo e di icul
business condi ions eme ge.
Fo you as deale s
in
he ac o and a m machine y
ade, i
is
he e o e likely o become mo e di icul o a -
ange and ob ain su icien inance o a ising s ockpile
and g owing deb o book. In addi ion, you clien s migh
ind i mo e di icul o aise inance o hei pu chases
om you. Ha ing ega d o all his, you may
well
wonde
how you should app oach he e y impo an ma e
o
ensu ing ha adequa e inance
will
be a ailable o he un-
ning
o
you business.
In
his ega d i migh be ins uc i e o conside he p in-
cipal guidelines ollowed by banks in e alua ing c edi ap-
plica ions. These guidelines always apply. They do no
change when he economy changes. Bu hey a e en o ced
mo e s ic ly in he mo e di icul imes when business con-
di ions de e io a e amids mo e s ingen inancial condi-
ions, ha
is
as inance becomes sca ce and dea e .
Fi s ly, banks e alua e he inancial his o y
o
he ap-
plican business en e p ise. This
is
done
by
analysing inan-
cial s a emen s o he pas
ew
yea s. F om his analysis
a pic u e
is
ob ained
o
he liquidi y, sol abili y and p o-
i abili y
o
a business,
o
in gene al e ms, he pas end
o
i s abili y o mee i s sho - e m commi men s.
By
and
la ge his exe cise ocuses on a compa ison
o
cu en asse s
and cu en liabili ies since co po a e liquidi y has p o ed
o be he mos e ec i e inancial ancho in imes
o
economic ins abili y. Ha ing done his kind
o
analysis,
he posi ion
o
he business in ela ion o p essu es om
he en i onmen
will
be easonably clea .
The sol abili y
o
he business also equi es sc u iny as
i ela es o he ex en o which he business
is
unded wi h
ou side deb . This
is
impo an
o
he inancie in judging
he long- e m isk.
We know ha p o i abili y
is
he success indica o
o
he business. A compa ison
o
p o i wi h in e es paid
guides us owa ds he ex en o which addi ional inance
can sa ely
be
bo owed and se iced.
Equally impo an
is
he ac ha banks assess he
managemen
o
he business o sa is y hemsel es ha he
'people compe ence' and leade ship exis o ca y he con-
ce n h ough di icul imes. App op ia e business ex-
pe ience and a p o en ack eco d a e wo
o
he mos
impo an quali ica ions equi ed by a inancial ins i u ion
when assessing a bo owe .
Na u ally and e y impo an ly, banks also e alua e he
expec ed u u e
o
he business. In o ma ion ega ding his
expec ed u u e inancial equi emen s and i s expec ed
abili y o mee i s u u e commi men s,
is
de i ed om a
p ojec ed cash low s a emen . The cash low s a emen
152
also ells
us
a lo abou he inancial managemen
capabili ies
o
he people in cha ge
o
he business.
Ul daglngs
aan
bes uu
U
saI
seke me
my
saams em da al hie die sake besonde e
eise
op
die bes uu an
'n
onde neming plaas. Indien die
bes uu de die p obleme an andag eg e as ui dagings
beskou, sal di meeb ing da die onde neming baie s e ke
sal
wees
wannee die ekonomie die olgende g oei ase
be ee. Di
is
eg e nodig da die bes uu de homsel die
eg e ae a om die geleen hede wa ui die p obleme
oo sp ui , e benu .
Di
is
maklik wannee
'n
onde neming en g onde gaan
om e se da
sy
bank ho n nie e de wou inansie nie,
da lone, sala isse en ande kos e handui ge uk be ,
o
da
die ege ing
'n
onsimpa ieke maa eel inges el
o
houding
ingeneem be . Nade e onde soek dui eg e gewoonllk
daa op da ei lik diesel de swakplek deu gaans
o
sakemislukkings aanleiding gee, naamlik
'n
eko
aan
bes uu skennis en dus e waa losing an die oepassing an
bes uu sbeginsels.
Wa bes uu be e , sal e al die kleinsakeman mee p o-
essioneel moe begin dink indien by
sy
oo bes aan
wil
e seke . Besigheid
is
andag so mededingend
da
'n
p o-
essionele benade ing in alle onde nemings onon bee lik
gewo d be .
Di
is
nie al yd maklik i e al ons klein sakemanne
om
hie die s andpun e onde sk y nie. Maa ek
wil
di
beklem oon da die sakeman sal moe aanpas by die eise
an ons yd,
o
moe e gee an die oekoms.
Ek
wil
g aag saam me u kyk na
'n
paa e eine waa
aanpassings by e ande de oms andighede i die sake-
onde neming noodsaaklik gewo d he .
Toepassing
an
bes uu sbeginsels
'n
Onde neming on wikkel, ne soos die mens,
ana
babas adium o olwasses adium. Die bes uu sbenade ing
wa gedu ende die e skillende s adiums ge olg wo d, moe
noodgedwonge e ande .
Bes uu sbenade ing
en bes uu s aa digheid
is
eg e ona -
skeidbaa . Ge olglik e eis
'n
e ande de bes uu sbenade-
ing ook
'n
ande bes uu s aa digheid. Die eienaa -
bes uu de an
'n
onde neming moe dus bese
da
hysel
op
so
'n
wyse an we ke
na
bes uu de
na
ui oe ende
beamp e moe o de da die g oei an die onde neming
en die g oei an die pe soneel nie e aag wo d nie.
'n
Mode ne en mee we enskaplike benade ing o onde -
nemingsbes uu wo d blykbaa die mees e belemme deu -
da ui oe ende amp ena e die beplanning- en behee unk-
sie e waa loos.
Di gebeu e dikwels
da
daa
geen beplanning gedoen
wo d nie,
o
da
daa
op
'n
luk aak wyse beplan wo d.
Beplanning
is
nie ne
'n
p oses an oo ui dink nie; di
behels ook die s el an mikpun e en die on wikkeling an
spesi ieke planne
om
die mikpun e e be eik.
Die innig e ande ende we eld waa in ons lee , e eis
da
baie aandag aan die oekoms gegee moe wo d. Goed-
ge o mulee de planne s el inde waa heid die bes uu de in
s aa om geleen hede oeg ydig e iden i isee en ge olglik
be e e benu .
Maa ~oedge o mulee de planne help weinig indien die
planne me behee pun e e ska nie. Daa moe pe iodiek
S.-A . Tydsk . Bed y sl.
198
2,
ll(J)
nagegaan
kan
wo d
o
alles nog olgens plan e loop.
ln-
dien
daa
ee s
aan
die einde an
'n
lang pe iode -
se
die
olle. inansiel~
jaa
-:--
.on .de~ w~ d da die
ondememing
se m1kpun e me be e1k
1s
me,
1s
d1
e laa om ie s
daa aan
e doen. Ge olglik
is
di nodig
da
daa
be yds
en
deu lo-
pend an
a
wykings kennis geneem moe wo d soda
eg-
s ellende s appe gedoen
kan
wo d
om
e
e seke
da
mikpun e
wel
be eik sal wo d.
Indien u as sakeman die eise an die yd
wil
oo lee ,
is
di nodig
da
u die basiese beginsels an bes uu
moe
ken
da
u die
ake
ui oe wa an
'n
bes uu de e wag
wo d
en nie so asge ang
wo d
in die dag- o -dag ake
an
'n
onde neming
da
daa
geen yd i die bes uu s ake
be-
s aan nie.
As
'n
mens
jou
aandag
op
bes uu s ake oespi s,
hou
di
'n
e de e oo deel in, naamlik di dwing jou
om
sel dissipline
aan
die dag e le
om
jou
beskikba e
yd
en
bes e e benu . Doel e ende bes uu de s angskik
hulle
ake
in olgo de an belang ikheid en handel hulle
ook
in
daa die olgo de a . Ve de wo d oepaslike ake
aan
onde geskik es gedelegee wa die bes uu de mee
yd
gee
om
aan
sy bes uu s unksies e bes ee.
Opbou an 'n geskik e pe soneelko ps
Ons
in Suid-A ika be ind ons me
'n
onbenydenswaa -
dige oo loed ongeskoolde a beid, e wyl daa
e sel de -
yd
'n
eko
aan
geskoolde a beid bes aan.
Die yd be lank eeds aangeb eek da baie
mee
aan-
dag
aan
die opleiding an we ke s bes ee moe wo d.
O
sien ons
op
een die onmiddellike kos e an die
opleiding
an
'n
onp oduk iewe we ke e wyl die ui eindelike
kos e
an onhandige, one a e en onopgeleide we ke s
so
duidelik
opwys
in
swak
gehal e
we k,
'n
hoe
kos es uk uu , e eemding an klan e en ui eindelike
ag e ui gang an die besigheid? Ve suim
om
ons
we ke s
behoo lik oe e us i die
dag aak
lei ook o
'n
hoe
pe -
soneelomse
o
pe soneel wa me e deelde aandag
we k
omda
hulle so dikwels
na
ande
geleen hede soek.
Mo e sophis ica ed inancial managemen
An
enqui y
among
business manage s abou he
mos
p essing limi ing ac o s
o
business expansion would
p o-
bably acco d a high anking o 'inadequa e
inancial
esou ces'. Howe e , esea ch has indica ed ha
in
many
businesses his cons ain
is
mo e
pe cei ed han eal,
and
ha i o en esul s om he inco ec applica ion
o
man-
cial esou ces. I
is
o en ound
ha
a business ca ies
mo e
s ock
han
is
necessa y
and
ha
oo
much unds a e
lock-
ed in o ixed asse s. These i ems
canno
always easily
be
con e ed in o cash.
Thus
o e s ocking
and
hea y
in es -
men in ixed p ope y can easily esul in a sho age
o
unds which can handicap he company ia
an
inabili y
o
u ilize cash discoun s,
and
by weakening i s gene al
com-
pe i i e posi ion
h ough
illiquidi y.
Financial planning has become a e y impo an
unc-
ion in any business.
The
bene i s s e ch beyond
imp o -
ing p o i abili y: sound inancial managemen also
e ~hes
high ma ks wi h inancial ins i u ions should an applica-
ion o inancial assis ance be made.
You banke can be
o
much assis ance in you
inan-
cial planning.
He
is
he
man
wi h he app op ia e
inan-
cial expe ise
and
insigh who should s and closes o
you
S.A .
J. Bus. Mgm 1982 13(3)
wi h
ad ice
on
inancial planning.
Pe haps his
is
he
app op ia e
ime o say some hing
abou he ela ionship be ween a business and i s bank.
Banke s equen ly ge he imp ession ha clien s belie e
ha in o ma ion should only be p o ided o hei bank
when applica ion
is
made
o inance.
I
migh be much
mo e ewa ding
o
ega d you bank as a pa ne in you
business, especially when bank loans a e employed in you
company. Like any
o he
pa ne , you bank should know
wha happens in he business
and
wha
is
being planned.
The ela ionship be ween bank and clien
is
one
o
mu ual
us and o be in o med, s eng hens he posi ion
o
us .
I am su e
ha
i
mu ual us exis s be ween you and you
bank manage ,
and
i
you con inue o discuss he s eng hs
and weaknesses
o
you business wi h him, hen he will
go ou
o
his way o help you when assis ance
is
needed.
Such a ela ionship will mo e o en
han
no assu e su -
i al while
an
unwise compe i o migh go bus because
o
his banke emo ing
he
umb ella jus as he bad
wea he closes in.
You pa ne ship wi h you
bank
manage ep esen s
one
o
he mos aluable eam ac ions o he con inued
u u e success
o
you business.
Die
bes uu an ba es In onde nemlngs
To op hie die s adium be ek my besig gehou me
'n
algemene besp eking an die huidige ekonomiese oes ande
en wa u moe doen
om
die ui dagings e o see .
Ek
wil
nou g aag
'n
bie jie s ils aan by
'n
saak wa
ans
alma]
na
aan die
ha
le, naamlik die bes uu an ba es in
'n
onde neming. Ee s ens kyk
ans
na
die wyse waa op ba es
ge inansie behoo e wo d, e olgens
na
wa die in loed
an ko ings
op
u onde neming kan wees, en laas ens hoe
doel e ende bes uu an bed y skapi aal u wins e kan
e hoog.
Die inansie ing an as e ba es
Die belang iks e beginsel be okke by die inansie ing an
as e ba es
is
om
e
alle ye e e hoed da ondse wa i
ko e myndoeleindes benodig wo d, i die
aankoop
an
as e ba es geb uik wo d. Vas e ba es wo d gekoop me
die oog
daa op
om
di
oa
'n
lang ydpe k e geb uik.
Daa om behoo as e ba es me lang e myn ondse
ge inansie e wo d soos, by oo beeld, e mynlenings
o
e uggeploegde wins e. Indien as e ba es me lenings
ge inansie wo d, behoo die e ugbe alings e myn by die
ekonomiese lewensduu an die ba e aan e pas.
Lang e myn e plig inge plaas ui die aa d an die saak
nie oo ma ige d uk
op
die kon an posisie an die onde ne-
ming nie. Nog ans moe lang e mynlenings me so g
aangegaan wo d, e al en ye an s ygende en ekoe se
en a pla ende
o
dalende omse e aangesien so
'n
e loop
an sake be eken
da
'n
g a e
wo dende en elas ui
'n
k impende inkoms e be aal
sal
moe wo d. Die behoe e
aan lang e myn inansie ing moe dus me so g bepaal wo d
me die onde neming se e wag e e moe
om
die en elas
e kan abso bee as een an die belang ike oo wegings.
Die
inansie ing
an
bed y sba es
In eens elling me die inansie ing an as e ba es, kan
bed y sba es ui sowel lang e myn- as ko e myn ondse
ge inansie wo d. Die e houding waa in die wee soo e
153
inansie ing geb uik wo d, wissel an onde neming o
ondememing. As
'n
algemene iglyn behoo eg e nie mee
as die hel e an u bed y sba es deu ko e mynlenings
ge inansie e wo d nie.
Die in loed
an
ko ings
op
winsgewendheid
In hie die dae an hoe en ekoe se en in lasie, moe alles
moon lik gedoen wo d om kos e e bespaa . Onde sulke
oes ande on s aan kon an loeip obleme gewoonlik en
is
die aangewese aksie om kon an so innig moon lik
e
ealisee en be alings so s adig moon lik e doen. Di
is
'n
beleid waa mee geen ou ge ind kan wo d nie,
op
oo -
waa de da ko ings nie onoo deelkundig e beu
o
oeges aan wo d nie. Indien ko ings e sp ake is, e eis
di ee s
'n
paa be ekeninge
om
die winsgewends e op ede
e bepaal.
As oo beeld
wil
ek die olgende ge al aan u s el, soos
in Tabel I aangedui wo d: ges el een an u k edi eu e laa
u
'n
kon an ko ing an
50Jo
oe indien
daa
onmiddellik
i die goede e be aal wo d. Be aal u nie onmiddellik nie,
wo d die ko ing e beu en moe die oile bed ag binne
30 dae be aal wo d. Wa sal u beslui wees?
U sien in Tabel I da i die geb uik an die ondse i
'n
e de e
30
dae een
50Jo
en e di
op
'n
enkel oudige
en ebasis eeds
600Jo
pe
jaa
kos as u sou beslui
om
die
ko ing p ys e gee. Di lyk nie
na
'n
goeie uil nie. Indien
u diesel de ko ing aan u klien e gee,
is
di na uu lik ook
waa da u
600Jo
pe
jaa
i die geb uik an die ondse
be aal deu di onmiddellik een
'n
50Jo
ko ing in e o de .
Voo da enige beslui dus
oa
ko ings geneem wo d, is
di belang ik da so g uldige be ekeninge oo a gedoen
wo d.
Tabel 1 E ek
an
kon an ko lng
an
5%
Ko ing i kon an =
S'1o
K edie pe iode = 30 dae
Kos e om ondse i
'n
addisionele
pe iode e gep uik = S
'1
I . d . 360
12
Ge a
peno
es
pe Jaa 30 =
Kos e an ondse
oo
'n
pe iode an
I
jaa
= Si x
12
=
601
op
'n
enkel oudige
en ebasis
Ge olg ekking: Di
is
klaa blyklik e duu om onde die oms andighede
die ko ing e e beu
Managemen
o
wo king capi al
A discussion
o
wo king capi al managemen mos ly co e s
h ee con ollable i ems, namely c edi o s, s ock
and
deb-
o s. The in e ela ionship be ween hese i ems has a
deciding impac
on
he
amoun
o
cash needed by he
business
o
un i s ope a ion.
Le us conside he example
o
a business wi h a cos
o
sales
o
R900 000 du ing any speci ic yea . In his
business, deb o collec ions ake place a e 90 days, s ock
is
ca ied o 120 days
and
c edi o s a e paid a e 30 days.
The si ua ion will hen be as indica ed in Case I (see Table
2).
154
Table
2 Wo king capi al managemen , Case 1
Caae 1
Annual cos
o
sales
Deb o s' a cos (90 days)
S ock ca y
(120
days)
C edi o s' inance (30 days)
= R900 000
= R225 000
= R300 000
= R
75
000
Pu chase Paymen Sales Collec ion
O 30
60
90
120 150
180
210
Days
Amoun
o
inance equi ed:
S ock keeping
Plus
deb o s
Less c edi o s
To al
amoun
R300 000
R225 000
R525 000
R
75
000
R4SO
000
A
p ime o e d a lending a e
o
200
o al
inance cha ges
amoun
o R90 000 pe yea
Hence, o inance deb o s and s ock, R450 000 wo k-
ing capi al
is
equi ed a an annual in e es cos
o
R90
000
i
he p ime o e d a lending a e
is
200Jo.
Wha would happen i he managemen
o
his business
could sho en he s ockholding pe iod
by
30
days as shown
in Case
2?
(See
Table 3.)
In Case 2 he business will need
R375
000 in wo king
capi al o inance deb o s and s ock. This ep esen s a
educ ion in inance equi ed
o
R75
000 compa ed wi h
Case
l,
and an in e es sa ing
o
Rl5 000 pe yea
i
he
cos
o
unds emains a
200/o.
A simila e ec would be achie ed
i
he c edi o s'
pe iod can be leng hened
o
he deb o s' pe iod sho ened
by he same pe iod.
Nex , le us conside Case 3 whe e he deb o s' pe iod
is
sho ened o 60 days, he c edi o s' pe iod leng hened
o
60
days and s ock has o be
ca Tied
o
90
days, as shown
Table
3 Wo king capi al managemen : sho e
s ockholding pe iod
Cue
U (S ockholding pe iod educed by 30 days)
Annual cos
o
sales =
R900
000
Deb o s
a
cos (90 days) =
R22S
000
S ock ca y (90 days) =
R22S
000
C edi o s' inance (30 days)
Pu chase Paymen
I I
0 30
Sales
I
60 90
Days
Amoun
o
inance equi ed:
S ock keeping
Plus
deb o s
Less c edi o s
To al
amoun
= R
75
000
Collec ion
I
120 150
180
R225
000
R225
000
R450000
R
75
000
R37S 000
A
p ime o e d a lending
a e
o
20.,, annual inance cha ges
amoun
o
R7S
000. Hence a sa ing
o
RIS 000
p.a.
o e Case
I.
S.-A .
Tydsk .
Bed y sl.
1982,
13(3)
in Table 4.
I
his si ua ion can be achie ed, only
R225
000
will
be
equi ed o inance s ock
and
deb o s. Hence only
50%
o
he inance equi emen
o
Case 1 a only
50%
o
he
o iginal inance cha ges.
Table
4 Wo king capi al managemen : sho en
deb-
o s' pe iod, ex end c edi o s' pe iod
Cue
Ill
Annual
cos
o
sales
Deb o s
a
cos
(60 days)
S ock
ca y
(90 days)
C edi o s'
inance (60 days)
Pu chase
0 30
Paymen
I
60
Amoun
o
inance equi ed:
S ock keeping
Plus
deb o s
Less c edi o s
To al
amoun
Sales
I
90
Days
120
=
R900
000
=
RISO
000
=
R225
000
=
RISO
000
Collec ion
I
150
R22S
000
RISO
000
R37S
000
RISO
000
R22S
000
A
p ime
o e d a
lending
a e
o
200 o
annual
inance cha ges amoun
o
R45 000. Hence a sa ing
o
R45 000
p.a.
o e Case
I.
Impac
o
In la ion
on
wo king
capi al
equi emen s
Le us supe impose a
150Jo
in la ion a e on Case 1
and
conside i s impac on wo king capi al equi emen s,
as
in-
dica ed in Table 5
on
page
155.
The esul
is
an
inc ease
o
R67
500
in wo king capi al
equi ed which adds
Rl3
500
o
he in e es bu den
(a
p ime bank o e d a a e
o
200Jo).
To
e ain he annual
in e es cos
a
he
R90
000
o
Case
1,
we
now equi e a
educ ion
o
23,5 days in he cash low cycle, ha
is
a
educ ion om
180
o
156,5 days. This can be
achie ed
by educing he s ock ca ying
o
deb o s' ou s anding
pe iod by 31,5 days, inc easing c edi o s' e ms
by
his
numbe
o
days,
o
e ec ing a combina ion
o
hese
gi -
ing he same esul .
Ten
slo e:
enkele
p ak lese
wenke
Kyk ind ingend
na
die bes uu an u bed y skapi aal;
hou die e loop an oo ade, debi eu e en k edi eu e
yn dop en s el aksieplanne in we king om e myne
s6 e k imp/ ek da u die maksimum- oo deel
e k y.
Moenie ko ing e beu
o
oes aan oo da u
so g uldige be ekeninge
oo
die kos e daa an
gedoen
be nie.
Kies
die inansie ings e myn
om
aan
e pas
by
die
ekonomiese lewe an die ba es wa ge inansie
wo d.
Bepaal u kon an behoe es
oo a
deu kon an -
beg o ings
op
e s el.
Hou
u bankbes uu de ingelig en bou
'n
goeie
e -
s andhouding me ho n
op
soda u
'n
inansiele
sam-
b eel kan he wannee die ekonomiese een wee
begin
ui sak.

S.A . J. Bus. Mgm
1982
13(3)
Table
5 Impac o in la ion
on
wo king capi al
equi emen s
Case I plus
Case I 1
S'1o
in la ion
Annual
cos
o
sales
R900
000
RI
03S
000
Deb o s a cos (90 days)
R22S
000 R
2S8
750
S ock
ca y
(120 days) R300000 R
34S
000
C edi o s' inance (30 days) R
7S
000
R
86
2SO
Pu chase
Pay
Sale
Collec
yedi o s
deb o s
I
0
30
60 90 120
ISO
180
210
The
wo king
capi al
equi emen
changes
as
ollows:
Case I
plus
Case I
lSOJo
in la ion
S ock ca y
R300
000
R34S
000
Plus
deb o s
R22S
000
R2S8
750
RS2S
000
R603
750
Less c edi o s R
7S
000
R
86
2SO
R4SOOOO
RS17
SOO
Annual inance cha ges
a
p ime
bank o e d a
a e
o
20% R 90000
RI03
SOO
Inc eased in e es cha ges as a esul
o
in la ion
R
13
SOO
Hence, 23,5 days educ ion in cash low cycle equi ed o ecoup
Rl3
SOO
addi ional inance cha ges.
Om
mee
a
e slui : V moe so g da elke sen wa u
beskikba e inansie ing kan e dien
'n
byd ae o u wins
)ewe , wan inansie ing
is
skaa s en duu . Finansie ing
weie
nie
om
oo yd e we k nie, di neem ook nie e lo
nie, di wo d nie deu akbonde behee nie en slaap nie
in
die nag nie. Daa om moe u di 24 uu pe dag ha d
laa we k.
HSRC
In es iga ion
in o
In e g oup
Rela ions:
The p og amme and
i s
inancing
H.C.
Ma ais and Lyne e D eye
Human Sciences Resea ch Council (HSRC), P i a e
Bag
X270,
P e o ia
0001,
Republic
o
Sou h A ica
In oduc ion
Economis s in pa icula
and
social scien is s in gene al a e
in i ed o pa icipa e in he
HSRC
In es iga ion in o In-
e g oup Rela ions. A budge independen
o
he usual
inancing
o
esea ch a uni e si ies
is
a ailable o esea ch
in o he mos p essing aspec s
o
he ela ionships be ween
he majo g oups in Sou h A ica.
This a icle p o ides in o ma ion
on
he backg ound
o
155
and managemen
o
he
HSRC
In es iga ion in o In-
e g oup Rela ions. A he same ime i
is
also an in i a-
ion o he esea ch communi y o pa icipa e in he p o-
g amme by applying o inancial assis ance.
Backg ound
Resea ch councils in mos indus ialized coun ies ini ia e
and suppo p oblem-o ien ed esea ch. In his way
esea ch can con ibu e owa ds a be e unde s anding
o
he na u e and p ocess
o
p essing social p oblems. The
Human Sciences Resea ch Council since
1980
also ad-
minis e s a budge speci ically p o ided o p oblem-
o ien ed esea ch.
By
hei e y na u e social p oblems a e mul idimen-
sional. The accen
is
he e o e placed on he co-ope a ion
o
as many esea che s as possible om di e en esea ch
o ganiza ions, as i
is
ob ious ha a single o ganiza ion
in Sou h A ica canno app oach a comp ehensi e p oblem
mul idisciplina ily, on i s own. The co-ope a i e app oach
also implies ha such a p oblem can be app oached om
di e en ideological, heo e ical and me hodological
pe spec i es simul aneously.
The i s esea ch p og ammes ha we e unde aken
wi hin his amewo k we e he
HSRC
In es iga ion in o
Spo unde he leade ship
o
P o . G
.J
.L. Schol z
o
he
Po che s oom Uni e si y o CHE, and he
HSRC
In-
es iga ion in o Educa ion unde he leade ship
o
P o .
J.P.
de Lange
o
he Rand A ikaans Uni e si y.
F om a su ey ha
was
conduc ed du ing
1980,
he ield
o
in e g oup ela ions eme ged as he single mos impo -
an a ea o esea ch
in
Sou h A ica
(see
HSRC Resea ch
Bulle in, 1981, 11(2), l - 3). Consequen ly he Resea ch
P io i ies Commi ee ep esen ing he majo esea ch
sec-
o s in Sou h A ica, ecommended o he HSRC ha a
b oad in es iga ion in o in e g oup ela ions
be
unde -
aken. This ecommenda ion
was
accep ed and du ing
1981
planning s a ed. The in es iga ion
was
hus solely ini ia ed
by he HSRC.
Resea ch
managemen
and
o ganiza ion
The HSRC In es iga ion in o In e g oup Rela ions
is
managed and con olled by a main commi ee. The main
commi ee consis s
o
expe s ep esen ing he sec o s ha
ha e a di ec in e es in in e g oup ela ions.
Fields and wo k commi ees
Because he esea ch a ea, in e g oup ela ions,
is
po en-
ially so as , ollowing guidelines a e necessa y o he
delinea ion
o
he in es iga ion:
The accen alls on he ela ions be ween he main
popula ion g oups
in
Sou h A ica like he A ikaans-
and English-speaking Whi es, u ban and homeland
Blacks, Colou eds, Indians and la ge immig an
g oups.
The basis on which he popula ion
is
analysed ( o
ex-
ample
in
e ms
o
in e es g oups),
will
be pa ly de e -
mined
by
he heo e ical s and
o
he esea che .
The esea ch
is
p oblem-o ien ed and hus ocuses
on
he mos opical aspec s
o
in e g oup ela ions.
The main commi ee di ided he a ea in o hi een ields:
Theo y and me hodology
His o ical aspec