In 2012, Manish Enterprises, a leading coal supplier firm located in Ludhiana, India, was facing a decline in growth. A year later, a business graduate was appointed as the chief executive officer of the company. He managed to reduce the cash cycle from six months to three months by running the operations of the firm efficiently. Sales increased by 127 per cent, and the firm began financing its growth by taking advances from customers. The firm was thus able to reduce its investment in current assets. However, despite adopting best practices, the profitability of the business was declining. The challenges then faced by Manish Enterprises were to manage growth and liquidity while retaining profitability.
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