Management of working capital (WC) involves all decisions and actions taken to determine the appropriate level of current assets and current liabilities. Financial managers find it hard to determine the optimum level of WC since they cannot recognise the underlying drivers of WC needs, and research which could provide practitioners with insight into the WC phenomenon is limited. This study adopted design-based research to develop a conceptual model to manage working capital optimally and thereby improve financial performance. It aims to give insight into the underlying drivers of WC, thus enabling the optimum WC level to be determined. The dual focus on building and development of design principles and creating knowledge about these, aims to enhance both practice and research in an educational context. Concept mapping was conducted through ATLAS.ti to depict constituent concepts of working capital, inter-relationships and show the processes that underlie this phenomenon and its management. Thematic analysis was employed to identify pervasive concepts and formulate research propositions which were combined to develop the initial model. Focus groups that comprised financial management practitioners evaluated the effectiveness of the practical intervention and its importance. The concepts emerging from the focus groups’ data were mapped through coding to refine the initial model and verify it as the original contribution to knowledge and applied contexts. The final model comprises four (4) interconnected principles which coherently systematise the management of WC. The collaborative management approach is superior to traditional WC management as it optimises WC. The practitioners confirmed the effectiveness of the intervention, its relevance and sustainability. The model aims to orient managers toward decisions and actions regarding current assets and liabilities that are geared towards achieving the corporate strategy. Such goal congruency will achieve the dual goals of liquidity and profitability and thereby maximise value in the long-term.
Ulawulo lwengxowa yokurhwebelana/yoshishino (iWC) lubandakanya zonke izigqibo namanyathelo athatyathwayo ukumisela umgangatho ofanelekileyo wezixhobo zokusebenza kunye namatyala akhoyo ngoku. Abaphathi bezezimali bakufumanisa kunzima ukuqinisekisa umgangatho ofanelekileyo weWC ekubeni bengakwazi ukuqaphela ezona zinto ezingundoqo kwizidingo zeWC, kwaye lunqongophele uphando olunokunikeza iingcali ukuqonda kwesiganeko seWC. Olu phando lusebenzise uphando olusekelwe kuyilo ukuphuhlisa imodeli yengqiqo yokulawula ingxowa yokurhwebelana ngokufanelekileyo kwaye ngaloo ndlela kuphuculwe ukusebenza kwemali. Lujolise ekunikezeleni ingqiqo kwezona zinto ezingundoqo kwiWC kwaye ngaloo ndlela lwenza ukuba kuqinisekiswe umgangatho ofanelekileyo weWC. Ukugxila kabini ekwakheni nasekuphuhliseni iinkalo zoyilo, kunye nokudala ulwazi ngale mixholo, kujolise ekuphuculeni umsebenzi kunye nophando kwimeko yezemfundo. Ukuqulunqwa okanye ukucwangciswa kwengqikelelo kwenziwe ngeATLAS.ti ukubonisa iingcamango ezilawulayo zengxowa yokurhwebelana, ubudlelwane obuphakathi, ukubonisa iinkqubo eziphantsi kwesi siganeko kunye nolawulo lwaso. Kusetyenziswe uhlalutyontyilazwi (iThematic analysis) ukuchonga iingcamango ezixhaphakileyo kunye nokuqulunqa iziphakamiso zophando ebezidityanisiwe ukuphuhlisa imodeli yokuqala. Amaqela ekugxilwe kuwo (Focus groups) aquka iingcali zolawulo lwezezimali nathe aphonononga ukusebenza kongenelelo olwenziwayo nokubaluleka kwalo. Iingcamango ezivela kulwazi lwamaqela ekugxilwe kuwo ziqulunqwe ngokuhlelwa kwedatha ukucokisa imodeli yokuqala nokuyiqinisekisa njengegalelo lokuqala kulwazi nakwiimeko ekusetyenzwa kuzo. Imodeli yokugqibela iquka iinkalo ezine (4) ezidibeneyo nezenza ulawulo lweWC. Indlela yolawulo lwentsebenziswano ingaphezulu kulawulo lweWC lwamandulo nanjengoko iphucula iWC. Iingcali zikuqinisekisile ukusebenza kolu ngenelelo, ukubaluleka nokuzinza kwalo. Le modeli ijolise ekuqondiseni abaphathi ngezigqibo namanyathelo malunga nezixhobo zokusebenza zangoku kunye namatyala ajoliswe ekufezekiseni isicwangciso soshishino. Ukungqinelana kwale njongo kuza kufezekisa iinjongo ezimbini, ukubakho kwemali yokuhlangabezana nezidingo zeshishini kunye nenzuzo, kwaye ngaloo ndlela kukhulise ixabiso kwixesha elide.
Taolo ya tjhelete ya ditlhoko tsa letsatsi le letsatsi (WC) e kenya diqeto le dintho tse etswang ho laola boemo bo loketseng ba diasete le dikoloto tseo khamphani e nang le tsona nakong ya jwale. Batsamaisi ba ditjhelete ba kopana le mathata a ho laola boemo bo kgotsofatsang ka ho fetisisa ba WC ka ha ba sa kgone ho bona mabaka a amang ditlhoko tsa WC le hore patlisiso e ka hlahisetsang basebetsi lesedi ka WC ha e a lekana. Phuputso ena e sebedisitse mokgwa wa patlisiso o hlahisang mekgwa le mehopolo e metjha e hodisang tsebo e ntlafatsang ditsela tse sebediswang phaposing ya borutelo, ho tla ka tselatshebetso ya ho hlalosa mehopolo ya diketsahalo tsa nnete ka ho di tshwantsha, hore ho kgonwe ho laola tjhelete ya ditlhoko tsa letsatsi le letsatsi ka tsela e tlisang katleho e tla ntlafatsa tsela eo ditjhelete di sebetsang ka yona. Sepheo sa yona ke ho etsa hore ho be le kutlwisiso ya mabaka a amang ditlhoko tsa WC ebe ho kgonwa ho fihlela boemo bo kgotsofatsang ka ho fetisisa ba WC. Sepheo sa diketsahalo tse pedi tse etsahalang ka nako e le nngwe tsa ho tsepamisa monahano kahong le ditataisong tse behwang ha ho hlophisetswa sehlahiswa kapa tshebeletso, le ho tla ka mehopolo e metjha ka tsona, ke ho ntlafatsa boemo le ho matlafatsa tshebetso le patlisiso tikolohong ya thuto. Ho etsa moralo wa dikamano tsa mehopolo e fapaneng ho entswe ka ATLAS.ti ho bontsha mehopolo ya karolo ya tjhelete ya ditlhoko tsa letsatsi le letsatsi, tsela eo dintho tse pedi kapa ho feta di amanang ka yona, le ho bontsha ditselatshebetso tseo e leng motheo wa bohlokwa wa karabo e fumanweng ya potso ena ya patlisiso le tsamaiso ya yona. Ho sebedisitswe mokgwa wa ho hlopholla datha e bokelletsweng ka diinthaviu kapa dikgatiso tsa molomo tse ngotsweng moo ho hlahlojwang mookotaba, dihlooho, mehopolo le ditlhaloso tse tshwanang tse iphetaphetang. Mokgwa ona o sebedisitswe mehopolong e seng e atile le ho tla ka ditshisinyo tsa patlisiso tse kopantsweng ho hodisa mokgwatlhophiso wa ho qala. Dihlopha tseo ho fuputswang ka tsona tse neng di na le basebetsi ba botsamaisi ba tsa ditjhelete di hlahlobile katleho ya dintho tse entsweng ho tlisa phetoho le bohlokwa ba tsona. Mehopolo e hlahileng datheng ya dihlopha tseo ho fuputswang ka tsona e bontshitse kamano ka ho e fetolela puong e utlwisiswang ke khomphyutha ho hlakisa mokgwatlhophiso wa ho qala le ho o netefatsa e le seo ho fanwang ka sona tsebong le maemong ao e sebediswang ho oona ho fihlela sepheo se lebelletsweng. Mokgwatlhophiso wa ho qetela o na le mehopolo e mene (4) e tataisang e amanang, e hlophisang ho ya ka mokgwa o nyalanyang taolo ya WC.
Mokgwa wa tshebetso eo batsamaisi ba sebedisanang le basebetsi kaofela ho utlwa maikutlo le mehopolo ya bona pele ba nka diqeto ke o moholo tsamaisong e seng e le teng ya taolo ya WC ka ha e ntlafatsa tshebetso ya WC. Basebetsi ba netefaditse katleho ya dintho tse entsweng ho tlisa phetoho, ho amana ha tsona le maemo ao ba leng ho oona le ho kgona ho tswelliswa ka mokgwa o tshwanang. Sepheo sa mokgwatlhophiso ke ho beha batsamaisi boemong ba diqeto le dintho tse etswang tse mabapi le diasete le dikoloto tsa khamphani tse hlophiseditsweng sepheo sa ho fihlela lewa la kgwebo. Ho dumellana ho jwalo ha sepheo ho tla fihlela dipheo ka bobedi tsa ho fetola diasete ho ba kontane le ho lekanya phaello ya kgwebo le ditshenyehelo tsa yona, e leng ho tla atisa bohokwa ba yona ka nako e telele.
