为什么应该专注于资产负债表来增加收益？（下篇）
Financing Growth
财务增长
Traditional business leaders somehow believe that reducing costs requires spending money — that it is capital-intensive. With lean, however, the opposite is true. Moving to lean will generate significant cash while reducing costs simultaneously.
传统的企业领导者不知为什么会认为降低成本需要花钱——这是资本密集型的。然而，对于精益来说，情况正好相反。通过精益，能够在降低成本的同时产生大量现金。
The balance sheet can
finance a lot of growth.
资产负债表可以为快速增长提供资金。
Consider a company with $100 million in inventory that turns at 3x. Look what happens as it reduces inventory:
假设一家公司的周转率为3轮，库存为1亿美元。看看当减少其库存时会发生什么：
Inventory Needed
at Various Inventory-Turn Levels
不同库存周转水平所需的库存
You can reinvest all this freed-up cash in new products or acquisitions that grow earnings. So, the balance sheet can finance a lot of growth.
你可以将这些节省下来的现金再投资于能增加收益的新产品或收购。因此，资产负债表可以为快速增长提供资金。
Managing Accounts Receivable
应收账款管理
Accounts receivable is another part of the balance sheet that is a potential source of growth capital. Unfortunately, traditional business leaders
often overlook using accounts receivable for growth because they assume, “Gee, we can’t do anything about that.” But that’s not true: here’s
the evidence.
应收账款是资产负债表的另一部分，是增长资本的潜在来源。不幸的是，传统的企业领导者常常忽视利用应收账款促进增长，因为他们认为，“天啊，我们对此无能为力。”但事实并非如此，证据如下：
At Wiremold, we started with sales terms that almost everyone in the electrical industry used. Technically this was “2% ten, twenty-fifth prox.”: If a distributor orders by the 25th of the month, they could get a 2% discount if they paid by the 10th day of the following month.
在Wiremold（线模公司），我们从电气行业几乎每个人都使用的销售术语开始。从技术上讲，这是“2%，10号，25号，prox.”：如果经销商在本月25日之前订购，如果他们在下个月10号之前付款，他们可以获得2%的折扣。
But, these terms forced the majority of shipments into the last days of the month, causing problems for us and our distributors.
但是，这些条款迫使大部分发货时间推迟到本月的最后几天，给我们和我们的经销商带来了问题。
It also resulted in 45-day sales terms that often stretched to 60 days. Trying to ship 50% in the last week of the month made it impossible for us to level-load our plants and achieve flow. And it prevented us from delivering more value to our customers.
这也导致了45天的销售期限常常延长到60天。试图在本月的最后一周出货50%，这让我们无法平衡工厂负荷并无法实现连续流。这阻碍了我们为客户提供更多的价值。
Our solution was to offer a higher discount of 5% if they paid us every 15 days and allow our distributors to choose either the 2% or the 5% rate. No surprise
that they all picked the 5% (which we could offset with a one-time 5% price increase) and paid us in 15 days.
我们的解决方案是，如果他们每15天向我们付款一次，我们可以提供更高的5%的折扣，并允许我们的经销商选择2%或5%的折扣。毫不奇怪，他们都选择了5%(我们可以用一次性5%的涨价来抵消)，并在15天内支付给我们。
This change cut our receivable days in half and freed up cash for acquisitions and new products. The more significant contribution, however, was that it enabled
us to level-load our factories, lower our costs, and deliver more value to our customers with shorter lead times and better customer service.
这一变化将我们的应收账款天数减少了一半，并腾出了现金用于收购和新产品。更重要是，它使我们的工厂实现平衡负载，降低成本，并以更短的交货期和更好的客户服务为客户提供更多价值。
Unlike the traditional company, the lean company focuses on improving its balance sheet to drive costs down, provide better quality, reduce lead times, and
improve customer service. Try it. You’ll like it!
与传统公司不同，精益公司专注于改善其资产负债表以降低成本，提供更好的质量，缩短交货时间，并改善客户服务。试一试，你会喜欢的!
作者：Art Byrne
发表时间：2022年12月28日
原文链接：
https://www.lean.org/the-lean-post/articles/ask-art-why-should-i-focus-on-my-balance-sheet-to-grow-earnings/
译者：李兆华，李威，肖燕
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