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The Hintz Company

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The Hintz Company

Latar Belakang Perusahaan Hintz adalah perusahaan yang memproduksi seragam Baseball, Basketball, dan seragam lainnya. Perusahaan ini didirikan pada tahun 1959 dan mencapai puncak penjualan pada tahun 1964 sebanyak USD 350000. Setelah tahun 1964, penjualan terus mengalami penurunan. Hingga pada bulan Mei 1966, Perusahaan Hintz mempekerjakan Manager Penjualan Baru, Mr. Katz. Mr. Katz telah memperoleh 50 pelanggan baru hingga mencapai total 450 pelanggan. Mayoritas pelangganya adalah perusahaan kecil. Perusahaan kecil tersebut mayoritas tidak mempunyai modal kerja yang layak. Hanya 6 perusahaan yang membeli lebih dari USD 10000 dalam setahun. Sisanya, membeli secara periodik sebanyak USD 100 per pesanan. Perusahaan Hintz mempunyai kebijakan kredit 30 net. Namun hanya perusahaan besar yang secara konsisten membayar dalam jangka waktu 60 hari. Pada tahun 1966, kerugian bad debts mencapai 2% dari total penjualan. Petugas pembukuan akan mengirimkan surat penagihan jika pembayaran tidak diterima hingga 60 hari. Jika 90 hari piutang juga belum dibayarkan, maka petugas pembukuan akan mengirim surat peringatan untuk membayar dalam jangka 10 hari. Jika setelah 120 hari piutang belum juga dibayarkan, maka penagihan akan diserahkan kepada pengacara dengan komisis tertentu. Piutang juga dikategorikan bad debts jika melebihi 120 hari penagihan. Setelah Mr. Katz masuk ke dalam perusahaan, penjualan kembali meningkat. Dengan optimisme yang tinggi, Mr. Katz menargetkan penjualan yang besar untuk bulan mei hingga Desember tahun 1967. Sayangnya, peningkatan ini juga diikuti oleh peningkatan piutang.

Permasalahan

Pada kepemimpinan Mr. Katz sebagai Sales Manager, perusahaan Hintz melakukan eskspansi. Aset mengalami kenaiakan hingga 1.6 kali dari bulan yang sama pada tahun sebelumnya. Penjualan mengalami kenaikan hingga 1.5 kali, namun piutang juga mengalami kenaikan. Kenaikan ini mencapai 2.6 kali.

Kenaikan piutang yang sangat signifikan ini tidak baik bagi kondisi keuangan perusahaan. Dengan banyaknya piutang, maka perusahaan akan semakin illiquid. Kekurangan kas dalam bentuk tunai akan menyulitkan operasional harian perusahaan. Hal ini tercermin dari posisi kas yang berkurang secara drastis dari USD 10000 pada bulan April 1966 menjadi USD 4000 pada bulan April 1967.

Ekspansi ini dilakukan dengan menaikan penjualan. Kenaikan penjualan yang signifikan ini adalah hasil dari pelonggaran credit policy. Pelonggaran Credit policy ini terindikasi dari Average Collecting Period-nya yang melebihi batas waktu kredit.

Perusahaan telah menentukan bahwa batas waktu kredit adalah 30 hari. Namun mayoritas customer mengembalikan pada hari ke 80 hingga 86. Angka ini ditunjukan dari perhitungan Average Collecting Period. ACP pada tahun 1966 adalah 85.98, sedangkan ACP pada tahun 1967 adalah 80.52.

Bulan (1966) | Terbayar | Presentase | Periode | Hasil | April | 1 | 0.038 | 0-30 | 1.14 | Maret | 2.1 | 0.08 | 30-60 | 4.8 | Februari | 22.7 | 0.86 | 60-90 | 77.4 | Januari | 0.6 | 0.022 | 90-120 | 2.64 | Total | 26.14 | | ACP | 85.98 |

Bulan (1967) | Terbayar | Presentase | Periode | Hasil | April | 2.7 | 0.077 | 0-30 | 2.31 | Maret | 5.5 | 0.15 | 30-60 | 9 | Februari | 26.3 | 0.75 | 60-90 | 67.5 | Januari | 0.5 | 0.014 | 90-120 | 1.71 | Total | 35 | | ACP | 80.52 |

Pelonggaran Credit Policy ini juga akan membuat Bad Debt muncul setiap bulannya. Karena setiap bulannya, masih terdapat piutang yang berumur 120 hari ke atas yang belum dibayarkan.

Hal ini dapat terjadi karena mayoritas customer adalah Retailer kecil yang mempunyai pondasi keuangan yang tidak cukup kuat. Customer-customer ini dapat mendapat kredit karena persyaratan 5C tidak sepenuhnya diikuti. Hal ini dapat membuat perusahaan menghadapi kredit macet dan siklus piutang yang lebih panjang.

Masalah lain yang dihadapi adalah presentasi kenaikan Harga Pokok Produksi yang lebih besar dari presentasi kenaikan penjualan. Hal ini menunjukan kinerja produksi perusahaan belum mencapai performa yang efisien.

Penyelesaian

Mayoritas customer Perusahaan Hintz adalah retailer kecil dengan kemampuan financial yang terbatas. Customer-customer tersebut tidak dapat melunasi kreditnya dalam jangka waktu 30 hari. Untuk itu, perubahan dalam Credit Policy dibutuhkan disini. Hal ini dapat diterapkan dalam perubahan credit terms maupun pengetatan 5C. Kami memilih untuk mengubah credit terms daripada pengetatan 5C karena mayoritas customer mempunyai keterbatasan financial. Jika 5C diketatkan, maka mayoritas customer akan tereleminasi sehingga mereka tidak dapat mendapatkan kredit. Hal ini secara langsung akan berdampak kepada penjualan yang terjun bebas. Pilihan yang lebih baik adalah perubahan Credit Terms dari net 30 menjadi net 90, dimana angka 90 mengikuti average collecting Period Customer.

Stimulus lain untuk mempercepatan periode pembayaran adalah pemberian diskon dalam jangka waktu tertentu, seperti 2/10 atau 5/5. Hal ini berarti akan ada diskon 2% jika barang dilunasi dalam jangka waktu 10 hari atau 5% dalam jangka waktu 5 hari terhitung sejak barang dikirim.

Tingginya Piutang harus diimbangi dengan kas yang mencukupi. Karena perusahaan mengalami kekurangan kas, maka harus dicari sumber dana untuk menutupi kebutuhan akan kas. Salah satu caranya adalah pengajuan pinjaman modal ke bank. Pinjaman ini juga harus dijaga dalam rasio 1-2 agar posisi keuangan perusahaan tetap sehat.

Tingginya posisi piutang dibanding posisi kas tidak selalu mengindikasikan performa yang buruk. Masalah dapat dihindarkan jika Networking Capital dapat dijaga dalam rasio antasa 1.2-2. Pada periode 1966, rasio networking capitas adalah 2.5, angka ini berada di atas nilai optimal 2 yang artinya terdapat idle cash yang seharusnya dapat membuahkan hasil jika diinvestasikan. Hal berbeda terjadi pada kepemimpinan Mr. Katz dimana rasio networking capital mengalami penurunan menuju 1.8. Angka ini menunjukan nilai yang optimal karena idle cash dapat dikelola lebih baik dari tahun sebelumnya.

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