Free Essay

The Hintz Company

In: Business and Management

Submitted By dhenhad
Words 877
Pages 4
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.

Similar Documents

Free Essay

Bis 220 Information Systems Proposal

...Information Technology Raymond Hintz BIS/220 January 21, 2014 Oswald Angst Information Technology The phone rings, your in the middle of a project. Your monthly plan is almost out of minutes, you do not recognize the number but you are expecting an important call. You answer the call only to hear a recorded message asking, “If I could teach you how to make $1000.00 dollars a week would you be interested?” great another telemarketing call. Wasted time, wasted minutes on your phone plan and aggravation at the interruption of your day. There should be a law about this! Wait, there is. Advances in information technology have led to a huge increase in telemarketing calls to consumers. Calls come in from every avenue, marketing questions; solicitation for sales, investment opportunities, and political outreach, if you can talk about it a telemarketer is calling consumers to get their opinion, their vote or their money. Call centers have expanded from office buildings with employees making one call at a time calls to computers mass dialing consumers. Robo-calling has decreased the cost to telemarketers while increasing the volume of calls consumers receive. The per minute fees incurred by consumers for telemarketing calls to cellular phones led to many complaints and an increase in the need for a “Do Not Call” law. Consumers had for many years been irritated at telemarketers however the increase in volume of calls along with the new charges paid by consumers for calls to......

Words: 820 - Pages: 4

Premium Essay

Cis 325

...CROSS-CULTURAL PERCEPTIONS IN THE INDIA-U.S. BUSINESS CONTEXT Rama Subba Rao Appikatla University of Central Oklahoma aramasubbarao@ucok.edu HU UH Mark E. Hillon University of Central Oklahoma mhillon@ucok.edu HU UH ABSTRACT India’s economic liberalization in 1991 opened the gateway for new opportunities in emerging market trade relations. Although the U.S. has quickly become India’s largest trading partner, surprisingly little research has been devoted to cross-cultural perceptions in the India-U.S. business context. We developed an approach based on Levinson’s (1950) ethnocentrist model to explore the underlying values of the two cultures, specifically in relation to perceptions of work. Preliminary results indicate a potential misalignment of motivating values. This study may have further implications for the selection of strategic business partners and other important crosscultural transactions. Keywords: India, Ethnocentrist, Levinson Introduction The genesis for this study was a question posed by an Indian graduate student on her first visit to the U.S. who simply wanted to know what Americans thought of Indians and her home country. India’s economic liberalization in 1991 opened the gateway for new multilateral business opportunities, and in a broader sense, the world gained access to a vast wealth of untapped resources in India, including a highly educated workforce to satisfy the global desire for outsourced services. Although the U.S. has quickly......

Words: 2386 - Pages: 10

Premium Essay

Npec

...Equity Anomaly: Strategic Allocation or Active Decision? ERIK KNUTZEN ERIK K NUTZEN is the chief investment officer at NEPC LLC in Cambridge, MA. eknutzen@nepc.com FALL 2013 JOI-KNUTZEN.indd 75 I n the past several years, asset managers have built investment strategies based on historical evidence that lower volatility stocks earn superior risk-adjusted returns. These approaches are being called low volatility, managed volatility, minimum variance, or similar names. They seek to exploit what has been identified in studies by academics and practitioners alike as an equity pricing anomaly. This anomaly joins previously identified persistent stock market inefficiencies associated with low price-tobook and smaller company shares. This article evaluates the low volatility anomaly, its potential causes, whether it is likely to persist, and the role, if any, of low volatility equity investing in long-term investment programs. Based on historical information, we conclude that the low volatility equity anomaly appears to exist and can be explained by certain behavioral and structural biases of investors. But its continued existence into the future is less certain. We also observe that even well-documented anomalies experience multi-year periods of outperformance and underperformance relative to broad market benchmarks such as the Standard & Poor’s 500 Index. These episodes of relative under- and overvaluation appear to be driven by market......

Words: 4676 - Pages: 19

Premium Essay

What Are the Interaction Between Climate Change and Multinational Enterprise?

...Assignment on- “What are the interactions between Climate Change & Multinational Enterprise?” [pic] [pic] Prepared For Md. Mamoon Al Bashir Lecturer Department of Business Administration East West University Prepared By Group Members: Ziniya Tabassum Anwar (2010-2-10-031) Ahsan M Rahik (2010-2-10-099) Najnin Akhter (2010-2-10-079) Anower Kabir Duke (2008-3-10-030) Farjana Akter Parul (2010-2-10-100) Course Code: ITB 301 Course Title: International Business Section-5 Submission Date 24/07/2013 [pic] EAST WEST UNIVERSITY Letter of Transmittal 24 July, 2013 Md. Mamoon Al Bashir Lecturer Department of Business Administration East West University Subject: Submission of Assignment on “What are the interaction between Climate Change and Multinational Enterprise?” Dear Sir, It is a great pleasure and privilege to present the assignment titled “What are the interaction between Climate Change and Multinational Enterprise” which was assigned to us as a partial requirement for the completion of this course ITB 301 (International Business). Throughout the study we have tried with the best of our capacity to accommodate as much information and relevant issues as possible and tried to follow the instructions as you have suggested. We tried our best to make this assignment as much informative as possible. We sincerely believe that it will satisfy your requirements. We however sincerely believe that......

Words: 6288 - Pages: 26

Premium Essay

Assignment on- “What Are the Interactions Between Climate Change & Multinational Enterprise?”

...Assignment on- “What are the interactions between Climate Change & Multinational Enterprise?” [pic] [pic] Prepared For Md. Mamoon Al Bashir Lecturer Department of Business Administration East West University Prepared By Group Members: Ziniya Tabassum Anwar (2010-2-10-031) Ahsan M Rahik (2010-2-10-099) Najnin Akhter (2010-2-10-079) Anower Kabir (2008-3-10-030) Farjana Akter Parul (2010-2-10-100) Course Code: ITB 301 Course Title: International Business Section-5 Submission Date 24/07/2013 [pic] EAST WEST UNIVERSITY Letter of Transmittal 24 July, 2013 Md. Mamoon Al Bashir Lecturer Department of Business Administration East West University Subject: Submission of Assignment on “What are the interaction between Climate Change and Multinational Enterprise?” Dear Sir, It is a great pleasure and privilege to present the assignment titled “What are the interaction between Climate Change and Multinational Enterprise” which was assigned to us as a partial requirement for the completion of this course ITB 301 (International Business). Throughout the study we have tried with the best of our capacity to accommodate as much information and relevant issues as possible and tried to follow the instructions as you have suggested. We tried our best to make this assignment as much informative as possible. We sincerely believe that it will satisfy your requirements. We however sincerely believe that this...

Words: 6287 - Pages: 26

Premium Essay

The Design and Implementation of a Leadership Development Program for Greenheck Fan Corporation

...THE DESIGN AND IMPLEMENTATION OF A LEADERSHIP DEVELOPMENT PROGRAM FOR GREENHECK FAN CORPORATION by Kathleen A. Drengler A Research Paper Submitted in Partial Fulfillment of the Requirements for the Master of Science Degree in Training and Development Approved for completion of 4 Semester Credits 198-750 Field Problem in Training and Development _________________________ Research Advisor The Graduate College University of Wisconsin-Stout December 2001 2 The Graduate College University of Wisconsin-Stout Menomonie, Wisconsin 54751 ABSTRACT Drengler (Writer) (Last Name) Kathleen (First) A (Initial) The Design and Implementation of a Leadership Development Program for Greenheck Fan Corporation Training & Development (Graduate Major) Jerry Coomer (Research Advisor) December 2001 (Month/Year) (No. Pages) Publication Manual of the American Psychological Association (Name of Style Manual Used in this Study) The purpose of this field problem was to design and implement a leadership development program for Greenheck Fan Corporation. Consistent growth over the prior five years and aggressive growth projections created leadership opportunities throughout the organization. A corporate culture that supports promotions from within and a projected workforce labor shortage required development of the skills of existing employees to fill emerging leadership roles. This leadership development program defines the competencies......

Words: 8058 - Pages: 33

Premium Essay

4 Hour We

...I PRAISE FOR The 4-Hour Workweek "It's about time this book was written. It is a long-overdue manifesto for the mobile lifestyle, and Tim Ferriss is the ideal ambassador. This will be huge." —JACK CANFIELD, cocreator of Chicken Soup for the Soul®, 100+ million copies sold "Stunning and amazing. From mini-retirements to outsourcing your life, it's all here. Whether you're a wage slave or a Fortune 500 CEO, this book will change your life!" —PHIL TOWN, New York Times bestselling author of Rule #/ "The 4-Hour Workweek is a new way of solving a very old problem: just how can we work to live and prevent our lives from being all about work? A world of infinite options awaits those who would read this book and be inspired by it!" —MICHAEL E. GERBER, founder and chairman of E-Myth Worldwide and the world's #1 small business guru "This is a whole new ball game. Highly recommended."—DR. STEWART D. FRIEDMAN, adviser to Jack Welch and former Vice President Al Gore on work/ family issues and director of the Work/Life Integration Program at the Wharton School, University of Pennsylvania "Timothy has packed more lives into his 29 years than Steve Jobs has in his 51." —TOM FOREMSKI, journalist and publisher of SiliconValleyWatcher.com "If you want to live life on your own terms, this is your blueprint." —MIKE MAPLES, cofounder of Motive Communications (IPO to $260M market cap) and founding executive of Tivoli (sold to IBM for $750M) "Thanks to Tim Ferriss, I have more time in my......

Words: 47316 - Pages: 190

Premium Essay

Business and Managment

...I PRAISE FOR The 4-Hour Workweek "It's about time this book was written. It is a long-overdue manifesto for the mobile lifestyle, and Tim Ferriss is the ideal ambassador. This will be huge." —JACK CANFIELD, cocreator of Chicken Soup for the Soul®, 100+ million copies sold "Stunning and amazing. From mini-retirements to outsourcing your life, it's all here. Whether you're a wage slave or a Fortune 500 CEO, this book will change your life!" —PHIL TOWN, New York Times bestselling author of Rule #/ "The 4-Hour Workweek is a new way of solving a very old problem: just how can we work to live and prevent our lives from being all about work? A world of infinite options awaits those who would read this book and be inspired by it!" —MICHAEL E. GERBER, founder and chairman of E-Myth Worldwide and the world's #1 small business guru "This is a whole new ball game. Highly recommended."—DR. STEWART D. FRIEDMAN, adviser to Jack Welch and former Vice President Al Gore on work/ family issues and director of the Work/Life Integration Program at the Wharton School, University of Pennsylvania "Timothy has packed more lives into his 29 years than Steve Jobs has in his 51." —TOM FOREMSKI, journalist and publisher of SiliconValleyWatcher.com "If you want to live life on your own terms, this is your blueprint." —MIKE MAPLES, cofounder of Motive Communications (IPO to $260M market cap) and founding executive of Tivoli (sold to IBM for $750M) "Thanks to Tim Ferriss, I have more time in my......

Words: 47316 - Pages: 190