
Working Capital, Quietly
Profitable on paper, cash-starved in operations. What closed the gap wasn't revenue. It was a forty-day swing in working capital nobody had been managing.
Angle
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Profitable on paper, cash-starved in operations. What closed the gap wasn't revenue. It was a forty-day swing in working capital nobody had been managing.

By July the invoice was 120 days old. The customer was still polite. The receivable was already gone.

Invoices went out on the first. Money landed somewhere between day forty and day ninety. Nobody could explain the gap because nobody was watching it.