THE WORKING CAPITAL TRAP THAT KEEPS GOOD MANUFACTURERS POOR A manufacturer I visited last year showed me his P&L with quiet pride. Revenue: ₹1.8 crore annually. Net profit margin: 14%. Profit on paper: approximately ₹25 lakh. Then I asked to see his bank account balance. ₹43,000. He was a profitable business running on empty. Every month was a scramble. Supplier payments delayed. Staff salary timing managed carefully. Personal expenses funded by drawing from the business when
