5. Take into account the cash-flow dimension, as a visual representation of the oil in the company's engine.

While the aim of any company is to achieve zero cash flow on average, two other situations frequently arise.

• Structurally negative cash flow: in this case, working capital is insufficient to cover working capital requirements, forcing the company to resort to current bank loans. This situation is particularly common in small start-ups, where management has not anticipated the growth in working capital requirements.

• Structurally positive cash flow: working capital is too high in relation to operating cycle requirements. This situation arises in businesses where sales are made on a cash basis and suppliers are paid late, as in the retail sector.