Your management will also have to think about the cash needs associated with the implementation of individual programmes and services – of course in view of the cash-flow forecasts of all other programmes.

Note: even if the programme produces enough surplus, you will have to check when the revenue will finally result in payments and whether you will have enough money (liquidity) to pay the bills and salaries when they fall due.

Typically, the preparation of most activities creates a series of expenses. The revenue, however, is often generated only during or after the delivery to the clients.

You need to think about which funds you can use to bridge this time gap between cash outflow and cash inflow.