Introduction

The key words of the commercial view of business are profit, cash, order book, intellectual property, risk and contracts.

A purist might say that the first three only are the real core. These three may be considered in terms of their relative immediacy. The most immediate need in successfully running most businesses is cash. Cash is needed every month, every week and every day to pay the workers and to meet creditors' demands. The next most immediate need is for the company to produce good profits. Profit is measured in the annual accounts but for many companies, the half-year and quarterly results are anticipated and watched equally closely by the company, by investors and by the City. Internally to the company, profit forecasts are monitored monthly or at more frequent intervals depending upon the company's financial health. Poor profits means reduced investment by the company and loss of confidence by shareholders, who expect their dividends and bonuses. To be active at all, a company must have orders to process. It is arguably artificial to make this the third most immediate priority. Some companies may receive (and need) hundreds of orders a day, with a complete order processing and delivery time measured in hours or days only, with an inventory holding of no more than forty eight hours' worth. On the other hand there are companies who may need only one or two orders a year in order to maintain the order book. But it is not just a question...