I am pretty sure it's hiding in plain sight, right there on your balance sheet.
It could be in your accounts receivable or maybe it's tied up in the inventory that you have piled up in your warehouse. But the keys are right there on that balance sheet.
Take a look:
1. If accounts receivable grew more than revenue, then AR is your likely culprit. (Compare the % growth of revenue this year to the % growth of AR this year.) Investigate your collection activities and see if you can automate your processes. Or dedicate someone's time to the chore. Or e-mail invoices instead of using regular mail. Cash is critical in today's environment, don't let it slip through your fingers.
2. If inventory grew more than COGS, your problem is in inventory. Look at your product mix, talk to suppliers, weigh the trade-offs between good customer service and inventory carrying costs.
3. Look at your payables. Manage the payment terms with your vendors to find opportunities there.
And then be sure to keep your eye on operating cash flow. That is the critical measure that determines the sustainability of your organization. If your operations are not generating enough cash, no amount of revenue growth is going to keep you alive.
There are opportunities in every market. What are you doing to succeed in today's world?