You are estimating your company's external financing needs for the next year. Your first-pass pro forma financial statements showed a large financing deficit for next year. Which of the following changes to your company's operating plan would reduce the financing deficit if incorporated in revised pro forma financial statements?

a. None of the options are correct.

b. Increase the dividend payout ratio

c. Increase cost of goods sold as a percentage of sales

d. Reduce the collection period

e. Increase the sales growth rate