8 TIPS ON HOW TO COOPERATE EFFECTIVELY WITH AN INTERIM TREASURY MANAGER
This article is written by Pecunia Treasury & Finance B.V. Are you working with an interim manager and unsure of how to effectively cooperate with them? Look no further; we’ve got you covered! You’re most likely here because you know introducing an interim manager into your workplace can be a daunting task. For those who don’t know already, interim managers are temporary managers who are brought in to oversee an organization during times of transition, such as during a leadership change or a major project. If you’d like to learn more, Indeed has a blog explaining the definition of an interim manager in more detail. These professionals can be valuable assets to any team, but they can also present some challenges when it comes to working effectively together. In this blog post, we will provide 8 tips on how you can cooperate effectively with an interim manager to ensure a successful transition and a positive working relationship. So, without further ado, let’s dive into these helpful tips on how to cooperate effectively with an interim manager. Establish clear expectations from the beginning Establishing clear expectations from the beginning with your interim manager is important because it helps create a positive and productive working environment. Having clear expectations also helps foster trust and mutual respect, which are essential for a successful relationship. This ensures that both the interim manager and the company are on the same page and that they understand the roles and responsibilities they each have. Furthermore, it allows both parties to plan and prepare their work accordingly, resulting in improved efficiency and effectiveness. Finally, it ensures that expectations are met and that everyone is working towards the same goal. Be honest and concise when communicating with your Interim Manager Honesty alone is always the best policy when communicating with your interim manager; it’s the key element in successful communication with anyone in the workplace. However, honesty and conciseness in communication with your interim manager are essential to ensuring that both parties understand each other and that the project progresses in a timely and efficient manner. Be prepared to provide clear and concise explanations about the project goals and objectives, and provide a timeline for when tasks should be completed. Be open and honest about any challenges you are facing, and provide the interim manager with any relevant information or data that can help them make the right decisions. Moreover, it is important to maintain open lines of communication between you and your interim manager so that any questions or issues can be addressed quickly. Fulfill your Interim Manager’s requests, and explain your reasoning if you disagree If you disagree with a request from your interim manager, it is important to remain respectful and professional. Start by acknowledging the request, and then explain your rationale for why you believe it is not the best option. Doing so will show that you are open to discussing the issue, rather than simply rejecting it out of hand. Additionally, it is important to be open to hearing their point of view and be willing to come to a consensus. It is also important to be transparent with your interim manager about any issues that may arise, as they can help you find a solution that works for everyone. Don’t hesitate to explain the rationale behind any requests you cannot fulfill. Again, it is important to be open and honest with your interim manager in order to ensure a successful working relationship. On top of that, it’s important to be proactive and suggest alternative solutions to any requests you cannot fulfill. Doing so will help your interim manager understand your perspective, which could lead to a mutually beneficial outcome. Allow the Interim Manager to make decisions without interference The interim manager should be allowed to make decisions without interference, as long as they are within the scope of their role and responsibilities. This means that any decision made by the interim manager should be respected and not questioned. The interim manager should have the autonomy to make decisions based on the best interests of the organization without any interference from outside parties. This will ensure that decisions are made in the best interests of the organization and are not influenced by any external factors. However, it is important to ensure that the interim manager is aware of any restrictions or guidelines that need to be followed and that they understand the parameters of their role. Additionally, they should be given clear expectations and feedback on their performance. Respect your Interim Manager’s authority and don’t be afraid to ask for help Don’t forget that you take the time to listen to the interim manager’s thoughts and feedback. Your interim manager will have a wealth of experience to draw upon, and their advice should be respected and valued. In addition, make sure to stay organized and communicate regularly with the interim manager. Be sure to document the progress made while the interim manager is in charge so that it can be reviewed and discussed. Ultimately, be open to change and new ideas that the interim manager may suggest. Here are some personal responsibilities you can incorporate when working as a team: Your interim manager is there to help you navigate the transition and provide guidance, so make sure to take advantage of their expertise. Ask questions, listen to their advice, and work with them to ensure that the transition is successful. Lastly, use their experience to help you create and implement new processes, procedures, and protocols. Respect their authority and follow their direction, but also remember to provide your opinions and feedback. Give the Interim Manager the opportunity to develop a professional relationship Always remember the importance of giving the interim manager the opportunity to develop a professional relationship with the team, the staff, and the organization. This can be done by providing him or her with open communication channels and access to resources. This will help foster trust and understanding, and it will create an environment where the interim manager can demonstrate…
Franklin
4 WAYS TO ASSESS YOUR COMPANY’S FOREIGN EXCHANGE EXPOSURE
This article is written by GPS® Capital Markets When you take a close look at any business’s operations, most planning and management are determined by the company’s size and vertical. When I’ve talked to executives about how they run their companies, the consensus is that there’s a mountain of difference between how to approach a small business’s operations versus a sprawling multinational’s. However, there’s one important exception to the rule, and it’s what we’re going to discuss in this blog: When it comes to doing business in multiple markets—no matter the details—all companies face foreign exchange exposure. How well a business assesses, forecasts, and manages fluctuating costs across currencies could be the difference between sinking and swimming. Take a look at these four ways you can start understanding your exposure. Treasury and finance professionals working to document and understand FX risks classify different types of exposures to track and mitigate them. Ultimately, the more data you can collect about these dynamics, the better you can optimize over time. Not all companies will face these exposures, but as a company grows, its FX risk can become more nuanced and bring different dynamics into play. Depending on how long you’ve been working at your company and how large/complex its operations are, it may be difficult to tease out the financial dynamics happening in each subsidiary. The most successful treasury professionals will be able to audit payments and transactions and find ways to consolidate or refine overall processes to save money or time. All refinement or optimization—the buzz word of the decade—begins with accurate data collection that can later translate into advanced analysis, visualization, and reworking of processes to mitigate FX exposure. Data aggregation tools, like GPS’ FXpert platform, keep track of your company’s activities across markets. This makes it easier to see exposure and create actionable plans for reduction of risk. With a complex view, different supply chain, acquisition, or payment procedures can be developed. If each of your subsidiaries does reporting differently, it can be difficult to get to a single point of data truth to understand exposure. Combine this with different operating languages, currencies, vendors, and lines of business, and you can get yourself into a big mess. Determining FX exposure, especially in a complex manner over many years, is most successful when you have all your ducks in a row and operate in a uniform manner. With FXpert, you can standardize payments with intercompany netting and report on all your transactions to meet regulatory requirements in one place. Trying to assess FX exposure on your own, even with an experienced in-house team, can prove too much for a treasury professional to handle. Whether your operation is expanding into new markets or acquiring subsidiaries with different transaction practices or software, bringing in experts who deal exclusively in FX covers your decisions and provides new ideas. Having seasoned experts available 24/7 and ready to help with any FX question provides peace of mind and the ability to get second opinions on any hedging strategy. Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.
Patrick Kunz