Lessons from 10 Years of Failing to Sell My Dad Treasury Software
Is the title a bit click-baity? Yes, it certainly is. But then again, so are most of the 20+ sales solicitations that my dad – a seasoned Treasury practitioner with nearly 30 years of experience – receives every day from various software vendors, banks, and consultancies. If you’re an active treasury practitioner, I’m guessing you receive these solicitations too. In fact, you’ll probably receive one or two more by the time you’ve finished reading this article. I will personally apologize for some of the clutter, as I’m likely responsible for at least a few of those messages. I’ve helped send hundreds—if not thousands—of them over the past decade. Since 2015, I’ve attempted to follow in my father’s footsteps by pursuing a career in treasury. Not as a practitioner, but as a sales and marketing liaison for various treasury consultancies and fintech vendors. Ultimately, this means I create content and pitch products that I’m hoping would help convince my dad (and others like him) to invest in a new TMS, banking platform, or financial service. Because my dad is my target customer, I take every opportunity to collect his feedback on my projects. Over the years, I’ve pitched him on dozens of sales decks and demos, asked for reviews of countless factsheets and whitepapers, and sought his insight on almost every new piece of content I develop. Of course, due to inconvenient issues like “nepotism” and “conflicts of interest” (joking of course…), it’s not easy for my dad to justify the purchase of whatever shiny treasury solution his son spends all day trying to sell. I understand this and respect it. But because I’ve also had a front-row seat to analyze how each new vendor and bank advertises and sells to him—and what his response to each approach is—I’ve acquired a unique perspective on the process. As we enter 2025, the following insights are those that I’ve found most relevant and impactful as I prepare for my 11th year of service in the treasury sales, marketing, and content arena. To make matters worse, the security filters on most modern email platforms will send a large portion of your messages straight to spam. And cold calls? You’re lucky if the receptionist answers, and even more so if they actually transfer you to the desired extension. So, while sending emails and messages is fine, just know there’s a decent chance they might not ever be read or responded to. This shouldn’t be interpreted as a sign to just stop all sales and marketing communications entirely (although many practitioners might prefer that…). However, it should resonate that just because you have someone’s contact information or have constructed the “perfect” email does not mean it will be acknowledged, read, or responded too. Preparing yourself for this reality—and learning how to diversify your outreach as a result—is very important. Wrong. In all likelihood, that first demo call may be the only call (if it ever happens to begin with). Or, it’s the first of what will become 50+ calls over the course of not just days and weeks, but likely months and years. I’ve seen some sales cycles last as long as 3-5 years for large, blue-chip companies—especially when it involves a largescale migration of critical infrastructure, payment channels, and bank connections. There will likely be dozens—if not hundreds—of stakeholders involved across numerous departments. And due to the large number of participants and sheer scale of processes that are impacted, no experienced treasury team will ever rush a purchase. In most (but not all) cases, treasury software sales take time. Which leads us to point #3. If you’re wondering how many touch points are required to engage a corporate treasury team and maintain their interest during a multi-year sales cycle, the answer is usually hundreds, if not thousands. I don’t just mean emails and calls, but demos, workshops, dinners, events, etc. Vendors today will try to stay top of mind through any way possible, but the ones that succeed are usually ensuring that each stakeholder has all the information necessary to identify value. This usually means providing tailored material not just to Treasury but also to Accounting, IT, AP, and perhaps the CFO or CEO directly. Some might take it a step further and customize their outreach for each rung of the treasury ladder (manager, analyst, etc.), depending on the use case. Unfortunately, this multifaceted approach to sales is not easy for all reps to stay on top of, especially when it is extrapolated out across dozens or even hundreds of companies. Of course, there’s Salesforce and other tools to help with that problem, but just like in treasury, it’s never really that simple. The hard truth is that many treasury sales teams try to fill their pipeline with as many prospects as possible but ultimately fail to properly establish and maintain a good relationship with each one. Today more than ever, that’s an easy way to lose the opportunity. Whenever I attend the annual AFP or EuroFinance conferences, I like to walk the floor with my dad and listen to how various booths and vendors approach him. While many do a fantastic job, a fair number also struggle to demonstrate true product or market expertise, and those conversations rarely last long. Even for those who’ve memorized the pitch for their own product, a few follow-up questions from a seasoned practitioner can easily determine who understands the market and who has simply rehearsed a script. The same goes for those who use AI to generate highly authentic emails and digital messages but then struggle with in-person communication and dialogue. These are both major red flags, and in the end, it’s almost impossible to convince a treasurer that your product is a good fit for them if you clearly don’t understand the market or industry. As a final point here, it’s worth noting that out of the 20+ treasury sales reps emailing a random treasurer on any given day, at least SOME of them will be…
isaac.zaubi
Treasury Contrarian View: Banks vs. Fintechs – Should Treasurers Bet on Smaller Players?
In the corporate treasury world, large global banks have long been considered the go-to partners. They bring a reputation for stability, deep balance sheets, and an established track record. But in recent years, fintechs have emerged as serious challengers, offering nimble, innovative solutions that many traditional banks simply can’t match. So, here’s the question: Are treasurers limiting themselves by sticking to the perceived safety of big banks, or is it time to rethink the role fintechs could play in your treasury strategy? Beyond Safety: What Really Matters? Yes, safety and stability are key priorities, but they shouldn’t be the only factors in the decision-making process. Treasury teams also need functionality, speed, and solutions that solve real-world challenges. Here are some areas where fintechs might outshine their larger counterparts: The Case for Big Banks Of course, big banks bring undeniable strengths to the table: What’s the Right Balance? Treasurers don’t need to choose either banks or fintechs. In fact, the best approach may lie in diversifying partnerships to get the best of both worlds. For example: Your Turn Let’s open the discussion! To spark the conversation, we’ll include comments from our board members and insights from treasury vendors and fintechs already disrupting the space. Watch this space for their thoughts—and add your own below! Dan Kindler, CTO and Co-Founder at Bound, comments: I don’t see this as an either-or situation. Especially not for larger corporates. Many already use fintechs alongside their banking relationships – and I don’t see this trend slowing down. The banks handle the corporates’ core cash and liquidity needs while fintechs offer specialised tools, like automated FX hedging, that help them manage their day-to-day treasury operations more efficiently. Think of it this way: banks are like the solid foundation of a house – essential, reliable, built to last. We’re more like the smart home system, adding layers of automation, control, and visibility that make everything work better together. Eleanor Hill, Freelance Content Creator at Treasury Storyteller, comments: The tide is changing. I see many more treasurers working directly with fintechs these days. By ‘directly’ I mean not through a bank collaboration with a fintech (partnership being the ‘safer’ route). Of course, the appetite for direct fintech relationships varies according to the size and maturity of the corporate, but it also differs quite significantly by geography. In India, for example, there is huge appetite among the treasury community for fintech solutions. To the point that many treasurers say they would be happy to spend as much on fintech solutions as a TMS (audience poll conducted by me at Treasury Khazana 2024 Conference). That fintech versus traditional tech space is perhaps where the most interesting battles are still to unfold. Lorena Pérez Sandroni, Head of Treasury at PayU GPO, comments: Fintechs are considered a viable alternative to big banks in treasury operations because of their innovative solutions and agile development processes, which allow them to quickly adapt to market and business needs. Specific partnerships with fintechs cannot be disclosed for obvious reasons. However, the biggest opportunity for fintechs is seen through collaboration rather than disrupting traditional banking, as the main challenges for fintechs are linked to regulatory compliance. Recommended Reading Join our Treasury Community Treasury Mastermind 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.
Franklin
Treasury Is Easy; Is It?
We sometimes hear people say treasury is difficult. On paper, it might seem simple: track cash, manage risks, secure financing, and automate processes. However, in practice, treasury is a balancing act requiring a deep understanding of the interconnected nature of its core pillars: cash management, risk management, corporate financing, and technology and automation. While it’s true that getting these pillars right covers 80% of the job, the real art of treasury lies in understanding the interdependencies between them. Treasury doesn’t operate in silos—each pillar is woven into the others, forming a cohesive system that needs to be tailored to your company’s unique needs. The Four Pillars and How They Interconnect Where to Begin? With these interdependencies in mind, the question isn’t just “Which pillar should we focus on?” but rather, “Which interconnected priorities matter most to our business right now?” Scenario 1: Cash Is Tight, Margins Are Low If your business operates on thin margins and limited cash reserves, the focus should start with cash management, but risk management and financing must also be considered: Scenario 2: International Operations and FX Exposure For multinational companies, risk management takes center stage, but it cannot succeed without strong cash management and financing strategies: Scenario 3: Growth and Expansion Rapid growth requires careful attention to corporate financing, but this inevitably ties into cash management and technology: Scenario 4: Efficiency and Optimization For businesses seeking efficiency, technology and automation are essential, but they must enable the other pillars: The Treasurers’ True Job: Mastering Interdependencies Treasury is not just about managing individual pillars—it’s about understanding and leveraging the connections between them. A treasury that operates in silos risks inefficiency, higher costs, and missed opportunities. By focusing on the interplay between cash management, risk management, corporate financing, and technology, treasurers can create a system that is greater than the sum of its parts. At Pecunia Treasury & Finance, we help companies navigate these complexities and design treasury functions that align with their priorities. Because in the end, while treasury may seem “easy” in theory, true success lies in mastering the interdependencies that drive real value. Also Read Join our Treasury Community Treasury Mastermind 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.
Treasury Contrarian View: Why Stop at 100% Hedging?
In corporate treasury, the conventional wisdom is often to hedge up to 100% of a company’s exposure. This aligns with the most common policies and, on the surface, seems to mitigate risk effectively. But here’s the kicker: some strategies and products allow companies to hedge beyond 100% of their exposure. So why do most organizations stop at 100% when going beyond could make more sense in certain situations? Let’s think about it. In volatile markets, a 100% hedge may not account for potential over- or under-hedged positions caused by fluctuations in forecast accuracy, timing mismatches, or unforeseen economic changes. Hedging beyond 100% can create a buffer, ensuring the organization stays covered even when the unexpected happens. Yet, this approach remains underutilized. When Could Hedging Over 100% Make Sense? Why the Reluctance? Despite these potential benefits, most companies shy away from hedging beyond 100%. Why? Here are a few potential reasons: The Call for Discussion Should treasurers challenge the status quo and embrace more strategic and flexible hedging approaches? Is it time to rethink treasury policies to allow for greater flexibility in managing exposures? Or is the perceived risk of over-hedging simply too high? What do you think? Let’s start the conversation! Share your thoughts in the comments below. To kick things off, we’ll be sharing comments from some of our board members—treasury practitioners with deep industry expertise—and insights from our content partners, including leading treasury vendors and technology providers. Stay tuned for their perspectives, and feel free to respond or add your own! Nicholas Franck, Treasury Masterminds board member comments: Gains and losses are a product of cash forecast accuracy AND movements in market rates. Most treasuries put significant time and effort into making their cash forecasts accurate, but little to none into making their risk managers experts. “That would be speculation”….You can’t be forecast what the market rate will be in three year’s time – but you can work for three years forecasting what it will be in one minute, one hour, one day’s time. Who’s done an analysis to see what improvement in market rate forecasting is needed to justify one or two FTEs? If not, why not? Johann Isturiz Acevedo, Treasury Masterminds board member comments: Cost increase is key element to stop at 100% for market like AMECA when cost of carry is expensive, it has to be well presented to the management to make such a case Recommended Reading Join our Treasury Community Treasury Mastermind 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.
How to Map Currency Risk
This article is written by Kantox According to the recent 2021 Citi Treasury Diagnostics survey: “Corporates are now conducting comprehensive policy and ERP/TMS technology reviews with the main question being asked by senior managers: when, where and how does currency risk emerge?” The FX risk map is a useful tool that allows us to provide answers to these fundamental questions. Toni Rami, Kantox Chief Growth Officer says: “Mapping currency risks is an essential first step in defining, selecting, and implementing risk mitigation solutions […] If you can’t measure it, you can’t manage it”. The FX risk map and the ‘when’ question The FX risk map is a graphical representation of the lifespan of an FX-denominated transaction. Before a transaction is settled in cash, it is recognised in the books of the company as an invoice at the prevailing spot rate: the ‘accounting moment’ in the life of the transaction. Before that, still, it is considered a firm commitment — a legally binding agreement for the exchange of a specified quantity of resources at a specified future date or dates. And even before that, it was merely a forecast, an anticipated transaction that is not yet legally binding.This, in a nutshell, describes the journey of an FX-denominated transaction. Currency risk emerges from the fluctuations in the exchange rate across the lifespan of the transaction. With that in mind, we can see that the exposure to currency risk can be classified as: (a) accounting exposure (from the moment the invoice is recognised); (b) cash flow exposure that includes the transaction exposure (from the firm commitments), and the forecasted exposure of revenues and expenditures. Pricing risk At Kantox we pay attention to another element of the FX risk map that is usually neglected in most textbooks: pricing risk. Pricing risk is the risk that —between the moment an FX-driven price is set and the moment it is updated— a shift in the exchange rate can negatively affect either your profit margins or your competitive position. For example, if you sell in EUR and the exchange rate EUR-USD is systematically part of your pricing parameters, an appreciating USD could hurt your budgeted profit margins. On the other hand, if the EUR appreciates, your competitive position could suffer as you would be in a position to price more competitively EUR without affecting budgeted profit margins.The natural way to reduce pricing risk is to increase the frequency of exchange rate and price updates -— but that option is not available for companies that desire to keep prices steady during a single campaign or budget period, or across a set of campaign periods/budget periods linked together. The ‘where’ question The FX Risk Map provides answers to the questions that were raised earlier: Let us see this last point in more detail: The first thing to note is that most TMS focus on the latter part of the lifespan of a transaction, namely from the ‘accounting moment’ on to the ‘cash flow moment’. That is fine if your goal is to execute balance sheet hedging, as the exposure is made up mostly of recognised invoices.But if your goal is to execute a cash flow hedging program, most TMS fail to properly capture the relevant type of exposure: forecasts for individual campaigns or budget periods, forecasts for sets of campaigns/budget periods linked together, and firm commitments for sales and purchase orders.Moreover, they are unlikely to have the flexibility to execute combinations of hedging programs, as they must have the capacity to capture different types of exposure that sit in different systems within your company. The solution is going to be to use currency management automation solutions, that will allow you to capture all the required information from whatever source, whatever system it is in your company, your TMS, your ERP, a booking engine and other company systems, all with the help of a single software solution. Conclusion: towards hedging programs The FX risk map is, of course, a simplification. Each company will have its own, more elaborated risk map than the simple version discussed today. In spite of its simplicity, the FX Risk Map allows us to better understand the when, and even the where issues of currency risk. From there, it is not difficult to see how a firm’s FX goals, combined with its pricing parameters, will result in different hedging programs: micro-hedging of firm commitments or invoices, static hedging for individual campaigns or budget periods, layered hedging for sets of campaigns/budget periods linked together, and —last but not least—, different combinations of all the above. Also Read 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.
The 12 Myths of Treasury: Debunking Misconceptions and Raising Awareness
Treasury remains one of the most misunderstood yet essential functions in any business. From ensuring liquidity to managing financial risks, treasurers play a pivotal role in navigating companies through uncertain waters. However, over the years, I’ve encountered several myths and misconceptions about treasury—ideas that limit its perceived value or oversimplify its complexity. Let’s explore The 12 Myths of Treasury and set the record straight. Myth 1: Treasury Is Just About Cash Management Treasurers are often seen as mere cash managers, limited to handling payments and ensuring liquidity. Some organizations treat treasurers as the “cashiers” of the company, while there are even CFOs reserving tasks like debt negotiations with banks – the perceived “glamorous” side of treasury – for themselves. Treasury goes far beyond cash management. It’s a strategic function that safeguards financial stability, manages risk, and drives growth through proactive planning and collaboration. Treasurers are not just managing the present they’re shaping the future of the business. Myth 2: Treasurers Don’t Need to Understand the Business Treasurers are often viewed as isolated from the broader business, focusing solely on numbers and financial transactions. Many believe that understanding the company’s operations, strategy, or market dynamics isn’t essential for their role. Treasurers must deeply understand the business to manage liquidity, risks, and funding effectively. Their role requires a comprehensive view of the company’s operations and strategic goals to make informed decisions and align financial strategies with business needs. From my own experience, I’ve seen how critical this understanding is. The more we understand the business and communicate within the organization with all the business units, the more we can add strategic depth to our role and provide solutions. I recall a case where a CIO was exploring a Treasury Management Systems (TMS) without involving treasury in the process. The lack of collaboration could have led to a solution that didn’t meet the company’s actual needs, emphasizing the importance of treasury being part of key business decisions. I’ve often collaborated internally with teams like procurement, logistics and HR. I remember instances when they brought issues to my office, and together, we worked on solutions that balanced financial strategy and operational needs. These moments underline the value of treasury’s deep involvement in the business. On the other hand, knowing the business and being able to guide through site visit banks or external stakeholders, have made my feel great satisfaction whilst showcasing the operations firsthand. This helps them not only understand our business better but also strengthens our relationship and credibility. Treasurers are not just “number people.” They are business partners who bring financial expertise into the operational, strategic, and external landscapes of a company. Myth 3: Treasury and Accounting Are the Same Thing Treasury and Accounting are often seen as interchangeable roles within finance. Treasurers are assumed to perform tasks like bank transactions and account reconciliations or interest accounting entries, leading to the belief that their work and responsibilities are identical to those of accountants. Some even argue that Treasury should report to Accounting or even that salaries should be equivalent, perpetuating the misunderstanding. Treasurers are not Accountants. Their role requires a different skill set, a broader understanding of financial markets, and a strategic mindset. Recognizing this distinction is key to unlocking treasury’s full potential. While Treasury and Accounting share common ground, they serve distinct purposes. Accounting is backward-looking, focused on recording and reporting historical financial information. Treasury, on the other hand, is forward-looking, focused on managing liquidity, mitigating risks, and aligning financial strategies with the company’s long-term goals. Separating these two functions is essential for compliance and governance. For example, if Treasury manages payments and also reconciles bank accounts, there’s no independent oversight, increasing the risk of errors or fraud. By keeping these functions separate, companies create a system of checks and balances that enhances transparency and accountability. Another reason for separation lies in the different areas of expertise. Treasury for instance focuses on forecasting and securing funding to maintain liquidity, while Accounting ensures accurate reporting and compliance with financial regulations. Each department’s specialization allows them to complement each other effectively without overlap. At the end, the true success lies in fostering strong collaboration between these departments to achieve aligned financial goals. Myth 4: Treasurers Only Work with Banks Treasurers are often perceived as solely managing relationships with banks—handling loans, deposits, and payment systems. This narrow view overlooks the broad scope of their responsibilities and the diverse stakeholders they collaborate with to ensure the company’s financial stability. While banking relationships are an important part of Treasury, they’re far from the only focus. Treasurers also work with suppliers, customers, rating agencies, auditors, and even internal teams like procurement to manage liquidity and financial risks. For example, for working capital management, treasurers collaborate with supply chain and procurement teams to optimize payment terms with suppliers and ensure cash flow aligns with operational needs. Similarly, they may work with rating agencies to improve the company’s credit profile, directly impacting borrowing costs and access to funding. Other cases as well are with technology providers for treasury automation as treasurers are increasingly involved in selecting and implementing TMS and automation tools. Treasury’s role extends beyond transactional banking to becoming a strategic partner that bridges the internal and external financial landscape, aligning liquidity, risk, and funding strategies with broader business goals. Treasurers don’t just “work with banks”—they work across the organization and with external stakeholders to drive value and financial resilience. Myth 5: Technology Will Make Treasurers Obsolete With the rapid rise of automation, APIs, and AI-powered tools, some believe that technology will eventually replace the need for treasurers altogether. This view assumes that treasury tasks are primarily transactional and can be fully automated. Technology is not a replacement for treasurers but an enabler of their work. While automation tools like APIs, RPAs, and TMS systems streamline processes and reduce manual work, they do not replace the strategic judgment, risk management expertise, and forward-thinking that treasurers bring to the table. For example, These tools free up treasurers’ time…
MariannaPolykrati
Treasury Leadership: Balancing Hard Skills and Soft Skills
In today’s fast-paced and complex work environment, it’s crucial to strike a balance between hard skills and soft skills. The role of treasury within organizations is becoming increasingly strategic, driven by global economic volatility, advancements in technology, regulatory changes, and the need for enhanced risk management. Developing soft skills, on the other hand, relates to how you work and interact with others. Communication, empathy, adaptability, and teamwork are key to leading successfully in today’s world. Treasury leaders are expected to go beyond traditional roles of managing liquidity and financial risks. We are increasingly involved in strategic decisions, providing insights that impact the entire organization, from capital structure decisions to mergers and acquisitions and even strategic investments. As specialists in our area of expertise, our roles are critical as advisors to the C-suite. Staying up to date with technology and being early adopters is key. The adoption of advanced technologies like artificial intelligence, machine learning, blockchain, and robotic process automation will continue to reshape treasury functions. Treasury leaders need to be at the forefront of advocating for and overseeing the implementation of these technologies to enhance efficiency, improve accuracy, and provide better predictive analytics for decision-making. In a global financial world, treasurers need to focus on comprehensive risk management strategies. This involves not just financial risks but also operational, geopolitical, and cyber risks. The future treasury leader is expected to have a comprehensive risk management framework that is agile and adaptable to changing conditions. For efficient collaboration, treasury leaders must enhance the integration of treasury functions with other parts of the business. It is critical to work closely with IT, HR, legal, tax, and other departments to ensure that financial strategies are fully integrated across the organization. As regulations become more complex globally, treasury leaders must stay ahead of the curve to ensure compliance. This includes understanding and preparing for the implications of changes in tax laws, banking regulations, and financial reporting standards. As treasury leaders, we must be able to self-assess our strengths and weaknesses and be willing to receive feedback to develop soft skills, which will allow our teams and ourselves to create impact. Proposing tools like 360-degree feedback can offer insights into how others perceive your hard and soft skills, helping us evolve. Getting out of our comfort zone is another key to success. Commit yourself to lifelong learning to enhance both types of skills. For hard skills, consider certifications, courses, and webinars related to our field. For soft skills, workshops, mentorship, and coaching can be invaluable. Throughout my career, I have learnt that adapting your communication style is crucial. I continuously strive to improve my communication skills, adapting to new generations and different cultures and focusing on improving digital communication tools. Making efforts to understand non-verbal cues and thinking every day about how to be clear and concise is even more important when working in a second language and/or multicultural and multilingual teams. Being an active listener is key to success in all these areas. I remember old management in treasury telling me not to be too soft if I wanted to manage teams. Today, I understand those managers had zero skills in emotional intelligence and empathy. Through the years, experience has taught me that cultivating emotional intelligence skills is a cornerstone of effective leadership, enabling me to understand and manage my emotions and those of others. I truly believe it improves team dynamics, conflict resolution, and decision-making. Developing a genuine interest in the challenges and aspirations of our teams fosters trust, loyalty, and open communication. Every leader will have to manage and solve problems. Therefore, developing problem-solving skills that combine technical knowledge with creative thinking and collaboration is key. This often involves using both hard and soft skills. The treasury leader of today and the future must encourage teamwork and demonstrate a balanced approach in our actions while showing proficiency in our technical duties and strong interpersonal skills. We treasurers must understand the strengths and weaknesses of our team members and delegate tasks accordingly. This not only ensures the best use of hard skills but also develops soft skills within the team, such as responsibility and leadership. Regularly seek feedback on your leadership style and the balance between your hard and soft skills. Reflect on this feedback and make continuous adjustments. Balancing hard skills and soft skills in leadership doesn’t imply equal proficiency in all areas. Instead, it means recognizing the value of both, continually improving, and using them effectively to lead your team towards success. Other Articles in this Series 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. Notice: JavaScript is required for this content.
Lsandroni
Treasury Masterminds; Year 1. Reflections on our Inaugural Year
A simple idea—that’s how it all started. Treasurers love networking, and I love networking. Great things happen at conferences: we share ideas, projects, tips, and tricks. We have fun! We also get to know each other because treasury is a relatively small community. But, yes, there was a “but.” We only met 2–4 times a year—at the big conferences and national ACT meetings. What if we could meet more often, virtually, and share ideas 24/7? Not through LinkedIn, where everyone is present, but in a space exclusively for treasurers. That’s how TreasuryMasterminds was born. It was just January 2024—though it feels like ages ago. The starting point? A simple forum. Treasurers could post questions and get relevant information and answers. Looking back, the forum’s engagement wasn’t massive, but it sparked the idea of online knowledge sharing and building a treasury community. Soon, we began adding partner content. Treasury vendors, partners, and consultants often produce insightful or educational materials for the community—not all of them, of course, as some lean more toward sales. We decided to cherry-pick the best articles and share them on our platform. One central place to access relevant information—no more endless browsing. You can read all our blogs here. The community started to respond. Engagement and reactions from treasurers grew, and before long, fellow treasurers joined the cause. We added board members—fellow hardcore treasury nerds like me, passionate about the field and what we do. We also began creating our own content, which was a huge success. Some articles reached thousands of readers, sparking engagement and bringing new members into the community. The platform kept growing. We expanded our board beyond the EU and UK, and the US quickly became a key market for followers and readers. Now, our reach extends to Africa, LATAM, and Asia as well. You can explore our full list of board members here We established a regular content calendar: two original articles every week. On Tuesdays, our newsletter articles reach thousands of readers, and Thursdays are for our own fresh content. For a while, we even ran the Treasury for Non-Treasurers series, which might make a comeback! None of this would have been possible without our followers, readers, the enthusiastic treasurers in our community, and my amazing board members. I never imagined we’d reach so many people in such a short time. In our best months, we hit 40,000+ views a month on our website and socials. Followers are now nearing 2,500 and counting—all in less than a year! (More stats at the end of the article—but let’s be honest, this isn’t about numbers… says the treasurer.) A big THANK YOU to everyone who made this possible and who is a fellow Treasury Mastermind! What’s Next for 2025 For 2025, we’re going bigger. We’ve launched premium partnerships for our partners, and several have already signed up. Some partnerships will include custom content and productions (more on that in January), while others will involve webinars, podcasts, and premium articles written by our team of expert treasury writers. But we want to stay different. We’re bringing the FUN factor into treasury. Learning doesn’t have to be boring. Knowledge sharing can be engaging. We’ll feature famous treasury speakers, but we also want to hear from YOU. Ask questions, share your challenges, and we’ll help. Real-life cases, real-life solutions. No generic fluff. Have a question or a challenge to share? Submit it here, and let’s tackle it together! Expect more webinars, masterclasses, and collaboration between treasury partners and treasurers. Our next working group will focus on junior treasurers—helping them grow into great treasurers. We’re also expanding TreasuryPedia as a hub for knowledge sharing. Plus, we have an exciting project involving AI—a unique treasury AI tool that every treasurer in the world will want to use. (Sorry for the teaser—it’s coming soon!) Our team is growing too. Alongside new board members, we’ve added talented people in marketing, content creation, and social media. These young professionals bring fresh perspectives, energy, and ideas. Let’s face it, their creativity makes me feel old—but it’s exactly what treasury needs! I could go on for hours about this, but I’ll stop here. Again, thank you for making TreasuryMasterminds such a success. Stay with us, get involved, and don’t be shy—tell us what you want to see, share your stories, write blogs, or speak with us. We’re here to give you a voice and a stage. Merry Christmas and Happy New Year! PatrickFounder, Treasury Masterminds What can you do on the Forum?
Feedback Loops: How to Measure and Sustain Change in Treasury Operations
Treasury is a function focused on managing cash and financial risks that a company faces. How would a perfect Treasury look? It’s one that allows the organisation to operate in a risk environment aligned with its risk appetite while doing so with finesse and ease in an efficient manner. Are there many perfect Treasury teams out there? Probably not, since the better you become, the more you uncover what else you want to do and achieve. It’s only in comparison with others that you may understand the areas where you excel and also those where you could become better. Even though perfection is quite an elusive target, there is much to be said about great treasury teams or those that have the potential to become such. There may be a few differentiators for a Treasury team to become great, but one of the most important ones, in my opinion, is the ability to recognise its own shortfalls and learn from them to become better. Thus, on this journey to greatness, every Treasury team will go through continuous change, be it a transformation or incremental improvement. There will be a constant burning desire to become better one step at a time, no matter how small the step may seem, always moving towards the vision of how the function should work and operate in an effective and efficient manner. Key Performance Indicators (KPIs): What’s important for your treasury function Peter Drucker famously said, “What gets measured gets managed,” which applies directly to our discussion in this article. On the journey to excellence, it’s important to recognise that, regardless of how advanced your treasury function is, there will always be areas for improvement. Therefore, it’s essential to prioritise enhancements that are most critical at a given time. These priorities should align closely with the organisation’s strategic goals. As highlighted in PwC’s 2023 Global Treasury Survey, there is an increasing expectation for treasurers to act as strategic business partners involved in business growth. Consequently, a treasurer must not only align their team’s activities with initiatives that directly benefit the business but also effectively communicate to senior stakeholders the value of these activities. Treasury teams don’t engage in tasks merely for the sake of activity; everything we do benefits the business to some extent. However, treasurers often fall short in articulating how their activities benefit the business. To communicate this effectively, a treasurer needs emotional intelligence to understand what’s important to the audience and how to convey it best, as well as data to substantiate their claims. While emotional intelligence is a subject of a different article I penned recently, data is of utmost importance to managing the change we discuss today. Using this approach, the Treasurer would prioritise activities and improvements expected to deliver the most value to the business, either by enabling scalability or preserving existing assets through risk management and efficiency initiatives. These priorities will also become the KPIs that Treasury will track over time to present results (a before-and-after picture) to stakeholders. This leads us to discuss the two kinds of feedback loops. What are the feedback loops, and why is monitoring KPIs important? There are two types of feedback loops: positive and negative. A positive feedback loop allows you to identify favorable developments in the KPIs that you track—these are the metrics you want to increase or enhance. Examples include: Conversely, a negative feedback loop helps you monitor KPIs you’d like to reduce or minimize. Examples include: In general, I find it more effective to formulate KPIs in a manner that drives towards an aspirational goal, ensuring a more positive direction. Consider these two KPIs: I would argue that the first KPI is framed more positively, motivating the Treasury team to achieve the target and aiding in communicating to stakeholders why it’s impactful and important for the business. This KPI formulation facilitates a positive discussion, such as, “We feel great about achieving 95% of cash actively invested.” While the ultimate goal might be 100%, acknowledging that it may not be fully attainable is psychologically easier for stakeholders to accept. On the other hand, the second KPI might prompt stakeholders to question, “Do we still have 5% of cash not earning any return?” This could lead to concerns about the exact amount in monetary terms and the interest foregone. Setting a goal of 0% idle cash, though ideal, may be unrealistic, and such discussions might result in less acceptance of the narrative that perfection is unattainable. Even negative feedback loops can be utilized positively, especially in areas like risk management where reduction is beneficial. Therefore, it’s advisable to use either type of feedback loop based on the circumstances, but strive to develop a bias towards a positive narrative around the KPIs you’re tracking. This approach focuses on moving towards a goal rather than away from an issue. Once the Treasurer understands what’s important for the business and determines the KPIs to track, the prioritization process begins. This involves deciding which initiatives will be most impactful to implement or improve. At this stage, prioritized projects enter the change implementation phase. The model Unfreeze-Change-Freeze, introduced by Kurt Lewin in the 1950s, remains highly relevant in the context of Treasury change management. We’ll use this model to understand how continuous feedback and monitoring assist in each step of change management. Unfreeze The first step in Kurt Lewin’s Change Management Model is the Unfreeze stage, which involves preparing an organization to accept that change is necessary. This process entails breaking down the existing status quo before building up a new way of operating. A critical aspect of this stage is motivating the individuals responsible for current processes, as well as stakeholders who consume or utilize the outputs of these processes, to recognize the necessity and benefits of change. One effective approach is to highlight areas within the existing process that require improvement. Monitoring business activities through Key Performance Indicators (KPIs) becomes essential in this context. Data-driven insights make it easier to articulate the need…