Better yet, are you looking to fill a FM, FD, CFO, Treasurer role in your business?

Do prospective candidates fill only some of the needs you are looking to solve for?

How is it possible that with so many strong people out there, filling the critical finance role has become so difficult?

Could it be that over time the role of a finance executive in business has evolved into something a lot broader and more diverse?

Changes in business conditions are so profound and advancing at such a pace that there is limited time to respond, often leaving CFOs stretched and in need of support. Worse still, is that the role becomes vacant (admittedly for a myriad of reasons) and we are now faced with the urgent need to find a suitable candidate.

Working in partnership with businesses across industry and size it has become more and more obvious that the role requires not only strong financial acumen but broader commercial knowledge. Operational, process, technology, treasury and risk management, to name just a few necessary skills has come into play.

Traditional Finance vs Treasury Management skills

If one considers the need in businesses exposed to cross border risk as just one consideration when identifying a strong candidate, one could argue that both the ability the understand financial fundamentals and cross border complexity are both critical.

Finance and Treasury divisions continue to be exposed to continuous change and ever-challenging conditions. This is largely as a result of market volatility. Understanding and managing the impact of risks, being constantly prepared for unexpected swings in cash flow and considering processes and operational efficiencies continues to be a focal point for finance and treasury managers.

Smaller businesses don’t typically have a formal treasury department. In most cases, the work is often done by accounting, finance, payroll and legal teams. Working as partners to many small to medium businesses we often see the need for businesses to consider establishing and/or partnering with a dedicated corporate treasury team to manage their financial risks and optimize their cash flow cycle.

Risk management is, and should be, top of mind for any business with growth and sustainability aspirations. Needless to say effective corporate treasury management is essential to maintain liquidity, optimize cash flow and manage financial risks. The treasury function is crucial in ensuring a business has the necessary resources to meet its financial obligations, support growth, and ultimately achieve its objectives.

With the rate that business conditions are changing, response time is becoming more and more limited. Deep knowledge and expertise is becoming more and more critical for the function. Structures, processes, implementation of technology, compliance, strategies, etc. may require deep consideration and in some cases, adjustment. Having the ability to pivot, remain flexible and the capacity to manage multiple changes and challenges is no easy feat. In our business, we use the term, “Refine, Rinse, Repeat” when developing FX Hedging Policies for our clients. The term rings true for a Finance or Treasury executive in any business. Continuously reacting to the many changes and challenges faced. Refine, Rinse, Repeat!

Responding to the challenge of professionalising your finance function or even considering bolstering your treasury expertise and capability may very well be daunting. Finding strong skills in the area is also often tougher than one may imagine. There are, however, options whether one considers solving them in house or with a strong partner to provide outsourced solutions. Key when considering a solve, from my perspective, is trust, values alignment and true and determinable delivery.

Are you looking for a Unicorn?

Finding the right fit, skills, candidate, partner as custodian to your finance area, is without doubt critical. Finding candidates adept with treasury needs, ongoing ability to consider operational and processing efficiencies and sufficient knowledge of what technology can bring at a cost which is palatable and sustainable to the business is tricky. The pool of strong finance managers in the market is limited.

Why not consider providing your finance executive with some support in the form of a partner, technology which is delivered in a business friendly and practical way, etc. to offer real value or whatever he or she needs to really have the ability to make a marked difference and in turn provide you with the strong finance skills your business requires. There are options!

While we have a lot of exceptional people in the market, not all candidates would fit the ever increasing, ever changing box of what each business requires. Let’s not fall into the trap of unicorn hunting.

Appointing the right person for the role is and should always be the key focus. The right person will aid, assist and drive the business and its strategy in the direction needed. Support them, bolster them and provide them with the tools/skills needed to fill their arsenal. That is, as with all key roles in business, the key to sustainable and long term growth.

If this message resonates with you, or even challenges you, I’d love to hear your thoughts. Jacky Buys on 021 819 7829 or jbuys@wauko.com.