Hiring a treasury consultant is an important decision. A treasury consultant should be able to lead without direct authority and help ensure that a treasury project is successfully completed. Furthermore, treasury consultants are often quasi-representatives of the treasury department during the course of a project. Therefore, it is important to take into consideration the five issues listed below before your company hires a treasury consultant.
Treasury Consultant Costs
The treasury consulting fees will be a major (but not the only) consideration when hiring a treasury consultant. When retaining knowledge-based professionals it's not always the best idea to hire the low-cost provider. With that being said, treasury department's do not have an unlimited budget for treasury consultants. Therefore, it is important to find qualified treasury consultants who's service fees will be within your project's budget. So how does an organization determine if a treasury consultant's fee will be within budget? There are two main steps: 1.) Communicate with the treasury consultant the project's exact requirements, and 2.) Request a proposal for services from the treasury consultant. An experienced treasury consultant should be able to provide a fairly accurate time & consulting fee estimate based upon their past work with similar projects.
Treasury Consultant Experience
Experience. Experience. Experience. Your treasury consultant should have extensive treasury consulting experience and experience pertaining to the particular project your organization will be pursuing. Hiring a treasury consultant who has numerous years of treasury consulting experience (not just between jobs) and has an extensive list of past clients will be of value to most treasury departments. An seasoned treasury consultant can leverage their experience to help ensure that your treasury project is successfully completed on-time and on-budget.
Treasury Consultant's Best Practices Research
Is your treasury consultant familiar with current treasury best practices? Does he/she know about the general functionality of other treasury departments within your industry / revenue range? A qualified treasury consultant will have extensive information about treasury best practices and will be able to benchmark your treasury department against specific metrics. Furthermore, you should be able to review a treasury consultant's treasury thought-leadership by reviewing their blogs, treasury articles and survey data.
Treasury Consultant Client References
Just because a treasury consultant has past experience does not mean that they provided good treasury consulting services / advice. An organization should review a treasury consultant's client references and testimonials to see if their past clients were satisfied with their services. By leveraging the opinions of past treasury clients, you will be able to make a more informed treasury consultant hiring decision.
Treasury Consultant's Interpersonal Skills
One of the most important consultant skills is often overlooked when hiring a consultant. Did you take into consideration the treasury consultant's interpersonal skills? A treasury consultant can face many challenges while working on a project. Some of the challenges could be:
A skill treasury consultant should be able to consistently interact with all parties on a friendly, professional and steadfast manner. If your treasury project does encounter challenging periods, your treasury department will be able to lean on your treasury consultant's interpersonal skills and experience to guide your project through to more calm waters.
- Leading teams without direct authority
- Working with personnel from numerous departments
- Delivering challenging news / recommendations
- Leading treasury projects during times of elevated departmental stress
- Representing the treasury department to C-Level executives
A skill treasury consultant should be able to consistently interact with all parties on a friendly, professional and steadfast manner. If your treasury project does encounter challenging periods, your treasury department will be able to lean on your treasury consultant's interpersonal skills and experience to guide your project through to more calm waters.
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Relevant TreaSolution Services:
Treasury Best Practices Review
Treasury Benchmarking Reports
Treasury Workstation Selection (RFP)
Treasury Workstation Implementation
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Relevant TreaSolution Services:
Treasury Best Practices Review
Treasury Benchmarking Reports
Treasury Workstation Selection (RFP)
Treasury Workstation Implementation
Did you find this information interesting? If so, others will too! Please feel free to share this page on social media by clicking the buttons below:
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