Editorial

Embracing change

“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.” Alexander Graham Bell.

Opportunities may exist even in the most unexpected circumstances. All we have to do is turn our heads to see them, and then act accordingly. It seems simple enough, but as the quote above from prolific scientist and inventor Alexander Graham Bell suggests, we are often too preoccupied with the downsides of change to see the positives that exist within. But exist they often do!

In this edition, we explore some of the potentials for change that treasurers have or can create. In our Banking feature for example, we unravel the notion that nothing lasts forever, not even great banking relationships. We explore what is involved in moving from one institution to another, especially when modern treasury can become so enmeshed in a just a few partners, and what advantages doing so can reveal.

Prompted by current liquidity issues being faced by many businesses, this edition’s Funding article looks at suitable alternative or additional sources, taking a peek behind the scenes at Schuldschein and probing the rising international appeal of Germany’s private placement market.

With cash management fundamentals currently front and centre for most companies, our Insight & Analysis feature this time round focuses on effective cash segmentation, looking at how this seemingly simple process can be enhanced to become a means of optimising current and future cash holdings.

Finally, we have a brace of leading treasurer profiles, demonstrating just how diverse the profession is in terms of its application and yet how singular it is in its goal to deliver positive results.

In the Corporate View, GE’s Linda McGoey – motto: “learn, and then learn more” – tells of her quest to keep pushing the boundaries of what’s possible. In a special profile inspired by widespread feeling that it’s good to give back to the communities in which we live, we chat to former Expedia Group Treasurer, Ken Bugayong, about his decision to help non-profit educational organisation, Minds Matter, survive and thrive post-pandemic.

One thing is certain: change can be a great thing. Even adversity presents opportunities; you just have to look a little closer.