With the lingering effects of the recession it should come as no great surprise that the biggest worries of finance executives can best be summarized as cash, cash and cash!

This according to the latest poll of more than 1,200 senior finance executives conducted by CFO Europe, Tilburg University and Duke University. Ongoing worries about the stability of banks, scarcity of credit and health of counterparties all now rank near the top of CFOs’ top external and internal concerns in Europe, Asia and America.

Companies are tightening their grip on inventories, receivables, and credit lines. As a result, cash - making it, collecting it and hanging on to it - tops the list of CFOs’ concerns. In addition, CFOs are worrying about sputtering consumer demand, stalled credit markets, and the cost of fuel and other commodities.

For the United States the survey results were as follows (with the previous quarter’s rank shown in parenthesis):

1. Ability to forecast results (1)
2. Working capital management (NR)
3. Maintaining morale during downturn (2)
4. Balance sheet weakness (3)
5. Cost of healthcare (4)
6. Attracting/retaining qualified employees (5)
7. Supply chain risk (6)
8. Managing IT systems (7)
9. Pension obligations (8)
10. Intellectual property protection (9)

From a workforce perspective it is interesting to note that finding and retaining talent continues to be one of the CFOs’ top internal concerns. More than 60 percent of firms directly hit by the credit crunch plan to delay, reduce, or cancel hiring plans. We’re finding that many of our clients have hiring freezes or “pauses” in effect for full-time employees, yet they continue to deploy seasoned consultants to execute mission-critical projects and initiatives. The powerful value proposition of the M Squared talent-on-demand model (targeted expertise, driving results) works equally well in up and down markets!