“Back to basics” seems to be the watchword among consumers trying to hold on to their checkbooks, as they worry about pink slips, credit card cancellations, and dropping home values. Sales at thrift stores are up; sales at Saks are down.

It’s also the approach treasurers need to take this year, says Mike Gallanis, a partner with Treasury Strategies, in his 2009 “State of the Treasury Profession” address.

In the address, Gallanis points out that many treasurers’ to-do lists look different than they did a year ago. The continuing turbulence in the economy is prompting a renewed focus on fundamentals. Your top priorities now should be ensuring global visibility of funds and effective cash flow forecasting, as well implementing effective treasury technology.

Of course, these have always been key. With the economy in a freefall, however, their importance has taken on a new urgency. After all, if you can’t be sure that your bank will lend you money at a price that makes sense -– or even if your bank will be around for a while -– you’ve got to be able to locate all the money squirreled away in nooks and crannies throughout the company and figure out how to get it where it needs to be.

Add these tasks to treasurers’ already full plates, and it makes for a busy time. Most likely, you’ve been working overtime to stay one step ahead of the crisis. Even so, given limited resources, some other activities probably will be pushed back. For instance, time spent rebidding 401(k) services, while important, probably will take a back seat to preparing timely, accurate forecasts of cash in- and outflows.

After all, you’re in survival mode now, Gallanis asserts. If you want your company to be among those standing when the economy reverses course and turns upward, effectively prioritizing actions and allocating resources is critical. Screw up, and you won’t get a do-over. Instead, you’re risking personal and organizational failure.

While this sounds like a gloomsday scenario, you can take heart in one bright spot: Demand for your expertise and skills is greater than ever. With sales dropping at most firms, funding tight, financial markets volatile, and safe investments yielding little or no return, senior executives and business managers finally appreciate the skill and effort that’s needed to make sure the company has enough money to keep the lights on, the paychecks cashed, and their strategies implemented. If you were used to working under the radar, you’d better get used to the limelight. ###