Business Acumen Training Grows Competitive Advantage in Los-angeles, CA
Business Acumen & Strategic Thinking Training in the Los Angeles area
Businesses are challenged more and more by the uncertainty of their immediate and extended environment. While data-analytics become increasing popular and more readily available as a business strategy tool, many managers are ill-equipped to utilize the data to make quality decisions or to overcome business challenges. When polled nearly 65% of leaders believe they are competent and possess business acumen while 66% believe their peers do not. Do you know which one of these contradictory beliefs is accurate? I'll give you a hint - the rest of the research indicates that most managers and many leaders have never had the opportunity to fully develop their business acumen.
Looking for a strategic planning consultant? Our evidence-based and research-backed strategic planning and strategic alignment workshop grows business acumen while producing a strategic plan your team can get excited about. Call us at 281-469-4244 or visit our Strategic Planning Process firm page to learn more.
Who would benefit from the training?
TurnKey Coaching & Development Solutions’ customized Business Acumen & Strategic Thinking for Managers programs combine learning with real work projects to produce strategic solutions while developing your team’s business and commercial acumen. The training focuses upon developing strategic thinking and planning competency, strategic agility, financial and business acumen and more through a customized, business simulation competition experience.
Alternatively, our data-driven strategic alignment program builds business acumen while fostering alignment and commitment to a common vision. We also have a unique strategic alignment (similar to strategic planning) workshop that uses research-backed tools to drive out leadership’s priorities and the path forward, while cultivating a unified vision and business acumen. For more on our Strategic Growth Consulting and X-Ray program, please visit here.
As the cohort works collaboratively, through real business problems, the program improves your managers and/or HiPos’ leadership, collaboration, and teamwork skills. We believe it’s better than business simulation competition for your team, as all of the projects are selected to specifically solve company identified challenges.
An effective leadership development program includes competency development opportunities in three areas - Leading Self, Leading Others, and Leading in Business.
Our business strategy simulation and business acumen program can be optioned alone, or as part of a more comprehensive approach to leadership development. When optioned as part of a builds upon foundational competency development including interpersonal effectiveness and managing and motivating a team, for example. Our comprehensive leadership development program builds over time through phase 1 (leading self), phase 2 (leading others) and finally, phase 3 (leading in business).
How does it work?
Our Leading in Business Training focuses on Business Acumen Skills through experiential learning opportunities (better than business simulation training), customized cohort work projects, the collaboration between peers and mentors, business case development and capstone project presentations (a la Shark Tank presentations).
Note: Our programs are facilitated on or off-site for organizations. We do not offer public seminars at this time. While we have speakers and trainers that are available to facilitate and speak at public engagements, we do not offer public seminars.
Objectives
The learning objectives for the program include:
Organizational
- Strategic human resource development
- Align development with the Mission, Vision, and Values
- Increased competency
- Business competency development designed to impact the bottom-line
- Team projects with tangible strategic impact on the business
- Direct observational opportunities between executives, board members, and high-potential employees in support of future leader identification and succession planning
- Development aligned with strategic priorities
At the Cohort Level
- Encourage participants to routinize the sharing of best management practices
- Expose leaders to cross-functional problem solving with minimal risk to the business
- Build alliances across functions that can develop into concrete linkages for future collaboration
- Healthy competition and collaboration, a la “Shark Tank” type challenge and capstone projects
At the Individual Level
The program delivers a business simulation experience with real-work projects for a holistic and immersive, active-learning program. Participant learning objectives include:
- Develop strategic and critical thinking skills
- Develop quality decision-making skills
- Learn how to make a business case
- Gain an understanding of all areas of a business’ operations
- Ensure foundational confidence in financial analysis competency
- Comprehend the importance of strategic agility
- Build financial acumen and budgeting skills
- Develop the ability to ask questions that generate new thinking and solutions
- Set effective team goals
- Practice negotiation and influence skills
- Develop insight into the interconnectedness of business functions and operations
- Collaborate with their team to establish plans
- Presentation skills development
- Evaluate and Improve work processes
- Align organizational systems
- Engage in systems thinking and a continuous improvement focus
- Develop risk management skills
- Understand the builder mindset vs. the protector mindset
Research from The Chartered Institute of Management Accounting shows that senior managers are battling with basic leadership and decision-making. Their research reported 72% of companies admitted to at least one failure of company strategies over the last three years, with 42% of leaders saying their organization had lost their competitive advantage in the most recent year as a result of being indecisive.
Indecisiveness is a symptom of deficient business acumen, critical thinking capacity, and strategic foresight. While executives may have solid capacity to perform their utilitarian role, many do not have the necessary competence for quality decision making, especially as the pace of change accelerates with every passing year.
Even when a company has a strong and well-communicated plan, managers often fail to align their team's tasks with the priorities of the business. Managers will make decisions based on their current level of business savvy or more likely, take the fast win by dealing only with the squeaky-wheel of the moment, as the real impact of their decisions does not weigh heavily enough on managers who are non-strategic.
When / Important Logistics / Important facts for ensuring success
Our immersive, business strategy simulation and business simulation competition program leverages active-learning and real-work projects for an effective and results-oriented learning experience.
What are the logistics and delivery formats of the program?
Our programs are infinitely flexible. Each component is custom-designed around your organizational goals and budget. Programs are available in a variety of formats, including:
- Lunch and learns / Brown-bag learning opportunities
- 90-minute to half-day introductory sessions
- Comprehensive programs include full-day to multi-day active-learning training events
- Development programs (moving employees from skills knowledge to high-performance requires more change and accountability components) typically include a variety of learning events over a period of 12 to 24 months
- In-Person, on or off-site programs are typically the most effective
- Virtual, Instructor-Led training is also available
What are the components of the program?
We find that each company or non-profit organization will have very specific goals, budgets, and logistical requirements. Thus, we will not insist on a routine approach. However, we can share that our most effective business-simulation and acumen corporate development programs include:
- Stakeholder interviews to uncover the organization's goals
- Management consulting in support of well-considered and selected work projects (capstone projects)
- Coaching focused on business-case development related to the company's selected work projects
- Cohort groups collaborate on real work-projects and prepare business cases
- Presentations to the executive team or board of directors
- The program finale is a fun, engaging and competitive Shark Tank*-like presentation to the company's internal "investors";
- Workshops designed using active-learning and adult-learning principles
- Training agenda is focused on business, financial, and commercial acumen and is tailored for the industry and specific to your organization (i.e. private/public/non-profit/governmental entity)
- Optimal programs include a series of training events. For example, we recommend multi-day, and/or full-day training sessions and bi-monthly half-day sessions focused on the business acumen topics, plus group coaching, internal mentor support, practice presentation sessions, and one-on-one coaching, as needed.
- The group coaching is an essential component as each cohort group works with an experienced management consultant and executive coach to build their business cases with relevant feedback and constructive criticism in support of a dynamite presentation at the conclusion of the program.
- Internally facilitated project meetings to ensure accountability and cross-functional teamwork.
- Internal mentors serve as in-house experts and are provided well-defined rules of engagement that ensure fairness across all teams. Tip: Mentors cannot do the work!
- The final business case presentations culminate in a memorable and exciting conclusion and celebration.
Here's a sample time-line of events for our best-practice approach to the training:
Business acumen and strategic thinking are key competencies for driving a competitive advantage – especially during increasingly turbulent times.
Business Acumen can be defined as the keenness and ability to understand the overall dynamics of the company's business, financials, operations, market factors, and environment and assimilate this knowledge wisely while compelling others to execute smartly. Leaders with a deeper sense of business astuteness have the ability to see the big picture and are capable of assessing the situation more holistically. Executives with the skillset are able to logically and confidently adapt the company's strategies to achieve favorable outcomes, while short-sighted leaders cripple an organization in the long run.
Theoretically, possessing business acumen translates to understanding the financials, the factors that will impact their market, the competition, economics, operational efficiencies, and predicting the future, while motivating and engaging their workforce.
One of the more nuanced attributes is the capacity to manage ambiguity and be adaptable enough to shift gears comfortably. As speed is of the essence, strategic and critical thinking informed by strong business acumen enables a leader to size up a situation quickly, and make course corrections to overcome a challenge or swiftly seize an opportunity. A high-performing leader is able to consider the impact of extensive and complex business conditions and set a course that engages and inspires employees to not only follow but champion.
One may ask, "doesn't business acumen come from experience?" In short, yes. But what company has the luxury of waiting for their leaders to catch up with high-performance via the passage of time. Patience is a virtue - not a development strategy! An effective and strategic Human Resources leader advocates for development programs that will quicken mastery through active-learning workshops, mentoring, personal and peer-to-peer coaching, and business simulation. In a simulation, for example, managers are able to make bad decisions without affecting the business. These failures are brilliant learning experiences. We remember these lessons and use our mistakes to inform future decisions. By structuring a training program that will force leaders to think critically and even set them up to experience a few failures, companies can build business acumen competency within their workforce. You can literally create a safe environment where business keenness has a chance to flourish and leaders have a chance to test their skills and experiment with decision-making.
Quality decision making, business sagacity, and astute analysis can be intentionally developed. When the research shows that most managers and leaders believe they understand the business while those same leaders believe their peers do not, we have an issue. An unskilled leader doesn't understand the business, is not knowledgeable about policies, trends, technology, and the factors that affect the organization. They may know who the competition is, but don't grasp why studying what they do and how they do it matters. They undervalue strategy and remain predominantly focused on the tactical, and while they may be high-performing technically, they will surely underperform as a leader, as an astute strategy is a difference that creates longevity.
The Training Problem
We know that a one size fits all approach to training employees doesn't work. This is particularly true for developing Business Acumen. We will be the first to advocate for coaching and training, as the benefits are well-documented and undisputed. However, for strategic thinking, financial acumen, and some of the more advanced thinking and analytical skills, an effective program may also include:
- A change management and accountability approach
- Real work-projects provide immediate opportunities to apply the skills learned in the training sessions
- Real-world business simulation-style training
- Subject matter experts to inform and mentor participants
- A practical approach for learning about lateral and vertical thinking models
- Top-down support to foster real buy-in to the program
- Accountability check-points ensure engagement and prioritized attention
- Performance management protocols and oversight
- Quality assurance measures
- Coaching to foster integration and skill practice
- Peer-to-peer interaction to maximize learning retention and develop additional learning opportunities
For our business acumen development program we customize our proven curriculum for relevance and alignment with your business, industry and strategic priorities. Each program is designed to actively engage participants in rich learning experiences and adult-learning best practices.
NOTE: We do not have public training events. While our programs are available for groups only, we do have individual, one-on-one coaching programs for individuals seeking business acumen coaching. Please inquire.
Please also see more information on our customized leadership development options:
Have questions? We have answers. Please also read our Strategic Thinking & Business Acumen Training Frequently Asked Questions here, for the details on our Business Acumen Training and Capstone Project development programs.
While the pace of change quickens, and more businesses struggle with adapting their services to meet the ever-changing demands of the marketplace, companies that proactively develop their leaders' business acumen with a strategy for managers program find that the development of a competent and strategic management team is an investment in the company's success.
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Make sure to also check out TurnKey's other services in the city: executive coaching programs, corporate leadership development, leadership team development, programs for emerging leaders and high potentials, Five Behaviors of a Cohesive Team programs, business retreats, and strategic planning consultations.
Disclaimer: Shark-Tank-Like* We are not associated in any way with the television show. We think it’s an awesome show and use the verbiage “shark-tank-Like” because it accurately describes how our final capstone, business simulation competition, and business strategy simulation presentations are experienced by our clients. SHARK TANK is a trademark of Sony Pictures Television Inc. and is not associated in any way with this company or program.
