Employees with a good sense of business judgment understand how organizations strategically make, raise, and use its money. Business acumen is demonstrated through discernment and business know-how, including the insight, knowledge, analytical skills, financial acuity, problem-solving skills, and the ability to quickly weigh all factors in order to make quality decisions.
Looking for a business growth strategy or strategic planning retreat? Learn more about our strategic planning and strategic alignment consultants and workshops here. Our approach develops business acumen while producing an actionable, aligned business growth strategy. Call us today at 281-469-4244.
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).
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.
The learning objectives for the program include:
The program delivers a business simulation experience with real-work projects for a holistic and immersive, active-learning program. Participant learning objectives include:
In 2012, the Society for Human Resource Management surveyed Human Resources Professionals and asked what the four most critical business competencies would be in 10 years. Those surveyed believed the most critical competencies were Business Acumen (42%), Organizational Leadership and Navigation (40%), Relationship Management (37%), and Communication (35%).
According to the survey, business acumen was the most highly rated competency required for business success. Yet, business acumen is like the synchronized swimming of business, as a fringe skillset, it's complex and so much more than just business knowledge. Anyone can get in a pool and dance. But the art of synchronizing all movements in perfect unison with teammates - that's what opened Olympia's gates for a sport on the fringe. Business acumen is often ignored in development programs, mostly because it's hard to pinpoint, let alone to develop.
Business acumen is the ability to assimilate functional knowledge with the what, how, and why of business. For example, a leader may be quite astute in the disciplines of finance and accounting, but less competent at evaluating how the nuances of external and internal factors inform astute financial decisions. A CFO who only knows "tighten the belt" will never understand the builder mindset required for business growth. Likewise, a CEO who only understands - grow at all cost, will never understand the protector mindset required for business sustainability.
In John Maxwell’s best-seller, The 12 Irrefutable Laws of Leadership, he explains the law of the lid. This law states that an organization will only rise to the level of competency of its’ leadership. High-performing leadership teams master the soft-skills of interpersonal effectiveness, the hard skills of analytics and finance, and the nuanced intricacies of business acumen. Organizations that provide development opportunities in all three areas, raise the lid!
What are the logistics and delivery formats of the program?
Our programs are infinitely flexible. We custom-design each program to be the right fit for your organization, goals, and budget. For some organizations, that means a “lunch and learn” or virtual, instructor-led training to introduce the concepts of business acumen. For other companies, the need to build their team’s business acumen skills is more urgent and a more comprehensive, skill development approach is available.
Our premiere program includes:
Having business-savvy leaders (and managers) who understand business metrics, including top-line growth, margins, and cash flow, risk analysis, and how to best execute the company's strategies are key differentiators in achieving the organizational targets. A strong management mindset - the ability to see the whole picture, to analyze reports and make quality financial decisions; to analyze quickly and be decisive, to fully realize and understand the goals and to visualize what must be done are business acumen competencies that the leaders and managers in your company or organization must possess to optimally contribute to your company's success.
While the language of "growth" and "profitability" may change for various business structures, business acumen competency is still a critical skill set required across all for-profit, non-profit, benefit corporations and public sector organizations.
As you look across your organization, you'll no doubt, observe some leaders who have a more natural talent for thinking strategically than others. However, because many organizations fail to encourage a business mindset at all levels, we find that mid-level and frontline managers' business acumen skills atrophy without use and development.
Most managers have not been expected to think critically or analyze the processes, metrics, financial indicators, etc. in order to contribute more deliberately to the organization's goals. Let's think about this for a minute. What are the consequences when a manager is unaware of how their decisions impact the bottom-line? What happens when a leader recognizes an opportunity to improve a process or has an innovative idea that would address a business problem, but ignores their instincts because all the decisions are made top-down?
When an organization ignores business acumen skill development, or haphazardly expects managers to get "on-the-job" experiences related to driving business value, the results are lackluster at best. On the other hand, developing critical thinking skills via a strategy for managers training, for example, can help leaders gain strategic thinking and financial acumen confidence. In fact, the simple act of discussing business acumen with employees fosters self-initiation and encourages managers to be courageous in sharing their ideas and bold in implementing solutions.
Imagine a culture where your employees are inspired and encouraged to think strategically and self-initiate improvements - a deliberately cultivated "Kaizen" state of mind. Kaizen is a Sino-Japanese word meaning improvement and business kaizen is about cross-organizational, employee-driven continuous improvement. A Kaizen culture encourages process and business improvements from the C-Suite to the frontline, by expecting all employees to think critically and thoughtfully about the business and their role in contributing to the business results.
When managers are provided opportunities to develop their critical thinking, strategic thinking, and business and financial acumen skills, they engage more passionately with their peers and commit more fully to the business goals.
Let's gain some clarity around how a leader who is unskilled in the competency of business acumen demonstrates their business acumen gap. Watch carefully and you'll find clues that they do not understand how businesses work or they are not up-to-date on the industry trends, technology, and the mission or priorities. Perhaps they ignore or do not know who the competition is or lack interest in process improvement or general business metrics or they are so dedicated as a functional or professional expert, but all critical thinking is reserved for functional application only.
The bottom line is business acumen and strategy for managers training programs ensure a strong competitive advantage, employees that are eager to contribute, as they understand the bigger vision, and enables your team to meet or exceed your company's goals.
All training isn't the same; one size doesn't fit all. This is especially true for Business Acumen training. While the wisdom of training and coaching isn't disputed, for a business acumen training program to have a lasting impact, there are important attributes to consider including:
Our business acumen training program is designed specifically to be a strategic fit; meaning our proven curriculum serves as the foundational content that is customized to be relevant for your business, industry and strategic priorities.
Depending upon the goals and budget, we have programs that will meet almost any logistical requirements including:
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.
Leaders at all levels need a high level of business acumen to be able to efficiently perform their jobs. Every day, they make decisions about employees, projects, processes, expenditures, customers and much more — decisions that ultimately roll up into larger organizational results. Managers who make these decisions through a myopic lens will fall short of operational excellence at best and damage a company at worst. On the other hand, managers who can think strategically and make quality decisions using sound business acumen significantly bolster a company's profitability and long-term viability.
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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.