Business acumen and strategic thinking training in West Valley City, UT
Development Priority for Managers: Business IQ & Strategy in the West Valley City area
Business Acumen is, by far, one of the most valuable skills for leaders to develop. In essence, Business Acumen is a blanket term for understanding the core "hows", "whys", "whens" and "whats" of business operations and management. This understanding is key to sustaining and maintaining a healthy business.
Need a strategic planning firm? Our strategic planning and alignment program builds business acumen and strategic foresight, while helping your team commit to growing the business. Call us at 281-469-4244 or visit our Strategic Planning Process page to learn more.
Who would benefit from the training?
Our customized Business Acumen & Strategic Thinking for Managers program focuses upon developing critical thinking and planning competency, strategic agility, financial and commercial acumen, and strategic management competencies via a customized, simulation-like experience. We believe our program is better than a cookie-cutter business simulation competition, as the projects are company-selected and relevant to your strategic priorities.
The program combines learning with real work projects to produce strategic solutions while developing your team’s business, financial, and commercial acumen via business strategy simulation. As the cohort works collaboratively, through real business problems, the program improves your managers and/or HiPos’ leadership, collaboration, and teamwork skills.
Some of our clients are looking for a program for their executive or business unit leadership team. If you are seeking a strategic planning retreat or strategic planning consulting firm, please see our strategic growth planning and strategic alignment program here.
Learning Objectives:
At the Organizational Level the Learning Objectives Include:
- Interaction and collaboration opportunities between executives, board members, and high-potentials
- Support succession planning strategy
- Align cross-functional teams with the mission, vision, and strategic plans.
- Actionable business projects provide strategic impact to the business
- Strategic HR Development
- Change management components aid in learning retention
- Increased competency
- Business competency development designed to impact the bottom-line
At the Cohort Level the Learning Objectives Include:
- Healthy competition and business-focused discourse
- Structured, required collaboration
- Participants learn to routinize the sharing of knowledge
- Participants are immersed in cross-functional problem solving
- Program structure provides learning opportunities with minimal risk to the business
- Alliances are built across the organization
- Strategic management best-practices are demonstrated, modeled, and routinely shared
- Participants form strong relationships and cross-functional knowledge, laying the path for ongoing collaboration
At the Individual Level the Learning Objectives Include:
- Develop insight into the correlation of business functions and operations
- Discover how the builder vs. protector mindsets impact business goals
- Strategic thinking skills
- Critical thinking and analytical skills
- Cross-functional knowledge across all areas of business’ operations
- Quality decision making
- Learn how to make and present a powerful, business case
- Cultivate the ability to be a master-asker (curious, questioning)
- Grow the ability to generate new ways of thinking and create solutions
- Learn to set effective team goals
- Grow financial acumen and budgeting knowledge
- Learn how to align organizational systems
- Grow the ability to be resourceful and innovative
- Develop financial analysis competency
- Understand and learn to practice strategic agility
- Negotiation skills
- Learning through doing
- Presentation skills development
- Influence skills
- Engage in systems thinking
- Engage in continuous improvement discussions
- Develop risk analysis/risk management skills
- Collaborate, negotiate and apply influence to establish plans and build a compelling business case
How does it work?
Business Acumen & Strategic Thinking Training Program
An effective Leadership Development program has three primary development categories:
For Phase 3: Leading in Business - the focus is on Business Acumen and Critical Thinking Skills.
While the final competency development objectives will be determined through the customization process of each business simulation training program and dependent upon the logistics and scope of the program, a comprehensive Business Acumen & Strategy Execution training focuses on the following business and strategic competencies:
Thinking & Analysis Skills:
- Analytical thinking
- Critical thinking
- Strategic thinking
- Data Analysis
- Holistic thinking
- Sound judgment
- Quality decision making
- Strategic Agility
Business Case Analysis:
- Ability to develop a compelling business case
- Problem-solving
- Global business savvy
- Dealing with ambiguity
- Strategic foresight
Accounting Skills:
- Finance for non-finance managers
- A passion for understanding the numbers
- Investment analysis
- Risk analysis & risk management
- Cost controls
Distinguishing Attributes:
- Executive presence
- Impact and Influence
- Perspective
- Presentation skills
- Negotiation skills
Looking for Public Seminars? We regret that we do not offer public seminars at this time. We do, however, have expert coaches who assist individuals in building their business acumen, and critical thinking skills. Please inquire.
Commercial Acumen and Critical Thinking for Managers Training Program
Our business-savvy and strategy for managers programs are most effective when participants have some management experience or after they have participated in foundational management training including interpersonal effectiveness and supervisory skills.
Our Business simulation competition - commercial acumen training program uses experiential learning opportunities, customized cohort work projects, collaboration between peers and mentors, business case development and capstone project presentations (a la Shark Tank presentations) to drive development and learning retention.
A recent study from BTS and the Economist Intelligence Unit titled, Skills Mismatch: Business Acumen and Strategy Execution, based on a global survey of over three hundred executives, senior leaders and managers, across multiple industries and around the globe, overwhelmingly agree that insufficient business skills limit an organization's ability to realize strategic priorities. The study revealed two-thirds (over 65%) of corporate executives believe a lack of business skills, including business acumen, critical thinking, financial acumen, business case analysis, etc. inhibit their company from achieving strategic priorities.
Furthermore, the study revealed that the industry leaders, the strongest and most profitable organizations, contributed their success to business acumen competency. Within these organizations, this was viewed as critical and thus they actively developed leaders to be capable of understanding business analytics. This included programs to develop managers with targeted training and learning opportunities to cultivate their strategic thinking, critical thinking, financial acumen, and quality decision-making skills.
The report indicated that an effective business acumen training program must include both internal and external perspectives, including how to lead the business, business decision making capability, customer centricity, how to lead the value chain, and innovation, to name a few learning objectives. Overall a comprehensive understanding of the business, how it creates value and maintains profitability. Many organizations take this skill for granted when in fact, business acumen matter at all management levels of an organization.
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:
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.
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.
Business acumen isn't something easily acquired, but it can be developed and strengthened. By providing employees with real-world business simulation and strategic thinking training opportunities, your leaders can develop strong business and financial acumen skills. Employees, at any level, can be taught how sound judgments are made and how they can be more strategic and contribute to the bottom-line of the business or the mission of the organization. In fact, employees crave this kind of connection and meaning at work, and leaders who are skilled in the art of managing the business of the business, are better equipped to foster strategic engagement from their team, as well.
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.
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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.
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