Introduction
Strong business acumen can accelerate strategy execution. Business acumen is defined as a deep understanding of how an organization operates and prospers in its sector. It includes a thorough understanding of what drives profitability and cash flow, an insight into developing a market-focused approach to the business, and an overall big picture understanding of the business and its interrelationships.
Successful organizations understand that leaders and employees throughout the organization must have the appropriate capabilities in different areas to sustain growth. These capabilities include financial acumen, market orientation, strategic perspective, and operational knowledge. Together, these capabilities form a solid business acumen platform.
Business acumen training is a “must-have” across all levels of audiences within an organization as it is critical for success in a global business environment. Participants who successfully complete this course will develop their business acumen skills which will give them the capability to add instant value to their organization.
Goals
The course uses a mix of interactive techniques, such as analytical tools, case studies, presentation development, presentation delivery, and individual feedback.
Training Methodology
Participants will learn:
- Business acumen.
- Financial acumen.
- Strategic focus.
- Operational capability.
- Market orientation.
TRAINING OBJECTIVES
- Articulate the importance of the big picture in business planning.
- Identify marketing drivers and analyze the competition using strategic frameworks.
- Define important operational drivers and measure performance using standards correlated with value creation.
- Streamline processes and apply people optimization tactics in the organization.
- Improve the decision-making process in their organizations through developing financial acumen.
- Examine the different external environmental factors affecting an organization’s ability to succeed.
Target Groups
This course is ideal for leaders, managers, and professionals who want to improve their business acumen capabilities.
Program Content
Strategic acumen
- The importance of strategy.
- The three big strategic questions.
- Key elements of a successful strategy.
- The quest for competitive advantage.
- Competitive advantage examples.
- The breadth of strategy crafting and implementation.
- Using frameworks as a blueprint.
Marketing acumen
- Strategic frameworks.
- Possible strategic moves.
- Expanding scope.
- Reducing scope.
- Changing direction.
- Maintaining the status quo.
Operational acumen
- The importance of internal activities.
- The basics of running a company.
- Increasing price.
- Increasing volume.
- Reducing costs.
Organizational acumen
- The most important asset.
- Optimizing people processes.
- Building skills.
- Optimizing compensation.
- Simplifying the organization.
- Streamlining processes.
- Optimizing information systems.
- Measuring results.
Financial acumen
- Financial goals.
- Financial KPIs.
- Financial statements.
- Income statement.
- Balance sheet.
- Cash flow statement.
- Ensuring cash is king.
- Balancing debt and equity.
- Managing working capital.
External forces acumen
- Managing suppliers.
- Managing people.
- The effect of the economy.
- Dealing with competitors.
- The industry as a playing field.
- Dealing with auditors.
- Understanding legislation.
- Using technology.
