Today we have Cam Crockett here today to talk about preparing for a sales call. Cam has a financial background, has been in several sales roles, and is now a financial consultant at Acumen Learning. Let’s get right to it! Question: Cam, can you explain why sales reps are spending more time preparing for sales calls nowadays? Sales reps are dedicating more time to prepare for sales calls because in the world of enterprise selling, it's crucial to come to the call with situational understanding. This level of preparation is just as important as having empathy and consultative selling skills. Think about how likely you are to talk with a salesperson over the phone about a problem you don’t even have. Understanding the person's situation and needs can make or break the situation. Question: What should I do when I have limited time to prepare for a sales call, like 10 minutes or less? I have 4 quick and easy steps that I always do if I don’t have enough time to do a real deep dive. The first thing I do is gather basic information about the company. Find out their industry, the number of employees they have, and their top-line revenue growth. You can get these answers from sources like YAHOO! Finance, Glassdoor, or LinkedIn. The second step is to check the company’s investor relations page. Look for information about their next earnings release date. Knowing this can provide insights into their budget cycle and priorities for the coming months. Review the slide deck from their last earnings release and their press releases for significant updates. The third thing I would do is make sure you really understand the person you’re going to be talking to. Visit their LinkedIn page to learn about their job title, job description, career experience, and any commonalities you might share, such as mutual connections or interactions with similar companies or schools. And last, I would be overly curious. Put yourself in your contact's shoes. Consider what you would focus on and what your priorities would be if you were in their role. Question: Can you give me an example of using these four steps to prepare for a sales call? Certainly. When I was preparing for a call I had with Delta Airlines, I used these steps. I really quickly gained an understanding of their threefold strategy as they were coming out of the pandemic: brand loyalty, balance sheet strength, and driving efficiency. At the time, they were aiming to return to pre-pandemic levels by 2023 using this strategy. This information obviously really helped me to understand which questions to ask and which areas to address when speaking with my contact. Question: Why is it important to review a company's investor relations page and press releases before a sales call? These feel like really long documents to look at for every person you speak with. It’s important to note that when you’re in a consultative sales role, your job is to gain trust and know your contacts. It’s not to make 100 calls a day and talk to random people you don’t know. So for these contacts, reviewing the investor relations page and press releases is crucial because they contain valuable information about the company's financial health, upcoming events like earnings releases, recent acquisitions, new product launches, and key executive hires. Understanding these updates can help you tailor your approach and conversation during the sales call to align with the company's current goals and priorities. Question: You’ve said that you scour their LinkedIn before talking with them. How can looking at your contact's LinkedIn profile help in preparing for a sales call? Visiting your contact's LinkedIn page allows you to gather information about their job title, job description, career experience, and any shared connections or interactions. This knowledge helps establish rapport and find common ground, making the conversation more personal and relevant during the sales call. Question: You mentioned thinking from your contact's point of view. Can you speak on why it’s essential to get curious and think from their perspective before a sales call? Getting curious and putting yourself in your contact's shoes helps you anticipate their needs, priorities, and goals. This perspective allows you to tailor your approach, ask relevant questions, and offer solutions that align with their objectives, making the sales call more productive and engaging. Question: How does business acumen help you prepare for a sales call? Business acumen is a valuable skill that aids in preparing for a sales call by providing a deep understanding of the business landscape, industry trends, and the specific challenges and opportunities facing the prospect. It enables you to approach the call with a strategic mindset, allowing you to ask insightful questions, offer tailored solutions, and ultimately build stronger relationships with your clients. Question: That seems so beneficial! Just last question I want to touch on…Cam, can you give us a tangible example of how business acumen helped you in your sales career? Absolutely. Let me share an experience from a CLO (Chief Learning Officer) event where business acumen played a crucial role in my sales career. I was at this event where many learning and development leaders from major companies attend. During a networking session, I struck up a conversation with a chief learning officer from a Fortune 500 company. As we discussed their company's training needs, it became apparent that they were looking for a way to align their employee development programs with their strategic financial goals. Having sold business acumen training, I better be well versed in the subject. So, drawing from my experience, I could immediately grasp the challenges they were facing. Their company needed a training solution that not only improved employee skills but also directly contributed to their bottom line. I shared examples of how our customized business acumen training had helped other clients achieve precisely that, providing tangible ROI through improved decision-making and financial understanding at all levels of the organization. This discussion resonated with the CLO, as I was able to address a critical pain point, they were experiencing. Our ability to bridge the gap between employee development and financial success, thanks to our business acumen training, not only captured their interest but led to a successful partnership that has continued to thrive. This experience showcased how business acumen can be a game-changer in sales, enabling us to understand and address our clients' most pressing needs and challenges effectively. Activity: Now that we understand how to quickly prepare for a sales call, let's engage in a learning activity you can do during your next team meeting: Exercise: Rapid Sales Call Preparation Scenario Assignment: Assign each team member a hypothetical scenario where they have a sales call in 10 minutes. Provide details about the company they will be calling, the industry, and the contact person. Research: In the given time, ask team members to quickly gather information using the four steps outlined by Cam: Basic company information (industry, number of employees, revenue growth). Check the company’s investor relations page for key financial insights. Review recent press releases for updates. Visit the LinkedIn profile of the contact person for insights into their role and background. 3. Sharing and Discussion: Each team member briefly shares the information they gathered with the rest of the team. Discuss the most relevant and impactful insights for the sales call. 4. Role-Play: Teams engage in quick role-playing exercises where one team member takes on the role of the salesperson and another as the prospect. Emphasize the use of the gathered information to tailor the conversation and build rapport. 5. Debrief: Facilitate a short debrief discussion on the effectiveness of the rapid preparation and how the information gathered influenced the simulated sales call. This exercise aims to highlight the importance of swift yet comprehensive research in sales call preparation, using your time effectively. Teams will grasp the significance of quick, insightful information gathering to navigate time constraints while ensuring they understand the prospect's company and individual roles. It prompts discussions on how comprehending the prospect's situation profoundly shapes the sales approach, fostering an appreciation for tailored conversations aligned with the prospect's goals. Ultimately, this rapid preparation exercise reinforces practical applications of the discussed sales techniques, encouraging collaboration and sharpening the team's ability to think on their feet in dynamic sales scenarios. Continue your Learning... The Impact of Business Acumen on the Sales Process Building Business Acumen for Sales 5 ways to improve your Sales Calls Next Steps... Get a Demo of our Business Acumen Training for Sales: Executive Overview for Sales and Marketing: Test your Business Acumen with this Quick quiz: Download the Earnings call workbook: ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ Follow us on LinkedIn @AcumenLearning to keep up with all company updates! ✅ For more on our business acumen training visit our website! #businessacumen #businessstrategy #financialacumen #financialstrategy #learninganddevelopment #HR #leadershipdevelopment #training #businesssuccess #finance #businessacumentraining #financialacumentraining #sales #salestraining #salessuccess

Press Release OREM, Utah – December 4, 2023 Download the Business Acumen Press Release: News Facts: Acumen Learning recently partnered with a leading global financial institution. Our collaboration with this esteemed bank represents a significant milestone in fostering strategic learning initiatives within the financial sector. Recognizing the critical role of business acumen in navigating the intricacies of the ever-evolving financial landscape, this forward-thinking institution sought our expertise to instill a comprehensive understanding of not only industry-specific nuances but also the broader strategic perspectives essential for sustained success. We started business acumen training with the groups in the Asia Pacific region and their plan is to expand more broadly in the coming years. The initiative revolved around a transformative learning experience for two distinct groups within the financial institution: the Vice Presidents and their Executive Directors. Facing the challenges posed by a rapidly evolving banking landscape, the bank sought to unite 70 vice presidents and executive directors from these groups. Acumen Learning was enlisted to bridge the gap and bring cohesion by imparting a comprehensive understanding of business acumen, the language, metrics, and macro-level perspectives unique to the banking industry. The collaboration yielded a profound impact, evidenced by the participants’ newfound ability to navigate the complex language of banking and grasp the broader dynamics of the financial institution. Acumen Learning successfully empowered the participants to transition from technical experts to strategic leaders, demonstrating that a comprehensive grasp of business acumen is instrumental in navigating the complexities of the financial sector and driving informed decision-making at a strategic level. As a pioneer in corporate training, Acumen Learning specializes in transforming individuals and organizations by imparting critical business acumen. Our customized programs go beyond conventional training methods, offering immersive experiences that bridge the gap between technical expertise and strategic leadership. This successful partnership exemplifies Acumen Learning’s commitment to equipping professionals with the knowledge and skills needed to thrive in today’s dynamic business environment. Supporting Quotes: “It’s truly rewarding to see leaders experience a profound evolution, shifting from technical experts to strategic visionaries," says Ben Cook, President of Acumen Learning. "This transformation highlights the power of cultivating business acumen. In today’s dynamic financial landscape, it’s crucial to align and engage leaders with a deep understanding of industry dynamics. Our business acumen training exemplifies the pivotal role this skill plays in navigating complexity and driving organizational success.” About Acumen Learning Founded in 2002, Acumen Learning's highly customized business acumen and sales training programs have helped organizations develop employees who are more engaged, efficient, and effective in their work. To further support its mission, Acumen Learning published, Seeing the Big Picture – Business Acumen to Build Your Credibility, Career, and Company, in 2012 which quickly became a #1 Wall Street Journal and a New York Times bestseller. More than 20 years later, Acumen Learning has been trusted by more than 200 organizations on six continents to help employees understand how their company makes money, and to take real steps towards improving that process.

Press Release OREM, Utah – September 1, 2023 Download the Business Acumen Press Release: News Facts: A Prominent Medical Device Company’s Sales Leaders Drive Growth and Margins with Acumen Learning’s Customized Business Acumen Training Acumen Learning, a renowned leader in business acumen training, has once again received strong support from industry leaders. The Chief Human Resources Officer at a medical device company had previously taken an Acumen Learning course during their time at a prominent pharmaceutical company. Impressed by the positive impact of the training, they eagerly wanted to introduce customized business acumen training in their new role at the medical device company. To address the competitive nature of the medical device industry, Acumen Learning was brought in to equip the organization’s sales leaders with crucial business skills and encourage continuous learning. The primary focus of the training was to help these leaders understand the delicate balance between growth and margins, aligning their roles with the company’s strategic objectives. The training deepened their grasp of financial concepts and strategic priorities, enhancing their effectiveness in their respective positions. The customized business acumen course provided sales leaders with essential business tools while highlighting the importance of an ongoing journey of business acumen development. This empowerment enabled them to make well-informed decisions that not only positively influenced profit margins but also fueled sustainable growth. Additionally, the training fostered alignment, enabling participants to seamlessly connect their roles to the overarching company strategy, all while emphasizing the benefits of continuous business acumen learning. The success of the partnership between Acumen Learning and the medical device company highlights the transformative potential of business acumen training in driving organizational success. Acumen Learning takes pride in working with 7 of the 10 largest medical device companies worldwide. Supporting Quotes: “It was very interesting and gave valuable insights into how the team views the financials and what is important to them and to us as a company,” wrote the Head of Financial Planning at this medical device company. “The value was tremendous. Finance is shaping the way the business goes forward.” “You took a difficult concept and brought it into something that is easy to understand. You make it relatable and delivered it in an engaging way.” “This wasn’t just a dump of content. It taught us how to apply it to our business,” wrote the Head of Sales at this medical device company “When senior leaders delivered their forecasts for 2024, most, if not every one of them referenced the 5 drivers. The way we educate and the way we deliver language is to be consistent in our approach.” “Our partnership with this medical device leader highlights our commitment to empowering organizations through tailored learning experiences,” says Weston Winegar, Director of Business Development at Acumen Learning. “Business acumen is not a destination; it’s a continuous learning journey," notes President of Acumen Learning, Ben Cook. "At Acumen Learning, we’re dedicated to guiding organizations on this path, just as we’ve done with the sales leaders at this well respected medical device company. Their journey reflects our commitment to empowering individuals and teams as they navigate the ever-evolving landscape of business.” About Acumen Learning Founded in 2002, Acumen Learning's highly customized business acumen and sales training programs have helped organizations develop employees who are more engaged, efficient, and effective in their work. To further support its mission, Acumen Learning published, Seeing the Big Picture – Business Acumen to Build Your Credibility, Career, and Company, in 2012 which quickly became a #1 Wall Street Journal and a New York Times bestseller. More than 20 years later, Acumen Learning has been trusted by more than 200 organizations on six continents to help employees understand how their company makes money, and to take real steps towards improving that process.

The Importance of Business Acumen for the Finance Industry: In the fast-paced world of financial services, success hinges on technical expertise and a broader strategic perspective and engagement. Finance professionals are tasked with more than just crunching numbers — they are entrusted with driving organizational growth, navigating industry trends, and delivering value to stakeholders. However, achieving these objectives requires more than proficiency in accounting or financial analysis. It demands a deep understanding of business dynamics, market forces, and strategic imperatives — in other words, business acumen. In this article, we delve into the importance of business acumen in empowering finance professionals to excel in their roles, navigate industry complexities, and drive strategic initiatives that propel their organizations forward. Developing Strategic Perspective: Traditionally, finance professionals have been lauded for their technical prowess in areas such as financial modeling and budgeting. While these skills are undeniably important, they only scratch the surface of what it takes to succeed in today's dynamic financial landscape. To truly excel, finance professionals must broaden their perspective beyond the balance sheet and embrace a strategic mindset that encompasses the broader context of their organizations and industries. This entails understanding market trends, regulatory developments, competitive dynamics, as well as aligning financial objectives with broader business goals. Our financial consultant Ryan Hunt highlights the common gap between technical expertise and strategic insight among finance professionals in his video Business Acumen for Finance People. Despite their proficiency in financial analysis, many finance professionals struggle to translate their knowledge into actionable insights that drive business value. They are most likely incredibly smart in their role (in the finance side of the business), but can they see the bigger picture? By developing a deeper understanding of the broader business environment, finance professionals can enhance their strategic impact and position themselves as valuable partners to their organizations. Navigating Industry Trends: The financial services industry is in a perpetual state of evolution, driven by technological advancements, regulatory changes, and shifting consumer preferences. If you can’t keep up, or without the foresight or knowledge of business acumen, you company will die. In such a dynamic environment, success requires more than just keeping pace with change — it demands proactive engagement and strategic adaptation. As McKinsey and Company noted, "In a competitive environment of rising cost pressures, where rapid action and response is imperative, financial institutions must modernize their technology function to support expanded digitization of both the front and back ends of their businesses." For finance professionals, staying informed of industry trends is essential for anticipating market shifts, identifying growth opportunities, and mitigating risks. By leveraging their business acumen to understand the implications of industry trends on their organizations, finance professionals can position themselves as strategic advisors and drivers of innovation within their organizations. Fostering Strategic Engagement: So, how can finance professionals cultivate and leverage their business acumen to drive strategic engagement and success? Firstly, it requires a commitment to continuous learning and professional development. Finance professionals must actively seek out opportunities to broaden their skill sets, whether through industry conferences, certifications, or networking events. According to the World Finance Council, attending conferences and keeping a mindset of continuous learning helps more than just your skills. It gives you educational chances you might not have had. It allows you to network with people you wouldn’t normally be surrounded by. It gives you opportunities to meet new sellers and providers, and it positions you as a specialist. Additionally, fostering cross-functional collaboration and knowledge-sharing can provide valuable insights into the broader business context and help finance professionals connect their financial expertise with strategic imperatives. You won’t last in a finance profession if you stay stagnant…even if you’re highly skilled. To stay relevant and knowledgeable you must be continuously learning. In a LinkedIn article titled Finance and Business Acumen skills, it says “Without finance and business acumen there is no career advancement, there is no entrepreneurship.” Ben Cook, the President of Acumen Learning emphasizes the transformative power of business acumen in driving innovation, efficiency, and value creation within financial organizations in the video Why BA is Essential for Financial Services. By understanding where to innovate, where to invest, and how to operate more efficiently, finance professionals can align their efforts with broader business objectives and drive sustainable growth. Measuring Success: Ultimately, the true measure of success lies in the tangible impact finance professionals have on their organizations. While traditional metrics such as revenue growth and profitability are important indicators of financial performance, they only tell part of the story. Success should also be measured in terms of strategic alignment, stakeholder satisfaction, and the ability to drive positive change within the organization. By leveraging their business acumen to drive strategic initiatives and deliver measurable results, finance professionals can elevate their contributions and position themselves as indispensable assets to their organizations. Business Acumen: The Prerequisite for Success in Finance In today's rapidly evolving financial landscape, business acumen is not just a desirable trait — it's a prerequisite for success in the industry. Finance professionals who embrace a strategic mindset, can keep up with industry trends, and leverage their expertise to drive meaningful change are well-positioned to thrive in their roles and make a lasting impact on their organizations. By investing in their professional development, fostering cross-functional collaboration, and embracing the transformative power of business acumen, finance professionals can unlock new opportunities, drive strategic initiatives, and elevate success in the dynamic world of financial services. Referring back to the LinkedIn article, the author states “Business acumen is very much needed for all finance professionals, without it is very hard to provide insights and support better decisions…Today business acumen is needed regardless of the function however for finance professionals to provide strategical advice these skills are crucial, or in other words, they need full picture on all aspects of the business.” If you’re looking to advance your finance career, find passion and relevance of your role to the bottom line, and learn how the financial industry can stay relevant and continue to thrive, Acumen Learning’s business acumen courses are a great way to accomplish these. Reach out to us today to learn more! ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ Follow us on LinkedIn @AcumenLearning to keep up with all company updates! ✅ For more on our business acumen training visit our website! #businessacumen #businessstrategy #financialacumen #financialstrategy #learninganddevelopment #HR #leadershipdevelopment #training #businesssuccess #people #businessacumentraining #financialacumentraining #financialservices #financialindustry #finance #financialeducation #financialliteracy #financeprofessional

Press Release OREM, Utah – September 8, 2023 Download the Business Acumen Press Release: News Facts: Leading tax firm who specializes in tax services, software, technology and consulting, partners with Acumen Learning for customized business acumen courses to enhance business skills and employee engagement. In response to the tax firm’s strategic goals, Acumen Learning engaged in a transformative initiative focused on enhancing business acumen among the firm’s executives and management teams. The tax firm, a dynamic organization with a history of rapid acquisition and inorganic growth, faced the challenge of integrating diverse business units and fostering an understanding of how their business operates. They sought to bridge the knowledge gap between tax experts and support staff while aligning their workforce’s capabilities with the broader business landscape. Acumen Learning created and delivered a customized business acumen program to 350 individuals spanning all functions within the tax firm. The business acumen training delved into the five core business drivers critical to the firm’s success: cash, profit, assets, growth, and people. Participants were provided with insights into these drivers, the levers to influence them, and an understanding of how their role contributes to them. The partnership between Acumen Learning and the tax firm yielded remarkable results. It successfully bridged the gap between all professionals, fostering a sense of engagement and a shared understanding of the firm’s operations. Acumen Learning proudly welcomes a leading tax firm as its newest graduate. We are dedicated to helping organizations unlock their full potential and guiding them on the learning journey of business acumen. Supporting Quotes: “The goal of COO Corner is to empower every team member with the knowledge to grasp how they are a valuable, vital part of our success. Our latest session on business acumen focused on how we all can better understand, appreciate, and amplify the impact we make together! Special thanks to Acumen Learning for their expertise and collaboration,” wrote the communications executive at this tax firm. “This was the best session of the year.” “It was a superb session and loved Ryan’s energy and delivery style, he is a total legend.” “Through a customized business acumen program, the gap between accounting and tax professionals and their dynamic support staff has been significantly minimized,” wrote Weston Winegar, director of business develompent at Acumen Learning. “This transformative initiative has empowered individuals to navigate the complexities of their organization’s rapid acquisition history, fostering a unified understanding of their business operations and driving enhanced performance.” “Working closely with our client, we’ve achieved something remarkable," notes Ryan Hunt, Senior Financial Consultant at Acumen Learning. "In a dynamic organization marked by rapid acquisitions, our customized business acumen program has united 350 individuals under a common understanding of our business drivers. It’s not just about teaching; it’s about fostering a shared vision of success that transcends roles and departments.” About Acumen Learning Founded in 2002, Acumen Learning's highly customized business acumen and sales training programs have helped organizations develop employees who are more engaged, efficient, and effective in their work. To further support its mission, Acumen Learning published, Seeing the Big Picture – Business Acumen to Build Your Credibility, Career, and Company, in 2012 which quickly became a #1 Wall Street Journal and a New York Times bestseller. More than 20 years later, Acumen Learning has been trusted by more than 200 organizations on six continents to help employees understand how their company makes money, and to take real steps towards improving that process.

The aerospace and defense industry continuously pushes the boundaries of human achievement. However, amid innovation and progress, the industry faces unique challenges that demand a strong understanding of business dynamics. If individuals in the industry want to distinguish themselves and thrive amidst competition, they have grasp financial metrics, recognize the value of their role, and understand how their company makes money. 1. Understanding Industry Dynamics The aerospace and defense industry operates within a complex ecosystem where companies often find themselves navigating intricate customer relationships and intense competition for talent. With customers having significant influence over pricing and program viability, companies must develop strategies that not only meet customer demands but also ensure profitability and sustainability. There aren't a lot of companies that have to make a sale before creating their product. Aerospace and defense companies don’t necessarily have “customers”, they have partners. They have a client who wants to purchase a product and build it together. Understanding industry dynamics is paramount as companies navigate intricate customer relationships and intense talent competition. As highlighted in a Forbes article discussing the transformations of the aerospace and defense industries, there are evolving dynamics between airlines and manufacturers as carriers seek to enhance customer experiences and reduce their carbon footprint. As passenger expectations and environmental concerns drive innovation, aerospace companies face increasing pressure to deliver technologically advanced solutions. From ensuring nonstop connectivity to addressing environmental sustainability, the industry must innovate across multiple fronts to meet the demands of both consumers and regulators. The aerospace and defense sector must embrace transformative technologies and collaborative partnerships to thrive amidst uncertainty. By leveraging industry insights and strategic foresight, companies can navigate these challenges and position themselves for sustained success in an ever-evolving market. In this dynamic landscape, the aerospace and defense sector must leverage business acumen to embrace transformative technologies and forge collaborative partnerships to thrive amidst uncertainty. By integrating industry insights and strategic foresight into their decision-making processes, companies can effectively navigate these challenges and position themselves for sustained success in an ever-evolving market. Business acumen empowers industry leaders to make informed decisions, seize opportunities, and adapt swiftly to changing circumstances, ensuring that they remain competitive and resilient in the face of uncertainty. 2. Overcoming Challenges From pricing pressures to talent acquisition and technological disruption, companies must strike a delicate balance between controlling costs and fostering innovation to remain competitive in a rapidly evolving landscape. Let’s dive into some of these challenges: Pricing Pressures: In the aerospace and defense industry, the delicate balance between cost efficiency and quality is constantly tested. Recent fluctuations in material prices, such as the notable surge in titanium costs, exemplify the volatile nature of the market. As essential components like titanium experience unprecedented price hikes, aerospace manufacturers are compelled to reassess their procurement strategies to mitigate financial strain. Implementing astute pricing models and supply chain optimization techniques becomes imperative to maintain competitiveness and profitability in the face of such challenges. Business acumen enables companies to navigate these turbulent waters, fostering resilience and agility in adapting to fluctuating market dynamics. Talent Acquisition: A critical concern plaguing aerospace and defense companies is the exodus of younger talent coupled with the impending retirement wave. The allure of tech giants and innovative startups often eclipses the appeal of traditional aerospace careers, exacerbating the industry's talent shortage. Leveraging business acumen, companies can revamp their recruitment strategies, offering enticing incentives and career advancement opportunities to attract and retain top-tier talent. Technological Disruption: The rapid pace of technological advancement brings both promise and risk for the aerospace and defense industry. Disruptive innovations, spanning from advanced propulsion methods to autonomous aircraft, reshape the operational landscape, challenging traditional paradigms and business models. Embracing these technological leap demands a shift in organizational mindset and operational frameworks. Whether seamlessly integrating cutting-edge solutions or overhauling existing infrastructures to accommodate transformative technologies, companies must proactively embrace change. Business acumen empowers industry leaders to anticipate disruptive forces, seize emerging trends, and navigate a strategic path toward sustainable growth and innovation. Business acumen is the key to overcoming challenges. Through strategic foresight, financial savvy, and adaptive leadership, companies navigate pricing pressures, talent acquisition hurdles, and technological disruption. By making astute decisions and striving for excellence, the sector thrives amidst uncertainty, shaping a future marked by resilience and innovation. 3. Empowering the Workforce At the heart of every industry’s success lies its workforce. And aerospace is no different. Engaged employees equipped with business acumen are much better positioned to drive innovation, make informed decisions, and align with organizational goals. 61% of employees are never trained on business principles, and investing in employee development is a great place to start. Financial literacy and strategic thinking can yield significant returns in terms of efficiency, productivity, and overall performance, especially in the aerospace and defense industry. Business Acumen and Aerospace and Defense In conclusion, the aerospace and defense industry not only thrives on innovation, collaboration, and strategic foresight but needs it to be successful. By cultivating a culture of business acumen and leveraging insights from industry dynamics, companies can navigate challenges, capitalize on opportunities, and drive sustainable growth. As the industry continues to evolve, the role of business acumen will remain paramount in shaping its trajectory toward greater success and impact. For organizations seeking to enhance their business acumen and drive performance, customized training programs offer a valuable opportunity to equip employees with the skills and knowledge needed to thrive in today's dynamic business environment. Reach out to us today to learn more. Continue your learning... Get a demo of our business acumen training: Attend a preview of our course from the CEO of Acumen Learning: Business Acumen Self Assessment: ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ Follow us on LinkedIn @AcumenLearning to keep up with all company updates! ✅ For more on our business acumen training visit our website! #businessacumen #businessstrategy #financialacumen #financialstrategy #learninganddevelopment #HR #leadershipdevelopment #training #businesssuccess #people #businessacumentraining #financialacumentraining #aerospace #defense #aerospaceindustry

Measuring business acumen is an essential endeavor for anyone seeking to excel in the corporate world or make a lasting impact within an organization. In a landscape marked by constant change and fierce competition, understanding and quantifying one's business acumen can be the key to personal and professional success. Whether you're an executive striving to enhance decision-making or an individual aspiring to stand out in interviews and career progression, the ability to measure and articulate your business acumen can be a powerful tool. Join us as we delve into crucial aspects of business acumen with President of Acumen Learning, Ben Cook. Question: How do you suggest quantifying business acumen for individuals in their current roles or past experiences? When you're assessing your business acumen, especially for interviews or self-reflection, consider the impact you've had on the company. Think about it from various angles, such as how you've contributed to company growth, acquiring more customers, increasing revenue, launching new products, and gaining market share. These factors reflect your ability to drive success for the business. Question: What about roles that may not directly relate to revenue generation, like quality management? Even in roles that don't directly involve revenue generation, you can quantify your impact. For example, consider how you've expedited product launches, improved product quality, reduced recalls, or minimized regulatory concerns. Quality has a significant influence on factors like speed to market and market reputation, which ultimately affect market share and profitability. Question: In IT roles, what should individuals focus on to measure their business acumen? In IT roles, it's essential to look beyond revenue and examine your contributions to cost management and operational efficiency. Have you successfully reduced operational costs by 5% or enabled the introduction of more products into the market while maintaining the same operating costs? These metrics reflect your ability to drive efficiency and cost-effectiveness in the business. Question: How can professionals in Human Resources showcase their impact on business acumen? Professionals in HR can demonstrate their business acumen by attracting top talent that leads to increased revenue or greater innovation efficiency, resulting in faster market entry. Calculate the speed at which you've helped the company reach the market compared to the usual timeline and the cost savings associated with this. Quantify the impact of your HR efforts on the company's profitability and growth. Question: Could you elaborate on the key areas that individuals should focus on when quantifying their impact on business acumen? Absolutely. To quantify your impact on business acumen, consider key areas such as business growth, profitability, operational efficiency, and process optimization. Reflect on whether your actions have contributed to standardization, optimization, centralization, or automation. You can also think about any ideas you've implemented that expanded into new markets or deepened your presence in existing ones. All of these factors directly affect a company's financial performance. Question: Can you provide guidance on how to put this quantified impact into practice, such as on a resume or during an interview? Certainly. To showcase your business acumen, incorporate the quantified impacts into your resume and interview discussions. Be specific about how your contributions affected revenue, cost, profitability, and efficiency. Describe any innovative ideas that facilitated market expansion or process improvement. By presenting data-backed evidence of your impact, you can effectively demonstrate your business acumen to potential employers. Question: Can you provide examples of specific metrics or key performance indicators that professionals can use to quantify their impact on business acumen? You are right, measuring impact often involves using specific metrics or KPIs. Depending on your role and industry, these might include metrics like revenue growth percentages, customer acquisition rates, cost reduction percentages, product launch timelines, or market share expansion figures. It's essential to identify relevant metrics that align with your contributions. Question: How can professionals ensure that they accurately attribute their contributions to the overall success of the business, especially in larger organizations? In larger organizations, it can be challenging to attribute individual contributions to overall success. However, it is so important to do so in order to feel valued. To address this, focus on projects or initiatives where your influence was significant and measurable. Collaborate with colleagues and managers to gather data and insights that clearly demonstrate your impact. Highlighting teamwork and cross-functional efforts can also help establish your role in the organization's achievements. Question: What role does strategic thinking play in demonstrating business acumen, and how can individuals showcase their strategic contributions? Strategic thinking is a vital aspect of business acumen. To showcase your strategic contributions, discuss how your decisions and actions align with the company's long-term goals and vision. Explain how your initiatives fit into the broader strategic framework and how they contribute to sustainable growth and profitability. Provide examples of how you've helped shape the company's strategic direction. Question: Last question Ben! Can you offer advice on effectively communicating these quantified impacts in an interview or on a resume, especially for individuals who may not have a traditional business background? Certainly. When communicating quantified impacts, focus on the outcomes and the value you've brought to the organization. Be specific with numbers and data. Use plain language to describe complex achievements, making them accessible to a broader audience. For those without a traditional business background, emphasize transferable skills and your ability to drive results, regardless of your role. Use real-world examples and stories to illustrate your contributions and their impact on the business. ACTIVITY: Now that you've explored how important measuring your business acumen skills are, let's engage in a learning activity you can do during your next team meeting: Exercise 1: Quantifying Your Impact 1. Ask your team to take 3 minutes and write down all of the quantifiable impacts they have made in their roles. This could include percentages, timelines, cost savings, revenue growth, etc. Encourage them to consider the key areas Ben discussed in this Q&A: business growth, profitability, operational efficiency, and process optimization. 2. Then ask your team to put it in resume format. How would they display this on their resume? This helps them to be clear and concise with their answers. 3. Have each person share what they came up with and discuss it among the team. This will help team members get ideas and be able to articulate the value they are bringing to the company. This exercise aims to empower individuals within your team to actively reflect on their professional impact and articulate it in a measurable way. By prompting team members to quantify their contributions and translate them into resume format, they not only gain a clearer understanding of their achievements but also refine their ability to communicate their business acumen. Sharing these insights within the team fosters a collaborative environment where individuals can learn from each other's experiences, sparking new ideas and strategies for driving success. Continue your learning... Measuring Business Acumen Best Interview Tips Business Acumen In Your Interview Next Steps... Why do you need Business Acumen to get hired? Download the course overview for our Applying Business Acumen Course: Get a demo of our business acumen training: Attend a preview of our course from Kevin Cope, CEO of Acumen Learning: ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ Follow us on LinkedIn @AcumenLearning to keep up with all company updates! ✅ For more on our business acumen training visit our website! #businessacumen #businessstrategy #financialacumen #financialstrategy #learninganddevelopment #HR #leadershipdevelopment #training #businesssuccess #people #businessacumentraining #financialacumentraining

Press Release OREM, Utah – July 12, 2023 Download the Business Acumen Press Release: News Facts: One of the Nation’s Top 5 car rental companies recognized the importance of aligning its leaders to the overall company strategy by implementing business acumen training. This Fortune 500 company asked Acumen Learning to deliver a keynote presentation to regional, district, and general managers across the country as part of the company’s yearly Leadership Advancement Program. The company’s executives identified a need to bridge the gap in business acumen, believing that doing so would enhance profitability and improve employee understanding of the company’s strategy. After realizing the transformative effect, they have made the decision to expand our partnership and introduce additional sessions nationwide. Our targeted approach, utilizing the 5 Driver Model, perfectly aligns with the company’s strategic initiatives. By analyzing key factors such as cash, profit, assets, growth, and people, we empowered employees to think like CEOs, enabling them to make impactful decisions that drive business growth. We offered a comprehensive review of the leadership team’s strategic mindset through the company’s annual report, highlighting the clear alignment of executive goals with the 5 drivers and their commitment to measuring performance. Our objective was to help these leaders clarify their roles and empower them to make meaningful contributions to the company’s success. Acumen Learning has delivered customized business acumen courses to several companies on the Fortune 500 list, including 32 of the Fortune 50, further cementing its reputation as a top provider of business acumen training. Supporting Quotes: “The aim of this keynote was to underscore the indispensable role of business acumen for employees,” explains Brian Peterson, director of business development at Acumen Learning. “The executives were genuinely astonished by the existing gap and expressed immediate enthusiasm to bridge it. They have committed to expanding classes and integrating the building business acumen course across multiple sectors within the company.” “It has been clear to us in our 20+ years of working with every industry, every function, and in every geography, that every business needs smarter businesspeople at all levels,” says Ben Cook, President of Acumen Learning. “Business acumen equips each individual with the knowledge, insights, and mindset to make business-savvy decisions, seize new opportunities, and drive sustainable success. In today’s complex and interconnected world, developing strong business acumen is not just a competitive advantage; it is an essential skill for thriving in any role or industry.” “This Fortune 500 company has its strategy in the right direction," says Monty Magleby, Senior Financial Consultant at Acumen Learning. "We utilize a 5-driver model to vividly illustrate how executives conceptualize strategy and performance. It’s as if this company’s CEO crafted their company around these 5 drivers. It was enlightening to demonstrate to the employees how this 5-driver model accurately reflects executive thinking and showcases how this company’s strategic initiatives are perfectly aligned with cash, profits, assets, growth, and people.” About Acumen Learning Founded in 2002, Acumen Learning's highly customized business acumen and sales training programs have helped organizations develop employees who are more engaged, efficient, and effective in their work. To further support its mission, Acumen Learning published, Seeing the Big Picture – Business Acumen to Build Your Credibility, Career, and Company, in 2012 which quickly became a #1 Wall Street Journal and a New York Times bestseller. More than 20 years later, Acumen Learning has been trusted by more than 200 organizations on six continents to help employees understand how their company makes money, and to take real steps towards improving that process.

Press Release OREM, Utah – August 17, 2023 Download the Business Acumen Press Release: News Facts: In collaboration with an industry leader in the PEO (Professional Employer Organization) sector, Acumen Learning embarked on a transformative initiative aimed at enhancing the sales proficiency and business acumen competency of the organization’s sales teams. This innovative company hosts an annual National Sales Summit for its sales leaders, designed to elevate their skills. Acumen Learning crafted a customized business acumen curriculum tailored specifically to this company’s unique needs. It was highlighted that a pivotal aspect of a successful sales leader lies in their profound understanding of their clients’ businesses, underlining the utmost importance of business acumen. Through the customized business acumen session, the company took a powerful step in enabling their sales leaders to deeply understand the strategic direction, financial realities, and business impact of their clients and then position their solutions in an approach that directly links their contribution to the clients’ financial success. This partnership exemplifies the critical importance of building meaningful relationships in driving greater sales success. Following the program’s completion, the feedback from the Professional Employer Organization has been resoundingly positive. The results underscored the success of the session, with expressing their unequivocal satisfaction and enthusiasm for the future of their sales teams and teams across the organization. They are excited to continue their journey of business acumen and are committed to continuing their expertise in the industries they work within. Acumen Learning is honored to add this Professional Employer Organization to their list of esteemed graduates and are excited to continue their learning journey with them. Supporting Quotes: “I had hopes it would be great and expectations it would be great, but it was better than my hopes and expectations,” notes Executive Vice President of this Professional Employer Organization. “I was really impressed with the customization.” “We’ve already changed internal messaging to include the 5 drivers. It’s becoming part of the company language.” “I thought the breakouts were great,” says the Vice President of this PEO. “I’m a big fan of getting us out of our shells and getting out of our seat.” “We have new employees who we’d love to have go through the business acumen training as part of the onboarding process.” “Our collaboration with this visionary PEO was a remarkable success,” says Brian Peterson, Director of Business Development at Acumen Learning. “We witnessed a tangible shift in their sales teams’ approach, reflecting a profound understanding of their clients’ needs. This partnership demonstrates the potential for transformative change when industry leaders come together to champion sales excellence.” “This initiative was a unique opportunity to help a forward-thinking company revolutionize their approach to sales," says Acumen Learning's President, Ben Cook. "By grasping their clients’ businesses on a fundamental level, sales professionals can build more meaningful relationships and drive greater success. It’s not just about meeting quotas but forging lasting partnerships that thrive in a dynamic marketplace.” About Acumen Learning Founded in 2002, Acumen Learning's highly customized business acumen and sales training programs have helped organizations develop employees who are more engaged, efficient, and effective in their work. To further support its mission, Acumen Learning published, Seeing the Big Picture – Business Acumen to Build Your Credibility, Career, and Company, in 2012 which quickly became a #1 Wall Street Journal and a New York Times bestseller. More than 20 years later, Acumen Learning has been trusted by more than 200 organizations on six continents to help employees understand how their company makes money, and to take real steps towards improving that process.

We wanted to explore the retail industry and how employees within could benefit from business acumen. Today we have Kenny Snarr here to talk us through the challenges they face and how business acumen can be a key contributor to their success. Let's dive in and ask Kenny some questions! Question: Kenny, what do you think are some of the key challenges professionals in the retail industry are facing today? In the retail industry, professionals and executives face several significant challenges. One of the most pressing issues is the slim profit margins, where a minor mishap can have a substantial impact on the bottom line. I’ve mentioned this story before, but I was talking with a leader at Walmart, and he told me an astonishing statistic. He said if a turkey during the holidays gets ruined for some reason or another, whether it falls off the truck, expires, or gets dropped, Walmart then has to sell 53 more turkeys to make up for the money lost from the one. That just shows how thin the margins are in retail. But then rising costs, including those related to goods, labor, and distribution, are also a constant concern. Additionally, the challenge of managing inventory effectively is a critical issue that retailers grapple with due to supply chain disruptions and inflation. Question: Wow! Those are slim margins Walmart is facing. How can business acumen help address these challenges? Business acumen indeed plays a pivotal role in addressing these challenges. It empowers employees at all levels to contribute to a company's financial performance by finding ways to streamline processes, reduce costs, and minimize losses. For executives, business acumen helps bridge the gap between corporate strategy and financial objectives, enabling effective execution. It also provides a holistic view of the organization, helping identify hidden opportunities for improvement. Question: Can you elaborate on the importance of employees in the retail industry to understand the financial aspects of their work, even for seemingly small decisions? Understanding the financial aspects of their work is crucial for retail employees because even seemingly small decisions can have significant financial implications. In an industry with thin profit margins, like Walmart, these decisions can make or break profitability. By making informed choices that align with the company's financial goals, employees can directly impact the bottom line. If you have business acumen skills, it’s easy to see why giving discounts or free gifts with purchases can be a tough way to make money. But as a salesperson, that sounds like the perfect solution. However, when you think about the business from an executive’s standpoint, you understand the broader picture in a much more tactical way. Question: That makes sense. It’s interesting to see that business acumen can help all employees align. Different departments have different objectives and business acumen helps them see eye to eye. So how can business acumen help retail executives overcome their limited perspective and effectively craft and execute corporate strategy? Business acumen is a powerful tool for retail executives and retail employees too! It helps them communicate and translate the financial tenets of the company's strategy to all employees, facilitating better execution. It also allows employees to see the organization from the executives' perspective, which can uncover hidden opportunities for improvement. If you think about a salesperson at a tech store, their primary responsibility is to sell the latest electronic gadgets to customers. Often, they might focus on closing individual sales, meeting their personal quotas, and ensuring customer satisfaction. Which don't get me wrong...is commendable. However, with a deeper understanding of business acumen, they'd not only emphasize selling the product but also comprehend the broader financial impact. For instance, if they're selling high-margin accessories or service plans along with the gadgets, they're not only maximizing the customer's purchase but also significantly enhancing the store's profitability. Understanding business acumen would go beyond a single sale. It involves perceiving how your actions contribute to the store's overall financial health. Instead of solely concentrating on selling the gadgets, you'd recognize the importance of upselling, leveraging promotions, or even managing inventory effectively. This understanding aids in driving not just personal success but also the success of the entire business. By comprehending the broader financial implications, you'd actively contribute to the company's bottom line and overall growth. This is a small example but emphasizes how an individual's understanding of business acumen can go beyond immediate sales and focus on holistic business success, thereby contributing significantly to the company's overall financial health and success. Question: That’s an interesting comparison…one that shows the importance of business acumen for all employees! Can you elaborate on how business acumen empowers individuals to quantify the value they bring to the organization? Certainly. Business acumen enables individuals to understand how their work directly impacts financial principles like cash flow, profitability, and revenue growth. By aligning their actions with corporate objectives and being able to articulate this connection, employees can demonstrate their contributions to the organization's success. Not only does this quantification of value help employees showcase their impact at the highest levels of the organization, it also gives them a sense of purpose for their role. They can better see how they are making a difference. Question: Kenny, you’ve worked with a lot of retail companies over the years. In your opinion, what is the ultimate outcome of cultivating business acumen in the retail industry? Fostering business acumen within the retail industry yields far-reaching benefits. It not only elevates the sector but also positions it for sustained success. With a workforce and leadership that possesses a profound grasp of financial principles and a broader perspective, the industry can not only withstand the challenges of a competitive landscape but also proactively identify and seize opportunities. As consumer preferences continue to evolve, those with a strong foundation in business acumen will be at the forefront, steering the industry toward continued growth and innovation. ACTIVITY: Now that you've explored the ins and outs of the retail space, let's engage in a learning activity you can do during your next team meeting: Exercise : Key differences between Sears and Walmart 1. Have your team watch this quick 1-minute video: 2. And now let's chat about it: -What distinguished Sears from its competitors in terms of strategic business practices during its prime? -In Sears' most successful times, what specific elements of business acumen were evident in their approach? -Where did Sears demonstrate deficiencies in business acumen leading to its decline in its final years as a business? -How did the strategic approach of Sears differ from that of Walmart? -Where did Sears accurately predict limited growth in the retail industry, and conversely, where did they misjudge the situation? This challenge offers an interactive way for teams to understand the implications of their decisions. Sears was a business that seemingly couldn't fail, they were doing all of the right things! And (to the public eye) quickly turned south. This is a great way to integrate your teams to think about businesses and the growth that can be had within the retail space. Continue your learning... The challenge of Retail The Challenges Retail Executives Face Growth and Retail Case Study What the Retail Industry Needs to Get and Keep Employees: Ballooning Inventory: Get a demo of our business acumen training: ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ Follow us on LinkedIn @AcumenLearning to keep up with all company updates! ✅ For more on our business acumen training visit our website! #businessacumen #businessstrategy #learninganddevelopment #leadershipdevelopment #salessuccess #financialstrategy #financialacumen #businesssuccess #workplaceskills #skills #businessacumenskills #business #HR #Humanresources #retail #retailindustry #retailchallenges

Press Release OREM, Utah – July 19, 2023 Download the Business Acumen Press Release: News Facts: Acumen Learning, partners with a Fortune 500 energy company to drive leadership excellence and engagement. This global energy company hosts a Leadership Essentials Program designed to develop leaders across various functions within the company. Acumen Learning played a pivotal role, delivering a customized business acumen training to drive engagement and foster a culture of informed decision-making throughout the organization. Acumen Learning’s business acumen training focused on equipping leaders with essential business acumen skills. We empowered finance leaders, accounting leaders, HR, safety, compliance, legal, and operations leaders to make data-driven decisions, enabling them to operate more strategically and drive better outcomes. This customized training provided these leaders with a deeper comprehension of the organization’s strategic objectives, facilitating a more cohesive and engaged workforce. The program has already seen tremendous success, with 600 participants enrolled this year, and plans to train a total of 1600 leaders in the near future. Participants felt like their understanding on business skills was enhanced and it empowered them to make better, data-backed decisions, ultimately driving faster and more effective outcomes across the organization. This emphasis has fostered a stronger sense of engagement among employees, creating a more united and empowered workforce. As a trusted leader in business acumen training, Acumen Learning continues to make a difference for organizations worldwide. We have delivered customized business acumen courses to renowned companies on the Fortune 500 list, including 32 of the Fortune 50, further cementing its reputation as a top provider of business acumen training. Supporting Quotes: “Good content. The constant linking between the information being presented and real-world numbers from our company made it very very interesting.” “The course boosted my business acumen, provided a better understanding at what drives companies’ growth, and delivered the best overview of understanding a P&L. The instructor kept us on time, provided high energy throughout the day, and kept the class engaged.” “Really good, summarized immersion on financials with day-to-day examples related to company.” “Great low-level examples to work thru as groups. Great pace and trainer had an obvious strong background in this topic.” “Very nicely done. Loved the basic examples via the case study and then relating the concepts to [company’s] numbers.” “Very informative, lots of useful information and tools to take away and continue understanding.” “I loved witnessing these leaders gain an understanding of the ‘why’ behind their decisions," says Brent Barclay, Senior Financial Consultant. "They unlocked a deeper level of strategic thinking and will be able to drive better outcomes for their teams and the organization. They brought such enthusiasm to the training and I have no doubt they will leave this program with a newfound sense of purpose and the ability to lead with confidence.” About Acumen Learning Founded in 2002, Acumen Learning's highly customized business acumen and sales training programs have helped organizations develop employees who are more engaged, efficient, and effective in their work. To further support its mission, Acumen Learning published, Seeing the Big Picture – Business Acumen to Build Your Credibility, Career, and Company, in 2012 which quickly became a #1 Wall Street Journal and a New York Times bestseller. More than 20 years later, Acumen Learning has been trusted by more than 200 organizations on six continents to help employees understand how their company makes money, and to take real steps towards improving that process.

Business acumen is an essential skill set that goes far beyond finance. While finance is undoubtedly a critical aspect of business acumen, it is just one piece of the puzzle. To truly thrive in the dynamic landscape of today's business world, individuals need to cultivate a holistic perspective and embrace the broader implications of their choices. By developing business acumen, professionals can become invaluable assets to their organizations, playing a pivotal role in shaping strategies, fostering innovation, operating more efficiently, and delivering sustainable growth. Today we’ve asked our President, Ben Cook some questions about the topic. Here are his thoughts: Question: What is business acumen, and why is it important in today's business world? Business acumen is the ability to understand how a business operates and makes money, along with the capacity to make informed decisions that contribute to its success. It goes beyond just finance and encompasses a holistic understanding of all aspects of an organization. In today's dynamic business landscape, business acumen is crucial because it empowers individuals to navigate complexities, identify opportunities, mitigate risks, and drive sustainable growth. It enables us to play a pivotal role in shaping our company's strategies and fostering innovation, ultimately propelling it toward success. Question: How does business acumen differ from financial acumen, and why is it important to make this distinction? Business acumen differs from just financial acumen in that it's a broader skill set that encompasses a comprehensive understanding of all facets of an organization. While financial acuity is undoubtedly important and provides the language of business and is vital to think about how a company allocates resources and measures it financial outcomes, business acumen delves into the choices we make every day as individuals and as a company. It's about making decisions that contribute to the company's short- and long-term success, such as assessing the company’s market opportunities, where to best invest in product development to maximize market differentiation, how to operate most efficiently, what partners are best to help you grow, and drive choices on which markets to participate in. It also involves managing the tension between short-term and long-term goals, optimizing sales, and controlling costs. While financial acumen is a part of business acumen, it's essential to recognize that business acumen is about driving business success, not just pulling levers to drive short-term economic outcomes. Question: How can individuals go about developing their business acumen, and what are the key steps they should follow in this process? To develop your business acumen, you should start by understanding how your organization works, including its products, customers, and competition. Learn about financial basics like your income statement (the P&L) and the company’s cash flows, but also seeing the company through its market position, price/volume/mix of your products that drive sales and market share, key risks, competitive dynamics, and the constraints you operate within. We have a ton of videos that go over the basics in these categories. I would also encourage you to think long-term and see how different parts of the business connect. Stay updated on industry trends, collaborate with colleagues, seek mentorship, and consider taking courses. Remember, it's an ongoing process of learning from both successes and failures! Business acumen is not a one-time event that you’ll walk away with. It takes work. Question: Could you elaborate on the importance of taking courses as part of the journey to enhance one's business acumen? Taking business acumen courses can be doing things like taking courses on finance, strategy, operations, marketing, etc. If the audience doesn’t know, we have an online course that is a very digestible way to gain an understanding of business acumen. We go over the 5 things that all successful businesses think about. Cash, profit, assets, growth, and people. These are so crucial to the sustainability of business, and I think that’s a great first step in trying to develop your business acumen! But also having a cadence of listening to your/customers analyst calls, reading executive messaging, hearing from leaders from other parts of the business can also be hugely beneficial to developing this broader awareness of the business. Question: Why is it crucial for leaders to identify gaps in their team's business acumen? I love this question! Do we have all day? I could go on and on about this one. Identifying gaps in the business acumen of your team is crucial for several reasons. It gives you a competitive edge. Having a team with strong business acumen ensures that your team is well-equipped to make informed decisions that drive the company's success. It can keep the team from being too myopic or short-term in their thinking. It can push their assumptions to seeing possibilities beyond what has been done in the past. Teams with well-rounded business acumen are better at making effective decisions that consider both short-term and long-term implications. Teams that consider variables such as market trends, customer expectations, competitive position, profitability targets, etc. This allows leaders to address weakness and areas for improvement while also mitigating potential risks to help prevent costly mistakes. I would hope my team members understand the business impact of the work they do, because if one of my consultants doesn’t understand how their work helps us better impact the business of our customers, grow our impact to the customers we serve, finding new ways to better reach leaders and arm them with usable tools, and impact the bottom line of our company, they’ll be wasting a ton of time on things that aren’t worth working on. Business acumen also helps align to the company’s goals. Like I briefly mentioned before, it ensures that everyone is working towards the same objectives. And for my last point, business acumen helps your team members continuously improve. Acknowledging gaps is the first step toward improvement. It opens the door to targeted training and development efforts to strengthen the team's capabilities. Question: Why is it crucial for leaders to identify gaps in their team's business acumen? I love this question! Do we have all day? I could go on and on about this one. Identifying gaps in the business acumen of your team is crucial for several reasons. It gives you a competive edge. Having a team with strong business acumen ensures that your team is well-equipped to make informed decisions that drive the company's success. Having business acumen equips you with effective decision making and risk mitigation. Teams with well-rounded business acumen are better at making effective decisions that consider both short-term and long-term implications. It allows leaders to address weakness and mitigate potential risks to help prevent costly mistakes. I would hope my team members understand the work their doing, because if one of my consultants doesn’t understand how his work helps the bottom line of our company, he’ll be wasting a ton of time on things that aren’t worthy. Business acumen also helps align to the company’s goals. Like I briefly mentioned before, it ensures that everyone is working towards the same objectives. And for my last point, business acumen helps your team members continuously improve. Acknowledging gaps is the first step toward improvement. It opens the door to targeted training and development efforts to strengthen the team's capabilities. Question: How does business acumen empower individuals to make a meaningful impact on their organizations? Well…business acumen certainly does equip individuals to have a significant impact on their organizations in several ways. First, it helps them make informed decisions that contribute to the company's success, while also identifying potential opportunities as well as better assess risks. Additionally, it encourages long-term thinking, allowing individuals to shape the company's direction and growth profile. Business acumen promotes collaboration between different departments, making it easier to work together for common goals once they are all ‘rowing in the same direction.’ It also inspires innovation, leading to new ways to create value and improve processes. In a changing and dynamic business environment, it enables adaptability to handle challenges and seize opportunities. Lastly, strong business acumen often goes hand in hand with leadership, as leaders with these skills can guide their teams to a brighter and better future. That’s a bit of a long-winded question, but in summary, business acumen empowers individuals to play crucial roles in their organizations, influencing strategies, driving innovation, and ensuring sustainable growth, ultimately making a lasting impact on the company's direction and success. ACTIVITY: Now that you've explored the differences between finance and business acumen, let's engage in a learning activity you can do during your next team meeting: Exercise 1: Business Acumen vs. Financial Acumen Challenge Briefly review the key points from the Q&A session with Ben Cook, and then split your group up into 2 teams. Each team has 5 minutes to generate examples of business acumen and financial acumen on separate notecards. Encourage participants to think about real-world scenarios and specific actions or decisions that demonstrate each type of acumen. After the 5 minutes is up, allow each team to take a turn presenting their examples to the entire group. Facilitate a brief discussion to explore why certain examples are indicative of business acumen or financial acumen. The objective of this activity is to allow each participant to understand the distinctions between business and financial acumen. Recognizing that both skill sets play pivotal roles in the business landscape, the activity aims to highlight how each team member's grasp of these competencies can significantly impact the overall success of the organization. Ultimately, this deeper comprehension will contribute to more well-informed decision-making and a holistic approach to driving the success of the team and the broader business. Continue your learning... Is Business Acumen About Finance Finding the Gaps in Your Business Acumen Why Business Acumen Should Matter to Everyone Next Steps... Download the course overview for our Building Business Acumen Course: Attend a preview of our course: Test your Business Acumen with this quick quiz! ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ Follow us on LinkedIn @AcumenLearning to keep up with all company updates! ✅ For more on our business acumen training visit our website! #businessacumen #businessstrategy #financialacumen #financialstrategy #learninganddevelopment #HR #leadershipdevelopment #training #businesssuccess #people #financialcompetency #finance