Using Business Acumen to compare customer acquisition vs. customer retention. Brent Barclay, a Senior Financial Consultant at Acumen Learning, breaks down the cost of acquiring a customer and the cost of keeping a customer. Losing a customer can be extremely expensive, hurt your team morale, and take time and energy to replace. Here is a transcript of this video: Acquisition Vs. Retention Costs For many people - as I look at customers it seems pretty intuitive that it's probably easier to sell to a customer you've already had vs. trying to sell to new customers. One of the things they'll talk about is the cost of acquisition — and it's quite high. Some will say it's somewhere between 5-7 times the cost to get a new customer as it would to sell into an existing customer. So from a business acumen perspective, recognizing that all your investment dollars going toward marketing of new customers and trying to do acquisition, well what if I took some of those dollars and really had a robust retention program. Really understanding my customers. Aligning what they're trying to accomplish to the solutions that I have available – which means they want to continue to buy from us for multiple years and multiple experiences. In the end that's a great way to get a greater return on your investment dollars. Now you end up having to have both. You can't just do one without the other. That being said often we spend so much time on the customer acquisition we don't emphasize, we don't put as much budget towards customer retention and really that's the place where you can really expand and succeed as a business. Balancing Acquisition and Retention for Businesses And many of these consulting, training, development companies, a big emphasis is your existing customers. That's where the lion's share of your dollars come in. In fact, it can be harder for small businesses to get new customers and so you end up focusing a lot on those existing customers. And sometimes in small businesses it flops the other way. Where you spend so much time on your existing customers, you're not working enough on the new new. And so if you happen to lose one of your key customers because of turnover or whatever changes may happen, you end up kind of putting yourself in a tough situation. So, for small businesses you get a large customer you're just trying to keep up with the pace. But you cannot forget about "I got to also invest in trying to get new customers." So there's really a balance that you've got to consider. But absolutely for small businesses, the lifeblood of small businesses is their existing customers and that retention of those relationships. So, one of the big costs of not keeping your customers, obviously you now don't have the revenue in future years. There's a term that they talk about call the customer lifetime value. It's all the dollars they spend with you. If I have a customer spending $100,000 over 10 years, my customer lifetime value is a million dollars. So it's not just what you would get this next year, maybe a hundred thousand, but if I lose that customer in 10 years that would have been a million dollars of value I've lost. And so recognizing that there's a value of these long-term relationships. Download the course overview for our Building Business Acumen Course: The Importance of Customer Lifetime Value Now you see this a lot in subscription businesses, right? If I'm a SAAS company and my model is all about subscription, I have to focus on those existing customers. It cost me a lot to get them up and running but every year after that, that's a low cost and it's a high profitability for the future. So, you really want to be good and SAAS companies spend a lot of time with that. But sometimes service companies, consulting companies, etc. we get so busy with working with certain groups that we forget the value of that lifetime customer. As you look at customers buying from you, new customers about 5 - 25% will actually buy from you. 25% would be very high. Of all the customers you talk about 25% of them buy, and it's usually on that lower end. Versus, if I'm selling into existing customers about 60 - 70% of them will actually buy something from you. So, it's much easier I you have that good relationship, you understand what they're doing and what they're working towards, it's much easier to sell into those organizations. The Value of Business Acumen and Long Term Relationships I'll give you an example. Just recently I was doing a year in review. I was talking with an existing customer and all I did was share an opportunity. What I thought might be the next step based upon their training and development goals and objectives. There was no question. "Yeah we absolutely want to do those." Earnings call debriefers is what I was selling. It was a great opportunity for us to immediately there's trust there, there was confidence there, which meant "yeah I want to add those to next year." Versus somebody brand new, I would need to sell multiple pieces for them to see the value of that. So, selling into existing customers you'll have a much greater close rate than you will with new customers. Get a Demo of our Business Acumen Training for Sales: Business Acumen Aids in Understanding Your Customers Business So, one of the things I think is real valuable in our Building Business Acumen for Sales Professionals, is this idea of understanding their strategy, understanding what their key metrics, what are they trying to accomplish. One of the greatest ways to improve retention is to truly understand their business — be able to speak to their key metrics and measures, their strategies. Now all of a sudden instead of me just selling features advantages of benefits of my product, I'm selling solutions to their goals and objectives. You switch your role. Instead of a transactional sales individual you become a partner. You're part of my team. You understand what I'm doing and you're helping me make a business case as to why, in our case, a partnership with Acumen Learning can really drive to your profitability, your cash flow, or your goals and objectives. Use Business Acumen to Be a Partner So I think that's the real differentiator, is the more you understand about your customer's business and if you can help them align your products or services to their goals and objectives, you're no longer a sales individual. You're their partner. Treating Your Employees like Internal Customers: Just as customer retention is important, so is employee retention. According to the University of Minnesota Human Resource Management Group, an employee who is paid $8 per hour can cost a company upwards of $4,000 to replace. This may not sound too bad. But a 100 person organization that provides an average salary of $50,000, could have turnover and replacement costs of $660,000 to 2.6 million per year. And this is using the turnover rate of 26% which is what it was in 2017. The percentage is almost 33% for 2021 according to the Bureau of Labor Statistics. Treat your employees just as well as you'd treat your customers! Applying Business Acumen To continue your learning, download the course overview for our Applying Business Acumen Course: ✅ 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 #financialstrategy #financialacumen #customers #employees #customeracquisition #customerretention #employeeretention #losingacustomer

Business acumen is a vital skill for professionals working in the technology industry. With the rapid pace of innovation and constantly evolving market trends, technology companies require individuals who possess a deep understanding of both the technological and business aspects of their industry. Google’s Use of Business Acumen One real-life example of the importance of business acumen in the technology industry is the story of Google. Despite entering a market dominated by Apple's iOS, Google was able to quickly gain market share by offering an open-source platform, Android, that allowed developers to create a wide range of apps and services. This move helped Google to establish itself as a leader in the tech industry and generate significant revenue from app sales and advertising. Google's leadership team understood the importance of developing products that met the needs of their customers while also generating revenue. They implemented innovative business strategies, such as targeted advertising and data analytics, to help the company grow and remain competitive. Statistics emphasize the importance of business acumen for technology companies like Google. In a survey done by Cisco, business acumen was identified as one of the biggest gaps for IT professionals and one of the "top five musts for overcoming the talent gap." Cisco continues to explain that "It’s not enough for digital leaders to simply foster business acumen; they need to translate it into a clear and compelling vision of what technology can do for the company." Furthermore, companies with executives who possess both technical and business expertise are more likely to achieve sustained growth and profitability. These findings highlight that a profound comprehension of market dynamics, financial management, and partnership development is vital for success in the technology industry. Test your Business Acumen Take this 10 Question Quiz and find out how your business acumen compares to your peers: Why is Business Acumen Important for Tech? There are several reasons why business acumen is crucial in the technology industry. We could spend all day, so to save you the time, we have listed 3 of them below. It enables professionals to understand the market dynamics that drive the industry. With a deep understanding of market trends and consumer behavior, technology companies can develop products that meet the needs of their customers and remain relevant in a highly competitive landscape. Business acumen enables technology companies to make informed financial decisions. This includes managing budgets, forecasting revenue, and making investments that will generate a positive return on investment. Business acumen is essential for developing and maintaining strong partnerships with other companies. This includes negotiating contracts, building relationships with suppliers, and identifying opportunities for collaboration. Building Business Acumen Course: Download the course overview for our Building Business Acumen Course: Building Your Business Acumen In conclusion, business acumen is a vital skill for professionals working in the technology industry. The story of Google and the statistics demonstrating the importance of business acumen both underscore this fact. With the rapid pace of innovation and constantly evolving market trends, technology companies require individuals who possess both technical and business expertise to remain competitive and successful. So how do you develop your business acumen skills? Our courses are tailored specifically for you and your needs! Our strategy, finance, and business acumen training courses teach leaders to improve performance, make bolder more profitable decisions, and outperform the competition. Who doesn’t need that? Attend a preview of our course at the link below Business Acumen as it Applies to IT: ✅ 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 #financialstrategy #financialacumen #industry #tech #technologyindustry #businesssuccess #google

Acumen Learning Wins Business With Dell Technologies, One of the Top 5 Largest Technology Companies in the World to Enhance Business Acumen Skills Press Release OREM, Utah – December 20, 2022 Download the Business Acumen Press Release: News Facts: Acumen Learning wins business with Dell Technologies, one of the top 5 largest technology companies in the world to enhance business acumen skills. Dell was looking for business acumen training to expand the knowledge of newly promoted leaders on their product and operations teams. Dell has an initiative to help all leaders understand how they individually contribute to the bottom line of the company. To accomplish this goal, Acumen Learning taught these leaders a two-day customized business acumen course. Dell’s competitors and the current challenges were used to help these leaders better understand their impact on their company’s strategy. The results of the customized business acumen course were extremely positive. The participants gave the course a 4.8 out of 5 in applicability, experience, and facilitation. Acumen Learning has now worked with 3 of the world’s top 5 technology companies to develop business acumen in their leaders. Supporting Quotes: “A brilliant course delivered energetically, enthusiastically, and with emphasis on ensuring understanding. One of the most interesting non-technical courses I have undertaken in 20+ yrs.” “The class had the perfect balance of lectures and activities. It was high-level yet detailed enough for nonfinancial managers to understand the 5 Drivers of business and how to leverage the information. It was fun and easy to digest, and not at all painful. I highly recommend managers and team members take this course to broaden their business acumen.” “The instructor gave great examples and explanations and explained the ‘Why’! The learnings are going to help me see the bigger picture and frame conversations with our executives. Thank you for an engaging and energetic experience! Will highly recommend this to my peers.” “This training is amazing. I love that our own company and our competitor’s financial data were used, which makes me feel more connected to the class. I would say this is the best training I’ve ever had in my life.” “The passion Ben had for teaching the class was extraordinary. I really do hope the course can be shared more broadly to provide everyone a chance to know more about Business Acumen and make a change in their daily works. It definitely helped me in understanding more about the business.” “Dell has a long and storied history of innovating in everything they do,” said Acumen Learning’s President, Ben Cook. “And their thirst for finding new and better ways to not only innovate but also better align their decisions to the strategic direction and financial impact of the company was evident throughout the whole learning experience with their Products & Operations leaders. It was extremely rewarding to help these leaders be even more innovative and financially impactful to this great company. It’s an honor to add a top 5 technology company to our client list.” 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 indispensable set of skills that is highly valued in the workplace. It encompasses a thorough understanding of how a business operates, generates profit, maintains profitability, and accomplishes strategic objectives. It is a valuable tool for professionals to make informed decisions that align with their company's financial goals. In this article, we will explore five critical business acumen skills that employees can develop to contribute to their company's success. These skills include understanding financial statements and key metrics, thinking strategically, communicating effectively, developing leadership skills, and continuously learning and growing. Test your Business Acumen with this Quick quiz: Understand Financial Statements and Key Metrics Understanding financial statements and key metrics is an essential business acumen skill. Financial statements, such as balance sheets, income statements, and cash flow statements, provide valuable information about a company's financial performance. Key metrics, such as revenue, profit margin, and return on investment, help measure a company's financial health and profitability. Being able to analyze financial statements and key metrics allows employees to make informed decisions that align with the company's financial goals. For example, if a company is experiencing a decline in profitability, an employee with business acumen skills may suggest cost-cutting measures or identify new revenue opportunities. Using Business Acumen to Think Strategically Thinking strategically is another critical business acumen skill. It involves understanding the company's long-term goals and developing a plan to achieve them. Strategic thinking requires analyzing market trends, identifying potential risks and opportunities, and making informed decisions that align with the company's objectives. Employees with business acumen skills who can think strategically can contribute to the company's success by identifying new growth opportunities or suggesting ways to improve operational efficiency. Communicate Effectively Effective communication is a crucial business acumen skill. It involves being able to articulate complex ideas in a way that is easy to understand. Employees with strong communication skills can explain financial information or business strategies to their colleagues and superiors in a way that makes sense. Effective communication also involves being able to listen actively and ask thoughtful questions. By listening to others' perspectives, employees can gain a more comprehensive understanding of the company's goals and make more informed decisions. Develop Leadership Skills using Business Acumen Developing leadership skills is an essential component of business acumen. Leadership skills involve the ability to inspire and motivate others, delegate tasks effectively, and provide feedback and constructive criticism. Leadership skills are especially valuable for employees who aspire to management positions. By developing leadership skills, employees can demonstrate their potential to take on more significant responsibilities and contribute to the company's success. Continue Learning Finally, continuously learning and growing is a crucial business acumen skill. The business world is constantly evolving, and employees need to stay up-to-date with new technologies, market trends, and industry developments. By investing in their professional development, employees can demonstrate a commitment to the company's success and position themselves for future growth opportunities. Continuous learning can involve attending training sessions or conferences, reading industry publications, or taking online courses. Business acumen is a crucial skill set that is highly valued in the workplace. Employees who possess business acumen skills can make informed decisions that align with the company's financial goals, think strategically, communicate effectively, develop leadership skills, and continuously learn and grow. By investing in professional development and cultivating these skills, employees can contribute to the company's success and position themselves for future growth opportunities. Building Business Acumen: Download the course overview for our Building Business Acumen Course: ✅ Subscribe to our YouTube Channel for more Business Acumen lessons! ✅ For more on our business acumen training visit our website. #businessacumen #businessstrategy #learninganddevelopment #leadershipdevelopment #salessuccess #financialstrategy #financialacumen #businesssuccess #workplaceskills #skills #businessacumenskills

Defining Business Terms with Business Acumen Utilizing business acumen helps you to understand these business metrics. CAPEX and OPEX may sound similar but are most definitely different. We want to clarify the differences so you’re able to make smarter business acumen decisions within your company. First, what does each mean? When you hear CAPEX, your executives are talking about capital expenditures. When you hear OPEX, your executives are speaking about operating expenditures. Test your Business Acumen with this 10 Question Quiz: How does a company spend its money? In business, you've got all sorts of ways in which you spend money. Capital expenditures and operating expenditures are how you are spending that money. Operating expenses refer to your day-to-day expenses such as labor and utility costs and can sometimes be referred to as period costs. Capital expenditures are when you invest your cash into long-term investments. These would be items like buildings, equipment, vehicles, and even intangible assets such as software and patents. Anything you invest in that will be used for longer than a year is going to end up being capitalized. When a company determines how they're going to spend their money, they have their period cost. Those are the budgets that they set up every single year for their operating groups. How does business acumen help you? Operating expense is the easiest to find. You're going to see it on the income statement. To find it, you first must calculate all your period costs (revenue minus labor, operating, cost of goods sold, overhead costs, and selling expense) which are found on the income statement. Capital expenditures are where we're going to take our extra money and invest it to grow and expand our business. Capital expenditures are on the balance sheet. If your company builds a new building, that will appear on the balance sheet as an asset. Over time assets actually depreciate in value which shows up on the income statement — what they call depreciation and amortization. Predominately, when you think of capital projects or capital investments, start on the balance sheet. How Timing Differentiates Capex and Opex: The difference between capital expenditures and operating expenditures is timing. Any purchases or investments you make that are greater than a year period of time are going to be capitalized. Anything less than a year period of time — or what we call your period cost stuff like labor, overhead expenses, utilities, etc. — are going to be your short-term expenses. That's going to be your operating expenses. In business, you need to know where you're spending your dollars. Basically, as you look at CAPEX versus OPEX there are two different types of budgets or two different allocations of dollars that you’ve got to be tracking towards. There are capital budgets or operating budgets. You'll be asked, "are you going to expense this as an operating expense or a CAPEX?" Understanding how you should allocate those dollars or those expenses and record them so it gets the information that our executives want is vitally important in any business. How can you set yourself apart? The more you understand the difference between capital budgets or capital expenditures being long-term investments versus your day-to-day expenses, and make sure you're allocating them well, the more you'll be set apart as a manager within the organization. You'll be seen as someone who truly understands what we're trying to do as a business and how to expense those dollars. Defining Asset Strength and Asset Utilization: Do you want to excel in your career? Continue your education with more business definitions: ✅ 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 #financetraining #businesstraining#financialstrategy #financialacumen #businesssuccess #businesssuccess #CAPEX #OPEX #capitalexpenditure #operatingexpenses

The Benefits that Business Acumen Can Bring Employing people with strong business acumen can greatly benefit a company. In an overall sense, they are more likely to be effective leaders, be more adaptable, and can effectively navigate changing business environments. Employees with business acumen may also be better able to identify cost-saving opportunities and drive efficiency within the organization, which can improve the bottom line. Listed, are several specific metrics that you may notice when an employee exudes business acumen: Test your Business Acumen with this 10 Question Quiz: Improved financial performance: 1. Employees with business acumen are better equipped to make informed decisions. They will have the ability to see the big picture of the organization and understand how different parts of a business fit together to drive financial performance. 2. Having good business acumen can help managers understand the financial risks and rewards associated with different courses of action. This can help them avoid making decisions that could put the company's financial health at risk, while still taking risks that have the potential to generate rewards. 3. Exuding business acumen can help managers communicate more effectively with their colleagues and stakeholders. By being able to clearly explain the financial implications of different decisions, managers with good business acumen can build credibility, which can help secure the financial support the company needs to grow and succeed. Better decision-making: 1. Employees with business acumen may be more adept at analyzing financial data and making strategic decisions, which can lead to improved business outcomes. 2. Business acumen can help employees understand the impact of their decisions on other parts of the organization. For example, an employee with good business acumen may be able to see how a decision in one department could affect the performance of another department, and make decisions accordingly. Get our best-selling book, Seeing the Big Picture: Higher customer satisfaction: 1. Employees with business acumen may be better equipped to understand the needs and preferences of customers, which can lead to improved customer service and higher levels of customer satisfaction. 2. Having good business acumen can help managers and employees understand the implications of different pricing strategies. A manager with good business acumen may be able to identify pricing strategies that can generate more revenue while still providing customers with a high level of value. Why should a company care about its employees exuding business acumen? A company should care about the business acumen of its employees because it can lead to improved financial performance, increased efficiency, better decision-making, higher customer satisfaction, and a stronger and more capable workforce. Having employees who exude business acumen can help a company foster a culture of efficiency and effectiveness. By understanding the financial implications of different decisions, employees with good business acumen can help the company identify inefficiencies and make better use of its resources, which can drive greater productivity. Investing in the business acumen of employees can be a valuable way for a company to develop its talent and build a strong team. Providing training and development opportunities can help employees build their skills and knowledge, making them more valuable to the company. Not only will they feel valued, but they’ll have increased job satisfaction and loyalty. This can ultimately lead to a more engaged, motivated, and productive workforce, which can have a positive impact on the company's bottom line. Attend a preview of our course by our CEO, Kevin Cope: Business Acumen 101 Every business needs smarter business people. Business acumen goes far beyond finance and definitions. It is thinking about business through the lens of 5 fundamental categories. Cash, Profit, Assets, Growth, and People. Business acumen is zooming in on your company with these specific metrics in mind and asking these questions: - Are you focusing on these 5 things? - How well is your company doing in each category? - What areas need improvement? How were your answers? If the answer was not good, be careful - these five drivers can make or break your organization. For a deeper dive, head to the link below. ✅ 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 #financetraining #businesstraining #financialstrategy #financialacumen #businesssuccess #returnonbusinessacumen #L&D

How to Succeed in the Food Processing Industry Using Business Acumen Business acumen is essential for success in any industry, including food processing. A strong understanding of financial management, market trends, and operational efficiency can help companies in this industry stay competitive and profitable. The Food Processing Industry The food processing industry involves transforming raw agricultural products into food and beverage products that are ready for consumption. This includes everything from cleaning and sorting raw ingredients to processing, packaging, and distributing finished products. Some recognizable companies in the food processing industry include PepsiCo, Kraft Heinz, Nestle, Tyson Foods, and General Mills. The food processing industry is an essential part of the global food system and plays a critical role in providing safe and nutritious food to consumers around the world. Test your Business Acumen with this Quick Quiz: Optimize Production One way that business acumen can help food processing companies is by optimizing production processes. By analyzing data and identifying areas where production can be streamlined or costs can be reduced, companies can improve their bottom line and pass on savings to customers. For example, implementing lean manufacturing principles can help companies reduce waste and increase efficiency, leading to greater profitability. Change Management with Business Acumen Another way that business acumen can benefit food processing companies is by helping them navigate changes in consumer demand and market trends. By monitoring industry developments and understanding consumer preferences, companies can stay ahead of the curve and adapt their product offerings as needed. This might involve launching new products, entering new markets, or revamping existing products to better align with changing consumer tastes. Get a Demo of our Business Acumen Training: Nestle and Blue Bottle Coffee A great food processing company we all love and are familiar with is Nestle. Nestle's acquisition of Blue Bottle Coffee back in 2017 is a great example of applying business acumen knowledge and strategies in the food processing industry. They recognized that specialty coffee was becoming increasingly popular among consumers and that Blue Bottle had a loyal following of customers who appreciated their high-quality, artisanal coffee. By acquiring Blue Bottle, Nestle was able to expand its product portfolio and tap into a growing market segment. This move demonstrates how a company with strong business acumen can capitalize on industry trends and stay ahead of the competition. Get our best-selling book, Seeing the Big Picture: Food and Beverage Industry Challenges: Like all businesses, food processing companies can benefit greatly from a strong understanding of business acumen. By optimizing production processes, staying ahead of market trends, and adapting to changing consumer preferences, companies in this industry can stay competitive and achieve long-term success. There is so much growth to be had in the food processing industry! Continue Your Learning with Applying Business Acumen: Download the course overview for our Applying Business Acumen Course ✅ 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 #financialstrategy #financialacumen #foodprocessing #foodandbeverage #industry

One of the World's Most Recognizable Food and Beverage Company Partners with Acumen Learning for Courses in Business Acumen. Press Release OREM, Utah – April 11, 2023 Download the Business Acumen Press Release: News Facts: One of the world’s most recognizable food and beverage company partners with Acumen Learning for courses in business acumen. In the company’s most recent earnings release, the CEO highlighted their commitment to investing in their people, brands, supply chain, and go-to-market systems to continue winning in the marketplace. Acumen Learning’s business acumen course represents a direct investment in the company’s people and their motivation to improve their supply chain. Participants in the course ranged from fleet and warehouse managers to engineers and corporate buyers. The business acumen course was impactful to the participants. They gave the course a 4.9 out of 5 in being applicable, a positive experience, exceeding expectations, and the facilitator’s knowledge and engagement. Acumen Learning is now partnered with 3 of the world’s 4 largest food and beverage companies to implement customized business acumen courses. Supporting Quotes: “The course was in an easy-to-understand format and provided the groundwork for a better understanding of both financial statement interpretation and senior leader quarterly reporting.” “Great course. I loved the applied nature of the course to our business. The content gave a detailed and relevant overview tying our business to the financial statements. The instructor was very well prepared and knowledgeable enough to answer application questions.” “Thought the course was great. Provided an in-depth review of how to look at financials - and more importantly, how we can have an impact on driving performance." “There were some pretty high-level concepts that were intimidating, but the instructor delivered it in an understandable and engaging way. The small groups really challenged us to stay present and engaged.” "Investing in the employees of your company is a wise business decision,” says Kelvin Brents, Senior Financial Consultant at Acumen Learning. “Not only does training motivate them, it creates more skilled and productive individuals, which ultimately leads to higher profitability and growth.” 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.

What is DEI? Diversity, equity, and inclusion (DE&I) has become an increasingly important aspect of modern business, as companies recognize the need to create a more inclusive and diverse workforce to better serve their customers and stakeholders. However, to effectively lead DE&I efforts, leaders must possess strong business acumen. Utilizing Business Acumen for DEI Efforts: Business acumen is the ability to understand and navigate the complex landscape of modern business, including financial management, strategic planning, and effective communication. These skills are essential for leaders of DE&I, as they must balance the needs of the business with the needs of a diverse workforce, stakeholders, and customers. Financial management is one of the most important aspects of business acumen for leaders of DE&I. Leaders must be able to understand and analyze the financial implications of their DE&I initiatives, as well as how these initiatives fit into the broader financial strategy of the company. This includes understanding the costs associated with hiring and retaining a diverse workforce and the potential returns on investment in DE&I initiatives. Leaders must also be able to communicate these financial implications to stakeholders, including investors, employees, and customers. In addition to financial management, leaders of DE&I must also possess strong strategic planning skills. They must be able to develop and implement effective DE&I initiatives that align with the company's overall strategy and goals. This includes identifying key performance indicators (KPIs) and metrics to track the success of their DE&I initiatives and monitoring and adapting these initiatives over time to ensure they are meeting the needs of the business and its stakeholders. How to Effectively Communicate: Effective communication is also a crucial aspect of business acumen for leaders of DE&I. Leaders must be able to communicate the importance of DE&I initiatives to all levels of the organization, from the executive team to front-line employees. This includes developing effective messaging around DE&I, as well as creating training programs and resources to educate employees about the importance of DE&I in the workplace. Leaders must also be able to communicate the impact of their DE&I initiatives to stakeholders, including investors, customers, and the broader community. The Importance of Diversity, Equity, and Inclusion: Business acumen is a crucial skill set for leaders of DE&I. It enables leaders to balance the needs of the business with the needs of a diverse workforce, stakeholders, and customers, and to develop and implement effective DE&I initiatives that align with the company's overall strategy and goals. By possessing strong financial management, strategic planning, and communication skills, leaders of DE&I can drive positive change and create a more inclusive and diverse workplace that benefits everyone involved. ✅ 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 #financetraining #businesstraining #financialstrategy #financialacumen #businesssuccess #diversity #equity #inclusion #DEI

How to Sell to the Executives As sellers, we're always trying to make it to the C-suite of the organization. This is where the key decision-makers are and this is where you can get right to the real problems and solutions. How are salespeople perceived by executives? Studies have shown that 78% of reps don't know how to help the C-suite. At least that’s how the C-suite perceives sellers. However, we believe they are capable if they do it the right way. We are here to give you three things that will help you in your preparation for your next C-suite meeting. Here’s the transcript of the video: “As sellers, we're always trying to make it to the C-suite of the organization. At the c-suite level the problems that we're trying to solve and working on are much bigger. The solutions needed to solve those problems are much bigger. And you're actually talking to the right people that can make the big decision. The problem is, as sales reps we have a bad track record with the c-suite. In fact, studies have shown that 78% of reps don't know how to help or at least that's the perception of a c-suite buyer. Let me give you three things that will help in preparation for your next C-suite meeting. First is just coming with the context and understanding that a CEO and the C-suite is tasked with coming up with and implementing their strategy. And strategy always always always turns financial. This is the way that they're measuring whether their strategy is successful or not. So, business metrics — how much you're growing, how much money you're making. These are the things that they're tracking and measuring their strategy. And it's also what they're held accountable for by shareholders. And by the owners of the company. So, strategy always turns financial and you as a seller need to understand what those financial metrics are and how the CEO and the C-suite are measuring that strategy. So, know those metrics or ask what those metrics are. Second suggestion — come with relevant examples to share. A CEO doesn't care about how great your product is and they don't care about what you've accomplished. They do care about what you've accomplished in the scenario that they're in. So come with something that's distinct, hopefully, something that no other sales reps are sharing or can share, and something that's relatable to what they're faced with. The third suggestion — don't fake anything. If you don't have a good relevant example don't try to make one up. They're going to see right through you. Just come with the intent to be as relevant as possible and as helpful as possible and you're going to do fine. Again, lead with knowing and understand how they're measuring their strategy, and come with a relevant example. Don't fake it. You're going to do great. Wishing you the best of luck!” How business acumen can help you sell: Having business acumen can be extremely beneficial for success in sales because it allows an individual to understand the broader context in which a sale is taking place. For example, if a salesperson has a strong understanding of a company's financial position, they can better anticipate an executive's budget constraints and tailor their sales pitch accordingly. Additionally, having business acumen can help a salesperson better understand the value proposition of their product or service, and communicate that value to potential customers in a more compelling way. Overall, having a strong understanding of business concepts and principles can give a salesperson a significant advantage when it comes to closing deals and achieving success in their role. ✅ 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 #strategicagility #financial #financialstrategy #financialacumen #salesacumen #sales #salessuccess #C-Suite #executives

The benefits of Business Acumen for your Managers As Forbes wrote in 2019; “Strategic thinking is the type of mindset required to analyze the present and shape the future, not just for you, but for the organization you represent.” Seeing the Big Picture of your Organization: Some individuals think that because they aren’t an executive or the CEO, the part they play has less of an impact on the business. This is the wrong way to think about it. Of course, the CEO gets the end all say all, but she can’t get there without the help of the employees that she’s hired. Thinking strategically teaches every employee to think like an executive. It allows everybody to acknowledge and anticipate for the problems that may array, and then engage to find a solution. Learn how to See the Big Picture of your organization. Read the first chapter of the bestselling book: Seeing the Big Picture by Kevin Cope: How to be a Strategic Thinker: Being a strategic thinker will allow you to gain insight into problems and find solutions for them. It’s achieving goals in the way that best suits the business. If you’re not a leader who exudes strategic thinking methods, you’ll struggle to survive in the business world. There are millions of unknowns that can emerge in a business and without the methods that strategic thinking, you’ll struggle to anticipate those problems. A Strategic Thinking Leader: Jeff Weiner is the CEO of LinkedIn and has a strategic leadership style. He encourages an open management style and motivates his employees to exude creativity and new ideas. Weiner has always been an advocate for innovation while never allowing for the quality and morale of his company to suffer. Use Business Acumen to Thrive as a Company: Harvard Business Review wrote that “leaders across all levels must adjust their mindsets and behaviors to move their companies in the direction of the desired changes. Unfortunately, some corporations get so entangled in sales and making profits that they neglect their workforce.” To be a thriving company, embedding these strategic skills into your employees is vital. Leaders are created when everybody is anticipating changes and proposing solutions. When you learn the levers that need to be pulled in a time of change, you can quickly pivot to avoid concern. Strategic thinking keeps you ahead. Business Acumen Skills for Managers and Leaders: Managers are always communicating and interacting with senior leaders who have business acumen. They have a language that they use to talk about the strategy and financial performance of the company and they've got to be able to speak that language. But they also are interacting down to their teams who are running more of the tactical functional kind of realities of the team. And they've got to be able to translate where the executives are wanting the business going, down to the practical tactical level. So as a manager to have the fluency up, down and across is vital, to be able to be effective as a leader, to try to drive the business forward. To finish reading the article: ✅ Subscribe to our YouTube Channel for more Business Acumen videos! ✅ For more on our business acumen training visit our website. #businessacumen #businessstrategy #learninganddevelopment #leadershipdevelopment #HRleadership #financialstrategy #financialacumen #strategicthinking #Linkedin #HarvardBusinessReview #managers #executives

A Top Oil and Gas Company Achieved Great Results While Implementing Business Acumen Courses with Acumen Learning Press Release OREM, Utah – March 14, 2023 Download the Business Acumen Press Release: News Facts: A top oil and gas company achieved great results while implementing business acumen courses with Acumen Learning. The large corporation is eager to drive stability and instill business confidence across the organization. It was important to them to develop initiatives that could create long-term value. From nonfinancial supervisors to accountants and directors of the company, Acumen Learning was able to infuse business fundamentals to help employees execute the company’s strategy. The business acumen course was customized for the company using their numbers and competitor information making it highly relevant for participants. The company found real value in the business acumen courses and scored a near-perfect Net Promotor Score of 94 and when participants were asked if they would be more effective in their role as a result of taking this course, they gave this question a 4.9 on a 5-point scale. Acumen Learning now works with 4 of the top 10 largest oil and gas companies in the world. Supporting Quotes: "The training was very insightful and informative. Even with an accounting background and an awareness of the financial statements, this course still helped me to think of my impact on financials differently than before.” “Pacing was great. As a non-finance person, this was good information and an overview of how to look at the financial side of the organization and what impact I can have on company profits.” “I genuinely learned a lot today - there was a good balance between financials and the impact that I have in my role and also the impact that my employees have on the company's bottom line.” “It was very helpful, my favorite part was that the results for our company were presented with industry competitors. It definitely grew my understanding of the company’s metrics and performance.” "So many companies were hit hard in 2020," said Acumen Learning's Senior Financial Consultant Kelvin Brents." And I applaud those companies who pushed L&D efforts for their organization. Developing long-term value in your employees and finding initiatives to drive the bottom line, is how you grow. This company did just that, and are growing more than ever!” 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.