The Covid-19 pandemic has wreaked havoc on the world’s economy and businesses around the globe are facing unprecedented marketplace turbulence and financial chaos.
Decisions are being made at the highest levels in organizations to balance survival in the short term with investing to support an often different-looking future.
These senior leaders are gathering data, analyzing information, and sifting through operational options in order to make the right decisions confidently, and also quickly.
A lot of that information must come from their down-line leaders and managers. Senior leaders are increasingly recognizing that a transparent, collaborative environment in which key personnel are knowledgeable, involved, and willing to do things differently is mission-critical.
The obvious implication is that uniting an organization in this way requires that everyone has the same understanding about the business of the business, its challenges and obstacles, and the financial levers that need to be adjusted to get through these difficult times.
Managers and key employees need to “get it.”
They need to understand their company’s financial information – its terms, concepts, and metrics. More importantly, they need to understand how evolving business strategies are intended to keep the company alive and well.
Armed with that kind of knowledge, it’s more likely the information and ideas that travel up the ranks to senior management are more targeted, realistic, and thorough.
Developing the financial and overall business acumen of all managers, leaders, and key personnel isn’t a “nice to have” training initiative these days.
It’s a business imperative.