Business acumen virtual training

Business Acumen: Now, More Than Ever

Posted by Paradigm Learning on May 11, 2020

As the turmoil and uncertainty in our current business environment challenge organizations to respond quickly, redirect resources and develop new strategies, managers are being asked to contribute in new ways to their company’s financial health and rapidly changing initiatives.

Do your key leaders have the business acumen to contribute within this environment of change? Do they have the knowledge and skill to guide departments, employees and team members in new directions with clarity and speed?

While business acumen has always been an important leadership competency, there are three reasons that it is even more critical today:

  1. Financial goals and organizational strategies are evolving to respond to new imperatives

    What are those new goals and strategies? How do they relate to customer and sales initiatives, cost containment, regulatory compliance and more? How do they transfer to department and team level goals and strategies?

    Managers with solid business acumen are better able to grasp these new imperatives and step up to their role in directing successful action.

     

  2. Everyone at all levels and in all jobs needs to be aligned and moving in the same direction

    New goals and strategies need to be articulated with clarity and implemented with speed. Managers are on the front line in making this happen. They need to align themselves and their teams, develop new ways of doing business and guide others to take action.

    Enhanced business acumen gives managers the depth of understanding they need to lead others successfully in tough times.

     

  3. It won’t be easy for employees to deal with the uncertainties and changes that are necessary, so keeping everyone engaged and positive is a key to success.

    Managers who stay personally connected and engaged with the business while also working to keep others reassured and positive will be the most successful.

    Strong business acumen gives managers the language, the knowledge and the deep level of understanding necessary to provide clear information and guide others with confidence.

     

Now more than ever, managers who truly understand the financial and strategic goals of their organizations will be the leaders needed by their organizations to navigate our new business environment.

Find out how you can make business acumen a part of your organization's leadership competencies during these changing times. Check out our virtual business acumen simulation, Zodiak®: The Game of Business Finance and Strategy.

Enjoyed the article? Share it with your colleagues!

Related Blogs

More reading similar to the blog you just read!

Business Acumen: Test Your Financial Literacy

Business acumen is an understanding of how an organization makes money. This inc...

Read  

3 Reasons Why Your Sales Team May Need a Higher Business IQ

The world of business is becoming more complicated. Today more than ever, sales...

Read  

Learning and Development: What We’ve Learned in 2017

As 2017 comes to a close, we're taking the opportunity to reflect on the lessons...

Read