Commercial Awareness and Business Acumen
In order to execute the strategy effectively you must have business acumen and commercial awareness.
How well do you know your organisation and the external environment in which your organisation operates?
How often do you identify and analyse trends in your competitors behavior?
How are you proactively making money for your organisation and do you have the financial acumen to understand your balance sheet?
IDG can develop your ability to apply understanding of the company and its industry to improve effectiveness and profitability. Individuals behaving commercially will:
- Base decisions primarily upon the benefits to the business
- Concentrate on delivering results which bring the clearest commercial benefit
- Demonstrate an understanding of how the different parts of the organisation work together
- Ensure their own work is in line with the direction of the organisation
- Identify opportunities to gain commercial advantage by exploiting competitors’ weaknesses
- Be able to use sound financial logic to propose a convincing case to influence the business direction
- Keep up to date with commercial developments within the industry
- Control costs and thinks in terms of profit and loss and added value
Becoming more commercially aware and demonstrating your business acumen means you and your business have every opportunity to succeed.