Organisations are facing increasing challenges with poor productivity, low consumer confidence, economic and political uncertainty. It is crucial in such situations that organisations invest in increasing the level of business acumen amongst their staff. Business acumen simulations enable staff to hone their skills and provide their organisation with the competitive advantage it needs.
In this article, we provide three reasons why business savvy leaders are needed right now. When we use the word leaders we are talking about more than the senior team. We believe the focus needs to be on those sitting underneath who are responsible for executing on the strategy. It is the actions of these people that will determine whether the competitive advantage the strategy should deliver actually materialises.
These leaders need to be able to:
- Make confident decisions and take decisive action.
In a survey but the Chartered Institute of Management 72% of organisation admitted to at least one strategic initiative failing over the last three years, with 42% of surveyed leaders saying their company had lost competitive advantage in the last year because they were slow to make decisions.
- Make better, more profitable decisions by aligning resources with the overriding business objectives.
The staff making the operational decisions need to understand the essence of the strategy and be able to relate it to the decision they take.
- Help the organisation innovate and grow.
No organisation exists in a vacuum leader need to look beyond their organisation and understand the overall context of the market in which they operate. Only then will they be able to spot opportunities for growth.
Business acumen relies on skills of analytical assessment, interpretation and judgments all of which can be acquired and honed through practice. Business acumen simulations provide a safe way to up-skill your middle management. They develop holistic thinking, break down organisational silos and create a common language to discuss serious issues.
To discover how you can help your existing and aspiring leaders to step up to the challenges businesses are facing download our paper Business Acumen: The Key to competitive advantage in uncertain times or find out more about business acumen simulations.