How commercially astute are your people?
Step 1 - Identifying Commercial Acumen
Sound Commercial Acumen is the holy grail of every organisation, but our experience tells us there is no single way to define it. For some, it might mean looking beyond the basic financial metrics, for others it’s about being able to objectively evaluate the business from the outside in, or making decisions that result from weighing up the cost versus the benefits of something.
Whatever the definition, organisations need to articulate what commercial acumen means to them and ensure their people are completely aligned with it.
The 3 stage approach
For this reason, we have created a 3 stage approach to assessing commercial acumen:
- Define the drivers – What shapes the attitude towards commercial decisions?
- Identify Competencies – What do these drivers mean?
- Scenario based questions – Tailored questions that highlight strengths and weaknesses.
A tailored Commercial Acumen Diagnostic Assessment will present you with a clear picture of who is aligned to your business vision. It will allow you to identify risk quickly, using relevant scenarios to assess the competence and confidence of your people, and deliver accurate results with detailed recommendations on how to act.
Why is STEP 1 important for the development of Commercial Acumen in your organisation?
Defining and assessing Commercial Acumen will allow you to:
- Prioritise and direct learning and development interventions with a laser focus to where it’s needed
- Optimise your budget and avoiding waste
- Identify financial risk – highlighting people that are highly confident but making incorrect financial decisions
- Detect hidden talent – identify people with high competence but low confidence
- Provide flexible and commercially relevant ‘before and after’ benchmarks
Did you know?
Our Diagnostic range could help you prioritise and direct learning and development to where it’s needed, optimising your budget and avoiding waste.
The above is true for any capability assessment - our Kaplan Diagnostics range helps to optimise L&D spend, empowering you to focus on the development areas that are most needed, and with real-time insights on risk areas, hidden talent and learning trends, Kaplan Diagnostics will enable you to efficiently identify the champions of your organisation and barriers to its success.
If you would like to hear more about the diagnostics tool, please complete the callback form to request a free demonstration of how the programme works.
What happens after you have identified Commercial Acumen? You develop your learning and development to drive measurable results. Watch this space for our next blog which will identify this step 2 in detail.