I had an interesting conversation with a prospective new client this week. Someone I have never spoken with before but from an industry (process manufacturing) we know a lot about. What was interesting about the conversation was that this potential client wants to take a radical new approach toward developing the future leaders of her company. She shared her bold vision with me, and I asked her if it was okay to include it in a blog, and she agreed.

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It’s a funny statement that made me laugh out loud. Read it again. “At least we know where we are not okay.” It was a statement made by a group of participants going through a sophisticated business acumen simulation after receiving their results from the first year of running their business.

In this situation, the group of high-potential leaders chose a business strategy and executed that strategy through operational decisions. Unfortunately, their actual results compared to their forecasted results were not very good. They completely misread the market and two of their competitors undercut them on price. As a result, revenue, profits, and cash flows were negatively impacted.

After analyzing the results and assessing the market, they said it, “At least we know where we are not okay.” It was a mature, profound statement and got me thinking about the lessons one could learn from this approach.

Here are five things leaders can do when they know their mistakes and can identify and prioritize the short-term and long-term fixes.

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This has been “one of those weeks” for the business world. We all woke up on Tuesday with fears that the markets were in for their worst performance since the crash of 1987.

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A lot has changed since the pandemic including remote work and hybrid models, “AI” and the digital transformation of things, an evolved focus on mental and physical health, changes in social interactions, increased environmental awareness, continued focus on climate change, and continued political volatility and social unrest.

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Earlier this week, I shared some ideas and insights about ways of preparing for the upcoming big sales meeting. That blog post generated lots of interest and many questions in my inbox.

As a follow-up, and to present some additional ideas, I am pleased to share a specific application of an immersive simulation-centric meeting experience.

What is a “Walk in the Mile in the Shoes of Your Customer” Business Simulation?

Imagine for a moment you are a sales professional selling superior quality consumer products to a retail store buyer. The buyer is responsible for generating revenue, driving profit, and satisfying the needs of their consumers. They are under tremendous pressure daily to make the right choices in terms of the vendors they work with and the products they buy. One mistake could be catastrophic. By understanding the strategic and financial metrics of the customer, the sales professional can engage in a different conversation. A conversation that avoids talking about the features of the product they are selling and focuses on how much revenue and profit our product can add to the customer’s P&L.

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