The velocity of change is increasing. As we all know, it is a 24/7 global business world and the expectations have never been higher. Are you ready for 2016? Business leaders and shareholders expect stronger performance and organizations need even more advanced business acumen skills to survive (let alone thrive). Based on our experiences and predictions, here are five business acumen tips for 2016:
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Over the past few years, many business organizations have evolved their selling approach by moving from a “Consultative Selling” approach to “Challenger Selling” approach. A Challenger-type sales person is supposed to deeply understand and “challenge” the customer’s business approach by presenting solutions that customers don’t know they need yet.
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Setting and flawlessly executing a business strategy is extremely difficult under the best of circumstances; it’s even harder and perhaps close to impossible if your business is having a crisis. Over the past few years, hundreds of companies have experienced some sort of business-related crisis that has impacted their brand equity, including Chrysler, Toyota, Taco Bell, Jet Blue, Apple, and FIFA.
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Increasing Total Shareholder Return (TSR). Driving Economic Profit. Smoothing Working Capital. Generating Free Cash Flow. Choosing the right blue ocean. Navigating the VUCA world. “New logos” added to the sales win report.
These are some of the ways business leaders set and gauge the effectiveness of their business strategies and measure their success.
But what does it take to be an effective global business leader?
It takes a deep understanding of macroeconomics, business strategy, financial acumen, marketing, sales, operations, supply chain, and much more. If you are a strong contributor to your organization and think that you have the potential of becoming a general manager, president, or even a chief executive officer, what is your current business acumen skill set? If you are a sales professional trying to become a “trusted advisor” to your customers, what is your current business acumen skill set?
