Having business acumen means understanding how your business operates, adds value to its stakeholders, what is your business’s competitive advantage, what are the performance drivers, and how you compete against other organisations. Armed with this knowledge, leaders and individuals in specialist roles can exercise good judgment when making business decisions within their span of control.
The Business of Business workshop will build a high level understanding of the commercial realities that currently impact profit outcomes in the professional services sector. Additionally, the workshop allows participants to understand how the decisions that they make and the teams they lead impact overall organisational outcomes. Further it will highlight how they contribute to the “big picture” and business sustainability in a VUCA (volatile, uncertain, complex and ambiguous) environment. More specifically the goal of the workshop is to increase the business acumen of leaders by allowing them to identify, understand and manage commercial levers that are within their locus of control. It will increase understanding about how they personally can improve profit outcomes in the area they lead. The learnings from this workshop will have a global scope i.e. it will provide an improved understanding of general financial acumen which can also be applied to one’s personal circumstances.
Scope of the workshop
- Business of Engineering vs Profession of Engineering
- Exploring the mindset required – Think like a Business owner
- Understanding and appreciating the commercial purpose of the organisation vs social purpose
- Systems view of making profit in the business – Position the business, Win the business, Deliver work, Collect money
- Understanding urgency, break-even and cash burn rates
- Review of locus of control
- Understanding cost structures
- Fixed vs Variable costs
- Understanding P&L
- Understanding cash flow
- Appreciate risk vs returns
- Personal commitment and accountability to think like a Business owner
- Implement change and measuring results (Culture and outcomes)