Join Mike Figliuolo for an in-depth discussion in this video Look at the complete business, part of Developing Business Acumen.
- I've given you a lot of questions to ask.…You may be wondering, what do I do with…all this information?…Spend some time going through all these questions,…and getting answers to them…as they relate to your business.…If you don't know the answers,…network within the organization with those who do.…First, it'll help you get better grounded…on the organization.…Second, that's going to help you…build a network within the company…that will help you get your ideas…advanced through whatever processes…you've got for idea approval.…
Spend at least two hours a month…speaking with colleagues in other departments…or other functions.…Learn about what they do.…Learn how their part of the organization…contributes to broader performance.…Do research on your public financial filings.…Look at internal financial documents.…If you can get copies of your strategic plan,…or any major documents that the leadership team…is putting out, those will help you understand…how the business is performing,…and how it's setup to be successful.…
I have some additional courses that you can take.…
- What business are you in?
- What's your market and who is your competition?
- What problem does your business solve?
- How are your products and services created? What are your pricing and growth strategies?
- How do you measure performance?
With the answers in hand, you can be assured your have the knowledge to make the best decisions for your business.
- Define and explain business acumen.
- Describe different types of growth horizons.
- Identify critical elements of knowing your business.
- Explain the effects of price changes on profits.
- List common growth methods.
- Evaluate your initiative pipeline.
- Define common business terms.
- Assess trends and your competitive environment.