Join Mike Figliuolo for an in-depth discussion in this video What you should know, part of Developing Business Acumen.
- This course on business acumen is for people who are new hires, perhaps you just left academia and you're new to the business world. This course is also for people who have transitioned out of a non-business environment into the business space, just like I did when I left the military and went into consulting. The course will also be helpful for people who have changed industry. Maybe you understood the way your business worked in retail, but now you're at a pharmaceutical company, and it's a totally different business model.
There are certain things you will and won't get from this course. I'm going to give you a lot of questions that you should be asking to get a better understanding of your business, but I won't be giving you the answers, because they're dependent upon your particular business situation. Before you say, "I can't get all the information "you're telling me to get Mike. "I don't know where I would find it," take a minute and get creative. If you work for a public corporation, your financials are publicly available.
And when I encourage you to get your PNL statement, or look at your operating metrics overtime, those documents are out there. If you're at a privately held company, maybe you can talk to your boss, ask them for prior performance metrics, ask them for the budget. They may not give it to you, but maybe they'll sit down with you and explain it. Think of this course as a tool kit to help you navigate getting up to speed on what your organization does, and how you can contribute more than just what's called for in your job description.
- 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.