Strengthening Your Business and Financial Acumen is Easy!

The phrase for the week is "Financially Speaking”

When I’m coaching a senior manager or executive who wants a seat at important C-Suite meetings, I ask one question--How’s your business and financial acumen?  If it’s a face-to-face meeting, I usually get a cold stare. If I'm coaching by phone, the silence can be deafening.

Here’s the deal, reading a profit and loss or any other financial statement is important.  What’s more important, however, is understanding what it means in relation to the company as a whole. It is no secret, employees with business and financial acumen are better at thinking strategically, see the bigger picture relative to the company’s success and clearly understand how their function impacts that success. Also important is understanding how the company makes money.

This knowledge will accelerate your opportunities to be included in important discussions.  I choose to purse an MBA to shore up this area of weakness in my toolkit. You can build your business and financial acumen through self-study, a certificate program or like me, pursue an additional degree. If you are currently in college, challenge yourself by taking courses or studying topics outside your core area of study. If you're in a company, invite financial and operational executives for coffee or lunch. You don't have to be an accountant or operations expert to understand the basics. If you aren't already doing so, begin reading the Wall Street Journal. Devise a plan to strengthen these areas today for your future success!

  

I am developing my business and financial acumen.