Ways To Self-Train If You Want To Become More Business Savvy At Work
Psychology and business success always and invariably go hand in hand. You could see that in people like Steve Jobs, Mark Zuckerberg, and Richard Branson, whose unique mindsets have single-handedly led to their humongous success. Work first starts as a thought process, then it becomes words, which turns into actions, which finally leads to destiny. There is no simpler way to put it that your thoughts are super powerful. And finally how you implement it, leads to great success at work. Here is how you can become more business savvy.
Understand the Ins and Outs of The Company’s Business Like an Investor
One way to do this is to evaluate the company’s quarterly and annual reports and press releases. Companies often host quarterly employee meetings to report on earnings, orders, the general industry climate, new and exciting projects, and even IT investments and initiatives. When you understand the business from a senior executive perspective, you are in a better position to understand how the applications can help contribute and help you get a better picture.
Make Business Acumen One of Your Core Competencies
Most companies retain a few core competencies that can help the employees to focus more on developing. If business acumen isn’t your core competency, ensure you add one already and then add it to your company’s list. This will also be a major part of your professional development, and your future self will benefit from it.
Find A Mentor
Find someone in the company you respect and admire, find someone in finance or a related role, and use him/her as a resource. Ask away different aspects of the role, how it becomes part of its overall strategy, and how you can support them. Finding a mentor you can trust can certainly support your success.
Get Comfortable With The Company’s Financial Statements
This task may sound overwhelming at first, but it takes time to become a finance expert overnight to understand the nitty-gritty of your company’s financial strategies. Focus on picking up the key metrics in your company’s income statement, cash flow statement, and balance sheet. Your mentor will help you every step of the way, and you can seek help from bite-sized resources online to get a lowdown on the financial metrics.
Look for short, digestible videos and articles on these topics to learn more. This will give you a greater idea about the company’s products and services and all about the supply chain. When you arm yourself better with the knowledge, you will get a greater grasp of the company’s strategies.
Understand Your Company’s Quarterly Earnings Calls
In hindsight, things are never easy, and you won’t know about many things initially, but that’s acceptable. Your mentor, in this case, will help you navigate through the clutter and find all about metrics, goals, and other initiatives and how it applies to you and your team. With each quarter, you build your skillset better in that area. If you have a nose for this kind of thing, you can check the rival competitor’s quarterly calls to get a better idea. Once you know how these calls work, you will better understand the industry’s challenges.
Pay Attention to Your Customers
Listen to what your customers are saying to and about your company. Understand all the challenges they look towards your company to solve. Remember that your customers may not be the people who buy your company’s products or services; they may be internal, much like your colleagues and the people you interact with at your workplace. Keep a close tab on the challenges your colleagues face, and try to forge a connection between their work and your own.
Although you may have a business idea, you may not have the skills to implement your idea. Developing strong business acumen and becoming more business savvy may not happen overnight. It takes a lot of hard work and dedication. You need to stay committed and keep adding these skills to your repertoire, so you become the business person you always envisioned to be.
Upskilling and specific talent objectives can get you right up there. Of course, the right skills coupled with experience can turn out to be the final learning curve. But then learning, whether it is in business or elsewhere, never quite ends.
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