Tag: Commercial awareness

Why Commercial Awareness is Crucial for Employees in the Business World?

Did you know that a recent survey found that 71% of employers believe that commercial awareness is one of the most important skills for their employees to possess?

With the fast-paced nature of the business world, employees who have a deep understanding of the industry, market trends, and financial performance are highly sought after.

This is where commercial awareness training comes into play, offering employees the opportunity to develop valuable skills that can help them excel in their roles and contribute to the success of their organisation.

Commercial awareness training programs can be highly effective in raising general business and financial acumen in an organisation.

In this article, we will explore how commercial awareness training can help employees excel in the business world.

1. Better understanding of your organisation’s financial performance and key value drivers

One of the key benefits of commercial awareness training is that it can help employees better understand their organisation’s financial performance and key value drivers.

This is important because employees who have a clear understanding of how their organisation makes money are better equipped to contribute to its success.

Commercial awareness training can provide employees with insights into how their role fits into the bigger picture and how other roles and departments contribute to the organisation’s financial performance.

By gaining this understanding, employees can make better decisions in their day-to-day work, which can help to drive organisational performance.

According to a recent study by Deloitte, 94% of business leaders believe that employees with a good understanding of commercial awareness are crucial to the success of their organisation.

Furthermore, the study found that organisations that invest in commercial awareness training for their employees have a competitive advantage in the market.

2. Making better decisions to drive organisational performance

When employees have a clear understanding of how their organisation makes money, they can make better decisions to drive organisational performance.

For example, if an employee works in marketing and understands how much of the company’s revenue is derived from different promotional initiatives, they can focus their attention and efforts on the medium or initiative that leads to higher sales.

Commercial awareness training can help employees to develop the skills they need to make better decisions. By learning about key financial metrics such as revenue, profit margins, and return on investment (ROI), employees can make more informed decisions that are aligned with the organisation’s overall goals.

According to a recent study by the Association for Talent Development (ATD), organisations that invest in commercial awareness training programs for their employees experience a 24% increase in revenue growth compared to those that do not invest in such training.

This highlights the importance of developing employees’ commercial awareness skills in driving organisational performance.

3. Developing critical thinking skills

Commercial awareness training can also help employees to develop critical thinking skills. Critical thinking is an important skill for employees to have because it enables them to evaluate information, identify problems, and develop solutions.

By developing critical thinking skills, employees can make better decisions and contribute more effectively to their organisation. They can also identify opportunities for improvement and come up with new ideas to drive organisational growth.

According to a study by the Society for Human Resource Management, 95% of employers believe that critical thinking skills are “very important” or “essential” in new hires, highlighting the increasing demand for employees who possess these skills.

4. Gaining a competitive edge

Commercial awareness can provide employees with a competitive edge in the business world. In today’s fast-paced business environment, it is not enough to have job-specific skills.

Employers are looking for employees who have a broader understanding of the business world and who can contribute to the organisation’s success in a variety of ways.

Commercial awareness training can provide employees with the skills they need to stand out in a competitive job market.

By developing a better understanding of their organisation’s financial performance and key value drivers, employees can demonstrate their ability to make informed decisions and contribute to the organisation’s success.

According to a recent survey by the National Association of Colleges and Employers (NACE), employers rated the ability to demonstrate commercial awareness as one of the top five skills they look for in job candidates. This highlights the importance of commercial awareness in gaining a competitive edge in the job market.

5. Improving communication and collaboration

Commercial awareness training can also help to improve communication and collaboration within an organisation.

When employees understand the financial performance of their organisation and how different roles and departments contribute to that performance, they are better equipped to communicate and collaborate effectively with their colleagues.

By developing a shared understanding of the organisation’s financial goals and objectives, employees can work together more effectively to achieve those goals.

This can lead to improved teamwork, better decision-making, and a more positive and productive workplace culture.

According to a survey by McKinsey, 73% of executives believe that cross-functional collaboration is important or very important for driving growth in their organisations.

Developing commercial awareness can help employees to better understand how different functions and departments within the organisation contribute to its success, leading to improved collaboration and ultimately, better business outcomes.

6. Mitigating risks and managing costs

Commercial awareness training can also help employees to mitigate risks and manage costs within an organisation.

By understanding the financial implications of their decisions, employees can make more informed choices that help to minimise risks and reduce costs.

For example, an employee who understands the financial implications of different supply chain decisions can make choices that help to minimise supply chain costs and reduce waste.

Similarly, an employee who understands the financial implications of different marketing strategies can make choices that help to maximise returns on investment.

Mitigating risks and managing costs are critical functions for any business, and commercial awareness training can equip employees with the skills they need to fulfil these responsibilities effectively.

By identifying and addressing potential financial risks, employees can help to safeguard the organisation’s financial health.

Conclusion

Commercial awareness training can help employees to develop a range of valuable skills, including financial acumen, critical thinking, and effective communication and collaboration.

By understanding the financial performance of their organisation and how their role contributes to that performance, employees can make better decisions that drive organisational success.

In today’s highly competitive business environment, commercial awareness is a key differentiator for employees.

Employers are looking for candidates who have a broad understanding of the business world and who can contribute to the organisation’s success in a variety of ways.

By investing in commercial awareness training, organisations can develop a workforce that is better equipped to meet these demands and excel in the business world.

If you’re interested in learning more about commercial awareness training, MDA Training offers a range of courses and programs to help employees develop these essential skills. Contact MDA Training today to schedule a free demo and learn how their training programs can help your organisation succeed.

April 19, 2023
What is the Impact of Business Simulation Games on Commercial Awareness and Professional Skills Development?

Business simulations have emerged as a popular and effective learning solution for organisations worldwide. These simulations provide participants with a practical and immersive learning environment, enabling them to develop their professional and interpersonal skills and to gain an understanding of a company’s commercial, business, and financial context.

In this article, we will explore the impact of business simulation games on commercial awareness and professional skills development.

We will examine how they provide a practical and memorable way to learn by doing, offer participants a practical setting from which to develop a grounded understanding of a company’s commercial, business, and financial context and how they give participants an opportunity to experience new and challenging situations and to practise new professional and interpersonal skills.

What are Business Simulations?

Business simulations are designed to mimic real-life business scenarios that allow participants to simulate decision-making processes that they would encounter in a business environment.

These simulations can take various forms, such as in-person, virtual, or online, and they can cover various business functions, including finance, marketing, operations, and leadership.

The simulations often involve teams working together, making decisions, and responding to market changes.

The simulations can be customised to suit the needs of an organisation, and they are often used in conjunction with training programmes and development initiatives to provide participants with practical experience that can help them develop professional skills and commercial awareness.

The effectiveness of business simulations is derived from the fact that they provide a safe and controlled environment for participants to learn and experiment with new skills and behaviours.

The Impact of Business Simulations on Commercial Awareness

Commercial awareness refers to the ability to understand a company’s commercial, business, and financial context.

Business simulations are an effective tool for developing commercial awareness because they provide participants with a practical setting from which to develop a grounded understanding of a company’s commercial and financial context.

Participants are required to make decisions based on financial and business data, respond to market changes, and manage resources effectively.

In a study conducted by CEB Global, it was found that business simulations were effective in developing commercial awareness in participants.

The study involved over 2000 employees, and it found that business simulations were more effective than other forms of training and development in increasing participants’ commercial awareness.

The simulations helped participants to understand the impact of their decisions on the financial and commercial performance of the company, and they were effective in developing participants’ financial literacy.

Business simulations offer a practical and memorable way to learn about commercial awareness. They provide participants with the opportunity to learn by doing, which is often lacking in traditional training workshops or online learning modules.

Participants are required to apply their commercial knowledge and make decisions in a simulated business environment, which helps them to internalise commercial behaviours required to drive an organisation’s strategic ambitions.

The Impact of Business Simulations on Professional Skills Development

Professional skills refer to the interpersonal and behavioural skills required to be effective in a business environment.

Business simulations are an effective tool for developing professional skills because they provide participants with a safe and controlled environment to experiment with new skills and behaviours.

In a study conducted by the Harvard Business Review, it was found that business simulations were effective in developing professional skills such as effective communication, commercial decision making, resilience, and taking people with you.

The study involved over 500 participants, and it found that business simulations were more effective than other forms of training and development in developing these skills.

Business simulations offer a highly effective way for participants to experience new and challenging situations and to practise new professional and interpersonal skills.

Participants are required to work in teams, communicate effectively, manage conflict, and make decisions based on available information.

The simulations are designed to be challenging and to push participants outside of their comfort zone, which helps them to develop resilience and adaptability.

Case Studies on Business Simulations

Several organisations have successfully implemented business simulations as part of their training and development programmes.

These case studies provide insights into the effectiveness of business simulations and how they have helped organisations to develop commercial awareness and professional skills.

Case Study 1: PwC’s Virtual Business Game

PwC, a leading professional services firm, developed a virtual business game to provide its employees with an opportunity to experience real-life business challenges.

The game is designed to simulate the challenges faced by businesses in today’s global economy, and it allows participants to experience the impact of their decisions on a company’s financial performance.

The virtual business game is available to all PwC employees worldwide, and it is part of the firm’s broader learning and development programme.

The game is designed to be engaging and interactive, and it requires participants to work in teams to make decisions that impact a simulated business.

The virtual business game has been highly effective in developing participants’ commercial awareness and professional skills. It has helped participants to understand the importance of financial management, risk management, and strategic decision making.

It has also helped participants to develop their teamwork and communication skills, which are essential for success in a professional services environment.

Case Study 2: Barclays’ Branch Manager Simulation

Barclays, a leading UK-based bank, developed a branch manager simulation to provide its employees with an opportunity to experience the challenges faced by branch managers.

The simulation is designed to simulate the day-to-day operations of a branch, and it requires participants to make decisions that impact the branch’s financial performance.

The branch manager simulation has been highly effective in developing participants’ commercial awareness and professional skills.

It has helped participants to understand the importance of customer service, sales, and financial management. It has also helped participants to develop their leadership and decision-making skills, which are essential for success in a management role.

Case Study 3: Lloyds Banking Group’s Leadership Development Programme

Lloyds Banking Group, a leading UK-based financial services company, developed a leadership development programme that includes a business simulation.

The programme is designed to provide its employees with an opportunity to develop their leadership and commercial awareness skills.

The business simulation is designed to simulate the challenges faced by a company operating in a highly competitive and dynamic market. It requires participants to work in teams to make strategic decisions that impact the company’s financial performance.

The simulation is highly immersive, and it requires participants to manage multiple business functions, including finance, marketing, operations, and human resources.

The leadership development programme has been highly effective in developing participants’ leadership and commercial awareness skills.

It has helped participants to understand the importance of strategic decision-making, financial management, and teamwork. It has also helped participants to develop their communication and interpersonal skills, which are essential for success in a leadership role.

Recommendations for Organisations

If your organisation is considering using business simulations to develop commercial awareness and professional skills, here are some recommendations to consider:

1. Identify the learning objectives: Before designing a business simulation, it is important to identify the specific learning objectives you want to achieve. This will help you to design a simulation that is tailored to meet the specific needs of your organisation.

2. Tailor the simulation to reflect the organisation: To maximise the learning impact, it is imperative that the business simulation is tailored to reflect the leadership and commercial perspective of the organisation. This way, participants are immersed into simulated, yet realistic situations and scenarios where they can practise and apply skills relevant to the workplace and ultimately internalise commercial behaviours required to drive an organisation’s strategic ambitions.

3. Choose the right platform: There are various platforms available for delivering business simulations, including in-person, virtual, and online. Choose the platform that is best suited for your organisation’s learning and development needs.

4. Involve experts in simulation design: To ensure that the simulation is accurate and relevant, involve subject matter experts in the design process. This will help to ensure that the simulation accurately reflects the real-world challenges faced by the organisation.

5. Provide feedback and debriefing: After completing the simulation, provide participants with feedback and debriefing to help them understand their performance and identify areas for improvement. This will help to reinforce the learning and ensure that participants are able to apply the skills they have learned in the simulation to the workplace.

Conclusion

Business simulations have emerged as a highly effective learning solution for organisations worldwide. They offer a practical and immersive learning environment, enabling participants to develop their professional and interpersonal skills and to gain an understanding of a company’s commercial, business, and financial context.

Business simulations are effective in developing commercial awareness and professional skills because they provide a safe and controlled environment for participants to learn and experiment with new skills and behaviours.

MDA Training is a provider of bespoke business simulations and experiential learning solutions that can help organisations develop commercial awareness and professional skills among their employees.

MDA’s business simulations are tailored to reflect the leadership and commercial perspective of the organisation, providing participants with a practical and immersive learning experience.

With MDA Training, organisations can ensure that their employees are equipped with the necessary skills and behaviours to succeed in today’s competitive business environment. With careful planning, organisations can design business simulations that are tailored to meet their specific learning objectives and provide participants with a practical and engaging learning experience.

March 1, 2023
Commercial awareness: what is it, and why do graduates need it?

Commercial awareness is a core skill, which is highly sought-after by potential employers.

Consisting of an individual’s accumulated knowledge of the business world, and paired with a critical understanding of how organisations function, being able to demonstrate a good level of commercial awareness can help secure employability, while also being a contributing factor in the progression of your career.

Despite this, commercial awareness is a skill that very few can display well. A 2018 report published by the Institute of Student Employers (ISE) found that 23% of graduates failed to show appropriate levels of commercial awareness in the workplace. So, to help you understand what commercial awareness is, and the part it will play in your working life, read on!

What is commercial awareness?

Commercial awareness is a developed knowledge of specific objectives, such as how a business works and the impact of broader external factors on operations.

Employees should have an assured knowledge of the company they work for, immediate competitors, and other relevant bodies. This knowledge can assist the employee in making sound business decisions that act in the best interest of the company.

Why is commercial awareness important?

In any sector or industry, you are expected to have a clear understanding of how changes within the wider business world would potentially affect the business. Being able to demonstrate this understanding can immediately position you above other employees, and reassure your employer that you are the right fit for the company.

The vital thing to remember about commercial awareness is that it is a mindset. It’s less about being able to regurgitate facts and figures, but rather demonstrating an active interest in your sector. After all, the events happening in the wider industry could potentially play a part in the future of your role and organisation.

Who needs commercial awareness?

To put it simply, everyone – regardless of who they are, their position within the company, and what sector or industry they work in – should be able to develop an adequate level of commercial awareness in the workplace.

With increasing levels of competition within all industries, and a rapidly-evolving working world, every employer is looking for potential employees who are up-to-date with the latest industry news and trends. After all, being able to keep up with these updates could result in an adverse decision from an employee, which could reflect poorly on the company.

Thankfully, as with all workplace skills, you can hone your commercial awareness skills with time and effort.

5 easy ways of improving your commercial awareness

Getting into the habit of being business savvy now will stand you in good stead throughout your working life. As we’ve said in the past, many can demonstrate being commercially aware without realising it – but upskilling can benefit you exponentially.

The below infographic details five simple activities that can help you boost your commercial awareness:

In more detail…

1. Read the business pages of newspapers/websites

Dedicating time every day to familiarising yourself with the current worldwide financial and economic situation can help develop your commercial awareness. Magazines such as The Economist are readily available to read online, and can provide you with the grounding you need to understand what’s going on.

2. Watch the news

Watching the news is one of the easiest ways to develop your awareness. Many large broadcasters have programmes dedicated to business news, which can help you understand more about the wider business world, as well as remaining up-to-date in your relevant industry or sector.

3. Refresh your existing skills

As someone who is new to the working world, it’s understandable if some elements of your new job seem overwhelming. That being said, you also don’t want to be stumped by a graph or some maths you haven’t thought about since leaving school. Take the time to refresh your numeracy and statistics skills, if you can – which will also put you in good stead with your future employer!

4. Take on a new voluntary role

Is a local group looking for a role, such as a treasurer? Taking on a new voluntary role will help improve your commercial awareness, as you’ll be gaining a better understanding of how organisations make money, and how objectives can influence how well a business is doing.

5. Reflect on your previous jobs and experiences

Think about any previous positions you’ve held. Are there any generalisations you can take from that role, and apply to your new job? Take into consideration the customers, industry, sector, and wider company news.

For example, if you worked at a fast-food restaurant, you will have known which products were bestsellers, and when to anticipate busy periods. In its simplest form, this is commercial awareness!

Improving commercial awareness within the workplace

The modern workplace has evolved rapidly in recent years, without the addition of COVID-19. For employers wanting to boost the commercial awareness of their team, implementing a face-to-face workshop would have been sufficient to help employees learn in the past – but this simply isn’t the case anymore.

Here at MDA Training, we can work with employers to host virtual training sessions, in the form of commercial awareness webinars, that can help support employees develop their skills. We can tweak our offering to suit any budget and team size, while still assisting employees to bolster their knowledge, and give the business an additional competitive edge.

To summarise…

We know the impact of commercial decisions has never been more crucial. Whether it’s related to finances or internal processes, being able to display a good level of awareness could be the difference between success and failure at an organisational scale.

Our commercial awareness programmes can be delivered virtually, via Zoom or Webex, and are designed to help employees develop key financial skills. For more information about these applications, contact MDA Training today.

October 30, 2020
3 ways that employees can demonstrate commercial awareness in the workplace
It is becoming increasingly important for employees in all professional sectors to possess commercial awareness skills in order to contribute to the success of the wider business.

With the landscape of so many industries subject to change on a regular basis, it can be difficult for individuals to maintain a strong sense of commercial awareness related to the business and the broader industry in which they work. In this case, it is up to leaders to ensure that their employees have everything they need to develop their skills and positively influence the company.

When it comes to displaying commercial awareness in the workplace, the most talented individuals will be able to demonstrate three key elements. These are:
1. Commercial awareness of how the business is run
2. Knowledge of developing market trends
3. Competitor analysis
We’ve outlined below why each of these elements are important for employees.

Commercial awareness of how the business is run

First and foremost, employees should always have an understanding of how the business is run, along with why certain things are done in certain ways in order to maximise success. Without this, individuals run the risk of becoming disillusioned with how their company operates, which in turn could lead to a reduction in productivity and morale.

To combat this, business leaders should be providing their employees with all of the information they need, either through relevant training programmes or focused learning tests, to ensure that everyone is up-to-date with any developments the company is facing. This will also work to boost satisfaction and promote an inclusive environment.

Without honest and transparent communication from leaders, employees will be unable to understand and develop their commercial awareness in the workplace, as they will lack the vital knowledge of the various success or failures the business goes through.
Ultimately, the best employees will display a strong interest in how the business is performing, as well as making regular suggestions on how processes can be altered for the benefit of the company long term.

Knowledge of developing market trends

With so many asymmetrical disruptions occurring in professional markets around the world, business leaders are under constant pressure to keep up-to-date with any significant market trends and developments in order to remain competitive.

To filter information down to other employees within the business about how the company is navigating through any market developments, leaders should be utilising their workplace training programmes to provide their workforce with an opportunity to make decisions related to the market, and later reflect on their performance.

The most talented individuals will be able to demonstrate in training programmes and beyond how the market affects the business and how the business can influence the wider market by recalling relevant information given to them by leaders as well as putting forward ideas based on any noteworthy trends.

Competitor analysis

Business leaders will typically spend an extended period of time conducting a thorough competitor analysis in order to improve their processes. While the same attention to detail won’t be required of all employees, it is still possible for those further down the hierarchy to contribute to gaining an edge over other businesses.

Similar to developing an awareness of any market trends, workplace training can be structured to focus on how competitors run their businesses, enabling employees to make suggestions and decisions to improve within their roles. As the typical workforce is widely diverse, there is a greater opportunity for different opinions to arise using this method, allowing for new ideas to come to fruition to propel the business forward.

Opening up these communication networks where employees can actively demonstrate their ability to analyse competitor activity will also serve to boost personal confidence as well as general workplace performance.

In summary, a workforce that is allowed to develop their commercial awareness skills in the workplace will inherently perform better than a workforce that isn’t. Taking the time to provide a platform for each employee to voice their opinions will boost morale and allow leaders to ascertain just how commercially aware their team is, along with identifying the most talented individuals at every level.

FOR MORE INFORMATION ON THE COMMERCIAL AWARENESS TRAINING PROGRAMMES WE PROVIDE FOR BUSINESSES, CONTACT MDA TRAINING TODAY.
August 26, 2019
How to effectively increase the commercial awareness skills of employees in the manufacturing sector

The manufacturing sector is an industry that rapidly develops alongside the introduction of new technologies and products. With manufacturing roles and responsibilities so wide and diverse, generating a combined sense of commercial awareness amongst employees is crucial to success.

For all workers in the industry, manufacturing skills and commercial awareness skills go hand-in-hand, and business leaders must ensure that all of their employees have an understanding of the business they represent and can implement this into their everyday work.

Accurate and useful manufacturing workplace training can increase the commercial awareness skills of employees across an entire company in the most practical way.

Effective commercial awareness training

Implementing commercial awareness skills relative to your business is most effective when formed as part of manufacturing workplace training. Utilising training programmes to give employees a deeper understanding of the business objectives will ensure that they are carrying out their roles effectively.

Dedicating time during manufacturing workplace training for employees of all levels to research the latest industry developments regarding the business interactively is a surefire method for employees to gain commercial awareness skills. Making the information accessible to them as part of their training allows them to take a break from their regular roles and keep up-to-date with the manufacturing sector.

Utilising workshops and tasks to consistently remind employees of the commercial awareness skills they need to possess alongside the objectives of the business is also an effective method. Basing manufacturing workplace development tasks on topics like commercial decision making, financial reporting and risk awareness training among others will develop these skills alongside the manufacturing skills required to succeed in their roles.

Experiential training

Simply making information on developments in the manufacturing industry available to employees is unlikely to be effective, as they will be less likely to retain the information in big chunks. Implementing an effective experiential training method to increase commercial awareness skills as well as manufacturing skills is a more effective approach.

Microlearning and business simulations are both learning methods that can be introduced into manufacturing workplace training to make it more effective. Encouraging employees to make decisions in a safe, simulated environment will assist them in preparing to deal with situations they will face at work. Similarly, microlearning allows employees to retain the necessary information in small doses, preventing them from being overwhelmed by large quantities.

The advantage of introducing these methods is that manufacturing employees across the entire spectrum of a company can develop a professional understanding of how the business they work for operates. It also allows employees to be more flexible about how and when they learn as opposed to being given every piece of information at once.

The way in which businesses choose to improve the manufacturing skills and critical awareness of their employees is vital. Actively structuring manufacturing workplace training to nurture these skills is the most effective way to ensure that workers across all levels are prepared to work in their industry and for a specific business with the relevant knowledge needed to be successful.

FOR MORE INFORMATION ABOUT HOW MDA’S EXPERIENTIAL METHODS CAN BENEFIT YOUR MANUFACTURING WORKPLACE TRAINING, CONTACT MDA TRAINING TODAY.

December 13, 2018
How can your employees improve their commercial awareness every day?

Commercial awareness is a key skill that is highly sought after by employers. It revolves around the fundamental understanding of the company and relevant industry or sector from the employee.

Employees should have an assured knowledge of the company they work for, including a broader knowledge about the industry that the company is situated in, immediate competitors and any other relevant authoritative bodies. Industry news should be readily available and shared around the workplace, and accessible by all employees – including any negative issues.

Who needs commercial awareness?

In the modern workplace, everyone – from public sectors to volunteers and charity workers – needs to be able to demonstrate commercial awareness, due to the continually changing nature of most industries. It is essential that employees are up to date with the latest industry news, legislation changes and evolving trends in consumerism and the markets. Being unable to keep up with these updates could result in mistakes from employees, which have the potential to reflect poorly on the company and attract negative attention.

Why is commercial awareness such a sought-after skill?

Commercial awareness is a skill that increases employability, and being able to demonstrate this skill is highly desirable to employers. With many companies facing increasingly fierce competition and saturation of degree-educated workers entering the industry, being able to show commercial awareness can set a candidate apart from their counterparts.

How would an employee display that they have commercial awareness?

It is likely that an employee will demonstrate commercial awareness without realising. Knowing the company is a key indicator of this, as is being able to understand the positioning of the company within the industry, the performance of relevant competitors and the behaviour of markets and consumers. In addition to this, an employee with commercial awareness will also be able to demonstrate some level of financial awareness: understanding the value of money and how companies need to make money to succeed.

An employee that has commercial awareness will ask questions about the company, clients and the industry (and will continue to do so throughout their time at the company) – and will therefore be able to demonstrate that they understand how the business works. They will also be able to make suggestions based on specific unique selling points or key performance indicators that are in-line with the company’s core values or brand personality. They may also suggest ideas that are in-line with a cost-saving initiative, thus demonstrating their financial awareness.

What can an employee do to increase their commercial awareness?

There are a number of steps that an employee can take to improve their commercial awareness. As an employer, you could encourage employees to dedicate some time daily to looking at various local and national news sites. Many news sites, including The Insider, can be filtered by region – giving employees the opportunity to familiarise themselves with the relevant business and industry information.

Similarly, many organisations opt to implement workshops or webinar, created by an external training provider, that can support employees develop these skills. There is a range of options available, that can be adjusted to accommodate any budget and can result in employees elevating their knowledge and offering the business an added competitive edge.

FOR MORE INFORMATION ON CREATING BESPOKE TRAINING PROGRAMMES TO IMPROVE COMMERCIAL SKILLS, CONTACT MDA TRAINING TODAY.

August 28, 2018
How can commercial skills training work to support graduates?

A recent survey revealed a clear divide between the skills that graduates consider to be essential to entrepreneurship and those which employers regard as valuable.

Increasingly, business leaders are finding that their fresh-faced graduates are entering their respective industries without the essential commercial skills required to excel in their career and become an effective leader. As the managers of tomorrow, it is vital for employers to seek out ways to ensure their younger generation and graduate employees undergo appropriate training to ensure that commercial awareness is present across every activity and decision they make.

Over a third of employers note that graduates could be missing key entrepreneurial skills, required to be successful within the business arena, which is contrasted by 79% of graduates who feel that they do in fact possess these skills. The key skills which employers feel are a critical component of an entrepreneurial mindset include solving problems, working together as a team and excellent communication skills, both verbally and written.

Soft skills training

Soft skills are the term used to describe attributes which often enhance personal communication skills and enable an individual to interact more harmoniously with others. As a manager and working within a team, soft skills are a commodity which should be valued as highly as formal education and qualifications.

Soft skill sets can transform a person from an adequate employee into a great employee with the prospect to become a leader within the business where their attitudes and skills align with the requirements of the company.

A collection of soft skills, which complement a technical ability and specialist knowledge can be the difference between an individuals capability of developing a repertoire with customers, clients and colleagues through offering empathy and understanding through emotional intelligence and an employee who lacks trustworthiness and approachability and may be unable to close a sale.

Networking

Networking is often a core component of a business in order to grow their client-base, sell more of their service or products and ensure that they are able to build brand awareness. Effective networking also allows those at a business to build a bank of candidates, who in the future, may become an asset to the business, either through an advisory sense or becoming part of the company permanently. Overall networking can help grow a business and build entrepreneurship skills.

Approachability

In order to effectively network, an individual must be approachable and confident. Without a good attitude and the ability to present oneself as a knowledgeable and trustworthy figure in the industry, they may struggle to do this. Building rapport and trust with clients, suppliers, customers and any other stakeholders within your business is crucial to maintaining connections and growing these over time.

Furthermore, approachability is a vital component of being a leader. A leader who merely dictates is not a leader but instead a ‘ruler’. Employees and colleagues are more likely to value relationships they have with those who are approachable as they will often develop a more familiar way of working, respect the individuals and establish trust in their opinion and advice.

Persuasiveness

From conflict resolution to closing a sale, persuasiveness can prove a valuable skill across a number of business activities. An adept negotiator may be able to exert an influence that will result in the optimum outcome and could lead to cost savings, better contracts and obtaining new clients. Persuasiveness can also support building strong interpersonal skills which allow a leader to more effectively communicate with the individuals they work with, help solve internal disputes and build a better team on open communication, honesty and trust.

Graduates and commercial skills training

With graduates failing to present the commercial skill sets which are expected by the majority of employers, it is important to implement ongoing commercial awareness training which aims to bridge these skills gaps.

With Millennial and Gen Z generations so keen to learn new skills and improve their business capabilities, it is likely that graduates and younger employees will welcome to opportunity to undertake commercial awareness training.

FOR MORE INFORMATION ON CREATING A BESPOKE COMMERCIAL ACUMEN TRAINING PROGRAMME, CONTACT MDA TODAY.

August 8, 2018
Boosting the commercial skills capability of your workforce

Commercial skills have never been more in demand than now. Therefore, training should be conducted regularly in order to ensure employees possess relevant knowledge at all times.

Human Resource is one of the most expensive and most valuable assets for any business and therefore ensuring that all of your employees have at least basic commercial skills and awareness is crucial. The world is changing and business sectors are blurring, meaning that these essential skills are required across a broad range of roles, management levels and industry types in order to maintain business competitiveness.

Commercial skills benefits

Developing a strong business acumen early on in a career can allow a graduate or junior level employee to get a good feel for what actually makes the business they work for, successful. This broad range of skills will be an ongoing learning exercise, however, they can lead to a much better understanding of the business operations and can even train them to spot areas of opportunity, which in turn will help build their career and success.

Particularly for procurement professionals, supporting stakeholders is at the core of the business focus and therefore commercial capability should be present across the whole scope of the team. Stakeholder relationships can be affected when a manager fails to identify opportunities for growth or their actions result in commercial damage to the business, as these can all result in a loss of profits.

There are absolutely no setbacks to training your whole workforce in commercial skills and awareness. This, in fact, can be a positive activity that can lead them to think more commercially within their everyday roles. It can lead to them spotting mistakes, opportunities, threats from competitors and supporting the business in building up their strengths. Where a whole team or company has developed a good understanding of the commercial landscape, they will often be able to improve their overall contribution to the business, understanding how their role integrates into the wider picture and how they bring value to the company.

Commercial skills for managers

For managers, commercial skills are essential. Without commercial acumen, managers cannot manage results in line with the wider business and industry. They should be able to pick up on who has what skills, strengths and weaknesses in their teams and utilise these people effectively, building partnerships that allow one another to prop the other up with each of their unique skill sets.

Managers are then able to pass on skills such as sales advice, customer service excellence strategies and negotiation tactics, in order to build their team to become overall more commercially aware.

Disregarding commercial skills can actually reduce your business’s competitive advantage in the market, meaning that your competitors are more likely to surpass you, poach customers and leave you at a disadvantage. Commercially aware managers are more likely to actively engage with company resources and change them, without prompting from senior management, to improve the capabilities of the company. This could be as simple as restructuring their team, putting individuals forward for further training to build their strengths or identifying skills lacking in their team and finding a way to rectify this.

FOR MORE INFORMATION ON CREATING A BESPOKE COMMERCIAL SKILLS TRAINING PROGRAMME, CONTACT MDA TODAY.

July 19, 2018
How can commercial skills support young professionals at your business?

Commercial skills encompass the ability to understand what attributes contribute to the success of an organisation or business.

Commercial awareness allows your workforce to understand the ‘why’ behind the tasks they undertake and allow them to work towards the overarching business goals.

In order to successfully develop future leaders and motivate the younger workforce, employers should look to implement commercial awareness training into the early stages of their employment.

With the younger generations such as Gen Z and millennials, more motivated than any generation prior to them, commercial acumen training will likely be integrated into their workplace development.

Motivation

In order to ensure your younger workers remain highly motivated, sharing commercial awareness knowledge with them can allow them to gain a deeper insight into the business objectives. Allowing them to engage with senior members of staff, ask questions and improve their overall knowledge of the market can result in an improved understanding of the meaning behind the work that they do.

Retention

Commercial awareness training can also allow talent managers to identify those who could be integrated into their succession plans, to be developed into future managers.

Working closely with the younger employees to ensure they are on board with the progression planning created can support in driving enthusiasm when it comes to their career trajectory.

This can further inspire them to support the business in reaching objectives and can reduce the risk of them leaving your business to work for a competitor.

High employee turnover can cost a business greatly and result in both poor morale and reduced numbers of people wanting to apply to work for your business.

Low staff turnover can inspire greater productivity and ensure that your workforce has the capability to move up through the ranks, utilising years of experience to support business growth and become managers of the future.

Responsibility

Millennials and Gen Z employees are known for wanting more responsibility within their roles. This allows them to express their entrepreneurial flair and offers them some direction in their daily tasks and overall career development.

These generations thrive off a challenge and will often grab the opportunity to face a challenge and demonstrate their skills to their managers.

Ensuring that these employees are offered the opportunity to input into commercial planning and market research will support the overall development of their knowledge whilst also instilling drive in them to display their skills.

FOR A BESPOKE WORKPLACE TRAINING PROGRAMME THAT DEVELOPS THE COMMERCIAL SKILLS OF YOUNG PROFESSIONALS AT YOUR BUSINESS, CONTACT MDA TODAY.

April 3, 2018
The importance of commercial skills in bringing value to job roles

Commercial skills are an employee’s ability to understand what makes a business or organisation successful, through either buying or selling products or supplying services to a market.

Commercial skills could include an employee understanding the organisation’s aims, activities occurring within the sector their company operates in, issues such as political or economical changes that may affect the firm’s performance, competitors and the company’s overall work ethic and much more.

However, identifying staff who have an in-depth understanding of each of these points can be tricky, and therefore, HR professionals should understand the questions to ask at the interview stage of the training to offer, in order to align their workforce to be commercially aware.

Why are commercial skills important?

Commercial skills are important as they demonstrate an employee’s understanding of the company and industry that they work in. It is vital for all members of an organisation, from the interns to the CEOs, to develop an active commercial skill set, to ensure commercial awareness within every process.

Due to the increasing competition and saturated markets, commercial skills are now more valuable than ever to business, in order to maintain a head on the competition.

How commercial skills are applicable across all sectors

Basic commercial acumen is transferable across industries, however, in some areas, such as engineering, strong applicants will be equipped with specific commercial skills, relevant to their sector. For example, engineers should be conscious of businesses that have won specific contracts and how these are relevant to their specialisms.

Additionally, all candidates should be able to speculate intelligently about the future. A good candidate will have some idea of what is going on in the world regarding geopolitical changes, varying economies and how that could affect developments in their business.

Candidates with commercial skills should possess an understanding of past failures, which will help to predict future issues and trends. It’s particularly useful for employees to be aware of the specific changes in the world that will affect the costs and supply of products used within their industry.

Increased costs of raw products and taxes will ultimately increase the cost price point of the final product; this should be a particularly prevalent skill for those in customer service.

How employers can determine commercial skills in interviews

Companies need to determine whether a candidate has an understanding of not only the role but also an up to date knowledge of current events. With the huge effect that political, economic and geographical changes cause within every industry, candidates should demonstrate a knowledge of past, present and predicted changes and the effects on their industry.,

As an interviewer, you should be asking questions which challenge the candidate’s commercial skill knowledge. For example, “What significant factors have affected this industry in recent years?” or “What do you understand the role this firm plays in this industry?”.

It is also advisable to ask candidates to describe companies that they feel are doing well and badly within your industry, determining if their commercial awareness is expansive enough to identify both key players and smaller businesses.

Top tips for training employees in commercial awareness

Simple ways to develop commercial skills include encouraging staff to read and follow relevant sector-specific news and the economy.

You could encourage your employees to regularly brush up on fundamental basic skills such as numeracy, which can help when it comes to relaying sales projections and growth figures.

If you want to go one step further, it would also be good to develop the personal, commercial skills of your people in their natural work environment, covering everything from practical business writing, pitching, and negotiation through to risk management.

FOR A BESPOKE WORKPLACE TRAINING PROGRAMME THAT DEVELOPS THE COMMERCIAL SKILLS OF YOUR PEOPLE, CONTACT MDA TODAY.

September 13, 2017