The short version
- Understand the business, not just the role — knowing the “why” as well as the “what” makes employees add value company-wide.
- Get comfortable with the numbers — understanding reporting, KPIs and financial drivers shows people where they can make an impact.
- Watch the market — competitor awareness and perception help employees adapt and suggest change before they’re asked.
5
Commercial skills every employee needs: business insight, understanding reporting, financial awareness, competitor awareness and market perception.
Source: MDA Training
Giving your employees the skills they need to positively impact the business, as well as understanding how their behaviour and performance can lead to financial and performance enhancements is becoming increasingly important.
Employees who are commercially aware add value not only in their own role but company-wide. If there is a combined understanding amongst a workforce of how to engage with individual roles as well as knowledge of how the industry is developing as a whole, productivity will improve. We have compiled a top 5 of what we think are the key skills your team need to succeed.
Commercial skills that drive performance
Business insight, reporting, financial awareness, competitor awareness and perception…
Source: MDA Training
Skills that look outward
Competitor awareness and market perception, the skills that help employees react as the market changes…
Source: MDA Training
Business insight
Commercial skills training pays attention to the business as a whole and the mission and aims of the business in a commercial context, and how these impact across the company. It explores not just the ‘what we do’ but also the ‘why we do it’.
Employees who understand the purpose of the business in an ethical sense add value and are more emotionally bought-in.
Understanding the value of reporting
How many employees truly understand the reporting you currently use in meetings, management meetings, team briefs or in conference calls? If your workforce has a grasp on the figures, or KPIs being discussed they will have the confidence and insights to help drive performance.
Training your people with skills, knowledge and insights to better understand where they can add value and achieve organisational goals will deliver real return on investment.
Does everyone in the meeting understand the numbers being discussed? Can they see how their own role shows up in the financials? Do they know why the business does what it does, not just what it does?
Financial awareness
Employees that truly understand the drivers of financial performance in the business can better understand how their role and performance can impact the business financially. Commercial acumen training will explore how their day-to-day activities, positive or negative, related to the business as a whole.
Competitor awareness
Commercial skills training focuses on competitor awareness and how this can be used to make sound commercial decisions. Understanding the marketplace means knowing your competition, who they are, what they do and why. An employee that understands the competition can positively impact business performance by adapting their activities or making suggestions about positive change and adaption.
See it in action
This is the thinking behind MDA’s financial and commercial skills programmes, where participants interpret the numbers, understand what drives performance, and make commercial decisions in realistic business scenarios.
Perception
It is vital that employees understand the importance of keeping an eye on the climate of their market sector and competitors, and are able to react accordingly to change.
Commercial skills training empowers employees to be flexible, knowledgeable and proactive when it comes to moving with current market forces and trends.
FOR MORE INFORMATION ABOUT THE COMMERCIAL SKILLS TRAINING PROGRAMMES THAT WE PROVIDE, CONTACT MDA TODAY.
