When it comes to training for financial and commercial skills, generic, off the shelf solutions such as ‘finance for non-financial managers’ doesn't cut it.
These programmes have a lack of industry or organisational focus and can often be somewhat outdated, which can leave participants with basic skills they find difficult to apply to the actual business and commercial context.
Although you may think generic solutions are more cost effective, especially when only trying to educate to a basic standard, they can actually have the opposite effect resulting in a lower return on development.
Looking at return on development (ROD), as opposed to return on investment (ROI) has a higher emphasis on the long-term benefits an activity can have as opposed to reviewing ventures in literal terms of financial success.
In order to develop appropriate financial and commercial skills programmes and address any financial management issues within your business, all whilst improving return on development, it is paramount bespoke training programmes are utilised.
These tailored programmes allow participants to come away with a clear and practical understanding of how to apply their new knowledge, skills, and insights back into the workplace.
Bespoke training for financial and commercial skills can focus on a range of the following:
- Building and managing budgets
- Commercial decision making
- Commercial selling skills
- Company valuation
- Corporate finance
- Creating shareholder value
- Decision making through finance
- Financial analysis
- Financial modelling in Excel – practical tools and tips
- Financial reporting
- Identifying and managing business drivers
- Improving financial performance
- Introduction to finance
- Making solutions financially compelling
- Risk management
- Using management information to improve performance
- Value creation.
Alongside tailored financial and commercial acumen training programmes, employers must look to heighten learning experiences through exciting and engaging methods if they wish to see true value; with methods such as microlearning, gamification and mobile learning proving to be particularly successful.
The key to increasing engagement and return on development for all tailored and customised training programmes is to cater to specific training preferences and learning styles, set in the context of the business.
Here at MDA Training, our bespoke financial and commercial skills training solutions cater to a wide range of organisations with a mix of all demographic groups and learning styles.