Large or small, business is about making money, no matter what is chosen to be done with it. Invested, distributed to shareholders, used for social projects or philanthropy – making money is at the root of all businesses.
It is for this reason that strong commercial skills are embedded throughout; from the ground up, a team with an acumen for commercial skills will add value and increase the growth of any business or organisation.
Commercial skills training to enhance growth
Undoubtedly commercial skills can be learned and enhanced through experience, but underpinning experience with robust commercial skills training will only act to further enhance growth potential. Commercial skills training promotes good judgement and decision making through a sound understanding of the marketplace within which a business operates. A workforce that understands the marketplace in which they exist are better at spotting opportunities, driving out waste and increasing efficiency.
Having a commercial mindset
Feeding the ‘business brain’ as part of a commercial skills training programme nurtures a sense of responsibility as well as an understanding of the outside forces that can affect the goals of the business; be it political or economic, at a global, regional or local level. This commercial mindset throughout an organisation makes for a better team ethic and impacts morale at every level, increasing the bottom line through increased productivity.
Aside from the financial aspect, commercial skills training focuses too on the mission and aims of the business and how these impact company-wide in a commercial context, exploring not just the ‘what we do’ but also the ‘why we do it’. Understanding the purpose of the business in an ethical sense adds value and emotional buy-in. Commercial skills training gets to the very heart of a business and what makes it tick.
Commercial skills training enhances communication both internally and externally and makes the workforce able to talk with confidence about the organisation and sector within which they work. The ability to fully understand and communicate the marketplace means employees are able to spot trends and flex and adapt accordingly to these.
Making commercial decisions
Understanding the marketplace means knowing your competition too. Knowing who they are, what they do and why they do it. Commercial skills training focuses on competitor awareness and how this can be used to make sound commercial decisions based on what they are doing and how it might impact on the business. A workforce that understands the competition can better add value on a day-to-day basis through changing behaviour or process to positively impact financial performance.