Most retailers and many consumer-packaged goods companies are struggling in the post-pandemic economy and the “new” new normal of consumer spending. Like most things in business, there are many theories and lots of opinions about why.
At Advantexe, we are continually doing research on all things business acumen and business leadership to better serve our clients. As August 2023 comes to a close, there are several important facts about the economy that are undisputed:
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I was very open with our creative team who is responsible for designing and building our new leadership simulations when they told me a client asked us to design, develop, and deliver a new simulation called, “Delivering Effective Presentations.”
I shared with them my perspective that the presentation skills space was a very crowded field and that anybody who has ever given a presentation can claim to be an expert trainer. I challenged them to name a major innovation that has disrupted the industry since PowerPoint replaced the overhead projector and I pressed them about what is new and innovative in giving effective presentations. Based on their answers and the incredibly strong simulation they created, I am publicly acknowledging how little I actually knew about the art and science of giving effective presentations.
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Prior to the major announcement last week that Campbell’s was purchasing Rao’s pasta sauce, the company generated about $580 in top-line revenue which means their revenue-to-value ratio (the relationship between revenue generation and market value was 4.66 which is extremely high for a consumer-packaged food product.
But then again, Rao’s is not just another pasta sauce. Please note that for the sake of this blog post, I call it a pasta sauce and not a “gravy” as that is a different post for another day. Rao’s is considered by the “experts” and consumers as one of the best products in the market and the story from a small restaurant to purchase by Campbell’s is an incredible success story.
In many of Advantexe’s Business Acumen learning journeys, we spend a significant amount of time teaching participants concepts related to the value proposition, the value equation, and the value dashboard and often it’s challenging to understand the concepts without context. Experiencing and learning by doing in a digital business simulation experience is great, but having a real-world case study like Rao’s can add even more insights into the concepts.
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Whether your new hire is a fresh graduate or someone with years of experience, understanding how your company makes money is essential for their – and your - success.
It’s essential the onboarding process provides new hires with the business skills and tools they need to impact your company’s bottom-line performance quickly and efficiently. For that to happen, new hires need to understand how your company makes money.
There are seven key areas of business acumen all new hires should be exposed to:
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It was one of the most intriguing After-Action Reviews (AARs) that I have facilitated in several years. As part of a leadership business simulation workshop, the five teams of five high-potential leaders were given 30 minutes to fill out a team survey and discuss and give each other feedback prior to the next round of the simulation. The client organization is a big DiSC house, so all of the high-potential leaders were supposed to provide their feedback through the lens of their DiSC personality style.
As the facilitator, it was my role to keep the dialogues going and to offer coaching when appropriate. As it turns out, I provided a lot of coaching.
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