It’s Sunday afternoon and instead of relaxing with friends or reading a great book, you are terrified for the week ahead. You have a presentation to pitch a new internal idea on Monday, you are giving performance reviews for the first time as a new manager on Tuesday, and the sales team as asked you to join them to develop and present a proposal to a huge new prospective customer on Thursday. Plus, you still have all your other work!

One of the reasons that you are not looking forward to the week ahead is that you feel you are lacking financial literacy skills. Financial literacy being defined as ability to understand at a detailed level how your company makes money, how your customers make money, and how your competitors make money.

To help the readers of this blog, I’ve taken some of the content and business simulation data from our award-winning Business Acumen programs and consolidated the key points as a useful learning tool. Here are five things you need to know about financial literacy to avoid the Sunday Scaries:

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“Hey Rob, what is this thing called Sunsetting?” It is a question that I hear at least two times every time I run a Business simulation workshop. I will admit, each time someone asks me the question, I pause for a moment and think how could someone not know what “Sunsetting” is and then I remind myself that many of the participants running the simulated company in a foundational Business Acumen program do not have a business background and they are in the program to learn it!

What is “Sunsetting?

The concept of Sunsetting in business is the strategic and intentional phasing out or retiring something—a product, service, brand, partnership, agreement, policy, hardware, or software. Products and services are sunset when they are no longer profitable or when a company decides to change its strategy or focus. A recent example of sunsetting that impacted many people was Adobe’s decision to sunset their Flash Player. Other examples are various versions of Microsoft Windows and Apple’s iPhones. Apple typically sunsets a version 2-3 years after a new version comes out.

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Welcome back! If you are based in the United States, I hope you had a great holiday and break from business in celebration of the 4^th of July. If you are outside of the US, welcome to the second half of the year!

If you are like most of the clients I work with, the first half of the year was an absolute blur. Things are moving quicker than ever before, and it is truly impossible to realize that more than half the year of 2021 is over.

Just six months ago, we were celebrating the New Year and making resolutions for the year ahead in hopes of the pandemic being over sooner rather than later. Well, here we are in the second half of the year, and it feels appropriate to set some resolutions for the rest of 2021.

If that sounds like something interesting to you then let me make another suggestion: do something completely different and set some Business Acumen resolutions! A Business Acumen resolution is a focus on how to do something different in terms setting a strategy, executing that strategy, managing performance, and ultimately making money.

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For regular readers of this blog, you know that I often get my material from real-world situations that come directly from engagements I am working on.

This week I was conducting a business leadership simulation workshop and one of the scenarios in the best practices simulation was focused on the leadership challenges of managing a team of people who may have “checked out” after going through a significant amount of change. During the debriefing discussion one of the participant leaders shared something quite profound that got me thinking:

“The way I see it, when dealing with direct reports in a large organization there are two types of employees, those who really care about the business and their careers, and those that don’t. But what I always wonder about is this…is that caring built into the structure of the business or is the structure of the business built into the people that care. If I can unlock that mystery, I think I would be a much better leader.”

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As most businesses knows, answering a Request for Proposal (RFP) is a thankless, painstaking, and time-consuming task that too many times is a farce because the procurement department forces stakeholders to go out to bid even when they have already verbally awarded the contract to an existing provider or friend of the firm.

While we would never turn down a great opportunity because it is an RFP, over the years we have become much more rigorous about the types of RFPs we respond to. Recently, we decided to pursue an RFP from “Company X” because it fit the basic criteria we established for pursuit:

• Asking for a business simulation as part of the solution.
• Company X has revenues over $1 billion.
• Has an audience of more than 500 leaders that need help.
• Sees the training initiative as a way to change values and culture.
• Perceived to have a realistic budget for the initiative.

After investing close to 60 hours of team time thinking about, brainstorming, and designing a great solution, we shipped off the RFP and waited for a response.

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