Something is happening in the business world as we “zoom” into 2021. Along with all the changes and 
advances in technology and the way we will work in the future is need for a return to basic and foundational skills like having a strong “Business IQ.”
A Business IQ is the knowledge, skills, and tools related to the competency of Business Acumen. In its simplest form, a Business IQ is understanding everything related to how a business makes money, how my business makes money, how my customers make money, and how my key competitors make money.
Business IQ Fundamentals Start with an Invoice
If you held up an invoice in front of a typical employee, would they be able to tell you the story of how that invoice was generated? Would they be able to identify:
- The marketing strategy that went into the creation of the customer awareness?
- The efforts the Sales team went through creating account plans, prospecting, relationship building, solution ideation, proposal writing, and closing the business?
- The R&D team process of developing a unique product that presents a value proposition to the customer?
- The manufacturing process required to make the product?
- The supply chain team required to get to the product to the customer?
- The Finance team’s process of capitalizing the business, sending invoices, and collecting the cash?
- The HR team’s processes for acquiring and developing talent?
If the answer to all these questions is, “yes” then congratulations, you are part of a world-class company and you can stop reading this blog.
If the answer is, “no,” then read on as I will provide 5 tips for how organizations are building foundational Business IQ through Business Acumen training
The disruption caused by the pandemic has changed everything about learning and everything about building Business Acumen skills. Instead of cramming too much content into live programs that can last anywhere from 1 to 5 days, smaller, flexible, focused learning that fits into the work-learning-life balance is the way to go.
Five tips toward building Business IQ in the new reality:
Make it experiential – Nobody wants to sit at their computer for 5 minutes being talked at let alone 3 hours. Learning must be experiential and exciting. Business Simulations, case studies, and exercises capture attention and enable participants to learn-by-doing.
Make it relevant – In the new reality, learners want to learn in ways and about topics that are immediately relevant to their worlds and jobs. In other words, if you are in the chemical industry, then provide learning in the context of the chemical industry and not some abstract case study about how orange juice is made which has zero relevance to anything.
Keep it small and manageable – The new work-learning-life balance demands smaller, more focused learning that is delivered in small chunks of times where meaning full skills building and the ability to make better business decisions can be accomplished in 1-3 hour focused workshops.
Develop communities and networks – The single biggest complaint about virtual learning is the lack of socialization and networking. Sure, it’s not the same, but it can be close with a little effort. Even when in a live environment, everyone has to make an effort to stay connected. It’s no different in a virtual environment and the tools are actually a lot better.
Develop peer-to-peer coaching – With more participants going through virtual training and the holy grail of scalability in front of us, it’s harder to provide coaches and reinforcement to new skills. A new and viable approach to supporting new skills is peer-to-peer coaching where participants are provided with the tools to coach and support each in the reinforcement process.
