Business acumen is a fundamental building block of effective leadership. Without a clear understanding of how business works, leaders struggle to make good decisions, explain strategic direction, or engage employees in understanding difficult tradeoffs.
The challenge in developing business acumen is that it isn’t a single skill. Business acumen is a broad set of competencies. Business acumen only begins with understanding financial reports, how decisions impact profitability, and the utilization of assets and cash flow. However, today’s leaders must understand those financial relationships in the broader context of evolving trends in their markets. Today’s leaders must see the big picture and the interdependency of decisions and their impact on the broader organization.
This interdependent dynamic skill of business acumen is best learned through the complexity of a business simulation. Leaders see the impact of their actions across a business and over time; they learn to use financial reports as tools rather than just report cards; they begin to develop judgement that improves their decision making on the job.
By participating in an Insight Experience learning experience focused on business acumen, leaders learn to:
- Understand and read financial statements and identify insights about the business
- Weigh operating decisions for financial impact
- Evaluate investments and their short and long term impact on the business
- Consider and evaluate risk with data
- Frame their proposals as effective business cases
Strategic Finance Program
The Strategic Finance Program is a 2 to 3 day course that teaches business acumen and financial dynamics in a competitive business environment. The business simulation helps participants understand the sources of financial information and enables them to practice financial analysis as a leader.
Dealer Management Program
A 3-day workshop that teaches business acumen and financial concepts in the dealer and reseller industry and focuses on the levers leaders can use to deliver business results. This program has been successfully delivered to Caterpillar employees and Caterpillar dealership managers worldwide.
Learn more about the Caterpillar Dealer Management Simulation (DMS) Program.