Objectives

The objective of this 1 day session is to help team leaders, supervisors and managers develop their commercial acumen in managing and maximising performance by gaining:

  • an understanding of our sector and clients and what they want and need
  • a clear understanding of the metrics and measures in managing and delivering our services
  • an ability to view situations from a commercial or business perspective using business insights and data to help make good business decisions and hold people and team to account
  • an understanding of how to create and maintain effective strategic relationships
  • an awareness on how the Firm makes money
  • an understanding of how to manage a budget, interpret metrics and evaluate financial performance

Content

  • What is commercial acumen?
    • Characteristics that enable individuals to deliver excellent performance for a business
    • Why does it matter?
  • Understanding the external environment
    • Marketplace and sector awareness
    • Client wants and needs
    • Awareness of competitors
  • Organisational perspective
    • Awareness of the bigger picture and the strategic agenda
    • Critical interdependencies across functions
    • Business strategy
    • Desired outcomes
  • Financial insight
    • A comprehensive understanding of what drives profitability and cash flow
    • Key drivers: asset strength (tangible and intangible), asset utilisation, growth of revenue and profit year over year
    • Understanding financial language
    • Ensuring team members are accountable for financial performance
  • Making good business decisions
    • Basing decisions on benefits to the business
    • Key performance indicators that are representative of the aims and objectives of the Firm
    • Ensuring decisions lead to achievement of KPIs
    • Elements in the Balanced Scorecard
      • Core metrics
      • Other metrics – clients, staff, and cost
    • Being aware of changes in Balanced Scorecard KPIs to reflect business changes
    • Using Scorecards at different levels to drive performance and monitor what is important to areas of the business
  • The importance of data management
    • Business impacts of poor data – impact on the Firm
    • Understanding the Firm`s data policies and principles
    • Actions to take when finding incorrect data
    • Ensuring personal details are up to date in HR systems (self and team members)
  • Maintaining effective strategic relationships
    • Evaluating the effectiveness of relationships
    • Identifying stakeholders
    • Stakeholder mapping and management
  • Understanding budgets and evaluating performance
    • How budgetary planning and the effective and controlled implementation of budgets both support and deliver the Firm’s objectives
    • How to measure and monitor performance against budgets and their objectives
  • Action planning

Who should attend : Newly appointed team leaders, supervisors and managers

Testimonials:
"It is useful to speak to colleagues across departments and share ideas"

How To Book

Please contact your Learning & Development Manager if you are interested in this course.