The Perth Leadership Institute has published a white paper that explores the role business acumen plays in leadership development programs.
In the white paper, the Gainesville, Fla.-based provider of business acumen assessment and development programs states that to increase leadership development programs’ effectiveness, they must include business acumen assessment and development.
Additionally, the white paper lays out the differences between business acumen and business literacy training, a crucial distinction in creating leadership development programs.
As such, the white paper includes program templates learning executives can use as the basis for these sorts of programs.
The research outlined in the white paper is based on “The Three Financial Styles of Very Successful Leaders” by Dr. E. Ted Prince, Perth Leadership Institute founder and CEO.
He said some companies are starting to move in the right direction — many now recognize that they ought to be teaching up-and-coming leaders business skills.
“Leadership development programs in general have ignored the crucial issue of business acumen and have therefore not addressed a key issue for business managers and executives,” Prince said.
Many organizations still have a long way to go, however.
“Some companies have started to try to address this issue but instead have introduced business literacy programs, which still does not address the issue,” he said.
Prince said the new white paper can act as a sort of road map as companies seek to bolster their future leadership ranks and improve leadership development programs.
“Our white paper is our attempt to show companies the importance of the issue and to provide practical steps to address it,” he said. “Companies that do this will significantly improve the effectiveness and relevance of their leadership development efforts.”
