Business acumen should be rolled into leadership development programs, according to a white paper by Perth Leadership Institute, a provider of business acumen assessment and development programs.
“The current credit crisis shows what can happen to an industry when its leaders have low business acumen,” said Dr. E. Ted Prince, founder and CEO of the Institute. “Without business acumen, the long-term sustainability and competitiveness of a company, industry or even an economy are jeopardized.”
The white paper shows why business acumen assessment and development needs to be included in leadership development programs, what the main components of a business acumen program should be, the distinction between business literacy training and how to operate business simulations and business acumen assessments. It also includes templates that can be used by HR and leadership development executives.
Before including business acumen in leadership development programs, organizations first need to determine leaders’ skill levels.
“The first step is to establish a baseline so that you know where the business acumen of an individual, team or organization currently stands,” Prince said. “You can do this through business acumen assessments. The next step is to establish a goal for the level of business acumen required to achieve the team or organization’s objectives. From there, it is a matter of building awareness and filling the gap, which can be done through seminars, workshops and one-on-one coaching.”
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