The Importance of Being Business Savvy
Developing strong business acumen is a key driver for successful business operations. Generally, business acumen is defined as a deeper understanding of how a business is run. It allows to make smarter and more informed decisions which improves the overall performance of a company.[1] A recent study conducted by the Economist Intelligence Unit has shown that 65% of the surveyed leaders believe that insufficient business acumen limits a strategy’s potential. The study suggests that business acumen skills have a significant impact on a company’s financial success. Therefore, companies and leaders understand the importance of having good business acumen. However, many leaders and employees struggle with the question how to develop the needed skills to become more business savvy.
Business Simulations as a Powerful Tool for Boosting Business Acumen
One way of developing these skills is the use of business simulations. Studies have proven that experiential learning promotes teamwork and communication skills which are considered as a very important ability for business acumen.[2] These skills allow creative collaboration and effective communication across departments within a firm in order to recognize and solve problems. Additionally, business acumen implies the ability to understand key drivers for profitability and growth. Using business games helps leaders and employees to understand these key drivers and enhances critical thinking which is needed to shift a strategy to leverage market disruption.[3]
How TOPSIM can Support Boosting Business Acumen in Your Organization
TOPSIM – business simulations offer a great opportunity to build business acumen and to development important management skills. Our business games enable their participants to understand the whole business and to avoid silo thinking. Experiential learning with TOPSIM allows to experience decision-making processes in a hands-on way. Within a simulation, participants can shift strategies and take initiatives to overcome market disruptions in a realistic but risk-free environment. Our experiential learning methods foster collaboration and teamwork and develop cross-functional decision-making skills.
Our participants rate their experience with TOPSIM – business games as especially valuable:
97% indicate to better understand complex correlations
94% would recommend simulation-based seminars
96% consider participation as a good investment of time
94% had fun during the business game
Are you looking for an engaging tool for building business acumen in your organization? Don’t hesitate to contact us, so that we can find the perfect simulation for your target audience!
[1] https://trainingindustry.com/articles/strategy-alignment-and-planning/business-acumen-7-steps-to-becoming-an-ld-all-star/
[2] https://www.northwell.edu/news/five-advantages-of-experiential-learning
[3] https://business-acumen.com/why-business-acumen-matters/
