The lexicon of the Financial Times defines business acumen as “keenness and speed in understanding and deciding on a business situation.” It goes on to clarify: “In practice, people with business acumen are thought of as having business ‘sense’ or business ‘smarts’.” … Read More
Income/Outcome is a hands-on board game business simulation that puts players into C-level roles running their own business. They become entrepreneurial executives, their teams become corporate giants, and the classroom becomes an entire industry. Income/Outcome is a team competition that … Read More
As part of helping people visualize how they impact the business they work in, our Income/Outcome simulations all use little wooden figures to represent a company’s various job functions. Some stand on the Balance Sheet, for example if their labor … Read More
Just because you follow the recommendations in the previous post to improve your decision-making by broadening your sources of information and opinions, it doesn’t mean all your problems are solved! What happens if everyone has a different opinion? Suppose you … Read More
Good decision-making is impaired by two things: limited information, and by the decision-maker being too narrowly focused – especially when events or conditions are abnormal, or outside the decision-maker’s experience. This is confirmed by a study published in April 2012 … Read More
How do you make sure you are getting good information? And how do you make good decisions, especially when faced with conflicting data or forecasts? You need three things: Business literacy. A common language and common understanding of finance, because … Read More
I believe the speed and accuracy of the flow of information is the greatest competitive advantage available in the business world today. Without it, any business acumen competency is worthless. Stories from three of our clients come to mind: A … Read More
Someone on a LinkedIn forum recently asked: “What kinds of topics would you like to see covered in a 2-day Management Development workshop?” My reply was: “I recommend that the first day be a team-competition business finance simulation: a good … Read More
Going through an Income/Outcome workshop provides a number of business competencies including the ability to read and visualize financial statements. You will make better decisions. In the simulation, you learn to use game board itself as a mental checklist for … Read More