Do Your Employees Understand How Business Works?
If not, they probably need a little business acumen 101 to ground them in the basics, and teach them how to handle business financials, goals and objectives.
You’d think, by the time professionals enter the workforce they’d have mastered certain skills, like business acumen, but no. That’s why a vendor like Advantexe Learning Solutions, a business simulation-centric training company, announced the launch of a new and advanced virtual learning program, Business Acumen 101, or BA101, this month.
BA101 is designed to teach employees at all levels how to make decisions that will advance the company through interactive short lessons, job aids, gamification and hands-on business simulation. This content covers skills in business strategy, financial management, marketing and sales.
The learning program includes computer-based business recreation exercises that offer users the opportunity to apply their newly acquired skills by essentially taking control of the company in a risk-free environment. Learners can then attempt different business strategies, test ideas and practice different techniques so they can experience the direct results their decisions have on a company’s financial performance.
“Instead of reading eight pages and then creating a theory on what the answer is, imagine being put in the leadership chair of the CEO, and you are responsible for setting and executing the strategy,” said Robert Brodo, co-founder and executive vice president of Advantexe. “You have to think about your market, customers and competitors, and then you actually have to execute your strategy through people.”
Advantexe also has started to develop what they call “driverless learning,” where the entire learning process comes to the user through embedded content with a simulation. “You start with the simulation with no instruction,” Brodo said. “You turn on learning, and then are thrust into this situation where you are presented with information and must weave through it. If you need help, you have access to it inside the simulation so you don’t need an instructor.” He said this kind of hands-on learning approach prompts learners to develop a personal action plan where they can take knowledge gained and review it with a manager.
Once participants complete the program, employees are encouraged to think more strategically and long-term within the company. Brodo said the program is customizable and could be tailored for any particular company’s strategy. The ultimate goal with BA101 is to “provide any organization with a scalable learning tool so that everyone in the company can be aligned in making the right business decisions.”
Camaron Santos is an editorial intern for Chief Learning Officer magazine. Comment below or email editor@CLomedia.com.
Tags: business acumen