Introduction to Commercial Awareness
Boost your business acumen with a crash course in commercial awareness.
Whatever sector you work in, economics, politics and technology all affect your business. So how do you stay ahead of the game? Commercial awareness.
Being commercially aware means keeping up to date with what's going on in your industry. It helps you make better decisions, generate new ideas, solve problems more effectively, and be a more insightful leader.
Newspapers, blogs, podcasts, and social media are great places to start, and they'll help you spot risks and opportunities.
Another important part of commercial awareness is understanding the public perception of your company. You can do this by engaging with customers through surveys, questionnaires or social media, and by tracking your news coverage.
Knowing what's happening in your industry and the economy will help you anticipate your customers' changing needs and stay one step ahead of the competition.
But it's not just the external factors that matter. Being commercially aware is also about understanding what's going on internally, so you can do the right thing at the right time.
Are you aware of your organization's strategic goals and how you contribute to them? Building relationships, networking, or even requesting a secondment can help you learn about what is happening in other parts of the business, and how this affects you and your team.
Internal communications are also an invaluable source of information, and it's important you make time to keep up with what's going on in the organization. Remember, developing your commercial awareness is just as beneficial to you as it is to the organization.
By understanding the financial and strategic environment, you bring more value to your company – but you also become more valuable to it.
To discover five steps to Developing Commercial Awareness, read the article that accompanies this video.