Business Acumen

In today’s turbulent and challenging business environment, engineers need to have more than technical ability to succeed, they also need business savvy. They need a good understanding of the financial dynamics of business; how economic value is created and how business leaders (and shareholders) keep score.

This one day business acumen training deals with how non-financial variables (especially decisions and actions) affect financial variables, and how the financial variables are interrelated. A particular focus is on how to identify and action profit creating opportunities.

Recognised for Continuing Professional Development (CPD) by Engineers Australia (EA) in accordance with EA CPD Guidelines.

Target Audience

For those who are new to the business environment, or for those who are in need of updated/refreshed knowledge and skills to support them in making better business decisions.

Course Outline

This course has been developed to provide engineers with a good grasp of the financial fundamentals of business from a value/profit creation perspective.

The course consists of four sessions, which build on each other:

1. Business Acumen Defined;
2. Fundamentals of Finance;
3. Keeping Financial Score; and
4. Leveraging Financial Results.

These sessions will cover a wide range of important concepts and principles,including:

• A high-level systems view of organisations.
• Funding of assets and financial leverage.
• Working capital, cash flow and profit.
• The format of Income Statements and Balance Sheets.
• Shareholders’ ROI and return on capital.
• The minimum profit required by shareholders.
• Key variables for managing return on capital.
• The importance of ‘free credit’.
• A useful hierarchy of financial measures.
• The productivity-quality-profit link.
• Good vs bad costs and hidden costs.
• The deadly wastes that exist in all businesses.
• A practical approach to applying business acumen

Participants will be introduced to unique financial models, gain practical insights, analyse a financial case study, get to grips with financial jargon, look at the business from an executive’s perspective, learn how to interpret key financial statements, and much more.

Course Objectives

The primary objective of this course is to strengthen professionalism, personal effectiveness and credibility within the context of business acumen.

In particular, engineers need sufficient financial know-how to be able to fully participate in discussions that relate to financial goals or priorities and to communicate effectively with executive managers and financial specialists.

At the end of the workshop participants will have:

• Good grasp of the interrelationship of financial variables and metrics.
• Increased business acumen and orientation to financial goals/priorities.
• More confidence in communicating with senior managers and financial people.
• Ability to ask sensible questions about commercial issues and performance.
• Better able to justify proposals/recommendations from a financial perspective.

Registration

Please select your preferred location and date from the below table and then click on the REGISTER NOW button.

A 10% saving applies for Engineers Australia Members or for group bookings of 3 or more participants.