What is commercial awareness and business acumen?

Commercial acumen can be defined as an awareness of how a business operates, as well as an understanding of the factors that determine the performance of the company. Essentially, it is a know-how of how the business is run. The exact definition and value of commercial acumen will vary from business to business.

How do you apply commercial focus in the work you do?

There are a number of things you can do to improve your commercial awareness:

1. Read the business pages of newspapers, and general interest economic magazines such as The Economist, readily available online.
2. Watch or listen to the news channel, most large news agencies broadcast programmes that focus on business news.

How do you show commercial awareness?

You should demonstrate your commercial awareness through showing that you have completed a good amount of research on the employer on the sector (particularly at interview, when answering questions or when asking your own questions) and by whether you factor in commercial considerations when approaching scenario-based …

How do you keep your knowledge of business and finance current?

Let’s take a closer look at the six easy ways that will ensure you’re ahead of the game and on top of your industry trends.

1. Use your professional/social networks.
2. Subscribe to industry/trade magazines, blogs and newsletters.
3. Ask your employer for support.
4. Undertake refresher courses.
5. Watch webinars and podcasts.

How do you build commercial awareness?

To develop commercial awareness, learn about how your organization operates and how it makes money. Stay on top of industry news and events, and use social-networking sites like LinkedIn to reach out to other professionals in your sector, and to participate in groups and discussions.

How can I improve my commercial skills?

Ten ways to boost commercial skills…

1. Hire commercial people.
2. Make commerciality everyone’s business.
3. Collaborate with stakeholders.
4. Establish what good looks like.
5. Challenge specs.
6. Measure the right things.
7. Consider demand.
8. Embrace technology.

How do you prepare for commercial awareness questions?

Some examples of application form and interview questions which are designed to test commercial awareness:

1. What do you know about this company?
2. What do you know about the competitors in this business?
3. How would you sell our company to a potential customer?
4. Tell me about a recent business story that took your interest?