Commercial Outcomes Focused
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Let’s first think of the definition…Commercial outcomes focused is simply recognising and making decisions based on how our thinking and actions influence both our own business and the impact on the external marketplace.
Commercial outcomes focused is then knowing what’s going on in the world and thus making decisions on the way it might impact the sector in which you operate and on your business itself.
Being commercially aware is an important attribute in all employees, so that they recognise how their role contributes to the bigger picture and in essence to the bottom line…think productivity, quality, and service.
There are a number of reasons why we need to focus on commercial outcomes. The more that you understand and recognise the commercial influences that affect your business, and of the end outcomes in the marketplace, you become more expert in your chosen sector, which both increases your expertise and also, the validity of the decisions that you make.
With increased awareness, this also means that you will have a better understanding of future trends and as a consequence making better decisions in the “now.” This may also include competitor knowledge and your ability to influence the market.
What then becomes important for Senior Managers?
- Having the right set of metrics in a simple and easily understood format, allowing them to make quick decisions as necessary
- Recognise the key areas that will truly make a difference as opposed to simply “business as usual”.
- Understand market trends and how to move quickly as necessary
- A knowledge of the companies USP and also areas that are not in the companies “sweet spot,” to ensure priorities and focus are on the correct areas.
- A close eye on the skills and competencies of the people, thinking ahead and ensuring that its people are always ahead of the game, allowing for continual improved performance.
Always remember that the attitudes and behaviours of your people are based on the culture and direction that you take…once your people have better commercial awareness and communicated in such a way that they feel part of the business as opposed to just a process, results will follow.
The most important choice you make is what you choose to make important. Michael Neill