Be and Use Business Savvy Consciously
I happily wrote this post from the sleepy little village of El Rompido in Andalusia, Spain. About as close to the Portuguese border as I could be. On a long walk in the nature preserve I was musing on the awareness (or lack of it) that successful women have about how they developed business, financial and strategic acumen.
They Just Don’t See It
I have interviewed dozens of women CEOs, some from Fortune 500 companies, And even more women who hold senior positions - mostly in Fortune 500 or Global 1000 companies.
When I’ve asked them, “What did you do? Or how did it happen? Or what did it take for you to develop Business Savvy (meaning business financial and strategic acumen)? it has consistently surprised me that they have difficulty answering that question.
I think it’s because it’s totally outside their frame of reference about what it takes to succeed in business.
In interviews (conference presentations and their autobiographies) they often fall back on answers like,
“Well, I achieved my success because I developed an extensive network,” or
“Because I relied on my strong team members.”
If prompted, they will talk about having developed an in depth understanding of a function - for example, sales.
Rarely do they talk about having received mentorship, or coaching, or education or experiences that help them gain a deeper understanding of the business, where it was headed and their role in taking it there, or a deeper understanding of the financials beyond the budget they managed. Some will occasionally talk about gaining experience managing a budget. And virtually none of them talk about any concrete experiences or exposure that help them develop strategic acumen.
Clearly in the case of the Fortune 500 women CEOs I’ve interviewed and whose books I’ve read, they have all three. They could not have gotten to the top without being known for having business, financial, and strategic acumen.
I have a hard time understanding why they can’t easily my question. The only explanation I can think of is the fact that they have bought into incomplete conventional wisdom about what it takes to be a leader, i.e.
you have to be a wonderful person
with excellent interpersonal and team skills, and
a network of people inside and outside of the organization.
Why You Must See It
It continues to be my mission in life to expand your understanding of what it takes to be successful inside of organizations, to build far beyond the personal greatness aspects and the engaging others aspects and to hone in on the kinds of knowledge and experiences you also need to be recognized as a partner in the business and to be seen as a viable candidate for advancement.
So, here’s the foundation.
First of all, you have to get results. If you don’t get results, you aren’t even on the table as a prospect or as a candidate.
You have to show that you have business, financial and strategic acumen appropriate to your level. All of that looks different as you move up inside the organization. And in a field of candidates where everyone is there because they’ve achieved results, the first disqualifier would be if you aren’t seen as having business, financial, and strategic acumen, then you’re off the table.
If you are known for Business Savvy, then your team and interpersonal skills and your personal attributes will become the differentiators as to whether you move ahead.
The implications of this are inside your organization when you’re being considered for promotion is that you have to consistently develop your leadership brand. Stay tuned for upcoming posts on the difference between your personal brand and your leadership brand.
If you’re applying for positions outside of your organization, this means you have to put your concrete and measurable business impact along with demonstrations of your business, financial, and strategic acumen front and center in your resume, cover letter, and answers to interview questions. While sharing proven examples of your interpersonal and team skills.
Let’s Recap
There are four things that will represent you as a viable candidate, as a viable candidate for advancement.
The results that you have achieved.
Your Business Savvy: business, financial, and strategic acumen.
Your known capacity for engaging the greatness in others, including a broad network inside and outside of your company.
And the fourth are your personal attributes.
Whether you’re applying for a position inside or outside, these four will matter.
Inside the company, it’s all about reputation, so it’s important to begin to work on your leadership brand.
Outside, opportunities require that you showcase front and center your outcomes, your business financial and strategic acumen and both strongly supported by your engagement skills and attributes.
I hope that someday in the future, when you’re a CEO, or a senior executive and an interviewer asks you, “How did you go about developing your business financial and strategic acumen?” You will say, “Well, I was exposed to the idea in <insert concrete examples> and these are the concrete steps I took and/or the ways mentors and helped me take in order to extend my skills.”
About Me
I’m Susan Colantuono, best known for my TED Talk, “The Career Advice You Probably Didn’t Get.”
I’ve devoted most of my working life to supporting the career advancement of women. Now my work is exclusively focused on offering women tools for developing and demonstrating Business Savvy - the business, financial and strategic acumen we need to succeed and to close The Missing 33% of the career success equation for women.
Now, I’m making my groundbreaking course available in a self-paced version with coaching support right here at Be Business Savvy. Check it out!
You will find other useful and actionable content in my books and other online resources:
No Ceiling, No Walls ebook
No Ceiling, No Walls soft cover
Make the Most of Mentoring soft cover
Coaching Executive Women (occasional) newsletter
Lead ON!
Susan