Develop the commercial skills to better understand your customers
Financial Acumen develops the commercial knowledge required to understand how your customers are performing financially and provides the tools required to position the Return on Investment of your solutions.
This knowledge is particularly important in an era where customers need to see the economic benefit of the products and services provided.
The first part of this module focuses on helping you understand how to evaluate the value of deals and identify factors that can impact that value both positively and negatively. You will learn about the different elements that contribute to the value of a deal, such as revenue, expenses, and potential risks.
You will also learn how to evaluate these elements to determine the overall value of a deal and how to negotiate to maximise that value.
Next, this section aims to help you understand the fundamentals of profit and loss (P&L) statements and how they impact a business's financial performance. You will learn about the key elements of P&L statements, such as revenue, cost of goods sold, and expenses, and how they are used to calculate profitability.
They will also learn how to analyse P&L statements to identify trends and areas for improvement and how this could inform the selling process.
This section aims to help you understand how cost/income ratios are used to measure a business's financial performance. You will learn how to calculate and interpret different types of cost/income ratios, such as gross margin and operating income, and how to use them to identify areas for improvement.
The final part of the module focuses on helping you identify strategies for positively impacting these financial statements and avoiding actions that will have a negative impact. As a sales professional, you will learn how to evaluate different business scenarios to determine your impact on financial statements and identify strategies for maximising profitability and financial health.
You will also learn about common mistakes and pitfalls that can negatively impact financial performance.