Training: Teaching business acumen helps everyone too

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LONDON — I am still at it. Reading some of the magazines that have stacked up on my desk.

Do you remember Jack Stack? The improbably named head of a small unit of International Harvester who is seen as the father of open-book management? He’s in this same issue of Inc Magazine talking about his daughter’s business and how she had tackled the tough economic times:

Her answer was to make her seven employees financially literate. She now has seven people who think like her. Now it’s the associates who are selling. It isn’t the result of more money in advertising or marketing.
— Jack Stack, SRC Holdings

We call it ‘business acumen’, but you could call it business literacy… some people just assume it’s what you should know to do your job… and we’d agree wholeheartedly with that. Far too few people in businesses actually know what the business is doing. They can surmise things from over-heard conversations. But reports to investors or even reports in the business media don’t really make sense unless they have a deeper knowledge of how business and your business work.

Why wouldn’t you teach them that?

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