In this world of developing AI (artificial intelligence), it’s more important than ever to focus on developing and honing our uniquely human skills. While AI is capable of performing a wide range of tasks, there are certain skills that it simply can’t replicate – skills like creativity, empathy, and critical thinking. These skills are essential to COMMERCIAL THINKING.
In today’s business world, it’s important to have a strong sense of commercial thinking in order to stay competitive and drive growth. But what exactly is commercial thinking?
Simply put, it’s the ability to think like an entrepreneur within a corporate setting. It’s the mindset of identifying and capitalising on opportunities, understanding customer needs, and driving revenue growth.
Commercial thinking is especially important for large corporate organisations that want to foster entrepreneurial activity within their teams and develop intrapreneurs. By encouraging employees to think more commercially, organisations can unlock new opportunities and stay ahead of the competition.
So, how can you best utilise commercial thinking within your organisation?
Here are some key steps:
Encourage a culture of innovation:
In order to foster commercial thinking, it’s important to create an environment where innovation is encouraged and failure is seen as a learning opportunity. Leaders should make it clear that they are open to new ideas and willing to support employees who want to explore new opportunities.
Focus on customer needs: (remembering that a customer could be within your own organisation)
One of the hallmarks of commercial thinking is a deep understanding of customer needs. Encourage employees to spend time interacting with customers and gathering feedback. This can help identify new opportunities and create better solutions.
Develop a strategic mindset:
Commercial thinking requires a strategic approach to decision-making. This means understanding the competitive landscape, identifying trends and risks, and making informed decisions based on data and analysis.
Commercial thinking isn’t just about individuals – it’s also about teams working together to create better outcomes. Encourage collaboration across departments and teams to share ideas, insights and best practices.
Invest in training:
Commercial thinking is a skill that can be developed over time. Consider investing in training and development programs that focus on entrepreneurial skills such as ideation, risk-taking, and innovation. By embracing commercial thinking, large corporate organisations can unlock new opportunities, drive revenue growth, and develop a culture of innovation. It’s a mindset that can help your organisation stay ahead of the competition and create long-term value for your stakeholders.