A well developed business acumen is an extremely valuable skill in the B2B industry.
Some people call it intuition, others label it as the result of years of experience. In any industry that you go into, having proper business acumen is the difference between building and running a hugely successful company or struggling to get along.
What Is Business Acumen?
Business acumen is also known as business sense – which is the ability to quickly analyze and understand a situation, and come up with a desirable solution. Business acumen is used in sales during negotiations and understanding where your prospect is coming from, in order to influence them and create a win-win situation for everyone involved.
For example, let’s say you are the CEO of your company and you are in a business meeting with another CEO. When you mention the price of your product, he replies with “We don’t have that much money at the moment”.
What kind of response do you think someone with a strong business acumen reply with?
1) That is unfortunate, however, I would love to do business with you when you have the money. Give me a call when you do.
2) I understand your situation. If I were to offer you a discount, would you be able to afford my services?
3) I understand, I get cash flow problems from time to time as well. Would paying in installments on a monthly basis work for you?
Someone who lacks good business acumen would most likely pick the second or first option. They lack the awareness that there are ways to close the deal without lowering the price, or take their prospect’s response at face value instead of looking at what’s underneath, what’s not being said. Developing a strong business acumen is immensely valuable when it comes to doing business, because it allows you to sense what is not being said and confront it, and close the best deal possible.
Benefits of A Well Developed Business Acumen
Taking the time to develop your business acumen can go a long way. Being able to sense the desires of your prospect and understand the situation in that precise moment allows you to build trust with business people.
For example, let’s say you notice your prospect is shifting in their seat whenever you mention a certain word, and you ask them in an indirect way if time is an issue for them, only for them to suddenly sit up straight and begin telling you everything that’s on their mind.
In that moment, because of your developed business acumen, you are able to read the prospect’s mind and make a good guess as to what’s bothering them. This allows you to address the problem directly, get to the core of what’s preventing them from saying yes and close the deal.
Outside of sales, business acumen is used in coming up with a business strategy, adapting to changes and events, and creating marketing campaigns that will offer a high chance of success. This is called commercial awareness.
Commercial awareness is an understanding of how industries and businesses work. It’s about knowing what’s going on in the world and analyzing the way it might impact on your chosen sector and company. For example, with strong commercial awareness you can predict recessions, inflation, economic crashes, and plan ahead to prepare your company for what’s about to hit.
Some of the most successful business people today have extremely well developed commercial awareness. For example, Warren Buffett reads the news every single day to keep himself updated on events that are happening around the world. With this knowledge, he uses it to predict where the stock market will be in 1, 5 or even 10 years, and can take advantage of the current situation to capitalize on it.
Business Acumen And Human Nature
A strongly developed business acumen is valuable because of its psychological effect on human nature.
When you are able to read someone’s mind, and know exactly what they want to say before they say it, it establishes a bond between you and them. Your prospect feels as though you understand them, that you are their friend. There is rapport between the two of you, and as a result they are more likely to trust you.
A prospect that trusts you is more likely to be honest, and lower their guard. Instead of throwing objections at you and making the conversation go nowhere, they will be honest and tell you exactly what’s on their mind. If they are interested in your service but have a few objections such as the price or having doubt that it will work for them, you can ask them what’s on their mind and they are much more likely to be direct and honest with you.
This way, you can address their questions immediately, and provide them with an answer that satisfies their doubts and fears and lead them to a close. Instead of playing back and forth with someone who you can sense is hiding something from you, you get the full story laid out in front of you – which with good business acumen, you will know exactly how to respond.
HTC Platinum – The Elite of the Elite
For business owners, executives and CEO’s who are looking to improve their business acumen, HTC Platinum’s community of elite high performers and high ticket closing at the highest caliber can help them take their skills to the next level.
Applicants learn how to master the B2B sales process, inbound and outbound negotiation techniques and develop advanced business acumen to raise their performance in life and business. Many members of our community have used their newfound skills and abilities to achieve celebrity status and secure deals and business agreements that set themselves up for life.
Is High Ticket Closing Right For Me?
As this community is reserved only for the elite who are looking to become the best version of themselves, not everyone will be cut out to succeed. If you are someone who spends money on luxury items lavishly, has a low tolerance to pain and failure, or believes success should come just because they “paid for it” without putting in the work, this program is not for you.
However, if you are someone who:
- Believes success is a byproduct of hard work
- Is prepared to commit and do whatever it takes to achieve their desired dream lifestyle
- Is ready to take the next step and join a community of high performers who are laser focused on taking their business and lives to the highest level
Then you might just be a good fit.
Applicants that are accepted receive just some of the following bonuses:
- Done for you sales scripts
- Live roleplay practice sessions
- Advanced business coaching
- Sales call feedback
- Personal mentoring, classes and accountability to ensure success
Business acumen is all about sensing the situation and being able to read your prospect’s mind. Those who have a well developed business acumen are able to close more deals, influence people to like them and build trust and relationships.
If you are ready to begin your journey and go through an internal shift in perspective, develop advanced communication skills, learn business knowledge, and get equipped with an unfair advantage over your peers, apply today.