How to develop commercial awareness?
- Work experience and internships. Graduates who have gained work experience will have many examples to draw upon, allowing them to demonstrate commercial awareness at all stages of the recruitment process.
- Read and watch the news. ...
- Join clubs and societies. ...
- Have a point of view. ...
How do I build commercial awareness?
Keep in mind that it takes work to build commercial awareness. You can't develop deep understanding overnight; and it should form part of your ongoing professional development . Your goal is to learn more about your organization, your market, and your industry.
What is commercial awareness in business?
The Cambridge Business English Dictionary defines commercial awareness as, "the knowledge of how businesses make money, what customers want, and what problems there are in a particular area of business.". In other words, commercial awareness is an understanding of what your company needs to do to be profitable,...
What are the best sources of commercial awareness?
The Wall Street Journal, in the US, and The Economist, in the UK, are good examples of business publications that you can read to develop your commercial awareness. Trade organizations and professional networks are also good sources of information about industry events and happenings.
What is good commercial awareness and professional development?
Good commercial awareness enables you to make a positive contribution towards the success of a business, spot opportunities for improvements, demonstrate your commitment, and keep yourself and those around you motivated. Professional development is one of four parts of the ACA.
What skills do you need for commercial awareness?
Business and commercial awareness“You should bring to your role a genuine interest in business…”“Someone who can put the customer at the heart of everything they do”“Want to deliver business results”“Have the confidence to challenge existing business practices and improve market share”More items...
What does it mean to have 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 analysing the way it might impact your chosen sector and company.
What is the importance of commercial awareness?
Commercially aware people think of new ideas, develop new products, spot opportunities, help reduce risk that a business is exposed, make processes more efficient, improve customer service and deliver added value to a business. This is why it's such an important skill and in-demand by almost every organisation.
How do you test for commercial awareness?
Some examples of application form and interview questions which are designed to assess commercial awareness in a candidate: What do you know about our organisation? Who do you think are our main competitors? Tell me about a recent business story in the news that has captured your interest?
What are commercial skills?
It could mean making the most of existing contracts, improving efficiencies in ways of delivering a service, identifying opportunities for new customers or exploring new business opportunities to maximise income of the council.
Is commercial awareness a soft skill?
Commercial awareness also allows employees to make local decisions that are good for the organization as a whole....What is Commercial Awareness?Overview: Commercial AwarenessTypeSoft SkillDefinitionAn understanding of the pressing business forces that shape an organization.2 more rows•Dec 16, 2015
How do trainees demonstrate commercial awareness?
When you start applying for training contracts (or vacation schemes) with commercial law firms, people will tell you that you have to show “commercial awareness”....Understanding The World of BusinessFirst Hand Legal Work Experience. ... First Hand Business Work Experience. ... Other Work Experience. ... Extra-Curricular Activities.More items...
What does it mean to be commercially minded?
commercially-minded in British English or commercially minded (kəˈmɜːʃəlɪ ) adjective. knowledgeable about business; interested in making money.
How do I get into commercial business?
Commerce is the activity of buying and selling. Therefore in order to be commercial in this aspect we need to have: An understanding of our business and the wider business environment in which it sits. Familiarity with the end product or service that we buy or manage.
How do you become commercially aware in law?
What Is Commercial Awareness in Law?Have a firm grasp of your clients' business.Have a wide understanding of the industry in which your client operates.Understand how your client interacts and performs compared with direct competitors.More items...
What does commercially focused mean?
Commercial focus or awareness talks about understanding the strengths and weaknesses of a business in relation to how it gains profit, customer satisfaction, and the biggest challenges. How can you spot a business that view customers as cash cows?
What is commercial all about?
Commercial generally relates to anything business or commerce. A commercial is an advertisement for a business. Commercial activity is selling goods or services for-profit.
What is an example of commercial awareness?
Although it may not seem like it, maintaining a positive relationship with clients is another example of commercial awareness. Keeping customers happy is the only way to ensure a business continues to run, and you must be aware of this when interacting with them.
What does it mean to be commercially minded?
commercially-minded in British English or commercially minded (kəˈmɜːʃəlɪ ) adjective. knowledgeable about business; interested in making money.
What does it mean to think commercially?
Commercial Thinking, or commercial awareness, is simply the knowledge of the business and industry your role operates in. When applied to work it shows whether or not you have a deep understanding of the commercial models and strategies that underpin the business, product or service you provide.
Why do solicitors need to be commercially aware?
Commercial awareness is important for law firms because they invest a significant amount of money in each trainee solicitor. They therefore want to ensure that the trainees that they recruit have knowledge and understanding of the business world so that they can relate their legal advice to their clients' interests.
How to improve commercial awareness?
Take on voluntary roles that will help improve your commercial awareness. For example, does a local club need someone to take on a project? Does your children’s school PTA or similar group need a treasurer? Roles like this will increase your understanding of how organisations find or make money, and how they judge how well it is being used.
What is Commercial Awareness?
Commercial awareness is the ability to understand what makes a business or organisation successful, through either buying or selling products or supplying services to a market.
How is the success of a company determined?
Keep an eye on the markets. The success of many larger organisations is determined by their stock and share values. It can be useful to have a general idea of whether stocks and shares of relevant organisations are rising or falling. This information is readily available in the financial press both in print and online. Significant rises and falls in the perceived value of a company are often reported on news channels.
How to get a good grounding in economics?
Read the business pages of newspapers, and general interest economic magazines such as The Economist, readily available online. These will give you a good grounding in the general financial and economic situation in the world. If you’re looking for work in a particular sector, you should also read the specialist press for that sector. See our page: Critical Reading for ideas on how you can make your reading more effective.
Is commercial awareness a skill?
Commercial awareness is a highly-valued skill in the current employment market.
Can you use commercial awareness in job advertisements?
With the huge changes that have happened in the public sector around the world over the last five years, it can sometimes seem that citing the need for commercial awareness in job advertisements is a way of saying ‘You must have worked in a commercial organisation, and not just in the public sector’. But you can develop commercial awareness working anywhere, including on a voluntary basis, or even by reading and studying.
What does it mean to be commercially aware?
Above all, remember that all businesses – and the markets they operate in – are constantly changing; being commercially aware means staying on top of new developments and keeping abreast of current events.
What do employers want from candidates?
Employers want candidates to demonstrate a clear understanding and a keen interest in how their company operates, which means to be successful you need to familiarise yourself with the company’s products and services, departments and divisions and the different roles they offer.
What are the Benefits and Uses of commercial awareness?
Peoples who have lots of knowledge in company profitability, also the industry well, and also know the key areas of their competitor.
Why is it important to understand your company?
It is very important to understand your company deeply in order to take it further. Be in term of profits or sales, every aspect would require you to have a deep understanding of your company. This is what commercial awareness does. It helps you develop an understanding about the company.
How to develop commercial awareness?
It should be noted that you can’t develop commercial awareness overnight; it should form part of your ongoing development throughout your research, work experience and internships. Here are some of the ways you can help develop your commercial awareness.
What sort of questions might I get asked in an interview?
Now we’ve gone through the ways you can develop commercial awareness, how might this come up in an interview? Here are some of the questions you might want to look out for;
How to improve commercial awareness?
Any practical work experience can help improve your commercial awareness, even if it’s within a different industry. Part-time jobs, voluntary work and internships are all great ways to develop a deeper understanding of a business or organisation, so don’t be afraid to ask plenty of questions and take on complementary tasks (managing a budget for a student society, for example). Once you’re in a training role, make the most of the experience: take the opportunity to work within different teams and departments, learn from the people around you – especially those responsible for making commercial decisions – and attend industry talks and events. After any new experience, think about what you learned: what skills did you develop? How did you overcome challenges? Did you add value or suggest any improvements? And what might you have done differently if you were in charge?
What is commercial awareness?
Also called business acumen, commercial awareness is about understanding how a business works, the wider industry in which it operates, and the external influences – economic, political, technological – that impact it, as well as the part you can play within it.
Why is commercial awareness important?
Commercial awareness should form part of your ongoing professional development throughout your career, keeping up to date with a constantly evolving economic and political situation, and embracing opportunities to assess and improve your own understanding and performance. The higher you rise within an organisation, the more important commercial awareness becomes – and those opportunities for progressing into more senior roles won’t come along without it. Good commercial awareness enables you to make a positive contribution towards the success of a business, spot opportunities for improvements, demonstrate your commitment, and keep yourself and those around you motivated.