Business and/or organisation awareness
An appreciation of how businesses operate through having had (preferably relevant) work experience. Appreciation of organisational culture, policies and processes.
Organisational understanding - Understands the organisation's work environment, internal politics, business objectives and strategy.
Indicators:
- Ensures contacts are appropriate for the work being undertaken.
- Knows the relevant internal processes.
- Demonstrates knowledge of the company's business outside of that specifically required in his/her role.
- Makes realistic commitments.
- Delivers outcomes to the agreed level.
- Seeks to understand changing requirements.
- Demonstrates a determination to ensure satisfaction.
Commercial awareness - Understands the economics of the business. Understands the business benefits and commercial realities from both the organisation's and the customer's perspectives.
Indicators:
- Demonstrates breadth of awareness of business knowledge (eg recognises issues in finance, sales, marketing).
- Shows consideration of such business implications as increased revenue/profit, decreased expenditure, increased productivity, improved company image and market share.
- Identifies new business opportunities.
- Takes commercial constraints into account.
- Ability to analyse financial trends (eg revenue, profit, productivity) and forecast accordingly.
Financial awareness - Understands basic financial terms used in organisations and is able to construct and maintain simple financial records.
Indicators:
- Produces and maintains a profit and loss account for a project, programme or practice.
- Produces a budget.
- Maintains financial records.
- Produces forecasts.
- Sets and meets financial targets.
- Analyses financial trends (eg revenue, profit, cash flow) and forecasts.