Learn How to Communicate with the Executives
So many project managers tell me they aren’t valued even with all the good work they do – meeting project deadlines, staying within budget, taking on the seemingly “impossible” projects and keeping a smile on their faces through it all. I say…of course not! That’s all expected of you! And it’s a good job you can do it all. Want to show your value as a project manager? Learn how to communicate “up the ladder!”
Business acumen is a requirement if you want to be of value to an organization. Let’s define business acumen. Per Wikipedia, it is a concept pertaining to a person’s knowledge and ability to make profitable business decisions. Think of it as the ability to view the business from other angles – from every perspective. Think of the successful entrepreneurs you know – they have business acumen. They understand how to view their business from all angles, develop strategy and implement that strategy. That’s what you should be capable of as a project manager.
Most all project managers are involved in many aspects of the business simply by the nature of their role in the organization: managing projects.
So what does all this have to do with communicating with the company executives? The organization’s leaders know the business inside and out! You need to also! You should know the following about your organization:
- Key products and services and the target audience served by those products and services
- Long-term strategic goals of the organization
- Who the competitors are and how your organization compares to them
- Your organization’s revenue goals and how projects fit into meeting those goals
- Whether there is growth in your industry or if growth has been stagnant
- The potential for growth in your organization
By understanding this, you are better positioned to offer advice and suggestions around projects to be selected to meet organizational goals – you become an advisor to the leadership team. Just think how this helps in working with stakeholders and motivating the project team.
Your thoughts? How much of this information do you know? Do you know how to go about learning what you don’t know? Work out your plan today on how you’ll develop your business acumen. Make it your resolution for 2011 and you’ll take great strides toward moving into a leadership role yourself!
Hi Susanne,
I’ve worked with a few clients who saw the benefit and value and we developed onboarding programs that included a component on business acumen – understanding the business, making your way around the organization, understanding the company’s vision, mission, value proposition, etc. You are correct though that too many businesses do not help with getting their employees – regardless of who they are – trained on the business itself.
For companies that do not do this – it is on the shoulders of the employees – in this case the project manager – to take on the burden of learning about the business themselves. And it is in their best interests to do so. We could argue that it is the responsibility of the organization – and we’d be right! – but why bother – if the organization won’t change, the project manager (and other employees) can learn this on their own – and in the process – build some great internal networks and connections! Every company I have worked with I have had to take it on myself to learn about the business. It makes you more valuable to the company and helps you do your job better.
Thanks for your comment, Susanne, and for reading!
Best regards,
Gina
Hi Gina,
I very much agree with your comments; a project manager must understand the set-up and nature of the business they are working within in order to add maximum benefit and be valued by senior executives. The project manager needs to be able to speak the customer’s language and make effective project decisions on the back of business priorities and insights.
I have seen a few project managers mastering this skill, but not many. Unfortunately it’s not always easy or quick to acquire all the necessary information. Many executives expect the project managers to pick up business knowledge automatically without aiding them in any way. What surprises me, is that the project sponsors, business owners and senior execs don’t make a greater effort to pass on what they know and share their knowledge – and in turn that the project managers aren’t better at asking.
What we need is the acknowledgement that business acumen is a vital capability for project managers which everyone needs to make an effort to contribute to. Spend time with new project managers and explain the ABC of the business. That would get us a long way.