How do you become commercially aware?

How do you become commercially aware?

How do you become commercially aware?

To develop commercial awareness, learn about how your organization operates and how it makes money. Stay on top of industry news and events, and use social-networking sites like LinkedIn to reach out to other professionals in your sector, and to participate in groups and discussions.

What is a commercial awareness test?

Employers look for candidates who are commercially aware, who can recognise the different trends (political and economic) that may impact their work. Being commercially aware also demonstrates a curiosity and willingness to understand current affairs and the world around you.

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.

How can I improve my commercial skills?

Ten ways to boost commercial skills…

  1. Hire commercial people.
  2. Make commerciality everyone’s business.
  3. Collaborate with stakeholders.
  4. Establish what good looks like.
  5. Challenge specs.
  6. Measure the right things.
  7. Consider demand.
  8. Embrace technology.

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 do you prepare for commercial awareness questions?

Some examples of application form and interview questions which are designed to assess commercial awareness in a candidate:

  1. What do you know about our organisation?
  2. Who do you think are our main competitors?
  3. Tell me about a recent business story in the news that has captured your interest?

How do I prepare for a commercial interview?

If you are preparing for a job interview and want to demonstrate your commercial awareness, here are some quick tips to help you shine in the process:

  1. Do your research. Try to know the ins and outs of the company.
  2. Demonstrate your willingness to learn.
  3. Be confident in your ability and knowledge.

How do lawyers become commercially aware?

Get Some Work Experience. Work experience, part-time jobs and voluntary work all offer fantastic opportunities for developing commercial awareness. It’s a good idea to look for law firm work experience or a placement at a bank. You could also take up a part-time job in a supermarket or restaurant.

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.