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Business Acumen: 6 Ways to Improve Yours

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two business people talking using their business acumen

I’m starting to see an increasing number of articles about older workers and today’s job market. And they’re not positive. Either older workers are being pushed out of their jobs or they’re reluctant to return to work because they’re in a high-risk virus category. Either way, older workers need to start thinking about their careers.

Regular readers of Unretirement Project know I’m a human resources professional. For the next few weeks, I want to spend some time talking specifically about careers. If you’re one of those people trying to figure out what your next career move might look like, I hope you’ll find these articles helpful. 

Today, let’s focus on one of the biggest competencies that organizations expect from employees – business acumen. This should come as no surprise to anyone. It’s important to know the business, be able to talk about it, and make decisions to help the business grow. But honestly, it’s hard to develop business acumen. Oh sure, a lot of people throw business buzzwords around like “growth mindset” and “blue ocean strategy” but do they really know everything those terms mean? In today’s business world, new concepts are being developed all the time. It’s a challenge to stay current, especially when your plate is already full of work. 

Personally, I find it helpful to take inventory of the things I’m doing to stay on top of business. I love lists that remind me to step back and just get focused. So, here’s a list of suggestions that can help build business acumen.

  1. Read (and listen to) the right stuff. I’ve discovered an electronic newsletter called “Morning Brew” that helps me stay on top of business news. Trust me, I hate junk emails as much as the next person, but this isn’t junk. This Monday-Friday enewsletter provides a stock market overview and some commentary about the business headlines of the day. What I really like is the casual, conversational tone. Business acumen doesn’t have to be boring or stuffy. 
  1. Develop a business book library. Today’s business books are refreshingly transparent. I have nothing against the classics like “First, Break All the Rules” and “The Five Dysfunctions of a Team”. But consider checking out “Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones” and “The Science of Self-Discipline”.  You don’t have to buy all of these books. Check them out of the library. Just listen to many different business voices.
  1. Learn how your organization makes and spends money. If you haven’t bought your controller a cup of coffee lately and asked about the profit and loss statement, now might be a good opportunity to do so. Years ago, I did just that and it was one of the best hours I’ve ever spent on my career. The good thing is there’s no rule that you’re only allowed to do it once. Consider scheduling coffee time (maybe via Zoom) with your controller right before budget time too.
  1. Join your professional association. I’m not here to tell anyone which professional organization(s) to belong to.  Everyone needs to figure that out on their own. But I do believe it’s valuable to be a member of a professional organization. And let me add that I feel it’s important for individuals to get involved. Volunteer! Not only will you make friends, but you will learn from your colleagues. Part of developing business acumen includes developing a professional network. 
  1. Step out of your regular responsibilities. The next time the boss is looking for a volunteer, consider raising your hand. Getting involved in project teams can help you 1) learn new knowledge and skills 2) build new working relationships and 3) get noticed by the organization. I know your calendar is already full. These types of extra assignments might be worth it. Both from a learning perspective and your long-term career development. See if you can squeak out a little bit of time to make it happen. 
  1. Know your customer. Do you know who the top ten customers are for your organization? Not just their names, but do you know what they do? Why do they do business with your organization? Years ago, I had the chance to go on some customer calls with the sales team. Very valuable! If you’ve never done it, consider asking a sales manager if you can tag along. You’ll learn a few things and I’d say that the sales department will be happy you did. 

Over time, I’ve come to realize that business acumen isn’t something you learn once and you’re done. Business acumen is changing all the time. Yes, it’s true that terms like profit and EBDITA haven’t changed. We have new terms like blockchain, disruption, and vlogger. If you want to be a contributor, you have to know how to really talk business. And there’s never been a more perfect time to start learning. 

Portfolio Career: An Alternative to Encore Career

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old time image on a cruise ship gentleman reading newspaper during a portfolio career

Given everything that’s going on right now, it’s possible that individuals might have their primary career on hold while waiting for their employer to bring people back to the workplace. Of course, this could be having an impact on planning for an encore (or second) career. However, there is an alternative. 

A portfolio career is where someone works many part-time jobs instead of one full-time job. For example, an accountant might sell insurance and do tax preparation. Or an HR pro might conduct file audits and help people update their resumes. It’s the idea of having several smaller jobs that a person can work on at the same time. 

I understand that for some, this might not be optimal. But for others, this could be exactly the flexibility you’re looking for. If you’re looking at your current and future work options and thinking a portfolio career might be something worth exploring, here are a few pros and cons to consider. Let me add that, depending on your situation, some of the advantages could be disadvantages (or vice versa). 

Advantages

Decide carefully what projects you want to work on. The plus side of a portfolio career is that you can pick the projects you enjoy and minimize the ones that you don’t. A downside can be that in order to make money you take projects that you don’t like, and they don’t produce your best work. So really spend some time soul searching about the work you want to do and that you feel you’re good at. 

Learn to manage your time well. The purpose of a portfolio career is to provide flexibility, while still making a living and feeling fulfilled. Juggling multiple smaller careers isn’t going to be easy. Losing control over your time can have a detrimental effect on your health and wellbeing. You will need to figure out when you’re going to work and how you’re going to handle last minute requests to work on your day off. Trust me. It will happen. 

Consider a long-term strategy. Another great aspect to a portfolio career is that you could start with 3-4 smaller jobs then transition down to one prior to “officially” retiring. This has the potential to be a very viable way to manage your exit strategy while still accomplishing some of your personal and financial goals. But like all strategies, you have to plan and get the support of your family and friends. 

Disadvantages

Realize that you need to market your services. In order to be successful with a portfolio career, people need to know what you do. It’s possible a person might know you as the person who walks their dog when they’re on vacation, but they don’t know that you can also run errands. It will be important to have a marketing plan in place, so you don’t miss out on opportunities. Oh, and don’t forget that there may be some costs involved.

Think about setting up a home office. There’s a good chance that whatever you’re doing for a portfolio career will involve needing a space. Even if you decide to do house cleaning and handyman services, you’ll want a place to keep your calendar and do invoicing. This can be tough, especially if you’re trying to downsize in retirement. You’ll also want to think about your technology needs including internet. 

Balance risk and reward. Again, remember the goal of your portfolio career. The last thing you want to do is go heavily in debt and not see a return on the investment. Maybe when planning a portfolio career, it makes sense to start small and add as time goes on. For example, maybe your current computer equipment will do, and you can save toward buying better equipment in the future. 

There’s more than one way to transition your career during unretirement. Portfolio careers can allow you to start smaller side gigs while working a full-time job. Then when you’re ready, you can make those side gigs your focus. The key is planning so you have the flexibility to be successful.

Image captured by Sharlyn Lauby somewhere off the coast of the Mexican Riviera 

What We Are UP To – The EDIT Edition

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Iceland address wall art 8 ate the edit edition

Disclosure: Occasionally we receive free products for review or include advertising links in posts, but no one impacts the honesty of our opinions.

I’ve seen a couple of articles lately about “editing” as a result of COVID-19. People who are streamlining and/or eliminating things from their life either because it cost too much, doesn’t bring happiness, or it’s simply no longer necessary. I will say that some of the articles mention “editing” people who are racist, homophobic, misogynistic, xenophobic, or just plain toxic. You know what you want and/or need to edit out of your life. Here are a few things we’re thinking about this month. 

Watching | Hot Ones

> This is a YouTube series where celebrities answer questions while eating spicy chicken wings. It’s oddly fascinating for several reasons. I’m meeting people who I didn’t know were considered celebrities. I’m learning that chicken wings are a more popular food than I thought, and people are very opinionated about them. Finally, I’m learning that people’s tolerance for spicy food varies greatly (given how little they edit out of the show). Honestly, it’s kinda a fun distraction. 

Reading | Sourdough: or, Lois and Her Adventures in the Underground Market

> I couldn’t resist picking this book up since we’re making sourdough starter as a quarantine project. It was a fun quick read about a San Francisco tech employee who is given some sourdough starter and has to figure out how to keep it alive. That’s all I’m telling you about the plot! You’ll have to read the rest for yourself. 

Remembering | The pandemic isn’t over

> It’s very tempting as states reduce restrictions and businesses reopen their doors to think COVID-19 is a thing of the past. Not true. Part of our “edit” has been to find reliable information sources to stay on top of what’s going on. In addition to the Johns Hopkins Coronavirus Resource Center, NPR is Tracking the Pandemic and a group of public health and crisis experts have started a site called “How We Reopen Safely”.  

Feeling | Knowledgeable

> Speaking of Johns Hopkins and COVID-19, we just finished taking a MOOC (massive open online course) about contact tracing. This free course is being offered to help people learn some basic skills because states are planning to hire thousands of contact tracers over the coming months. While we’re not planning to quit our day jobs and become contact tracers, I found the course to be very informative about the virus as well as what contract tracers can/can’t do should one contact me. The class on privacy, confidentiality, and ethics was well worth my time. 

Working On | Organizing the pantry

> Thankfully, we enjoy cooking so being at home hasn’t been too much of an inconvenience. What I do miss is wandering around the grocery store! Loved picking up new and unusual items to try. As stores open up a bit more, we’re feeling more comfortable wandering the aisles and looking for new foods. It also means our pantry is getting full and needs some editing rearranging.  

Planning | A closet edit

> This blog post from “A Well Styled Life” reminded me that I’m due for a closet edit. I made quite a few impulse purchases while we were renting and had our belongings in storage. Now that all of my wardrobe is in the same place, it’s time to be more strategic. I’ll also be dusting off my Cladwell app to see if I can find some new ways to style older pieces. 

Loving | Yaupon Brothers American Tea Co.

> As a small business owner, I love supporting other small local businesses. And I love tea. So, when I found this Central Florida company selling tea from the Yaupon Holly plant, I was intrigued and had to give it a try. The indigenous people of Florida used to roast the leaves then steep them in boiling water for a naturally caffeinated, antioxidant-rich beverage. My favorite was the Florida chai, very smooth and no bitter aftertaste. 

Geeking | Sensor Trash Can

> We splurged on a sensor trash can recently and OMGosh, it’s fabulous! Just pass your hand over the top and the lid automatically opens. After a short countdown cycle, it automatically closes. Need to keep it open longer? Just hit a button and it stays open until you manually close it. Very convenient for home cooks like us. And great for cleanliness!

What’s UP with you? Stay safe!

Image captured by Sharlyn Lauby while exploring the streets of Reykjavik, Iceland

Forget Boomers and Get Ready For the Young Old

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Anthony Bourdain quote I don't have to agree with you like the young old or YOLD

I ran across an article in The Economist titled “The Decade of the ‘Young Old’ Begins”. It’s an interesting read worth checking out. “Young Old” – also known as YOLD – is the group of individuals between 65 and 75 years of age. The reason that the group is being called “young old” is because, while their age is in the traditional retirement range, their lifestyles aren’t. 

YOLD individuals are working longer, staying healthier, and represent a significant consumer market. This should not be a surprise to anyone. Regardless of the unemployment rate, organizations need the best talent and YOLD individuals are willing to work a few more years because they want to, and they can save up a few extra dollars. 

There’s research that says remaining in the working world is helping people stay healthier longer. The article cites a study that shows a positive relationship between cognitive abilities and working, which makes sense. And finally, because YOLD people are staying in the workforce longer, they can afford to do some of those things on their bucket list (i.e. spending money on travel).

While this all seems logical, organizations are behind the times when it comes to recognizing YOLD individuals and their value. Here are three areas of focus that businesses should consider:

  1. Ageism. I wish I could wave a magic wand and erase ageism, but I haven’t figured that one out yet. Ageism exists and organizations need to figure out how to create more inclusive workplaces. Not just because it’s the right thing to do. Selfishly, they need the talent and YOLD workers are one of the groups that can bring it. It’s time for companies to realize that inclusionary workforces bring positive results. 
  1. Health Care. Speaking of working longer, if organizations want to enjoy high performance from their employees, then it pays to keep employees healthy – regardless of age. Now, I will admit that some of the responsibility for health falls to the individual – eating right, exercising, and preventative care. But organizations are in a position to make health care affordable. 
  1. Retirement. This is one of the reasons that Keith and I started this blog. Thanks to YOLD, retirement is changing. Yes, at some point, we all will want to stop working and retire. But people want a modern retirement. Since Social Security and Medicare have been enacted, there have been numerous technological and societal changes. Retirement programs need to be updated to reflect the way we live our lives today. 

I understand that YOLD is simply a euphuism. It’s something new and catchy, especially in the wake of “Ok, Boomer.” But YOLD does raise some good points about aging and work, health, and retirement. Not only do businesses need to pay attention but so do individuals. Are you supporting legislators who agree with your YOLD philosophy? Do you support businesses that respect YOLD individuals? And if you’re thinking that you’re so far away from retirement that this doesn’t matter, think again. How does this impact older friends and loved ones?

The time to think about how you want to spend your YOLD years is now. Because you want to spend them your way. 

Loved Ones Must Know Your Health Care Wishes

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wall art heart showing for health care let all you do be done in love

I’m sure that no one wants to read today’s article, but I’m hoping you will. 

This is not an “older person” article. It’s also not a “pandemic” article. It’s also not about having a will – although that’s a good idea. It’s not meant to cause alarm or panic. But if there was ever a time to say to ourselves, “If I got sick, do my family and friends know my health care wishes?” now would be that time. 

I’m saying this a bit tongue in cheek, but when Buzzfeed…you know, Buzzfeed as the source for all of those cutesy quizzes that fill our Facebook page…when Buzzfeed publishes an article titled “The Four Legal Documents that Everyone Needs to Plan for Their Future”, then pay attention. I don’t want to give the whole article away, but here are three of the documents they mention:

A living will is a written statement detailing how you would like your medical and health care treatment to be handled in the event that you’re unable to express it yourself. 

A healthcare proxy is a document that says who can make healthcare decisions on your behalf, when you’re not able to do so. 

A power of attorney is a written authorization for someone to represent you or act on your behalf when it comes to business or financial affairs. 

As you can see, these documents are very inter-related. It might take some time to figure out how you would like your health care treatment handled and who you would like to be your spokesperson. You also have to figure out if the person making the decisions about your medical treatments should be your power of attorney. And then of course, there’s the decision of backups in case your first choice isn’t willing or able to take on this responsibility. 

The point being, the process of putting these documents in place takes time. It’s also recommended to have an attorney create these documents for you, so you have to budget for that. The ideal time to do all of this is when you’re not under the pressure of having to do it. This requires careful consideration.

I’ve probably mentioned this before, but my father-in-law was the ultimate planner when it came to his health care and final wishes. He talked to us for years about it. When his health started to decline, we all knew his wishes and there were no questions. There were no squabbles amongst family members about decisions. Everyone was focused on the same things. 

As a result of COVID-19, I have a few friends who have already begun conversations with their children about their medical wishes should they become ill. I realize that no one wants to do this. But it can be a big relief to everyone to have these health care conversations and draw up these documents so there’s no confusion about what to do and who will be in charge of decision making. 

Image captured by Sharlyn Lauby while exploring the streets of Gainesville, FL

Job Seekers: The 7 Skills You Need For Your Search

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job seekers skills for new job

Job security is on people’s minds today. We’re all seeing the same news about unemployment rates at historic highs. Whether you’re one of the job seekers currently looking for a new opportunity or not, it does make sense to always be thinking about your career and what options you have. 

One of the most important aspects to consider is how you would go about a job search. Let me dish out some tough love here . . . a job search in today’s technology driven world may require a unique approach. Here are a few skills for job seekers to consider:

  1. Goal Management. Careers are about goals. It might be to work for a certain company or in a specific field. You could have a goal to achieve a particular job title (like vice president). We also have career goals surrounding compensation, benefits, and perks. Or maybe the goal is to learn something like “graduate from the Culinary Institute of America” (also known as the CIA). Once we achieve one career goal, then we set another one. 
  1. Organization. We achieve our goals through planning and preparation. It’s possible that, to achieve some of the goals mentioned in #1 (goal management), job seekers need to save money, schedule time off from work, or take some classes. This could involve doing some research. For example, if one of your goals is to obtain HR certification, then you might need to research the requirements, ask your boss for reimbursements, schedule time to study, etc. All of this takes organization. 
  1. Prioritization. I wish I could say that once we set a goal, that’s it. But it’s simply not true. Fortunately, and unfortunately, we have other opportunities present themselves. Some of them won’t sway us from our goals. Others could be so tempting that we need to evaluate them alongside our existing goals. Understanding priorities is incredibly important in figuring out which path to pursue. No one wants to miss out on a once in a lifetime opportunity because they didn’t have their priorities established.
  1. Networking. Speaking of opportunities, you’re not going to get them if you don’t network. I know virtual networking can be hard, but job seekers have to find ways to stay connected. It’s one of the big pluses of social media. Having a network is critical for career development. Your network can help you find new job opportunities. It can also serve as an informal board of advisors. So, being able to build positive trusting relationships is the cornerstone of your future career.
  1. Curiosity. It’s possible that we will miss out on building relationships with interesting people and being a part of exiting opportunities if we’re not curious. I totally agree that there’s no rule that says we must say “yes” to every request but listening can be very beneficial. It can present us with options we never thought of AND it can confirm that the goals we’re currently pursing are the right ones. Understanding our priorities (see #2) can help job seekers constantly re-evaluate the new options being presented.
  1. Risk-Awareness. At first, I had labeled this paragraph Risk-Aversion, but then I changed it. Because it’s not always about taking fewer risks. Sometimes our careers will require us to make bold moves – maybe a relocation or an extra assignment. It’s about understanding the risks associated with the decision and being okay with them. It could also involve having a Plan B (see #1 – goal management) available in case you have to make a change in plans.
  1. Communication. Of course, you knew communication had to be on the list, which is why I made it last. All of the skills we’ve discussed involve having excellent communication skills – both verbal and written. You might want to journal your goals to remain focused. Or chat with a family member or mentor about the risk and rewards associated with a new opportunity. Either way, being able to communicate clearly AND being able to truly listen to feedback and guidance from others will be valuable.

While this list of skills might impress an employer during an interview, that’s really not what it’s for. It’s designed to be a reminder that, whether you’re currently an employee or one of the job seekers, you need to have some ownership of your search. And these are the skills that will help you be good at it. 

What We Are UP To – The New Normal Edition

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brain cramp zombie poster on bus stop implying the new normal

This month we’re watching states relax shelter-in-place restrictions. I will admit that while it’s nice to see places reopening, I’m not sure we’re completely ready to resume all of the activities that we were planning before COVID-19. So, this month, we’re getting ready for a new normal – at least one that we believe will last for the next few months. 

Watching | The Mandalorian

> I’ve never been a huge Star Wars fan, but I have seen the movies. After all the Baby Yoda news, we broke down, ordered Disney+, and watched The Mandalorian. The Child (aka Baby Yoda) is adorable! I’m a fan. This will definitely be a part of our “new normal” viewing schedule. 

Reading | “Love Your Age”

> This was the perfect time for me to pick up this book. Author Barbara Hannah Grufferman gives readers an actionable, practical list of things we can do to feel better about ourselves and live a healthier life. I particularly liked the “master cheat sheet” at the end of the book with tips for things we can do daily, weekly, monthly, and annually. It’s given me some ideas about activities that I should incorporate into my new normal. 

Remembering | Road trips

> I ran across an article in Lifehacker about “Why You Still Need to Drive Your Car a Little If You’re Quarantined” and it reminded us that we need to figure out how to do this. A dead battery is not any fun. So, Keith and I took a road trip to a nearby small-town with a roadside restaurant famous for their barbecue. We ordered online, took a drive, and the restaurant brought it out to the car. The Q was delicious, and the road trip was just what we (and the car) needed. 

Working On | Sourdough starter

> Yep, we jumped on the “make sourdough starter during quarantine” craze. I’m not sure how this kitchen science experiment will turn out, but it has been fun. We’ve researched all sorts of recipes to understand the science of sourdough. And we had to find lots of uses for sourdough starter discard. The best so far? Sourdough peanut butter cookies.

Feeling | Comfortable with face coverings

> I must admit the first couple of times that I went outside with a face covering, it was odd. The face covering doesn’t hurt, and it doesn’t seem to fog up my eyeglasses too much. It just takes some getting used to. Personally, I think I will be wearing face coverings for a while, so I’m thinking about having a small (very small!) collection. That will allow me to always have one available. 

Planning | Meatless meals?

> Is anyone else out there wondering about meat shortages? I’ve been in a few grocery stores over the past month that are limiting meat purchases. The news is talking about supply chain issues. Not sure where all of this is going but Keith and I are thinking about adding a meatless meal to our new normal. We both love lentils, and this might be a good time to test out some recipes. (If you have a good meatless dish, drop a link in the comments.)

Loving | Small tea kettles

> You know, I’m a tea person. Well, I broke my favorite tea infuser and decided to try something new. Instead of a tea infuser, I’m using a small glass kettle (with a strainer). It works great, easier to clean, and significantly cheaper. Sometimes being forced to try new options works out well. 

Geeking | Logic Puzzles

> I’ve mentioned before my love of puzzles. One type that I remember loving (and aggravating the heck out of me) are logic grid puzzles. It’s the type of puzzle where you are given a series of categories and an equal number of options within each category. Each option is used once and only once. The goal is to solve the puzzle using the mathematical field of deduction. 

What’s UP with you? Is there anything that you’ve been doing while sheltering that will become part of your new normal?

Image captured by Sharlyn Lauby while exploring the streets of Chicago, IL