What are commercial skills?

What are commercial skills?

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. Commercial awareness may also be refereed to as ‘Business Awareness’ or ‘Organisational Awareness’.

How do you demonstrate commercial awareness?

You should demonstrate your commercial awareness through showing that you have completed a good amount of research on the employer on the sector (particularly at interview, when answering questions or when asking your own questions) and by whether you factor in commercial considerations when approaching scenario-based …

What is an example of commercial awareness?

What is an example of commercial awareness? Say a client wants to sue a supplier for £1,000, for example. Clients expect law firms to know the law, but they also need to be able to “add value”: to build a relationship and demonstrate that they understand their business and its complexities.

Is commercial awareness a skill or quality?

Commercial awareness is an important skill across the whole legal profession, not just in the corporate world. For example, to be a successful private client lawyer, you must understand clients are business owners themselves.

Is a commercial skill?

Developing commercial skills Marketing and sales to distinguish the product or service and identify the target market. Entrepreneurial skills to motivate innovation and creativity. Team activities to generate ideas. Leadership skills that stimulate a commercial mindset.

How do you develop 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.

What skills do I do well?

The top ten skills graduate recruiters want

  • Commercial awareness (or business acumen) This is about knowing how a business or industry works and what makes a company tick.
  • Communication.
  • Teamwork.
  • Negotiation and persuasion.
  • Problem solving.
  • Leadership.
  • Organisation.
  • Perseverance and motivation.

How do trainees demonstrate commercial awareness?

For example, if you’ve set your sights on a leading national or international firm, you could develop relevant commercial awareness by reading the Financial Times and being aware of developments in the world of business, such as mergers and acquisitions among market-leading companies and the impact of Brexit on …

What is commercial work experience?

Commercial work experience is highly valuable as it offers an insight into the role of a commercial lawyer. It can be formative in helping students decide whether to pursue a career in the field and expose you to the general responsibilities and tasks associated with the role.

What is a meaning of commercial?

Commercial means involving or relating to the buying and selling of goods. Docklands in its heyday was a major centre of industrial and commercial activity. Attacks were reported on police, vehicles and commercial premises. Synonyms: mercantile, business, trade, trading More Synonyms of commercial. 2.

Why is it important to have commercial awareness skills?

Commercial awareness is one of the most sought-after skills by employers yet it’s one that is often overlooked by job applicants. Being able to demonstrate these skills can give you a huge advantage when it comes to completing application forms or attending job interviews.

Why do you need commercial awareness as a lawyer?

As a lawyer, you will need commercial awareness as well as legal skills to help both your employer and your clients achieve their goals. Commercial awareness is an important skill across the whole legal profession, not just in the corporate world.

What are the two layers of commercial awareness?

There are two layers to commercial awareness – understanding your clients’ businesses and understanding the law firm itself as a business. Understanding clients’ organisations and the markets they operate in enables lawyers to provide quality advice that helps the client achieve their aims.

Which is the Best Podcast for commercial awareness?

We recommend “Thinking Commercially”, Bright Network’s own commercial awareness podcast in partnership with commercial awareness author, Christ Stoakes. Find it on Apple Podcasts, Spotify or Google Podcasts and get monthly updates on what’s going on in business and industry.

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