Advancing Business Acumen
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In a constantly changing housing market, forest products and building material industry leaders need the latest business insights to operate efficiently and remain competitive. A graying workforce has increased the need to attract and retain the next generation of leaders. Responding to these challenges, LMC (Lumbermens Merchandising Corporation) has partnered with Wharton to offer an intensive program to bolster the management thinking of its most promising leaders.
LMC: Driving Growth delivers powerful business insights to help high-potential managers in the forest products and building materials industry, so they can improve their financial acumen, strategic planning, leadership and organizational collaboration.
Advancing Business Acumen Program Highlights & Benefits
- Learn frameworks and models that will improve your understanding of the business in key areas of strategy, finance, people, and operations
- Enhance your management ability to solve real-world problems that affect the lumber & building materials retail business
- Network with Wharton faculty and fellow leaders across the country in the LMC dealer network.
- Apply learnings in a real-world case
Experience & Impact
As the forest products and building materials industry ramps up to meet the increase in construction demands, Independent Lumberyards face some challenges; consolidation, pressure to operate efficiently and finding new ways to attract and retain the best talent. LMC, a forest products and building material co-op serving over 360 independent lumberyards, has partnered with Wharton on a unique program to enhance the skills of leaders.
LMC: Advancing Business Acumen offers Independent Lumberyards a comprehensive management training program hosted by the world’s oldest U.S. business school. The program includes interactive lectures and faculty and peer dialogue on the newest core concepts of business, with the opportunity to apply these concepts in their own businesses. Participants will explore working across-organizational boundaries followed by a full day session on finance and negotiation. Additional sessions delve into operations, marketing and talent management strategy before Wharton brings it all together on the last day with material on leadership and change.
Wharton faculty apply their field-based research and the latest strategic insights to help participants learn what they need to know to be a strategic change agent for their organizations.
Session topics include:
- Collaboration and Leadership
- Managing Innovation
- Evaluating Corporate Health: Key Performance Indicators
- Financial Management: Risk, Return, and Investor Expectations
- Frictions and Business Evolution in the Digital Economy
- Marketing Strategy
- Organizational Culture
- Strategic Execution
- Succession Planning
Through highly interactive lectures, exercises, and case studies, both in the classroom and in smaller work groups, this deep dive into essentials of management will enable participants to build industry knowledge and business acumen and apply it to their day-to-day roles, positioning them for broader responsibilities.
Forest Products & Building Material Industry Case Study
A key part of the learning for the week, is when participants apply what they studied in the classroom to an industry related case developed by LMC stockholders and Wharton. Working together in team’s participants must formulate their recommendations for the case study. More importantly, on the final day each member of the group presents their group decision and then has the opportunity to listen and question others sharing different approaches. This last day is an important part of the learning process, enabling participants to apply the basic foundational topics such as finance, marketing and operations to a real-world scenario
Who should attend
LMC: Advancing Business Acumen is designed for emerging leaders and mid-level managers from operations, finance, marketing and human resources in the building and construction industry. Participants include professionals with a business background and a fair amount of business experience who want to polish up their skills as well as individuals making a transition in a functional part of the business to more of general management part of the business. The program also is beneficial to industry professionals with no formal business training but who wish to understand business essentials.
Participants leave the program with an expanded peer network, plus specific tools and frameworks they can use to lead significant change initiatives within their companies or organizations.