If you’re looking to sharpen your leadership edge, building strong business insight is essential. But here’s the good news: you don’t have to wait a decade to get there. With a bit of curiosity and some practical steps, you can accelerate your growth and start making better decisions right away.

Business insight is all about understanding the bigger picture—how markets shift, what competitors are up to, and where opportunities lie. It’s not just about knowing your own business, but also being aware of global economic trends, technology shifts, and best practices from other industries. Don’t just focus on your own patch; often, the best ideas come from outside your comfort zone.

So, how do you get started? Here are three areas to focus on:

External Factors

• Get involved with business communities or industry groups—there’s no better way to keep your finger on the pulse of what’s working (and what isn’t) among your peers.
• Make a habit of reading business blogs and industry publications to stay up to date with the latest trends and insights.
• Attend conferences, even those outside your local market, to broaden your perspective and network globally.
• Follow influential voices in your sector on social media for timely commentary and fresh ideas.
• Aim to read a handful of thought-provoking books each year to expand your thinking.
• Organise focus groups with key customers or suppliers—real feedback is gold when it comes to guiding improvements.

Mindset

• Seek out a coach, mentor, or advisor who can help you challenge your thinking and support your development.
• Try a behavioural profiling exercise for yourself and your team to better understand strengths, weaknesses, and working styles.
• Gather feedback through team surveys or a 360-degree review to uncover blind spots and opportunities for growth.
• Hold regular team reviews with honest, open feedback to foster trust and continuous improvement.
• Make cultivating a growth mindset a priority for yourself and your team—embrace learning and see challenges as opportunities1.

Capabilities

• Commit to ongoing training and professional development—there’s always something new to learn.
• Take advantage of online courses and webinars to build new skills at your own pace.
• Put yourself forward to train others or speak at events; teaching is often the best way to master a subject.
• Stay active in business groups and networks to keep learning from others’ experiences.
• Keep working with coaches or mentors to stay accountable and push your capabilities further

Remember, business insight isn’t a one-off achievement—it’s an ongoing journey. Identify where your gaps are, make a plan, and keep moving forward. The more you invest in understanding your environment, developing your mindset, and building your capabilities, the more effective and influential you’ll become as a leader.

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Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Based on content from Mindshop, a trusted resource for business advisors worldwide. Liability Limited by a scheme approved under Professional Standards Legislation.