Business Acumen for Project Managers: Everything You Need to Know to Succeed as a Project or Program Manager.
by Steven Haines, November, 2023
Who
Steven Haines:
Steven Haines’ ideas and books have contributed to corporate growth strategies for more than two decades. His enthusiasm and focus have contributed to best-selling business books that include Business Acumen for Project Managers, How to Create a Winning Strategy, How to Create a Business Case, and The Product Manager’s Survival Guide (2nd ed.). Steven is the founder and CEO of Business Acumen Institute, a global training and advisory services firm focused on building business acumen excellence for emerging leaders and managers. He’s also the founder of Sequent Learning Networks, a product management training and advisory services firm.
Beyond his business acumen, Haines demonstrates a deep commitment to public service and academia. He holds an honorary trustee position and serves as a Professor of Public International Law at the University of Greenwich, specializing in Ocean Governance and maritime security. His scholarly contributions extend to impactful research and publications, notably his work on international guidelines for safeguarding educational institutions during armed conflicts. Furthering his dedication to societal well-being, he is a member of Shelter England's Board of Trustees, and has previously served as the Public Affairs Director at Impetus, demonstrating a commitment to aiding vulnerable populations.
It's important to note that the name Steven Haines is shared by other accomplished individuals. Among them are a respected musician and educator, currently the Interim Director of the Miles Davis Jazz Studies Program at the University of North Carolina Greensboro, and a skilled trainer, bodyworker, and author specializing in trauma and pain management, best known for his books "Pain is Really Strange" and "Trauma is Really Strange". However, the steven haines that is the author of the business acumen books, is the CEO of Sequent learning networks, and the professor of law.
Steven is based in New York City and can be reached on LinkedIn or through the contact page of Business Acumen.
Book Summary:
Steven Haines' 'Business Acumen for Project Managers' isn't just another theoretical exploration of business strategy; it's a targeted toolkit designed to bridge the gap between project execution and strategic organizational impact. Haines understands that project managers, while often masters of process, frequently lack the broader business perspective needed to truly drive value. This book addresses that critical gap.
Instead of rehashing generic business principles, Haines provides a practical framework, notably through the 'Business Acumen Canvas,' that empowers project managers to analyze and understand the financial, market, and strategic drivers behind their projects. He emphasizes the shift from task-oriented delivery to outcome-focused leadership. For those versed in strategic planning, Haines' work offers a crucial translation: how to apply those high-level concepts to the day-to-day realities of project management.
The book delves into the nuances of stakeholder communication, highlightin
g the importance of speaking the language of executives and demonstrating the tangible business impact of project decisions. It goes beyond simply understanding financial metrics, pushing project managers to consider the strategic implications of resource allocation and risk management. For seasoned business professionals, this is a reminder that even well-defined projects can fail if they aren't aligned with the overarching strategic goals of the organization.
Haines' work is particularly relevant in today's dynamic business environment, where agility and strategic alignment are paramount. This book doesn't just advocate for business acumen; it provides a clear, actionable path for project managers to develop and apply it. It’s a valuable resource for those who recognize that effective project management is not just about delivering on time and within budget, but about driving strategic value and contributing to the organization's long-term success.
Haines combines theory with practical insights, offering real-world examples and case studies that illustrate how project managers can enhance their strategic value. His approach encourages project professionals to think beyond execution and adopt a broader leadership mindset.
Book Review:
Business Acumen for Project Managers by Steven Haines is an essential guide for project managers looking to expand their influence beyond execution and develop a strategic mindset. Haines argues that project managers must understand the broader business context to drive real impact, going beyond schedules and deliverables to align their work with organizational goals.
One of the book's strongest points is its clear explanation of how business acumen enhances project success. Haines provides a structured approach to improving financial literacy, strategic thinking, and stakeholder management—three areas where many project managers struggle.
The book is a transformative guide for project professionals seeking to break free from the traditional confines of task-oriented execution. It's a compelling argument that true project success transcends mere adherence to timelines and budgets, emphasizing the critical importance of aligning projects with the organization's overarching strategic objectives. Haines champions the idea that project managers must cultivate a deep understanding of the broader business context to truly drive meaningful impact. This is also where you see that this book is to elevate the project managers to a leadership role. If you are new to the concpet, this book may be more for your growth planning.
One of the book's most compelling aspects is its ability to demystify complex business concepts, making them accessible and actionable for project professionals. Haines provides a structured approach to developing essential business acumen skills, including financial literacy, strategic thinking, and stakeholder management. He skillfully translates intricate concepts like cost-benefit analysis, risk evaluation, and financial modeling into practical tools that project managers can readily apply in their daily work. Imagine a project manager who can not only deliver a project flawlessly but also articulate its impact on the company's bottom line, engage in strategic dialogues with executives, and contribute to informed decision-making. This is the metamorphosis Haines aims to inspire. The practical frameworks, such as the Business Acumen Canvas, serve as invaluable tools for shifting the project manager's perspective from isolated tasks to integrated strategic initiatives, fostering a holistic understanding of the project's place within the organization.
However, the book is not without its challenges. Some sections require a solid foundation in business strategy and finance, potentially posing difficulties for readers with limited prior exposure to these concepts. While Haines provides general principles, the lack of diverse, industry-specific examples can limit its immediate applicability, particularly for those in specialized fields or smaller organizations. For instance, a project manager in a niche manufacturing firm might find it challenging to directly apply case studies from the tech or finance sectors. Furthermore, those seeking a prescriptive, step-by-step guide will find Haines' approach more conceptual than procedural. He provides the framework, but the application requires critical thinking, independent analysis, and a willingness to connect the dots. This is not a book for those who prefer a rigid, paint-by-numbers approach; it's a guide for those who are eager to think critically and lead strategically.
Despite these limitations, 'Business Acumen for Project Managers' remains an invaluable resource for project professionals seeking to elevate their strategic impact. It effectively bridges the gap between project execution and strategic business thinking, offering practical guidance for those who aspire to more than just delivering projects on time and within budget. Haines' work serves as both an educational tool and a catalyst for professional growth, empowering project managers to transform themselves from tactical executors into strategic business partners. For those who are ready to move beyond the technical aspects of project management and embrace strategic leadership, this book is an essential read. It's an investment in your professional development, offering actionable insights that can help you secure a seat at the leadership table and contribute meaningfully to your organization's long-term success.
Practical and Technical Benefits for Project Managers:
Practical Benefits:
Enhanced Stakeholder Communication: Framing project updates in business value terms.
Improved Decision-Making: Making informed choices on resource allocation and risk.
Increased Project Relevance: Aligning project tasks with strategic organizational goals.
Proactive Risk Management: Anticipating and mitigating risks with financial and strategic understanding.
Career Advancement: Elevating value and opening leadership opportunities.
Better Resource Allocation: making informed financial decisions about spending.
Technical Benefits:
Improved Requirements Gathering: Eliciting relevant requirements aligned with business objectives.
Enhanced Scope Management: Evaluating scope changes based on project value and strategic impact.
More Effective Risk Assessment: Accurately assessing financial and strategic risk impacts.
Better Project Reporting: including valuable financial and strategic data in project reporting.
Refined Project Prioritization: Prioritizing tasks and projects based on strategic goals.
Conclusion
Business Acumen for Project Managers by Steven Haines is an insightful and practical guide for project managers who want to go beyond execution and become strategic contributors to their organizations. The book effectively highlights the importance of financial literacy, strategic thinking, and business alignment, offering frameworks and tools that help project managers connect their work to broader company objectives.
Haines successfully argues that project managers must understand the business landscape, not just their project scope, to drive real value. His emphasis on financial analysis, competitive positioning, and stakeholder engagement provides a solid foundation for those looking to sharpen their business acumen. The book’s structured approach and practical applications make it particularly useful for mid-career project managers aspiring to take on leadership roles.
However, some sections assume a baseline knowledge of business strategy and finance, which could make certain concepts challenging for those new to these topics. Additionally, while the book focuses heavily on corporate environments, more diverse case studies could have made the lessons more universally applicable.
Despite these minor limitations, *Business Acumen for Project Managers* is a must-read for professionals looking to elevate their role beyond execution. It challenges project managers to think beyond schedules and budgets and instead position themselves as strategic enablers of business success. Those willing to embrace this mindset shift will find Haines’ insights invaluable in advancing their careers and making a greater impact within their organizations.
BONUS
This book presents 5 stories
1- A CEO’s Perspective on Projects
Outcome: Project managers became more aware of business priorities, leading to better decision-making.
2- Story: The CFO’s Budget Challenge
Outcome: The project secured funding and delivered measurable business value.
3- Story: Market Research Saves a Failing Project
Outcome: The revised product met customer needs and became a market success.
4- Gaining Executive Buy-In
Outcome: The project gained leadership support and was successfully implemented.
5- Adapting to Competitive Shifts
Outcome: The project stayed relevant and increased customer engagement.
Three Key Recommendations from the Book
Think Like an Executive: Always consider how your project contributes to the company’s overall success.
Develop Financial Skills: Learn how to read financial statements, assess ROI, and manage budgets effectively.
Understand the Market: Keep an eye on customer needs, competitive trends, and industry shifts to ensure project relevance.
Key Questions & Answers
Q1: Why do some projects fail despite being well-executed?
Answer: Because execution alone isn’t enough—projects must align with business strategy and deliver measurable value.
Key Insight: Project managers need to understand business priorities to ensure their work remains relevant.
Q2: How can project managers become more influential?
Answer: By mastering financial literacy and strategic thinking, they can communicate project value in terms executives understand.
Key Insight: Influence comes from understanding and speaking the language of business leaders.
Q3: Is financial knowledge necessary for project managers?
Answer: Absolutely—understanding budgets, ROI, and cost structures helps in making smarter project decisions.
Key Insight: Financial acumen allows project managers to optimize resources and justify funding.
Q4: How can project managers adapt to changing business conditions?
Answer: By staying informed about market trends, competition, and customer needs, they can adjust their projects proactively.
Key Insight: Business awareness ensures long-term project relevance and success.
