For years women have outperformed men on 50 to 80 percent of the skills measured by traditional leadership assessments and performance reviews (this according to Business Week and other studies). But only about 15 percent of F500 corporate officer positions are held by women, down from 16.4 percent in 2005, according to Catalyst. And although women in the pipeline are at near parity, women in line leadership functions hovers below 10 percent.

If, as studies report, women are such great leaders, why aren't there more of us at the top—or in the line positions that are often the pathway to the top? And what will it take to change the numbers?

While women are seen by bosses as outperforming men in the areas of interpersonal skills (e.g., sensitivity to others, willingness to listen and the ability to work with and develop diverse people) and noted for personal/professional excellence (follow through, honesty and intelligence), men rank much higher when it comes to business acumen (including business smarts, understanding financial issues, building strategic relationships, driving strategy and innovation). So, for women, the missing make-or-break element of the success equation is business acumen.

Business savvy is not gender specific, but perceptions are. Men, assumed to possess a more natural inclination towards numbers and business acumen, are more likely to be mentored or groomed for those qualities. Many companies rely on leadership development programs to level the playing field—and have been doing so since the 1970s. But since the programs were designed to shore up male executives' shortcomings (i.e., interpersonal skills), they neglect to focus on what men have already mastered—namely business smarts—giving short shrift to the "corner office" skills women are perceived as lacking.

How can women bridge the gap between middle management and corner office? Here are five steps explored extensively in No Ceilings, No Walls, a primer on the business skills women need to shatter that glass ceiling:

1. Understand Positional Purpose

Whether you are entry-level or C-level, you can wear the mantle of leadership. Innovation and strategy are often driven by great ideas from junior associates, and taking the initiative to think beyond your job-title box shows you've got what it takes. That means being for the business (acting like you own it), seeing where the organization is going and leading others there, and delivering, delivering, delivering.

2. Master Business Acumen

This means understanding the four outcome categories that tell the story of your organization's health: cash (focusing on two key measures—days of cash on hand and speed of cash generation), growth (achieved through new or enhanced products or services, reaching new customers, moves into new markets and M&A), return (as a function of margin and velocity) and customers (acquiring, serving and retaining them).

3. Cultivate Strategic Acumen

Strategy must do three things: win the customer's preference, create a sustainable competitive advantage and leave money on the table. To help your organization avoid the red zone of failure, you must think strategically and understand that leadership is all about change, all the time, no matter what your level—and that's true more now than ever.

4. Develop Financial Acumen

Financial acumen means being able to interpret the story that the numbers tell and to take the appropriate action (strategic and/or tactical) in response to that story. This means knowing how to read P&Ls, equity statements, balance sheets and cash flow statements. Also, listen in on corporate earnings calls or ask to meet with someone from the finance department who can help you understand the company's numbers and their implications.

5. Use the Language of Power

In business, that's the language of outcomes - and it depends on your audience. As one of my clients brilliantly put it, "When I talk with my boss, I talk numbers first—then people. When I talk with my staff, I switch it to people first and then numbers." And perfect your introduction, focusing on outcomes rather than occupation. For instance, "I help leading companies achieve their business objectives," is much more powerful than, "I'm an accountant."

These 5 steps will help you develop and exhibit the leadership abilities that are expected of high potential employees—and help you build a career with no ceiling and no walls. Lead on!

About the Author

Susan L. Colantuono is the CEO and founder of Leading Women (www.LeadingWomen.biz) where her expertise enables women and companies to meet goals for women's advancement. Susan's new book, No Ceiling, No Walls (www.NoCeilingNoWalls.com) takes a fresh, unblinking look at leadership. It identifies the vital missing pieces of the leadership equation, offering specific, actionable information not find elsewhere. With help from trailblazing women leaders, it helps women create their own career paths by developing the three crucial skills seldom taught in leadership programs.