Book learning is just the first step to a good business education. It's understanding what the company does for a living. The focus that lets technologists master the intricacies of programming or network packets also helps them learn business. It requires conscious effort. But there's good news.
Nothing beats a little real-world experience.
You've got to know the business. Don't just stay a techno-geek head. The business-savvy IT staffer will know how to learn from the people who are driving the business and will assimilate their priorities and point of view. Developing an informal circle of business advisors is an invaluable asset for your tech staff. This extends into the field as well.