How do you know what's the important material that you should take notes on? You may be taking great notes, but they won't be useful if you're not writing down the right things.
The University of Connecticut gives their students a very helpful hint: "If the instructor is talking loudly and waving his arms, you'd better write that down."
Instructors usually will do something to alert you that something is important. There might be little "red keys" in their Power-Point presentations or they'll be waving their arms. Look and listen for those cues. Kick it up a notch when you see or hear them.
Transcribe your notes
A good set of lecture notes has a very short "shelf-life." You won't be able to decipher them more than a couple of days after the lecture, much less late on the night before the mid-term exam.
Re-write and organize your notes on the same day as the lecture. Identify the key points emphasized by the instructor. Put those points into phrases that you understand (and could use on an exam). If you can't find the right phrase, ask your teammates or the instructor for some help. Don't hesitate to raise your hand during the next class and ask, "Could ______ be summarized as _____?"
A big part of this course is learning the vocabulary of business. That means understanding a lot of strange-looking words and phases. And by the way, count on your quizzes and exams including a few "fill-in-the-blank" questions to test your new-found knowledge.
They're definitely "low-tech," but there's no better way to learn "vocab" than to use Flash Cards. Go buy a bunch of them; they're cheap and effective (and don't forget some rubber bands to hold them together). Write the word or phrase on one side and its meaning on the other side. Then as you're eating your morning bowl of Cheerios, go through the stack. Put them in your pocket, not your back-pack, so you can flip through when you're riding the bus.
Putting it all together
Do a little test preparation every day. When you're re-copying your notes or flipping through your flash cards, think about the kinds of questions that might get asked. How could an idea be applied (essay-type questions) or how could a definition be re-phrased and still be true or false? Before doing these things though, make sure you're well-rested, had a little exercise and ate something decent.