Business Acumen
Jul 15, 2021
Rather, business acumen refers to the portfolio of attributes and skills that every business person needs to understand so they can effectively contribute to the goals of the company.
It's also important because it helps to guide the business employee in how they can purposefully chart their business careers.
Central to business acumen are four key elements:
The ability to plan through strategic thinking; An understanding of all areas of a business' operations and how they are interconnected; Recognition of the financial elements of the business; and Making decisions to maneuver a business through appropriate strategy.
7 Step’s to get Business Acumen:
- Make business acumen one of your core competencies.
- Find a mentor.
- Get comfortable with your company's financial statements and strategies.
- Listen to your company's quarterly earnings calls.
- Pay attention to business news.
- Read, read, read.
- Listen to your customers.
Business acumen is keenness and quickness in understanding and dealing with a "business situation" in a manner that is likely to lead to a good outcome.
Additionally, business acumen has emerged as a vehicle for improving financial performance and leadership development.
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