We will talk about business acumen in this article. Various things attach with business acumen. The question now is that, is business acumen the same thing for marketing, IT, digital, strategy, and operations?
Most people lack business acumen, and it is part of the significant things to learn to make any business grow.
- 1 What is business acumen?
- 2 Qualities of a business acumen
- 3 8 Ways To Facilitate Business Acumen
- 3.1 Make business acumen one of your core competencies.
- 3.2 Find a mentor
- 3.3 Get comfortable with your company’s financial statements and strategies.
- 3.4 Make sure to listen to your company’s quarterly earnings calls.
- 3.5 Always pay attention to business news.
- 3.6 Join your professional association
- 3.7 Step out of your regular responsibilities
- 3.8 Know your customer
What is business acumen?
There are different definitions from the various author. Still, in simple terms, Business acumen is the easier way to understand and deal with a business situation that is likely to lead a company to achieve a good outcome or money. It also stands as a source for improving financial performance and leadership development.
Is it possible to have a business acumen if you don’t know much about business? Or is it necessary to MBA before you can have business acumen?
All these questions can be true, and also, we can say it is not mandatory before someone can start a business. Skills and knowledge are required to achieve this, and from the defining, it has already clear it and show us why business acumen is essential.
Building business acumen can be very hard because there is a new concept every day, and you have to follow the trends and improve your business skills.
Being on top in a business world can be so frustrating and worrisome with a lot of competitions out there, especially if your business still small.
Let me make this clear; business acumen is far more than having a good business sense or knowing a word like revenue in business and acronyms. However, research shows that business acumen is based on understanding how your company makes income and uses money to make more business decisions.
You are developing business acumen is more than being in a leadership position because it requires skills to maintain everyday scenarios, like, able to solve many challenging problems at work and improve your efficiency.
Qualities of a business acumen
Ability to focus
Having the ability to focus is a great benefit because it will drive success for your team and business. This is a challenging skill hard to learn due to the different distractions. It also helps in achieving more on a daily basis.
Understanding of the consequences
Understanding the consequences of your decision is a key part of honing your business acumen. Making a decision can be hard because there is a trade-off to every solution.
Affinity for problem-solving
There are various ways to solve the problem, but using your knowledge to solve it is related to business acumen. All you are doing is collecting relevant information base on a situation to assess available solutions.
Things may not go as plan at times, but making necessary adjustments to adapt fast to the new circumstances is the best way.
Recognizing stakeholder needs
There is no business that doesn’t have stakeholders, it can include employees, partners, or investors in the company, and your customers are implicit stakeholders in your company’s business decisions.
The major issue is balancing the needs of these various stakeholders.
8 Ways To Facilitate Business Acumen
Make business acumen one of your core competencies.
Making business acumen one of your core competencies is the best, as some companies have a specific core competency and want their employees to stay focused more on developing.
Adding business acumen to your core competencies can make your company become a champion. Other ways include: