Business Acumen

TLBS - Just Saying

Many people believe you are born with business acumen, which is loosely defined as the ability to assess an external market and make effective decisions. Knowing what is necessary to navigate and create a successful business seems innate for certain people. For example, Steve Jobs showed great business acumen. Fortunately, it is possible for the rest of us to improve business acumen. The right training combined with experience will improve your business savvy

Business acumen requires an understanding of finance, strategy, and decision making. Most managers and employees, however, are responsible for specific areas, and they have little understanding of the impact their decisions have on other areas. When too much focus is placed on one aspect of the business, it is difficult to make decisions for the good of the company. In order to make effective decisions, it is necessary for you to examine the big picture.

Understanding when goals are reached is a necessary aspect of business acumen. Key performance indicators (KPIs) are metrics that show when goals are met. Each company will have a different set of KPIs, depending on individual business needs. Creating and managing KPIs will improve the success of your business as well as your own business acumen

Risk management involves different strategies. The purpose is to identify and assess risks and prioritize them in order to monitor and reduce threats to the company. Implementing risk management requires looking at the big picture in the future and taking the proper steps for the good of the organization. Certain risks may be transformed to opportunities, and risk management is essential to business acumen

Every day is an opportunity to learn something new. Individuals with business acumen are able to recognize learning events and take advantage of these opportunities. To be successful, you must always be learning. As you gather knowledge, you will find yourself learning from your mistakes and improving your decision making process. The ability to recognize learning events will benefit you as well as the organization.

Running a business is a complex enterprise. In order to look at the big picture in your business, you need to know the answers to some basic financial questions. It is not enough for your accountant to know this information. Business acumen requires you to be aware of these answers so that you will be able to guide your company to success

Financial literacy is essential to business acumen. In order to see the big picture, you have to understand every aspect of the company’s finances. Fortunately, anyone can improve financial literacy with some basic instruction and practice. This module and the next will provide you with information to improve your understanding of financial literacy

Financial literacy requires you to read and understand different reports such as the income statement, balance sheet, and cash flow statement. These internal reports along with external information that you gather, will help you lead a financially stable business. Although it is not glamorous, financial literacy is a necessary part of business acumen.

Financial literacy requires continuing education. Do not become complacent in your learning. Read everything that you find concerning financial literacy. You need to read relevant trade publications and periodicals to keep up with the current information. Once you find pertinent information, consider different ways to integrate it into your company’s financial strategies

In business, you are constantly bombarded with information. You rely on this information to make important decisions. Business acumen requires that you do more than absorb information. You need to think critically to about information and make your decisions accordingly

There are key financial levers that drive any business. These financial levers may be overlooked, but you do so to the detriment of the business. Identifying the levers is the first step to addressing them correctly. Once you understand these key levers, you will increase your business acumen

Business knowledge and acumen are not useful if you are incapable of communicating effectively. Communicating is a key to the success of any business, and it begins with listening. You must actively listen to people so that you can answer their questions accurately. Before you begin a conversation, you should also become familiar with the topic.

We have more information about Business Acumen in our Resource Centre

This Post Has 7 Comments

  1. bluray

    Wow, fantastic blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your website is excellent, let alone the content! Fania Temp Kostman

  2. turkce

    Pretty! This has been a really wonderful article. Thanks for providing this information. Elysha Roddie Marie-Jeanne

  3. turkce

    WOW just what I was searching for. Came here by searching for Yetty Hersh Cooperman

  4. erotik

    Informative article, totally what I was looking for. Darsie Mohandis Nesto

  5. A fascinating discussion is definitely worth comment. I believe that you ought to publish more on this subject, it might not be a taboo subject but usually people do not discuss such topics. To the next! Many thanks!!

Leave a Reply