How to Develop a Strong Business Acumen

Robert Brondo states, Over the past few years, the need for business acumen skills as a standalone competency has become a critical focus of most CEOs. Yet, some studies show that 90% of professionals don’t understand the key components that are important to CEOs and the overall success of the company. This topic will explain what business acumen is, why it is important for employees at all levels, and some things one can do to build business acumen in order to be recognized, valued, and respected within an organization, while also being instrumental in that organization’s success.

Agenda

How Do You Define Business Acumen?

• Ability to Make Effective Business Decisions Very, Very Quickly (Cheeky Scientist, Isaiah Hankel)
• Need to Recognize and Be Able to Create a Larger Picture in Order to Apply That to Solve Problems to Move the Business Forward
• Components Include Speed, Wisdom, Business Strategy/Success

 Why Is Business Acumen Important?

• Employees Without Business Acumen Can Slow Down the Process for Fear of Making the Wrong Choice (or Make Uninformed Decisions)
• Every Employee Should Have the Ability to Think Like a Boss or Owner to Create a Successful Business for All
• In Order to Get Promoted Into Middle Management, and Definitely Upper Management, Need to Have Business Acumen
• Having Business Acumen Shows You Can Be Trusted and Creates a More Connected Organization
• By Demonstrating an Interest in the Business and Having Business Acumen, It Shows You Respect Your Teammates Which in Turn Gains You Respect

 What Are the Core Elements of Business Acumen?

• Ability to Deal With and Understand Complexity and Uncertainty
• Transferable Skills Such as Product Knowledge, Market Awareness, and Familiarity With Trends
• Financial Literacy, Organizational Knowledge, Understanding of Customers
• Ability to Leverage Business Knowledge
• Comfortability With Ambiguity and Self-Awareness
• Capacity to Link Cause and Effect

 How Can One Develop or Enhance Business Acumen?

• Improve Analytical Abilities
• Enhance Logical Thinking (Figure out the so What?)
• Remain Disciplined
• Attend Business School, Coursera, or LinkedIn® Learning
• Read Harvard Business Review
• Obtain a Mentor
• Participate in Business Simulations
• Join Chat Rooms
• Obtain Temporary Work Assignments/Projects
• Ask Questions and Request Feedback

*This program does NOT qualify, nor meet the National Standard for NASBA accreditation.