Developing Business Acumen Skills
April 30, 2009 0 Comments
Many organizations want their employees to show “business acumen” in the way they do their jobs. But what are the skills involved in business acumen and how can employees develop these skills.
The following are some tips on how to develop and demonstrate business acumen skills:
- People demonstrate business acumen skills by:
- Understanding how the various parts of the business work together to provide value to the customer
- Consistently selecting the best course of action when making business decisions
- Minimizing risks to the organization in the decisions they make
- And applying financial savvy and analytical thinking to the decision process. - People can develop a business acumen mindset when they are making decisions by applying the following five simple steps:
- Reflect before deciding- stop and think, reflect on your experiences of what worked in the past
- Analyze- gather quantitative and qualitative data before you evaluate and draw conclusions
- Create- be creative when solving problems, don’t go for the obvious answers, look for the unique solutions that will add value
- Collaborate with others to get things done – know who to get on your side and use their talents too!
- Take Action to get things moving while showing agility and perseverance to complete the task.
Category: Employee Training
Tags: business acumen > course > employee development > employee training > five simple steps > quantitative and qualitative data > Understanding > work
Tags: business acumen > course > employee development > employee training > five simple steps > quantitative and qualitative data > Understanding > work
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May 7th, 2009 @ 3:43 pm
Good tip. May I add that application of your 5 “simple” steps requires certain competencies which is lacking in many employees in many organizations.
So it begs the question: how do you develop those Business Acumen competencies? Many businesses are using complex business simulations wherein participating teams “run” a virtual company while competing with others. Our simulations really accelerate the development of Business Acumen.