Description
Learn what business acumen is and how to build business acumen in order to be recognized and valued in an organization.
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 dont 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 organizations success.
Date: 2023-12-05 Start Time: 1:00 PM ET End Time: 2:00 PM ET
Learning Objectives
* You will be able to define key business terms and concepts.
* You will be able to explain how competitive intelligence can inform business decisions.
* You will be able to identify the value of networking and building relationships in business.
* You will be able to discuss the challenges and opportunities of expanding into new markets.
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
ASAP PACE ,IAAP ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Patricia Simpson-Game Changing Etiquette
