What is Business Acumen?
Business acumen is an almost intuitive and applicable understanding of how your company makes money. It includes a thorough understanding of what drives profitability and cash flow, a market focused approach to the business, and an overall big picture understanding of the business and its interrelationships.
Every day, managers make crucial decisions that directly affect the overall financial performance of the organization. They are challenged with ever increasing responsibility and accountability for financial, strategic and operational decisions. They must possess the confidence and business acumen to make decisions that build shareholder value and support the organization's overall strategy.
Understanding what business acumen is allows executives to answer the following questions:
- Do my managers understand the big picture and the interrelatedness of their business decisions on the company’s value creation?
- Does the workforce possess a deep understanding of key financial levers and the tradeoffs/ benefits of executing the company’s business strategy?
- Do my managers appreciate the impact of decisions on the customer experience?
Often asked the question, what is business acumen? BTS provides managers with fundamental business literacy to promote better decision-making and improved performance throughout the organization. BTS’s Business Acumen programs blend consultant-led workshops, online learning and interactive business simulations to create the optimal learning environment for individuals and organizations. Understanding what business acumen is and how to effectively demonstrate it and execute it in the workplace will create a stronger workforce and positive business results.
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