If you simply look at the business acumen definition provided by Wikipedia and several other sites you will see that it is “a keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome.”
While that is a good start, what the business acumen definition doesn’t talk about is how some people are able to develop that ability and why other people don’t. It is also impossible from that definition to know what part of the business world you work well in. Can you have business acumen if you just know finances or if you only have experience in marketing or product manufacturing?
The Whole Business Acumen Definition
In most cases when business professionals are talking about a business acumen definition they are talking about a big picture look at skills and ability. In other words, you have to know how your decision as a financial manager or a production manager will impact all the other parts of the business.
It is having the ability to see the interconnectedness of a company and how a decision by one manager in one department may be good for that department but a disaster for the overall company.
The Components
There are many different skills, tools and components that come into play in that business acumen definition. These include a high level of critical thinking, the ability to see the whole picture as well as the details, the ability to understand financial issues for the business on more than just a basic level as well as how to make decisions effectively. In addition, how you lead, manage and communicate are also critical in either having business acumen or not.
Learning is Possible
The good news for all leaders or those that want to move into leadership or management roles is that under the business acumen definition these skills can be learned and acquired as you experience different situations in the workplace. You can develop an understanding of business finances and learn how to think logically and sequential to become and effective and efficient problem solver.
Professional development training and taking time to learn the business acumen definition and apply it to where you need to improve is another important step. Working with experienced managers and mentors and participating in training is the most effective way to boost your business acumen to where you want it to be.
Having a business acumen definition that includes learning all elements of the business world is important. For more information see us at website.
