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- Business acumen, sometimes referred to as business sense or business savvy, is a person's ability to understand various business scenarios and cope with them effectively.
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Sep 29, 2023 · Business acumen skills are skills that enable a person to understand and manage various business situations. Learn what business acumen skills are, examples of these skills, how to improve them and use them in the workplace and how to highlight them on your resume, cover letter and in interviews.
- Soft skills. The most important and often overlooked skills that increase your business acumen are soft skills! Managers get paid more than employees and the number one way to increase your odds of getting promoted is to improve your soft skills.
- Hard skills. Hard skills can be learned through various resources, such as books or mentors. These are skills that have practical applications and can be demonstrated in a measured way.
- Financial Skills. At the core of any organization is the ability to generate profit, which is why financial acumen is essential to have. You must possess the ability to understand the basics of what drives cash in and out of your organization.
- Strategic Planning and Prioritization. Strategic thinking is the ability to solve complex problems using critical thinking skills. You’ll want to be able to understand your current resources to develop an action plan for the future.
Business acumen, also known as business savviness, business sense and business understanding, is a combination of knowledge, skills, and experience that enables individuals to understand business situations, make sound decisions, and drive successful outcomes for an organization.
To develop business acumen—the knowledge of how organizations operate, create value, and gain competitive advantage—employees first need access to critical information, such as competitive intel, financial reports, and strategy documentation. Yet most employees can’t find these resources.
Jan 18, 2024 · Business acumen is the ability to understand and deal with business risks and opportunities in a manner that is likely to facilitate a good outcome. It involves financial literacy, strategic thinking, market awareness, and operational insight. Learn more about the characteristics, benefits, and examples of business acumen.
Nov 21, 2023 · Learn what business acumen is and how it benefits organizations. See examples of business acumen skills in planning, operations, finance, and strategy.
