Business Acumen video transcript:
We define business acumen as
“The ability to take a ‘big picture’ view of a situation, to weigh it up quickly, make a logical, sound decision confidently, and influence others to agree with you in order to have a positive impact towards achieving the objectives of the organisation.”
It’s not one single skill or behaviour, it’s a mix of knowledge, skill and ability which is all informed by experience.
In recent years there has been an increasing emphasis on developing business acumen and commercial acumen amongst senior and middle management. However, in a world where decision-making is increasingly being pushed down to lower levels within organisations, or where an organisation is a network with only dotted management responsibility, it is increasingly important for all staff and contractors to understand how the organisation they are contributing to works and how their decisions affect success.
The level of detail may vary. For example, if you work as a store supervisor you might have little control over the strategic decisions of the company, but you have a big impact on the performance of your store. Commercial acumen, such as an awareness of the competitive landscape and the ability to judge what products will be attractive to your customers, would be a real benefit. Wherever the decision-maker sits within the organisation, increasing business acumen means there is a better chance any decision made will generate a good return. It also ensures that when faced with uncertainty, or no guidelines, individuals will be able to make wise choices.
Business Simulation Games offer a safe, low-risk environment for people to get the essential experience they need. Remember the quote, “The more I practice the luckier I get.” It’s all about developing memories that can be used to guide future action.
To find out more about how to improve the business acumen and commercial acumen in your organisation, then please contact us.