Business Acumen is the new term flying around the corporate world, but what is Business Acumen?

What is Business Acumen?

Business acumen or acumen business is a term that originated in corporate training and development. It is the term used to describe a person with shrewd business skills and knowledge who understands their relevant industry and how to monopolise and increase profit.

Ways to Develop Your Business Acumen/Acumen Business

If this concept is not something you are familiar with do not worry, you are not necessarily born with business acumen or a key eye for detail, it can be learned.

Business Publications – Begin by reading business publications and making yourself aware of successful companies and their achievements.

Evening/Weekend Courses – Attend courses to help you understand the basics of business profitability.

Network – Attend conferences and organised events to allow you to network with the high flyers and pick their brains on what helped them create a successful business.

Minimise Risks – By gaining a sound knowledge of your business structure and marketability, you will be able to minimise the risks when taking on a new strategy.

Staff Training – If you employ staff members, mentor and develop them to help them understand the financial implications to a business in the workplace.

Financial – Make sure you and your staff members are financially literate, knowing key terms and understanding the basics of business profitability, eg. Having a basic understanding of profit and loss, revenue, net profit etc etc….improving their business acumen/acumen business.

Know your Competition – Always know what your competitors are doing, what products and services they are offering and at what price. This will allow you to find your place in the market and develop your customer focus.

Know your Bottom Line – This is the overall profit made by a company, referring to net profits. If a company reduces their costs or increases net profit then they are said to improve their bottom line.

Productivity – Understand how your business can be more productive, in turn increasing profits and reducing costs.

Committees/Volunteer – By agreeing to sit on business focused committees you can use the experience gained through other companies and apply the successes to your own.

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