Business Acumen Competency Meaning

Business acumen in practice.

Business acumen competency meaning. In the modern world of cell phones mp3 players and computers few people in recent generations would match the skill understanding and savvy displayed by apple s. With this in mind we are really excited to share with you a white paper that provides a. Developing your business acumen competency isn t just for those in leadership positions.

The term business acumen comes up in almost all kinds of professional and corporate interviews irrespective of the job position or the opening. It includes a wide complex of competencies knowledge and awareness of multiple aspects of a business. Supporting behavior statements business acumen competency development guide summary business acumen is a complex competency that far too many organizations leave to chance.

Additionally business acumen has emerged as a vehicle for improving financial performance and leadership development. We have to make clear that business acumen is not a single skill but a wide complex of competencies knowledge and awareness of multiple aspects of a business. The ability to take a big picture view of a situation to weigh it up quickly make a logical sound decision confidently and influence.

Business acumen business savvy and business sense are often used as synonyms is keenness and quickness in understanding and dealing with a business situation risks and opportunities in a manner that is likely to lead to a good outcome. Clarify meaning and intent of others communication when it s unclear. This is true irrespective of the level function business organization or industry a professional might work at.

In other words business acumen is a crucial skill for every person and organization to have. Whether if it is for an opening position or a high profile position having strong business acumen about the company is very beneficial and necessary for the recruiter to choose the right candidate for the job position. Business acumen is a combination of knowledge and skill informed by experience.

Business acumen also known as a business savvy and business sense is an ability that allows you to understand and cope with different business situations. With business acumen such an important competency our clients have been asking us to provide a broader definition of business acumen so that they can have a better understanding of the bigger picture and what business acumen talent development programs they should be developing throughout their company. In fact many organizations simply hope to hire outside talent.