Business Acumen Meaning Of

What does business acumen mean.

Business acumen meaning of. Information and translations of business acumen in the most comprehensive dictionary definitions resource on the web. What is business acumen. 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.

Additionally business acumen has emerged as a vehicle for improving financial performance and leadership development. 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 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.

What is business acumen. 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. An understanding how companies make money.

The ability to take a big picture view of a situation to weigh it up quickly make a logical sound decision confidently and influence. Knowledge about key business issues the skill to apply that knowledge and the confidence to take action informed by past experiences our business acumen definition is. 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.

In 2002 after ten years as an executive with franklincovey consulting with and teaching for dozens of organizational clients i founded my own training and consulting firm. One of the hottest areas in leadership development these days is the topic of business acumen unfortunately for talent development professionals and business leaders there are many definitions for business acumen ranging from the most basic training someone how to come to work on time to the more complex training. Business acumen is keen fundamental street smart insight into how your business operates and how it makes money and sustains profitable growth now and in the future.

Business acumen is a combination of knowledge and skill informed by experience. Business acumen in practice. As defined by wikipedia is keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome to break it down the business comprises two components business literacy the knowledge and understanding of various functions within the organization and acumen the ability to make.