Business acumen can best be defined as an understanding of the methodologies, processes, and systems allowing a company to make money. Employees with this competency understand core functions of their business and industry, and can apply their knowledge to effectively solve problems.
Having business acumen as a competency means seeing the strategic perspective of the business, possessing financial acumen, and being able to analyze market orientation.
“If your organization doesn’t fully understand how your company thrives economically and how it delivers distinct value to the marketplace, you won’t be as successful as you can and should be.”
A lack of business acumen can inhibit a company from meeting strategic priorities. This is why it’s important to develop this competency in your employees.
In this competency guide, you’ll learn:
- The three levels of business acumen: strategic, financial, and market orientation
- Formal training required for developing business acumen
- Supporting behavior statements and development activities