Understanding and Developing Business Acumen

What is business acumen?

Business acumen is the keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome. The term "business acumen" can be broken down literally as a composite of its two component words: Business literacy is defined in Business Literacy Glossary as "the knowledge and understanding of the financial, accounting, marketing and operational functions of an organization." The Oxford English Dictionary defines acumen as "the ability to make good judgments and quick decisions".

Therefore, one might say that business acumen is the ability to understand the roles, responsibilities and the drivers impacting the business. It also includes but is not limited to:

• understanding how the business operates

• understanding how the company makes money

• understanding your role in the organization

The key is to be able to demonstrate your business acumen within your current role as opposed to simply having knowledge of what business acumen is. When you do this you start to create tangible value. When you create tangible value you in turn become more valuable to the business. In some roles like sales it's obvious how to do this while in other support or corporate roles it's not as clear and your contribution might be more indirect. 

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