How Business Acumen Can Help Your Business Relationships

Situational understanding is learned. But how? How do you empathize with your friend who just lost a loved one? How do you keep your cool with your kids who are throwing a tantrum? How do you practice sensitivity towards your co-worker who drives you nuts?

RESEARCH + PRACTICE

Situational understanding is just as important in business. And it’s more critical in business now than ever. We’ve all heard the statistic that buyers have 70% of their process complete, before they even meet with you. They’re now doing their own research beforehand to figure out what they want and need, to make their time with you more efficient.

In some ways this can be great! However, the sales process used to be a lot of education to the buyers, now it is much more about creating urgency. It’s not about educating or sharing your product anymore, it’s being a consultant. It’s about understanding their problem and being able to offer solutions that solve that problem. So how can we educate ourselves to be able to articulate situational understanding?

Understand the context: Know their numbers, their product, their roles, and tasks.

Understand the issue: Know their problems, what your product solves, and how they can cohesively mesh.

As a society we’ve gotten extremely good at being expert clinicians, but not great business people. This is why business acumen is so beneficial for every company, every professional across any role. Having empathy is great, but it’s only part of the solution. By understanding emotional intelligence, you’re able to understand an individuals frustrations. While situational understanding helps you to gain insight into the company’s struggles along with how it’s affecting them. Business Acumen is a great tool to give you the knowledge needed to practice situational awareness in your professional careers. It’s a great way to teach you and then help you implement it. So now more than ever, let's keep practicing this in the business world and practicing it in every professional situation.

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