What Does it Mean to Have Good Business Acumen?
What does it mean to have good business acumen?
We think it's understanding how your company makes money — as it develops products, takes those products to market, targets specific customers, and participates in a market with competitors and suppliers and customers.
You need to understand the money-making process of the company and then align your decisions to that money-making process. It's not just about understanding the company and how it's doing, but also what key measures it looks at to measure success and how it’s doing in relative terms to the broader industry.
If you can understand:
- what your customers most need from you
- how you meet that need better than your competition
- and how you're doing financially compared to other benchmark entities in your industry
...you can then decide what things to do and don't do now and how to set-up priorities to better contribute to your company’s future success. How can you get a better understanding of how to answer all of these questions? By improving your business acumen!
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