Employee development is a critical part of any successful business. In order to develop business acumen, you need to possess a thorough understanding of. … Implementing these five steps enabled me … to be a successful, frontline leader. The reason for this is that it is becoming increasingly apparent that business acumen and financial literacy are not the same thing. Commentary: How best to develop the business acumen of HR professionals April 6, 2009 Claude Balthazard, Ph.D., CHRP Director, HR Excellence and Acting Registrar Human Resources Professionals Association Most respondents (89.3%) agreed that business acumen is developable, at least to some degree—although there Develop Business Acumen from the Frontline to the Executive Office What the CEO Wants You to Know: Building Business Acumen will help everyone in an organization, from frontline supervisors to senior-level leaders attain an understanding of how the company makes money. Here are a few ways by which you can develop good business acumen skills and put yourself on the path to success starting today. How to Build Business Acumen Have Better Understanding of Yourself. To develop your business acumen further, use these strategies. The term ‘business acumen’ can be broken down literally as a composite of its two component words: Business literacy is defined in SHRM’s Business Literacy Glossary as ‘the knowledge and understanding of the financial, accounting, marketing and operational functions of an organization.’ the business acumen program. Building Business Acumen Case Study Read the case study on how this leader in the aerospace and defence industry saw returns of up to 300% from a single course.

If you are interested in moving up in an organization, you need to understand what your organization's competitive advantage is, what drives performance, and how you compete against other organizations. How To Develop Business Acumen In Your Employees - Insperity Introduction The case study is a summary of the report from research conducted by an indepent third party. But whether you’re trying to move ahead in your career or build a top-notch L&D team, if you’re committed to developing your business acumen, these steps will take you in the right direction. Developing strong business acumen skills won’t happen overnight. For faster results, use more than one strategy each week. It’s not an innate ability. This is because business acumen is not a technical skill: It is a set of behaviors that are independent from intelligence, technical skills and financial knowledge. 1. How to Develop Business Acumen - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Anyone with enough motivation can develop business acumen through experience, self-learning through reading and networking with business leaders, and formal training. It is important to have a well-rounded business acumen. When you continually cultivate your knowledge and understanding of how businesses and organizations run at every level, you improve your ability to make good judgments and quick decisions each day.