Competency: Business Acumen

Definition: Business Acumen is the ability to understand the many moving parts of a business enterprise and to use this information to strive to improve organizational performance through informed strategic decision making. And to effectively communicate through the organization to drive results for a competitive advantage.

Organizational Skills

Business Acumen
Strategic Focus
Strategic Insight
Entrepreneurship
Company
Organizational Fluency
Fiscal Management
Planning
Vision
Global Perspective

Surveys Measuring Business Acumen:
Survey 1 (4-point scale; Competency Comments)
Survey 2 (4-point scale; Competency Comments)
Survey 3 (5-point scale; Competency Comments)
Survey 4 (5-point scale; radio buttons)
Survey 5 (4-point scale; words)
Survey 6 (4-point scale; words)
Survey 7 (5-point scale; competency comments; N/A)
Survey 8 (3-point scale; Agree/Disagree words; N/A)
Survey 9 (3-point scale; Strength/Development; N/A)
Survey 10 (Comment boxes only)
Survey 11 (Single rating per competency)
Survey 12 (Slide-bar scale)

Understands Business Enterprise

Applies the knowledge of work processes to influence the achievement of business goals
Understands and applies business and financial principles.
Understands business fundamentals and practices.
Involves key stakeholders (employees, customers, investors, partners) in the planning process to gain diverse perspectives and buy-in.
Uses sound business judgement when making decisions.
Understands the "basics" as to how [Company] functions/operates.
Demonstrates an understanding of the hospital in its entirety and works to achieve results across disciplines, departments, and functions.
Understands the challenges facing [Company]
Understands and uses appropriate R&D & Area resources
Demonstrates knowledge of the healthcare market and delivery systems in which we operate
Demonstrates an understanding of appropriate R&D, Area, and Market resources to utilize for specific needs
Demonstrate sound commercial awareness

Gathers Business Information

Asks the 'right' questions to size up or evaluate situations.
Seeks to better understand other areas of the company, including their operations, personnel, and output.
Gathers important information from customers to make sure our products are relevant and useful.
Keeps informed of current income and expenses.
Conducts thorough market research to understand industry trends, customer needs, and competitive landscapes.
Collects valuable customer insights to ensure our services meet their needs.
Gathers essential customer data to align our products with their expectations.
Keeps up to date with business/industry trends using non-Company's resources (newspapers, magazines, Internet)
Keeps up to date with business/industry trends using non-Company's resources (newspapers, magazines, Internet) and shares this information with others
Seeks clarity when new directions, procedures, or programs are introduced
Considers business models from outside the organization to help drive the market's success using different approaches

Efficient

Effectively develops and uses resources (people, time, money, supplies, equipment, and space) to improve organizational performance
Able to align resources to meet the business needs of the company.
Can effectively interpret and analyze market data.
Can effectively interpret and analyze data.
Establishes key performance indicators (KPIs) to measure progress and success.
Maintains a focus on the 'bottom line' and profitability.
Weighs alternatives and selects practical solutions.
Links personal goals to [Company] growth and productivity goals
Takes action based on knowledge of what [Company] must do to win the marketplace
Focuses on business strategies that will lead to success in the market place.

Forward Thinking

Considers impact of actions on other areas of the organization.
Views problems from a business perspective, opportunity, investment, risks, and anticipated results
Develops business plans that are forward looking.
Identifies new business opportunities.
Considers environmental, social, and governance (ESG) factors to ensure the business is sustainable in the long run.
Views problems as an opportunity.
Explores new directions/approaches for accomplishing job objectives
Sees potential future business opportunities and challenges by keeping up to date with business/industry trends (e.g., 5-year forecast)

Mission and Vision

Exhibits behavior that is consistent with the vision, mission, and core values of the organization
Establishes clear, long-term objectives that align with the company's vision and mission.
Considers external and internal environmental factors when providing advice and solutions to problems.
Questions validity of company direction when it does not meet the needs of the Area
Able to align resources to meet the business needs of [Company].

Information Sharing

Informs market team of available resources to provide information/developmental contacts for team
Uses Company's communication tools (Email, Intranet, Social Media) to share ideas and best practices with others
Encourages team to share best practices, challenges, and concerns, to drive help innovation and consistent district improvement
Shares district ideas/recommendations with the rest of the market to drive market progress
Shares recommendations and plans with R&D, focusing on adapting to changes early within own area
Shares ideas and methodologies with Area VP
Encourages Area team to keep up with industry changes; makes recommendations regarding recent business publications/resources

Impactful

Incorporates innovative approaches and being adaptable to change.
Coach others to foster an environment which can adapt quickly and willingly to rapid change
Is a "change champion," even when change appears difficult or initially unfavorable
Identifies and acts promptly to take advantage of potential market opportunities
Recognizes constraints and works to remove barriers that may stand in the way of achieving organizational objectives
Acts decisively to a frequently changing and uncertain external market.
Recognizes "change champions" early when new processes/programs are introduced and points these people out as role models for others to follow
Take prompt action when opportunities arise
Presents a smart and professional image

Financial Literacy

Has an understanding of various asset classes and how to interpret balance sheets.
Able to correctly assess current/estimated valuations.
Knows how to use financial information to make an impact on the organization.
Has a good understanding of liabilities and assets.
Understands the costs, profits, markets, and added value of issues.
Understands financial terminology, statements.
Understands cash flow procedures and statements.
Calculates return on investment (ROI) for various business projects.

Analytical

Understands complex issues and problems.
Recognizes trends in underlying data.
Describes and summarizes data.
Interprets data to make informed business decisions.

Market Awareness

Understands impacts of domestic & global market events & issues.
Understands consumer behaviors and how they may change in the future.
Understands the dynamics of our industry.
Anticipates marketplace opportunities and supports speed to market.
Periodically assesses the current market environment.
Aware of regulations that impact our business.
Understands our competitors and their strengths and weaknesses.

Regulatory Knowledge

Is up-to-date with regulatory guidelines and policies.
Creates strategic plans that conform with regulations and industry guidelines.
Identifies potential regulatory risks and strategies to mitigate them.
Maintains currency with laws, regulations, policies, procedures, trends, and developments.