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Business Acumen - Competency

Definition: Business Acumen means understanding the business enterprise; gathering business information; thinking strategically; working efficiently; forward thinking; leadership and influence; understanding the mission and vision; sharing information; being impactful; working toward and supporting the customer; having financial literacy; managing risk; analytical; managing change; awareness of the market; and having regulatory knowledge.
Organizational Skills
Business Acumen
Strategic Focus
Strategic Insight
Entrepreneurship
Company
Organizational Fluency
Fiscal Management
Planning
Vision
Global Perspective

360-Feedback 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)
Survey 13 (4-point scale; numbers; floating anchors)
Survey 14 (4-point scale; N/A)
Performance Assessments that include Business Acumen:
Assessment 1 (5-point scale; IDP Comments)
Assessment 2 (3-point scale with Comments)
Assessment 3 (Manager Assessment; 360-Feedback)
Assessment 4 (3-point scale; Rating Limits)
Assessment 5 (3-point scale; Rating Limits)
Assessment 6 (5-point scale with Comments)
Assessment 7 (Comment Boxes Only; IDP)
Assessment 8 (Comment Boxes Only)
Assessment 9 (3-point scale with Letter Grade)
Assessment 10 (360-Feedback; Bonus/Merit Pay)
Assessment 11 (Core Values & Job Competencies)
Assessment 12 (4-point scale; 6 Comment Boxes)
What is Business Acumen?
Business Acumen encompasses a comprehensive understanding of the business enterprise; collecting and utilizing business information; strategic thinking and forward planning; efficient and impactful work habits; leadership skills and the ability to influence others; grasping the company's mission and vision; effectively sharing pertinent information; providing meaningful contributions and support; prioritizing customer satisfaction and support; financial literacy and risk management; strong analytical abilities; managing and adapting to change; market awareness and regulatory knowledge
Why is Business Acumen important in the workplace?
Business Acumen is a vital skill for several reasons:
  • Strategic Decision-Making: Business Acumen enables individuals to make better-informed decisions that align with the organizations strategy, goals and objectives; understanding the financial and operational aspects of the business.
  • Problem-Solving: Business Acumen helps an individual to view problems from the business perspective; understanding how different facets of the business operate and interact; finding innovative solutions to problems.
  • Financial Awareness: Understanding the financial metrics used can lead to better budgeting, forecasting and allocation of resources.
What are key aspects of Business Acumen?
  • Understanding the Business Enterprise
  • Gathering Business Information
  • Working Efficiently
  • Forward Thinking
  • Mission and Vision
  • Information Sharing
  • Impactful
  • Financial Literacy
  • Analytical
  • Market Awareness
  • Regulatory Knowledge
How can I improve my Business Acumen?
  • Expand your knowledge: Read: Consume business books, articles, and reports. Focus on topics like strategy, finance, marketing, and leadership. Courses and Certifications: Enroll in online courses or obtain certifications related to business management and industry-specific skills.
  • Gain Practical Experience: Hands-On Projects: Participate in or lead projects that require strategic thinking, financial analysis, and decision-making. Job Rotation: Explore different roles within your organization to gain a broader perspective on the business.
  • Stay Informed: Industry News: Follow news and trends related to your industry to understand market dynamics and regulatory changes. Networking: Engage with professionals in your field through industry events, conferences, and networking groups.
  • Develop Strategic Thinking: Scenario Planning: Practice anticipating and planning for various business scenarios and their potential impacts. Problem-Solving Exercises: Regularly challenge yourself with complex problems that require strategic solutions.
  • Enhance your Leadership and Influencing Skills: Mentorship: Seek out mentors who can provide guidance and insights based on their experience. Soft Skills: Work on communication, negotiation, and team-building skills to effectively lead and influence others.
  • Understand Financial Metrics: Financial Literacy: Study financial statements, budgeting, and financial performance metrics to make informed decisions. Analytical Tools: Familiarize yourself with tools and software that aid in financial analysis and forecasting.
  • Increate your Risk Management and Regulatory Knowledge: Risk Assessment: Learn how to identify, assess, and mitigate risks in various business contexts. Regulatory Updates: Stay updated on relevant regulations and compliance requirements to ensure your business practices are aligned.
What questions could be included on a 360-degree survey that measure business acumen?
When creating a questionnaire to measure business acumen, be sure to include items that measure the understanding of business, gathering business information, business operations and efficiency. The questionnaire items on this page will measure these aspects of business acumen. These questions are grouped into different facets of business acumen. When creating a 360-degree or other performance assessment, try to select one or two items from each group.

Questionnaire Items to Include



Understands Business Enterprise
Understands Business Enterprise focuses on comprehension and application of fundamental business principles, processes, and organizational dynamics. It highlights an individual's ability to grasp how the business operates, apply financial and market knowledge, understand challenges, and make sound decisions that influence organizational goals. This dimension emphasizes broad, integrated knowledge of the enterprise and its environment, including cross-functional and systemic awareness.


Gathers Business Information
Gathers Business Information centers on the active acquisition of data and insights to enhance decision-making and strategies. It focuses on collecting information about customers, market trends, competitors, and internal operations to align actions with business needs and opportunities. This dimension underscores the process of staying informed and seeking clarity to ensure decisions are based on accurate and relevant information.


Thinking Strategically
Thinking Strategically focuses on the creation and execution of impactful strategies tailored to meet organizational needs and goals. It involves analyzing business cycles, forming partnerships, addressing critical problems, and aligning strategies with customer insights and constituent needs. This dimension emphasizes the operationalization of strategic plans to promote strengths, adjust to trends, and deliver measurable results.


Working Efficiently


Forward Thinking
Forward Thinking emphasizes the visionary outlook and proactive consideration of future possibilities and trends. It centers on identifying emerging opportunities, risks, and challenges, while taking into account factors such as environmental, social, and governance (ESG) implications. Forward Thinking involves crafting plans that anticipate and prepare for long-term scenarios, leveraging trends and innovation to shape sustainable growth.


Mission and Vision


Information Sharing
Information Sharing emphasizes the communication and dissemination of valuable insights across teams, departments, and stakeholders. This dimension ensures that individuals have access to relevant data, best practices, and resources, fostering collaboration, innovation, and understanding of the organization's goals and challenges. It centers on creating transparency and empowering others through the transfer of knowledge.


Impactful
Impactful highlights the ability to drive organizational change, innovation, and results by adapting to external market dynamics, identifying opportunities, and removing barriers to success. This dimension revolves around decisiveness, adaptability, and leadership in taking proactive actions that influence broader organizational outcomes. It emphasizes being a catalyst for change and achieving measurable impacts that advance the company's objectives.


Supporting the Customer
Supporting the Customer means understanding and addressing customer needs and providing exceptional service. This dimension emphasizes relationship-building, responsiveness, and ensuring the alignment of products and services with customer expectations. It revolves around anticipating and resolving customer issues, ensuring satisfaction, and fostering long-term customer loyalty.


Financial Literacy


Managing Risk


Analytical
Analytical: the interpretation and evaluation of data to generate insights and support informed decision-making. This dimension emphasizes logical reasoning, pattern recognition, and critical analysis to solve problems and develop strategies based on facts rather than intuition. It centers on processing and understanding complex information to inform business choices and actions.


Managing Change


Market Awareness


Regulatory Knowledge
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