Business Acumen Comments
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.
Strategic Focus
Strategic Insight
Entrepreneurship
Company
Organizational Fluency
Fiscal Management
Planning
Vision
Global Perspective
Survey Questionnaires with 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 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)
The statements below can be used in your self-assessment (self-feedback) or performance appraisal as examples to demonstrate your "business acumen". Your knowledge about working in the business world enables you to gather information efficiently and create a forward thinking vision for the future. Sharing information helps you to make an impact. Having knowledge about finances, the market, and regulatory environment helps you to make good decisions.
Understands Business Enterprise
- I applied the knowledge of work processes to influence the achievement of business goals
- I understood and apply business and financial principles.
- I used sound business judgement when making decisions.
- I demonstrated an understanding of the hospital in its entirety and works to achieve results across disciplines, departments, and functions.
- I understood the "basics" as to how [Company] functions/operates.
- I demonstrated knowledge of the healthcare market and delivery systems in which we operate
- I demonstrated sound commercial awareness
- I understood and use appropriate R&D and Area resources
- I demonstrated an understanding of appropriate R&D, Area, and Market resources to utilize for specific needs
- I understood the challenges facing [Company]
Gathers Business Information
- Asked the 'right' questions to size up or evaluate situations.
- I sought to better understand other areas of the company, including their operations, personnel, and output.
- I kept informed of current income and expenses.
- I kept up to date with business/industry trends using non-Company's resources (newspapers, magazines, Internet) and share this information with others
- I considered business models from outside the organization to help drive the market's success using different approaches
- I sought clarity when new directions, procedures, or programs are introduced
- I kept up to date with business/industry trends using non-Company's resources (newspapers, magazines, Internet)
Efficient
- I effectively developed and used resources (people, time, money, supplies, equipment, and space) to improve organizational performance
- I aligned resources to meet the business needs of the company.
- Interpreted and analyzed market data.
- Interpreted and analyzed data.
- I maintained a focus on the 'bottom line' and profitability.
- I focused on business strategies that will lead to success in the market place.
- I took action based on knowledge of what [Company] must do to win the marketplace
- I weighed alternatives and select practical solutions.
- I linked personal goals to [Company] growth and productivity goals
Forward Thinking
- I considered impact of actions on other areas of the organization.
- I viewed problems from a business perspective, opportunity, investment, risks, and anticipated results
- I identified new business opportunities.
- I viewed problems as an opportunity.
- I see potential future business opportunities and challenges by keeping up to date with business/industry trends (e.g., 5-year forecast)
- I explored new directions/approaches for accomplishing job objectives
Mission and Vision
- I exhibited behavior that is consistent with the vision, mission, and core values of the organization
- I considered external and internal environmental factors when providing advice and solutions to problems.
- I aligned resources to meet the business needs of [company].
- I question validity of company direction when it does not meet the needs of the Area
Information Sharing
- I shared district ideas/recommendations with the rest of the market to drive market progress
- I encouraged team to share best practices, challenges, and concerns, to drive help innovation and consistent district improvement
- I used Company's communication tools (Email, Intranet, Social Media) to share ideas and best practices with others
- I encouraged Area team to keep up with industry changes; makes recommendations regarding recent business publications/resources
- I informed market team of available resources to provide information/developmental contacts for team
- I shared idea and methodologies with Area VP
- I shared recommendations and plans with R&D, focusing on adapting to changes early within own area
Impactful
- I coached others to foster an environment which can adapt quickly and willingly to rapid change
- I am a "change champion," even when change appears difficult or initially unfavorable
- I recognized constraints and work to remove barriers that may stand in the way of achieving organizational objectives
- I took prompt action when opportunities arise
- I presented a smart and professional image
- I recognized "change champions" early when new processes/programs are introduced and points these people out as role models for others to follow
- I identified and acts promptly to take advantage of potential market opportunities
- I acted decisively to a frequently changing and uncertain external market.
Financial Literacy
- I understood financial terminology, statements.
- I understood various asset classes and interpreted balance sheets.
- I calculated return on investment (ROI) for various business projects.
- I used financial information to make an impact on the organization.
- I understood cash flow procedures and statements.
- I correctly assessed current/estimated valuations.
- I understood the costs, profits, markets, and added value of issues.
- I have a good understanding of liabilities and assets.
Analytical
- I understood complex issues and problems.
- I recognized trends in underlying data.
- I interpreted data to make informed business decisions.
- Described and summarized data.
Market Awareness
- I understood consumer behaviors and how they may changed.
- I anticipated marketplace opportunities and supports speed to market.
- I am aware of regulations that impact our business.
- I understood impacts of domestic & global market events & issues.
- I peiodically assessed the current market environment.
- I understood our competitors strengths and weaknesses.
- I understood the dynamics of our industry.
Regulatory Knowledge
- I identified potential regulatory risks and strategies to mitigate them.
- I maintained currency with laws, regulations, policies, procedures, trends, and developments.
- I am up-to-date with regulatory guidelines and policies.
- I created strategic plans that conformed with regulations and industry guidelines.