In order for you to get ahead in the business world, it is essential that you have good business acumen. Even if you are an intelligent individual and you are a businessman – if you lack business acumen it will be hard for you to prosper.
Business acumen is essential for making informed business details. Business acumen can be described as a keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome.Here are some tips to improve your business acumen.
Shadow a relevant industry/department leader
Identify somebody from your field that has a proven track record. Shadow the relevant individual and observe how he or she approaches various scenarios, especially tricky situations.
Learn as much as you can about industry
Do not only concern yourself with the areas that relate directly to you. Try to learn about other areas as well. The more that you understand about your industry, the more equipped you will be to make better judgement calls.
Understand the lingo
You need to be able to have a good handle on business terminology. Understand the difference between net worth, net income, profit, revenue, capital, and equity. When you can speak the language, it greatly improves your ability to make judgement calls.
Attend related meetings with decision makers
It is imperative that you sit in for related meetings with decision makers. It will make you privy to their conversations and the variables that are considered when an important decision is to be made. Keep a fine-tuned ear and take in as much as you can and see how you can apply this newfound knowledge to other business situations.
Embrace criticism (when warranted)
Be open minded when your business decisions are faced with criticism. On one-hand, you will encounter professional nit-pickers but there are those who genuinely may have a point. Nobody is perfect and everybody makes mistakes, so when warranted, take heed of criticism. Be humble and honest with yourself. If the said criticism is warranted, look at ways to rectify your mistakes.