Business Acumen

Definition of Business Acumen

Business acumen is the way a person understands and applies the mission, vision, values, and strategy of the organization in all business situations. It extends to understanding how the organization fits into the market place, the eco-structure within which it operates, the value it provides in products or services, and most importantly, how it serves its customer. To possess business acumen involves staying current with the organization’s goals, purposes, operational results, best practices, and having a deep understanding of the data underlying the organization. Good business acumen is demonstrated when a person is aware of and knows how to utilize his/her team and all available resources efficiently and effectively. A person with good business acumen consistently demonstrates judgment in understanding and dealing with business risks and opportunities in a manner that is likely to lead to a good outcome and serve their customer with excellence.

Assistant/Associate: Aware of mission, vision, values, and strategy of their organization and department. Understands basic processes utilized by their organization and department. Uses knowledge to make good decisions. Knows team roles and responsibilities. Viewed as a competent individual contributor

Senior Associate/Professional/Supervisor: Internalizes mission, vision, values, and strategy and takes accountability for the results. Sees the “big picture” of the organization—how the key drivers of the business relate to each other, work together to produce profitable growth, organizational objectives, and relate to the job. Understands important company communications and data. Has financial literacy, including financial statements, key performance measures, and the implications of decisions on key company measures and leadership objectives. Understands business trends and conditions. Knows how to encourage others toward positive goals. Effectively communicates ideas to other employees, managers, executives, and the public. Viewed as a mentor and guide to others

Senior Professional/Manager/Principal/Director: Models mission, vision, and values for the organization. Understands and participates in the development of business strategy. Knows how to lead others with or without authority. Viewed as a key person for the entire business. Actively engaged and personally invested in the business. Has an acute perception of the dimensions of business and organizational issues. Has the ability to make sense out of complexity and an uncertain future. Cognizance of the implications of a choice for all the affected parties. Flexibility for further change if warranted in the future

How to Develop Business Acumen

University Courses:

· Basic (1xx level) business courses

· Bachelor's Degree in business or related field

· Advance degree in areas such as MBA, MPA, etc.

Books / Publications:

· Multipliers, Liz Wiseman

· Leadership and Self-Deception, The Arbinger Institute

· The Oz Principle, & Journey to Emerald City, Roger Connors and Tom Smith

· Daring Greatly, Brene Brown

· Good to Great, Jim Collins

· How to be Exceptional, Zenger Folkman

· Switch, Chip and Dan Heath

· Crucial Conversations, Patterson

· Boundaries of Leaders, Dr. Henry Cloud

· The Four Agreements, Don Miguel Ruiz

· Extreme Ownership, Jocko Willink and Leif Babin

· Consistently read general publications such as Business Week, Fortune, or the Wall Street Journal

· Specific publications germane to your college or department to keep on top of business and academic developments. Look for statements of goals, recent progress toward longer term objectives, and future challenges.

· Internal publications, including the annual report, newsletters, and publications about various colleges and departments.

Experiences:

· Obtain a copy of BYU’s mission and vision statements if you are not already familiar with them. If you have any questions, ask your manager to explain. Once you have a clear understanding of the mission and vision, look for opportunities to align your goals and priorities with those of BYU.

· Study your organization chart to get a “big picture” of the various practice segments/divisions and practice management and support departments.

· Many teams conduct debrief sessions at the end of a job project, semester, or significant task. Ask to attend so that you can learn some of the challenges, lessons learned and successes experienced by your customers and colleagues.

· Inquire about temporary assignments that would allow you to work on a project so you have a better understanding of our clients’ or department’s business

· Request a cross-functional project assignment, a job rotation, and/or an opportunity to serve on an inter-departmental committee assignment

· Seek out and actively engage with a mentor and/or offer to serve in a mentoring role for a less experienced associate.

· Initiate a meeting or lunch with an experienced leader from another group. Ask this person to share his or her thoughts on BYU, or the department’s strengths and weaknesses. Ask about the key success factors for the department or college. Ask in-depth questions to help you understand what has happened and why.

· Retain the services of a professional coach

How to Demonstrate Business Acumen

DO: Describe what you did in completing / achieving your development plan

Participate in 360 degree reviews to understand strengths and weaknesses

Attend conferences/workshops related specifically to your field

Demonstrate a key business function, such as increasing net income

ASSESS: Share, if applicable, any assessments that were taken / provided related to your activities

Track efficiency with projects and other key tasks for several months

Examine the impact of your role to the finances, schedule and operation of the department

Create and track personal/unit progress against Key Performance Indicators

Assess department and individual engagement

LEARN: Explain what you felt that you were able to learn during your journey / experiences

Study the department mission statement and identify how your job fits within it

Examine the mission of the University and identify how your department’s mission supports overall activities of the University

APPLY: Give specifics examples where you have / plan to make direct application to your work

Develop personal plans to improve the efficiency and effectiveness of your role
In conjunction with your supervisor, propose ideas and plans that can improve an aspect of department operations. If implemented, quantify the difference your plan has made.

REFLECT: Review / consider things you would have done differently had you had this experience earlier

Examine the operations of other departments and determine if there are improvements that can be made within your unit.

Reflect on changes that you have made to your work habits, routines, and activities. How have those adjustments impacted you and your department?

Determine what success looks like for you, your team, and your division. Discuss this with your peers and supervisor.