Self Awareness – How will an individual’s actions and decisions impact on the organisation and the other people in it?.if we don’t complete this forecast accurately, our boss will not secure the resources we need next year. 10% discount means we will not make a profit, and in a personal sense e.g. Ability to link cause and effect – Both in a financial sense e.g. Each individual must decide when the information available is sufficient to move forward. Ability to deal with ambiguity – In many cases, it is impossible to know everything relevant to a situation.What are the relevant procedures and processes? How can they get things done? Organisational knowledge – Knowledge about the organisation in which the individual works.In a commercial context, this is often measured in terms of profit or revenue, in other organisations the key measure of success might be improved capacity or measurable social benefits. Financial literacy – The ability to understand how an organisation uses its resources to achieve its desired outcome.But overall, most definitions express the capabilities of people with a certain mix of skills including: This definition was created as a starting point for debate with our clients, because everyone will have a slightly different view depending on their own experience and the market context they manage. The ability to take a ‘big picture’ view of a situation, to weigh it up quickly, make a logical, sound decision confidently, and influence others to agree with you in order to have a positive impact towards achieving the objectives of the organisation. Business Acumen is a combination of knowledge and skill informed by experience: knowledge about key business issues, the skill to apply that knowledge, and the confidence to take action informed by past experiences. At Elgood our business acumen definition definition is:
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