![]() ![]() The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. ![]() Necessary cookies are absolutely essential for the website to function properly. This post is from February’s topic on Business Acumen, which is also a course on our Mini-MBA program online from Harvard Square. These guide the other aspects of business, which are: operations and marketing, finance and governance, and information and people. The leadership of the company is responsible for the culture and values. Looking at the big picture allows you to see how everything is related, and it begins with the leadership. Most people only focus on their specific roles, without considering how they affect the other departments. Each aspect of the business relies on the others. Too many sales returns costs the company money, damaging the profits. For example, poor production and poor customer service will affect sales. Every business role is related to each other. In business, it is necessary for each person to perform specific roles and functions. Mindful decision making combines reason with intuition to come up with decisions that are based in the present. Recognize these events which increase the risk of making a poor decision that can have long term consequences. In stressful situations, it is easy to make decisions based on emotions or external pressure. Offer training or hire new employees in response to growth opportunities.ĭecisions need to be made carefully and mindfully. Monitor abilities of the workforce: Pay attention to employee skills.Consult employees: Do not overlook employee ideas encourage brainstorming.Monitor demographic changes: Changes in demographics indicate potential shift in customer base or needs.Pay attention to competitors: Take advantage of a competitor’s weakness and learn from their strengths.Actively research customer needs: Conduct market research and anticipate customer needs, which you will fulfill.Identify market trends: Monitor changes in the market such as technological advancements.If recognizing opportunities does not come easily for you, there are steps to take that will ensure that you do not overlook growth opportunities. Individuals with business acumen are constantly recognizing opportunities for growth. Opportunities, however, can be overlooked when we do not pay attention to the big picture. An opportunity is any project or investment that will create growth. It is essential for every organization to recognize growth opportunities to ensure long term success. Long term relationships help guide the future of the business. ![]() Failure to cultivate relationships occurs when there is a lack of communication or communication is not respectful. The relationships with customers, vendors, and employees need to be carefully cultivated. Long term business success requires the long term interactions. Long term interactions are processes or relationships that are essential to growth. For example, you may damage a business relationship by using aggressive sales techniques, costing you sales in the future. Without looking at the big picture, however, short term interactions may hinder long term success. Short term interactions are immediate, single exchanges, and they are necessary for the company to survive. When looking at the big picture, it is necessary to consider long term as well as short term interactions. In order to make effective decisions, it is necessary for you to examine the big picture. When too much focus is placed on one aspect of the business, it is difficult to make decisions for the good of the company. Most managers and employees, however, are responsible for specific areas and they have little understanding of the impact their decisions have on other areas. Business acumen requires an understanding of finance, strategy, and decision making. ![]()
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