The ‘Building Business Acumen’ sections at the end of many lesson will take your learning beyond accountancy. This section is designed to help you build the bigger business ‘know how’ for your future careers.
As you progress through your studies, this section will especially help you with your assessments. The knowledge development you undertake here can be the difference between achieving an assignment pass or distinction.
What is business acumen?
If you define ‘acumen’ it is all of the following:
shrewdness – insight – judgement – intelligence – instinct and expertise.
It’s a package that is inherent in all good managers or corporate leaders. A few people are naturally born with these instincts, most management however, develop the skills through experience and career growth.
What is certain, all management in high positions will have developed personal business acumen. Most importantly, they understand the consequences every business decision has both short and long-term.
It is often thought that it is only the strategic decisions that matter and set a company’s future. Whilst hugely important, a strategic decision is purely a decided direction taken by the business. It is the daily operational decisions that ultimately determine whether the strategic decision is effective.
An excellent strategic decision can be destroyed by bad operational decisions and likewise, a bad strategic decision can be transformed by good operational decision making.
As a good future accountant, you will be particularly interested in financial decision making. As an excellent financial leader, you will be equally proficient in all aspects of business.
Financial decision have to deliver the best for the business’s future, which is not always the tightest financial constraint.
START YOUR ‘BUSINESS ACUMEN JOURNEY NOW’
- Complete the following quiz.
- Begin to build your personal library of business awareness links that you should visit regularly.