9 Ways to Develop Business Acumen and Step into Leadership

The Benefits of Developing Business Acumen

Change is a constant in today's business environment, and those organizations which are able to keep up with industry trends and successfully develop the mindsets, skills, and behaviors to drive performance often lead the competition. At Shiken, our goal is to help leaders unlock business impact from the top through executive coaching and fostering a culture of inclusion and belonging. Our innovative programs are proven to measurably improve key business outcomes, while providing organizations with research, tools, best practices, and ideas for growth.

At the heart of successful enterprises is a strong foundation of business acumen. Business acumen is an individual's aptitude for understanding and responding to business situations, and involves having general and organization-specific knowledge on how to get things done and why.

Having a handle on business acumen is essential for making decisions and experimenting with different approaches, boosting team performance, driving engagement, and promoting resilience and agility throughout the enterprise. Not sure what it takes to become business acumen savvy? Read on for nine actionable tips on developing this valuable skill:

• Strategic Thinking and Problem-Solving: Achieving company goals requires the ability to craft effective plans, strong strategic planning and problem-solving skills, and the ability to prioritize according to various contexts.
• Adaptability: The ability to swiftly adapt to changing conditions is essential for a business to thrive in any market, in addition to being able to come up with solutions that have a positive overall impact.
• Leadership: Becoming a leader requires an understanding of the company's strategy and mission, as well as the ability to motivate and inspire team members.
• Financial Knowledge: To gain a better understanding of the organization's overall status, a leader should be knowledgeable on topics such as budgeting, forecasting, profit and loss, and reporting.
• Organizational Insight: Business acumen means having a working knowledge of the organization's mission and strategy, and how different departments fit into the big picture.
• Technical Skills: In many industries, knowledge of technical elements in addition to business skills is increasingly required for success.
• Business Communication: Communicating ideas and strategies to different departments in a way that is easily understood by everyone is an important component of business acumen.
• Advocating: Leaders must be able to stand up for their ideas and explain the rationale behind decisions.
• Focusing: Maintaining focus on the important details while considering the bigger picture is one of the key elements of business acumen.

At Shiken, we strive to help everyone live with clarity, purpose, and passion. By developing stronger business acumen, organizations can make meaningful changes that help empower their teams to reach new heights.

Developing and Showcasing Business Acumen

Developing business acumen requires an understanding of financial statements such as profit and loss, balance sheet, and cash flow, as well as a knowledge of the company's operations and the areas that most contribute to performance and growth. Additionally, leaders should be able to craft marketing strategies for different target audiences, track and measure success using KPIs, and effectively communicate their ideas with the team.

Analytical capabilities are also key for business acumen. It is important to be able to evaluate facts and data to make informed decisions. Additionally, being able to bring various perspectives to a situation and see the world through multiple lenses helps leaders to develop insights into areas they may have previously overlooked. By developing and displaying business acumen, organizations can create more meaningful, effective strategies with better results.

Developing Business Acumen for Professional Success

Business acumen is key for success in the workplace. It includes the ability to analyze and make connections from data, gain insight into rare information, be aware of industry trends, understand competitive analysis, and have emotional intelligence. Additionally, financial literacy, a knowledge of company finances, and understanding the entire business, from the business model to the supply chain and human resources, is essential.

It's important to stay up-to-date with industry trends. This can be accomplished by reading business news, following business leaders on social media, subscribing to newsletters, and speaking directly to customers to gain insight. Taking a business class and reading a brief overview book can help jumpstart the development of business acumen.

Taking risks and seeking advice from a coach or mentor can help speed up the process. Showcasing one's business acumen is just as important as using it, as it helps to demonstrate a person's value to an organization.

Include Specific Skills in Your Resume and Grow Your Business Acumen

Having the right skills on your resume and being able to demonstrate how you've used them in the past is critical to a successful job search. But developing the business acumen necessary to become a leader is just as important. At Shiken, we offer career coaches that can help you unlock your potential and achieve the level of success you desire. Talent development programs can also contribute to the growth of a business.

Gaining knowledge of what makes a good business is essential, and understanding the Pareto principle (80/20 rule) can help you do more with less. It's also important to understand why reskilling is necessary and how long it may take to make it happen. Organizational effectiveness is a great way to help a business succeed.

Our Leadership Team

At Shiken, we all strive for the same mission - to help people reach their full potential and live better lives. Our leadership team draws from a wide range of backgrounds and experiences to make this happen. Our distributed leadership approach, which encourages agile decision making and risk-taking, focuses on developing relationships, creating strategies, measuring metrics, and driving projects. Good budgeting and processes are a priority to help ensure our success.

• We prioritize developing relationships and implementing strategies
• We strive to create a culture of trust, alignment, and professional growth
• We focus on measuring metrics and driving projects
• We continually improve our processes, budgeting, and profitability

Unlock Your Full Potential with Shiken

To reach the leadership position you've been striving for, enlist the help of the team at Shiken. We provide comprehensive resources and support to help you reach your goals.

Understanding Reskilling and the Pareto Principle

Two important concepts in business strategies are reskilling and the Pareto principle. Reskilling involves acquiring new skills, while the Pareto principle suggests working smarter, not harder. Utilizing each of these tools can greatly improve the success of your business.

A Leadership Team You Can Rely On

At Shiken, we have a team of leaders with collective experience in business, skills, and diverse backgrounds. Our leadership style is based on distributed leadership, agile decision making, and taking calculated risks. To ensure that we serve our mission, we continually improve our processes, budgeting, and profitability.

Your Confidence Is Our Priority

We understand that having a reliable team of leaders is paramount for business success. That's why we focus on building a culture of trust and alignment. When you partner with Shiken, you can rest assured that your business will be in good hands.