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5
Tuesday
September 2017
IMPORTANCE OF BUSINESS ACUMEN
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“Leaders become great, not because of their power, but for their ability to inspire and elicit commitment, passion, consistent action, and follow-through from others.” – Ty Howard

Effective leadership requires both interpersonal skills and business acumen. Even the most dynamic and well skilled leaders are likely to stumble if they lack overall business sense. That’s because without a clear understanding of how business works, their goals are likely to ring hollow, especially when employees recognize that these goals aren’t based on a strong understanding of the marketplace or functional skills and knowledge. If we don’t understand the core business applications of sales and marketing principles, accounting practices, and operational functions within our respective companies, we aren’t as equipped as we need to be. Even if we think we already have a pretty good sense of how things run, there’s always room to learn more – a lot more! Thus comes the Business Acumen. Business Acumen is very important for the management team because it helps in understanding how company makes money and then how to make good decisions to improve that money-making process.

Managers at all levels need a high level of business acumen to do their jobs. Every day, they make decisions about employees, projects, expenditures, customers and much more – decisions that ultimately roll up into larger organizational goal. Managers who make these decisions while looking through a departmental lens only, with a limited understanding of how these decisions affect the company’s financial results or how they are tied to the organization’s goals and objectives, can ultimately damage the company. As we have become a nation of specialists, armed with new information technology and wide operating enterprises, it has become easier for managers and employees to become blindly immersed in their own jobs. This immersion can have the effect of cloaking their view of the big picture. This may result into – them not considering the increasing effect of wasted assets, little regard for the objectives and responsibilities of other team members, departments or divisions, lacking the motivation to invest personal energy in critical project work etc. Organizations that engage in developing business acumen provide a clearer vision and an overall context within which employees can work, while creating an environment that is more likely to break down internal barriers. There is less wastage and fluctuation, resulting in increased innovation. Employees are more engaged, they understand their role and its impact on business results, and they are more likely to believe that their efforts really matter. They are more likely to think like a business owner.

In a research it has been stated that over the past few years, the need for business acumen skills as a standalone competency has become a critical focus of most CEOs. 100% of the organizations have business acumen listed as a top 10 and critical competency for 2015 and beyond. HomesScope being one of those companies is exercising this from its onset. Business Acumen Training is the first thing this company materializes. This training helps all the members and employees of this company through the paces of business planning, strategizing and decision making thereby enabling their transformation into better leaders and managers. Enhanced business acumen equals a stronger company. Thus, making HomesScope the best platform dedicated to building design professionals and companies to source the best experts and the finest products the design world has to offer.

More than ever, successful companies need to focus on developing the business acumen of managers and employees. These companies will realize that when their people understand how their departments contribute to the company’s objectives and when they see how their own decisions and actions make a difference, they will begin to operate as a part of the team. And a critical piece of the alignment puzzle will be solved. With widespread business acumen, companies can have a powerful asset – knowledgeable, educated and motivated employees. And with this asset, those will be the companies best positioned to succeed.

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