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In order to run an productive, dynamic, and productive organization, leaders should possess sound small business acumen. However, we are not born with this important leadership skill, it is cultivated more than time. When asked to define business enterprise acumen, the response of senior leadership is basic and straight forward. Most think that enterprise acumen means getting financially savvy but that my friend is only one element of enterprise acumen.
There are 5 essential components that make up sound enterprise acumen: Intelligence, Strategy, Communication, Innovation, and Accountability. As you review the qualities of each, assess yourself as well as other leaders on your team to see exactly where strengths and weaknesses exist inside your organization. Then start on an action strategy to close those identified gaps and drive organizational achievement to the next level.
#1 - INTELLIGENCE: Yes, leaders possessing this component of business enterprise acumen are skilled at generating, reading, and analyzing monetary reports and budgets. Nevertheless, they are also at ease when it comes to explaining this from time to time complex information and facts to other people. This is a good quality that most senior leaders admire and think of when they envision a person with terrific company acumen. Along with financial savvy, leaders possessing this component of business enterprise acumen have an immense hunger to understand extra and increase their understanding and intellect. They not only read business enterprise books, magazines and white papers to acquire information, but also to glean abilities and techniques that can be applied in their line of home business and everyday function.
#two - Technique: Leaders possessing this component of organization acumen know the key priorities (small business objectives) of the organization, and have proactively formulated a written action plan to get the team there. They don't wait for the strategic plan to come down the pike from corporate, as soon as they get wind of the key company objectives they begin focusing on how their team will contribute to and impact it. Once more, getting company intelligence is not adequate, leaders must also be able to turn all that wealth knowledge into actionable behaviors that will engage an whole workforce or team and drive positive outcomes.
#3 - COMMUNICATION: Leaders possessing this component of home business acumen are great communicators, both verbally and in writing. They know that hassle-free, clear communication is the key to achievement of the key business enterprise priorities and method. If you ever observe leaders with great communication skills, you will notice that they communicate clearly up and down the organizational ladder. They can get a point across with finesse at the executive level, and simplify the message with ease to relate it to the day-to-day activities of line staff.
#4 - INNOVATION & RESOURCEFULNESS: Leaders possessing this component of business acumen have the keen ability to work with small, and produce much. They are not limited by a lack of resources, but innovative enough to produce new approaches of getting the job carried out effectively and efficiently. While having all of the tools at their disposal to do the job properly would be terrific, they do not permit the lack thereof to develop team dissension or negativity. Their greatest joy comes from becoming able to overcome barriers and obstacles to make a product or service that is exceptionally superior than they ever expected. Leaders who possess sound small business acumen are not wasteful, but innovative and resourceful.
#5 - ACCOUNTABILITY: Leaders possessing this final component of organization acumen know the importance of employee accountability in optimizing productivity to attain good results. Without having accountability none of the other components that make up sound business enterprise acumen (intelligence, technique, communication and innovation) will be of any worth. In order to hold employees accountable for driving the important priorities of the organization the leader should set the standard or expectation, communicate it to enlist employee buy-in, integrate it into each aspect of the work environment, evaluate employee performance against it, then reward and recognize those who consistently meet and exceed the expectation or standard.
Just like a waterfall, small business acumen begins at the top and trickles down throughout the whole workforce. If senior leadership does not possess these essential components, organizational effectiveness and achievement is not sustainable. Now that you've been equipped with some level of clarity concerning small business acumen, the next step is to function toward closing your specialist gaps. Bottom-line, developing sound company acumen does not start or quit with becoming skilled at analyzing financial reports creating sound business acumen is multi-dimensional.
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