Building Business Acumen and Corporate Leadership Skills – Ram Chary

There are many questions one should consider while trying to succeed in entrepreneurship. Some of these are:

• What will drive profitability in a business?
• Which matrices should be at the top of one’s mind for business administration?
• What will make or break success for a team or division?
• How should the business managers set their priorities?

Based on the type of business you own; one should find practical answers to all these questions. In actuality, all the answers to these questions are related to the concept of building business acumen. Anyone who wants to become a leader in a business organization needs to confront these challenging questions. In this article, we will explore business acumen as a concept and what skills are required for business owners to acquire business acumen.

What is essential about business acumen – Ram Chary

Business acumen is the ability of entrepreneurs and corporate leaders to understand the challenges and directions of their business. Acumen is the collection of general knowledge about the market and specific knowledge about the organization and the industry. Business acumen is one of the critical characteristics of successful leadership, which can effectively answer all the questions related to the business and help in decision making. However, Ram Chary says understanding is not just about knowing business issues. It involves a complete understanding of your particular business challenges and making decisions that may positively impact an organization.

Having excellent business acumen will help improve the business insights. As a business owner, you should be open to making decisions and experimenting with various approaches. In this, business acumen will guide you in building a team to create a better impact. With proper administration, you are helping the team focus on the things which matter the most to the company. When the organization’s business understanding improves as a whole, everyone will start to benefit from it.

Good business acumen

Ideal business acumen effectively addresses the below questions.

1. How does a business acquire profit?
2. What are the driving factors for the business strategy decisions?
3. How do the companies plan and budget their business?
4. Which projects are most likely to be prioritized beyond the basics?

Creating proper business understanding will help get insights into your needs in building a successful business administration practice. This insight will also help the companies become more agile by using distributed leadership, making crucial business decisions, experimenting with different options, and taking calculated risks based on information. At the minimum, team leaders should have business acumen, and if not, it is unlikely that the employees may feel empowered.

Business acumen is highly in demand now. As per a study by Gartner on the modern-day corporates, about 93% of the executives in IT business face a talent gap to nurture business transformation. About 42% of the survey participants say that business acumen is the most significant gap they face. Without proper leadership with business acumen, the organizations cannot be moved in a good direction. Ram Chary suggests a change in this scenario by building proper awareness and skill development for corporate leaders to ensure business acumen in their enterprises.