Having sharp business acumen is not just necessary for executives. It’s essential for all individuals in leadership roles or those aspiring to be in leadership. This lesson will primarily guide you on what is meant by the term business acumen and how you can utilize that understanding to create a positive impact on the business. Having business acumen will enhance your understanding of your organization, perception for opportunities and ability to define ways to reach the full potential of your business.

There are definitely a lot of factors which contribute to the growth and success of an organization. In this lesson, we will learn about four building blocks that make organizations thrive - satisfying customer needs better than the competition, generating a healthy cash flow, maximizing return on invested capital, and driving profitable growth. We will dive deeper into each block and see how you can add value to your products or services by critically considering these factors. This will ultimately skyrocket your profitability.

To be successful in business you need to be able to assess the financial health of an organization. That requires the ability to read and interpret a company’s financial statements. In this lesson, you will be introduced to the income statement, balance sheet, and cash flow statement, the most important indicators. Finally, you will learn how to use that insight to make informed decisions for your company.

For any organization to thrive, it requires a smart and effective business model. This lesson will comprise an introduction to business models and their role in adding value to your organization. We will dig deeper into the key components of a business model which includes - customer value proposition, key processes, key resources, profit formula, customers, channels, revenue streams, and cost structure. Hence, this understanding will help you in evaluating the current business model of your organization and modify it to enhance overall growth and development. Lastly, a comparison will be made between business model and business strategies to further clarify your concepts.

By understanding your organization’s strategies, you are well positioned to support them through your business operations and decisions. This lesson will help you to understand the core principles as well as the bigger picture behind a company’s strategy. Additionally, you will be introduced to how companies deliver value to key stakeholders through the right strategies paired with a certain business model, focusing on either customers, employees, or suppliers.