Developing Business Acumen for Career Growth.

As we pass through stages or phases of our career, we often compare our progress with certain benchmarks and milestones. Some of us achieve or over achieve these goals but many of us fall short of achieving them. To ensure that our career is on track, especially at the advanced stages of managerial & leadership positions, it is of utmost importance to develop a sense of Business Acumen. This will differentiate your approach and understanding of your company’s business outlook.

Broadly there are 5 aspects that must govern your understanding of your company's business.

• The Macro Perspective

As the name implies, it means at large what is that your company is into? Look beyond the basic product or service it provides. What is its relevance in today’s society & what it means to the consumer? How does it enhance their life or lifestyle? How different is your company from its peers and competitors? What happens if your business or service ceases to exist?This macro perspective will change how you perform micro activities & take decisions.

• The Worldly Perspective

If you are part of a developing economy it would serve you right if you can look at global markets and trends as benchmark. Embrace global work culture & definition of professionalism. Do this even if you aren’t operating in global markets or competing with them. Sooner or later either your business would go global or a global company could be operating beside you and that time changing will be challenging. Try to relate or associate your decisions in accordance to global trends.

• The Other’s Perspective

By this I mean neither your direct beneficiaries nor competitors. But completely diverse businesses which are coming up & flourishing. Today e-commerce is a booming sector; your business could be engineering service but try to foresee the synergies of upcoming businesses with your business. That’s how innovation happens. Also how do these businesses perceive your business is important to understand. What can we learn from each other?

• Our Perspective

Now with the above three perspectives, what does this mean for us. With our existing strengths and challenges before us how can we leverage and how can we find and provide solutions. Of course sustainability is a key issue businesses face; about how can we continue to be relevant. How do we view our customers, how do we view the government and how do we view our competitors. What do employees mean to us? Every employee must have the company SWOT analysis before him.

• Action

Of course theories, perspectives & plans mean nothing until they are actionable and are implemented. With all above perspectives decide what needs to be done first. What is important and what is urgent. Getting priorities right is a key to career growth & success.

So to sum it up, irrespective of where you stand in your career, whether you are in technical delivery or on the field. Start developing and working on your Business Acumen and imbibe it into your work culture. And definitely you will achieve your career goals and be able to climb the corporate ladder.

All the Best!