What is Business Acumen? Business Acumen means sharpening your business knowledge or in simple words understanding everything about your business inside – out (internally and externally).
-
Internal Factors include Revenue Drivers, Pricing Strategy, Cost Drivers, Supply Chain etc.
-
External Factors include understanding competition, industry dynamics, technological changes, political factors, state of the economy etc.
What could you do to enhance Business Acumen?
-
Understand the business model, products and services of the company.
-
Try to break down the revenue model of the company – understand how it makes money from its products and services.
-
Create a business model canvas to understand how different stakeholders interact to create value for the customer.
The Business Model Canvas is a strategic management template used for developing new business models and documenting existing ones.It offers a visual chart with elements describing a firm’s or product’s value proposition, infrastructure, customers, and finances, assisting businesses to align their activities by illustrating potential trade-offs.
What could your Company do?
-
Arrange product trainings (how our products and services make money)
-
Participate in industry conferences
-
“Brown bag lunches” where different people share new insights
The role of FP&A is evolving, and so are the skills required to deliver value. Both you and your employer wish to upskill and right-skill your teams to meet the new requirements, and be prepared for the changes to come.