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What does acumen mean in business?
Acumen in business means having a combination of knowledge and skill informed by experience: knowledge about key business issues, the skill to apply that knowledge, and the confidence to take action informed by past experiences. Business acumen is also known as business savvy. It's a keenness for understanding and dealing in business situations (i.e., risk vs. opportunity).
In a practical application, business acumen combines an understanding of how a business works and what it takes for the enterprise to make money. At its most simplest, business acumen comes down to three things:
I understand how a company makes money
I understand how my company makes money
I understand how my customers make money
A foundational component to developing strong business acumen is a deep knowledge of your company's business model. This goes beyond a basic understanding of how the company makes money, and includes various aspects of the business such as how the company's supply chain works, talent acquisition, and its business life cycle. It is indicative of quickness, accuracy, and keenness of judgment or insights.
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