Jul 14, 2022
In Welcome to the Forum
These questions are directed not only at the Job Function Email List organization, but also at themselves and their departments - questions about processes, products, systems, staffing Job Function Email List and more that can lead to necessary and innovative decisions and actions. Business acumen helps everyone understand that it's not enough Job Function Email List to ask, "How do we cut costs?" or to say, "We need to increase sales." Digging deeper, employees with higher levels of business acumen will ask questions that take into consideration the far-reaching impact of potential decisions and Job Function Email List demonstrate a greater ability to make the connections between performance and results. Questions that could get to the root of Job Function Email List disappointing operating ratios: • Have production costs gone up? If so, why? • Have we changed prices? If so, how Job Function Email List has that affected our margins? • Are there any competitive Job Function Email List issues impacting our performance? • Have there been any customer requirement changes? • If our Job Function Email List costs per unit produced have gone up, can we better control the efficiency of our production or service delivery? • Is there a way to produce a greater product volume at the same cost? • Can we raise prices, still Job Function Email List provide value to the customer and remain competitive? When questions become more specific, the right decisions can be made. Business Acumen for Managers Managers at all levels need a high Job Function Email List level of business acumen to do their jobs. Every day, they make decisions about employees, projects, processes, expenditures, customers and much more - decisions that ultimately roll up into larger organizational results. Managers who make these decisions while looking through a departmental lens only, with a limited understanding Job Function Email List of how these decisions affect financial results or how they are tied to the organization's goals and objectives, are working in silos that can ultimately damage the company. Managers are often promoted to their positions of responsibility because of their "technical" expertise.