Each individual must decide when the information available is sufficient to move forward. Ability to deal with ambiguity – In many cases, it is impossible to know everything relevant to a situation.What are the relevant procedures and processes? How can they get things done? Organisational knowledge – Knowledge about the organisation in which the individual works.In a commercial context, this is often measured in terms of profit or revenue, in other organisations the key measure of success might be improved capacity or measurable social benefits. Financial literacy – The ability to understand how an organisation uses its resources to achieve its desired outcome.But overall, most definitions express the capabilities of people with a certain mix of skills including: This definition was created as a starting point for debate with our clients, because everyone will have a slightly different view depending on their own experience and the market context they manage. The ability to take a ‘big picture’ view of a situation, to weigh it up quickly, make a logical, sound decision confidently, and influence others to agree with you in order to have a positive impact towards achieving the objectives of the organisation. Business Acumen is 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. At Elgood our business acumen definition definition is:
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