Steven Haines - The Business Acumen Handbook: Everything You Need to Know to Succeed in the Corporate World

The Business Acumen Handbook

Everything You Need to Know to Succeed in the Corporate World

Steven Haines

Copyright 2019 Steven Haines

All rights reserved.

ISBN: 978-1-795-14822-1

Introduction

I love business. Every day when I wake up, I switch on the TV to the business news channel, read through the Wall Street Journal, and scan the stories on Business Insider. Im always trying to learn what business leaders think and how businesses achieve successa mindset Id like you to be able to adopt.

Many of you may be newer to the corporate world and find it a fascinating place to work. Based on my own experience and from what I learn in my research, challenges abound. You may be asked to work on projects that dont make sense or may witness business politics that just doesnt seem productive or logical. Business people who work in mid- to large-sized companies are often admonished by their bosses to deal with these issues, which is easier said than done. From my standpoint, its easier to adapt and be productive when you know what youre working toward, expect the unexpected, and adopt a proactive mindset.

Business can and should be simple to understand, and thats why Ive written this book. Ive been involved with the world of business for decades and have accumulated knowledge, experience, and wisdom that Id like to share with you. This is a book for you if you:

• Are newer in your business or managerial career and you need a concise guide that will show you how the gears of a business operate in any middle-to-large sized company
• Worked in a functional area of a company (e.g., engineering, operations) and will be taking on a business or management role
• Are in the process of entering the corporate world of business and will benefit from a resource to help you hit the ground running

Some people have an innate understanding of all things business, some do not, and others are somewhere in between. Some of you already work in a business role in a corporation, and others aspire to. Regardless of your role as a business person, I can tell you that leaders expect a lot. They want their newer managers to focus on the big picture of the business, cultivate great relationships across the enterprise, and contribute to the advancement of the firms goals. In the overall scheme of things, managers are expected to understand how the business works, how to get things done, and how to influence others who dont work for them.

Business acumen is the term used to describe a persons understanding of various dimensions of a business that are in play as situations arise. This business common sense is built up over time, just like practitioners such as surgeons, musicians, or pilots get better with practice. My hope for you in this book is that youll gain an appreciation for the inter-connectedness of the parts of a business so that you can recognize the signals as various situations arise, and figure out what to do to get things done. My role as guide is to accelerate your journey. As you absorb whats contained in these chapters, some content will be familiar to you based on your own experience or what you learned in school. However, youll derive the best benefit when you can see how to knit those areas together with new thoughts and ideas. This mindset will add to your expertise, resourcefulness, and confidence.

HOW TO USE THIS BOOK TO IMPROVE YOUR BUSINESS ACUMEN

Ive written this book partially as a business practitioners handbook, to help you view various dimensions of a company, and partially as a managerial and leadership development work tool, so that you can take direct action as required. How you use the book will depend on your experience and motivation. For you to gain the best perspective to start your work, Ive summarized the 12 chapters contained in the book:

Chapter 1Starting Out: Assessing Your Business Acumen

If you dont know where you are and where you want to go, how will you know what to do? This is the chapter where Ill define the key dimensions of business acumen and why theyre so important. Ill also introduce you to a tool to help you assess your business acumen, which you can use to create a purposeful professional development strategy.

Chapter 2Finding Your Way Around the Organization

Working in a company can be made easier if you know how the company makes money and how its organized, the people who work there, and what makes them tick. While you may think its simple to figure out whos who by looking at the organization chart, savvy business people need to figure out how to navigate the informal organization. They must create great working relationships while earning trust and credibility. This chapter will provide you with practical tools to help you chart your path.

Chapter 3You Cant Do It All Yourself

Its generally known that when people with different skills are brought together to work on a team, everyone benefits. This is easier said than done. Ill guide you by explaining various team structures and describing essential team operating paradigms. Ill then explain the importance of team leadership and collaboration, which is vital to business efficiency and competitiveness.

Chapter 4Money is Not a Foreign Language

In fact, money is the language of business, so Ill provide you with a basic overview of business finance so that you can get your bearings and establish a game plan to get your mind into the numbers game. To achieve this, Ill explain the fundamentals of finance and describe the key financial statements youll need to know about. Ill also demonstrate why budgeting and financial planning is critical to aligning others in the organization, and in tracking progress.

Chapter 5Leveraging Processes to Get Things Done

Throughout your business career, whether you follow prescribed documentation or not, you will leverage processes to get work done. These processes lay out things to do, interdependencies between people, and results to be achieved. Some people feel that processes can be overwhelming and unwieldy. Fortunately, Ill show you how to understand how you might be able to focus your efforts on simplicity and efficiency so that business resources can be put to the best use.

Chapter 6Using Data to Solve Problems and Make Decisions

Businesses run on data. Its a premium fuel that gives everyone in the business the ability to make plans, uncover and solve problems as they arise, steer the business, and keep things moving and growing. After all, no one wants a stagnant business. This is a chapter that will offer you the tools and wherewithal to understand different types of data, where it comes from, and how its used. Then, Ill introduce you to an interesting method to help you use data to find solutions to problems and make better business decisions.

Chapter 7Mastering Markets

Most people have an innate view of markets. You know this because, as a consumer, youre involved in markets every day. However, the simplicity on the surface masks the complexity of interactions between customers and competitors. Business people must be cognizant of market dynamics, so Ill make this topic easy to understand by characterizing the key aspects of markets and showing you how theyre studied and how insights are derivedall of which contribute to the strategy of the company.

Chapter 8Setting Direction With Strategy

People who work in a business, just like people who play on a sports team or perform in a show, need to know what theyre working toward and why. Everyone needs a goal and a path to achieve that goal. This chapter supports you with the essential context required to understand the foundations of strategy and strategic planning so that you can contribute to the future direction of the company.