Trending Business - Netflix

Trending Business is a report on fast-changing business trends includes the latest news, innovations and market moves.

Trending Business - Netflix

Type: News

Languages: English

Status: Running

Runtime: 60 minutes

Premier: 2015-02-22

Trending Business - Business acumen - Netflix

Business acumen (“Business savvy” and “business sense” are often used as synonyms) is keenness and quickness in understanding and dealing with a “business situation” (risks and opportunities) in a manner that is likely to lead to a good outcome. Additionally, business acumen has emerged as a vehicle for improving financial performance and leadership development. Consequently, several different types of strategies have developed around improving business acumen.

Trending Business - Financial literacy - Netflix

Financial literacy is a comprehensive understanding of the drivers of growth, profitability, and cash flow; an organization's financial statements; key performance measures; and the implications of decisions on value creation. In a SHRM article entitled, “Business Acumen Involves More Than Numbers” Chris Berger, member of human resources at CTPartners, explains that business acumen starts with the ability to understand how a company makes decisions, and that leaders must be financially literate and be able to understand numbers on company financial statements. It entails the ability to take the knowledge of business fundamentals and use it to think strategically and then take appropriate action. According to E. Ted Prince, “Financial literacy is almost never the need for senior managers and high potentials. Most already possess degrees in business, including MBAs, and many have also had experience in the business sides of their professional roles. The need for these managers is to understand how their actions and their behavior impact their financial decision-making and how this in turn affects financial outcomes at the unit and the corporate level.” It's evident that an individual with business acumen has some level of financial understanding and knowledge - but someone who is financially literate doesn't necessarily possess strong business acumen.

Trending Business - References - Netflix