Estimated reading time: 6 minutes
As we enter the New Year, I think it’s safe to say that business is a top priority. Organizations want to perform at a high level. They want to make money and deliver for shareholders. For human resources professionals, this means understanding the business. In fact, as I’m typing this, I don’t know that it’s good enough to just understand the business. We need to be able to talk about it and make decisions related to the business. That’s how we stay relevant.
But because the business world is constantly changing, I’ll admit it can be challenging to develop business acumen. Oh sure, a lot of people throw around buzzwords – like all the “quiet” ones – but do they really know what those terms mean?
It can be a challenge to stay current, especially when your schedule is already full. Personally, I find it helpful to take inventory of the activities that I’m doing. It’s a great way to step back and get focused. So, here’s my list of activities for building and improving business acumen.
- Know how your organization makes and spends money. Many years ago, as part of my company onboarding, I had to schedule a meeting with the CFO to review the profit and loss statement. It was one of the best learning experiences I’ve ever done. Not because I didn’t know how to read a P&L, but because I learned how the CFO read the P&L. The good thing is there’s no rule that you’re only allowed to do this activity once. If you’ve never done this before, consider doing it this year. Maybe even do it again right before budget time.
- Learn about your customer. When I talk about customer here, I’m not referring to employees. Do you know who your organization’s top ten customers are? Not just their names, but what industry are they in? One of my past employers asked me to go on regular customer calls with the sales team. Super valuable! If you’ve never done it, consider asking a sales manager if you can. You’ll learn a few things and I’d bet the sales department will be happy you did.
- Join a professional association. The decision on which professional organization(s) to join belongs to you and everyone needs to figure that out on their own. But I do believe it’s valuable to be a member of a professional organization. Let me add that I feel it’s important for individuals to volunteer. Not only will you make lifelong friends, but you will learn from your colleagues. Part of developing business acumen includes developing both an online and an in-person professional network.
- Read and/or listen to the right stuff. Trust me, I hate junk emails as much as the next person, but there are some electronic newsletters that provide great up to date information in a concise format. I’ve been following David Green, co-author of Excellence in People Analytics, on LinkedIn. He sends out an electronic newsletter with articles and videos – very interesting.
- Expand your business book library. I’d like to think that everyone has a library – big or small – of books they use on a regular basis. Maybe it’s time to edit and/or expand it. Ask a handful of people for some business book recommendations. And when you’re thinking about who to ask, consider a diverse group of people who might not always think the way you do.
- Pick a topic you know nothing about … and learn. I mentioned at the beginning of this article that the business world is constantly changing. One example of that is artificial intelligence (AI). We don’t need to become experts at everything. But picking a topic and learning more will help us ask better questions in the future. It will also help us form an opinion about new things shaping our workplaces.
- Take a class. As you’re thinking about new subjects to learn, also consider how you want to learn. Many major universities offer free online courses called MOOCs (massive open online courses). Or research if your library card allows you free access to LinkedIn Learning. I try to take at least one class a year. Over the years, I’ve taken courses on cryptocurrencies, artificial intelligence, and the future of work. Taking these courses not only exposed me to new topics, but the online chats offer insight into different views from all over the world. It’s a great way to gain a global perspective.
- Learn a new technology. Speaking of technology, given that our use of technology keeps expanding, it makes sense to learn something new about today’s tech. It doesn’t have to be a big software program. Maybe it’s an app you’ve been wanting to carve out some time to test drive. For instance, since I do a lot of remote work, I’ve been focused on learning more about cybersecurity.
- Step out of your regular responsibilities. I realize everyone is busy, but the next time your boss is looking for a volunteer, consider raising your hand. Getting involved in special projects can help you 1) learn new knowledge and skills 2) build new working relationships and 3) get noticed by the organization. Special assignments might be worth it from both a learning perspective and your long-term career development. I know it’s tough but it might be worth trying to find some extra time to make it happen.
- Identify a self-care activity that works for you. You might be saying, “What does this have to do with improving business acumen?” The answer is a lot. You will learn more and perform better after you figure out the best way to take care of yourself. Try to infuse some fun in the activities I’ve listed. Recognize and reward your accomplishments. Learning business acumen doesn’t have to be drudgery.
Over time, I’ve come to realize that business acumen isn’t something you learn once and you’re done – especially in today’s business environment. That’s why regularly reviewing a list like this could be helpful. It can serve as a refresher and keep us focused.
Business acumen is changing all the time. Yes, it’s true that business terms like profit and EBDITA haven’t changed. Now, we have new buzzwords like career catfishing, resenteeism, and job hugging. If HR wants to be a contributor and partner to the business, then they must know how to sift through the buzzwords and gain exposure to new business concepts and ideas.
Image captured by Sharlyn Lauby while exploring the streets of Manhattan, NY
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