Do you know the difference between an answer and the solution? Savvy business owners do and that’s how they make better decisions. You, too, can gain business savvy.
Business owners should be focusing on good solutions, not cookie-cutter answers, and this requires some savvy. Building up business acumen takes some time and experience, but people are doing this all over the world.
The episode is part 1 of a 3-part series to help business owners improving their business acumen, a key part of running a successful company and an element of my Arise2live profit loop system.
Let’s improve our business savvy!
#Arise2LIve #inflation #businessowners #strategy
This is a series to answer the question: how do people gain business savvy to make the right decisions for their company in a complex world? The starting point is knowing the difference between an answer and a solution. An answer is the result. A solution is how the result came about.
The business acumen is not so much having a particular skill, but uniting the unique skills into a single solution. In other words, we can say business savvy is the ability to understand the dynamics and situation of the business and make smart decisions.
What is business acumen?
Other names for business acumen are business sense or business savvy. It is the ability to size up the situation in your company and overcome problems so that the company still makes money and reaches its goals.
Some ways we get answers
- Internet – A podcast or blog or video, etc.
- From spreadsheets and apps – They pop out numbers.
- Other people – There are many people out there that will give you an answer to your problems. Or maybe we should say they give their answer.
What is a business solution?
One definition of a solution could be a method or process to deal with the problem, or a path to a resolution or improvement in your company.
Three Tips to Come Up with a Business Solution
- Spend time to think about the problem or result you want.
- Include the intangibles in decision making.
- Many solutions include a gut feeling or using intuition.
It is my thinking that a gut feeling in the business owner is a very valuable thing. However, correct intuition comes from the time of thinking and putting your mind into it by including the intangibles. Somehow, our brain processes all the data, and gives us intuition that we can’t explain.
Three More Tips to Increase Your Business Acumen
- Number crunching and hard data has a lot of value, but remember they give you a number, an answer.
- Avoid spreadsheet management. What’s behind the financial numbers?
- Filter out the smooth talk to get to the truth. There are many smart people and employees out there who have difficulty articulating what they see in their head.