Business acumen

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Business acumen, also known as business savviness, business sense or business understanding, encompasses a combination of knowledge, skills, abilities, and experience that enable individuals to comprehend an organization’s operations, functions, and external environment. This proficiency enables the use of business tools and analytical methods to assess situations, make informed decisions, align initiatives with the organization's strategy, and achieve desired outcomes.^[1] It is also defined as "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".^[2] It involves having a "big picture" view of the business, financial literacy, strategic thinking, problem-solving, and effective communication.^{[citation needed]}

The UK government considers business acumen to be a skill required by civil service staff with responsibilities in a contract management role.^[3] Additionally, business acumen is viewed as having emerged as a vehicle for improving financial performance and leadership development.^[4] Consequently, several types of strategies have developed around improving business acumen.