DEVELOPING BUSINESS ACUMEN

I want to write briefly today on developing business sense or what is termed business acumen.Alot of business which started with a good capital investment and even with a prospect to prosper if properly handled got shipwreck at the mid sea due to lack of proper business traits in the captain.A lot crashed not because the terrain is bad but due to lack of fundamental knowledge of the captain.Alot of business owner throw their money around without understanding business languages which I will briefly discuss

Business foundation is basically understanding the language of business.It like you reading the manual of new invention, without you knowing it's modus operandi you will soon run it aground.Understanding the language of business is very pivotal to start or improve on the existing business.Summarily, everyone that want to start a business at small or large scale must understand some of the points I want to discuss below.

MANAGING SOCIAL AND HUMAN CAPITAL
One of the most valuable asset to any business is people because human being are unpredictable and they are the most difficult asset to manage.Most business owner don't get trained on how they need to make good management decision as touching their employees which is critical to the health of such organisation.Just like the reward system at steemit whereby both the curators and the author are rewarded,this same skill will go along way to motivate the employees and as a result improve their performance.

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Such employee will left nothing undone for the growth of the organization.

FINANCIAL LITERACY.
This is another fundamental point.A business owner no matter what,must understand financial reporting system which basically include the income statement,balance sheet and statement of cash flows.This may be related to how we monitor our wallet here,knowing when to sell or buy at crypto currency.In financial literacy, asset acquisition details stockholders Equity for large-scale business, bookkeeping all this details must be understood.

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CLEAR MARKETING STRATEGY
Having a clear understanding of marketing product or service rendered is highly important for the business to triumph.Product branding, customer eccentricity, and infiltrating market with strategy are all important.Alot of business owner or their marketing officer lack marketing strategy thereby their product or service lack good branding and as a result they could not keep customer s in this dynamic world.They lack the drivers that influence their customers.They don't know how to focus on customer need.

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Rounding up this post, developing business sense involve training no matter little or much, capacity must be developed to provide leadership in the business.

Thanks for reading this post.