To be successful in the changing healthcare environment people need to demonstrate business acumen. Business acumen means having an understanding of the broader world of business. It involves being knowledgeable on current and possible future policies, practices, trends, and industry developments affecting the business and organization; having knowledge of the competition and an awareness of how strategies and tactics work in the marketplace.
Without business acumen people are not as effective. They don’t know enough about business issues in general and some of the statements they make don’t pass the business practicality test. Their suggestions are known not to work and they are unaware of that. Their contributions are limited because they don’t see the business issues as others do and do not have the understanding to participate in effective discussions.
Tips to develop business acumen:
1. Read business magazines and newspapers – Harvard Business Review, Financial Review.
2. Read business books – Borders, Co-op bookshop – general business, financial, marketing, sales techniques, customer service, operations.
3. Watch business programmes – Business Sunday, Foxtel business channels – interviews with business leaders, industry reviews.
4. Further education – evening business course at TAFE, MBA. Formal education provides a framework and a vocabulary to discuss business issues.
5. Network within your company – lunch with people in other departments – Finance, Human Resources, Marketing, Sales, Operations – expand your circle of contacts.
6. Join cross-functional teams that include people outside your area of expertise.
7. Attending conferences – Ausbiotech, Medicines Australia, ARCS, APMRG, MTAA, ASMI, ISPE and Business seminars.
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