Business Acumen. Appraisal phrase , Importance , And characteristic

business acumen performance appraisal phrase

When someone enters the professional or corporate world, ideally, they should be familiar with some common professional characteristics. Dressing up formally, being punctual, completing assigned work on time are some basic professional ethics. When an employee finally becomes a part of an organization, then they are taught techniques or the roles of responsibilities that will help the company earn money and which in turn will help them earn their salary. Another essential skill in the professional world is Business acumen that is indeed the pillar of the success of any company. Let’s focus on and study in detail about what is Business Acumen and who does it helps the business to grow?

 

What is Business Acumen?

When you join an organization or a company, you are made familiar with your roles and responsibilities. Every business comprises of two components:

1. Business Literacy

2. Business Acumen

 

Business literacy means the functions or the work that an organization or company performs. When an employee joins a company, they should be aware of the tasks that are performed by the company, which helps them earn money. You can also call it as the technique to earn money. So one should be aware of what the company does to earn money, and this knowledge comes under Business Literacy.

Business Acumen means knowledge of decision making for the company. One should have the experience and the ability to make quick and sensible decisions for the company, which can further help the company to reach the pillars of success. The technique of Business Acumen focuses on the skill of assisting an employee in or anybody working in an organization to make quick decisions and judgments, which leads to a good outcome of the company. This skill helps in developing business leaders, and not everybody can be successful in this skill.

Earlier, it was believed that a person when grows in age is suitable for the position of making decisions for the company. So mostly, it was thought that Senior Officials were best experienced in the skill of Business Acumen. Hence they should practice this skill, which will lead to a good outcome for the company. But today there are leaders for every department in an organization which practices the profession of Business acumen and take quick and instant decisions for the company. They don’t need to be old. Most of the leaders today are young or middle-aged.

 

Characteristics of Business Acumen

1. The skills of understanding and taking quick and right decisions for the welfare of the company.

2. While focusing on the ability of Business Acumen, one should also focus on Business literacy and understand the functions of the company.

3. Quick Decision-making ability for the company

4. Keeping in mind possible repercussions and risks associated with decision making for the company.

5. If some decisions go wrong, then you should have the capability of getting your lesson from that mistake and moving on.

 

 

Why is Business Acumen important?

Usually, it is believed that the seniors or head of the company make decisions for the company, which leads the company to the path of success or sometimes can lead to a negative downfall. This statement is partially true because employees are also an active member in the process of Decision making. Employees perform a task every day and take actions that can influence the end goal of the company. Hence an employee needs to understand the concept of Business literacy, which means they should be aware of the functions of the company and also polish their Business Acumen skills so that they can help the company to earn a profit.

Another reason why Business Acumen skills are essential among employees because it helps to increase employee turnover and thus leads to promotion. When employees understand the relevance of Business Acumen and use it to make quick and ethical judgments or decisions for the company, then it brings them in the eyes of the heads. Thus they come one more step closer to promotions. Promotion or appraisals are just another way to motivate employees and give them credit for their excellent work.

Not every employee can be successful in understanding Business Acumen and using it to make the right decisions for the company. Human psychology talks about how people get demotivated and usually deploy from the path. Similarly, when employees are not able to understand this skill, they typically feel negative and demotivated, leave the company, and are replaced by other employees. It is not just the loss of the employee but also the company because of the inputs and perspectives and ideas of employee matters in improving the business. Their information helps in reducing costs, enhance customer efficiency, and enhance the client experience.

Top performance review phrases for the employee, manager, staff.

 

1. Performance review phrases for attitude:

Many people do not understand that attitude is one of the most critical factors that every company appreciated.

What is a working attitude?
A predisposition or a tendency to respond positively or negatively towards a particular idea, object, person, or situation. Attitude influences an choice of action of an individual and responds to challenges, incentives, and rewards (together called stimuli).

Four major components of attitude are (1) Affective: emotions or feelings. (2) Cognitive: belief or opinions held consciously. (3) Conative: inclination for action. (4) Evaluative: positive or negative response to stimuli.

 

. Positive attitude

Peter is continually talking negatively regarding projects or tasks that he assigned.

Peter always has a negative attitude towards getting his work done.

Peter usually has a poor attitude which in turn is impacting his work.

Peter talks negatively about his other team members.

Peter needs to focus on the positive aspects of his job and his team.

Peter is continuously talking negatively about his boss.

Top materials related to performance appraisal phrases business acumen:

 

. Negative attitude:

Peter frequently gives off “an air” of superiority to his coworkers. He is not approachable and is rough to work with.

Peter has a dreadful outlook at times, which tends to bring down the entire team.

Peter tends to instigate problems between his coworkers.

Peter has a sporadic bout of attitude problems that affect his coworkers.

When the pressure is on, and there is a choice to blink or not, Peter too frequently blinks.

Peter is a good manager, but her mood changes too often for people to keep track of.

Peter is an asset in many ways, but his attitude needs to be held in check.

Periodically, Peter has an attitude shift, which can harm the team.

Peter tends to disrupt work after company meetings where difficult decisions were announced.

 

2. Performance review phrases for quality of work

This is one of the essential requirements for the performance appraisal process. However, it is sometimes difficult to evaluate the quality of work with suitable words and expressions. Therefore, the following appraisal phrases shall be useful in the quality of work evaluating.
You can use positive and negative performance review phrases as follows:

 

. Positive Appraise Phases on Quality-of-Work

Terry is very detail-minded and his work his always done with exceptional quality

Terry ensures his work is accurate before giving it to the customer

Terry pays attention to detail in every task he is given

Terry produces error-free output

Terry has an excellent eye for the details

Terry’s work can be relied on to be accurate and as expected, / requested

 

. Negative appraisal phrases on Quality-of-Work

Terry’s work cannot be built on and is consistently being passed back for rework

Terry’s work is full of errors and doesn’t pass inspection by other team members

Terry doesn’t pay attention to the details of the tasks he is assigned

Terry overlooks essential requirements given to him for his tasks

Terry produces unreliable output

Terry doesn’t spend enough time reviewing his work before handing it in as complete

 

3. Performance review phrases for creativity

Creativity and innovation are the requirements for any job. In particular, there are among the essential abilities in manufacturing, R&D, brand building, advertising jobs… However, an innovative workplace is not a guarantee of no failure or mistake. But the importance is how you use the innovation and correct those mistakes to improve yourself as well as improve the performance of your team positively.

 

. Positive performance review phrases for creativity

Peter continually searches for new ideas and ways to improve efficiency.

Peter creates an exciting atmosphere for his team: one in which new ideas are rewarded and encouraged.

Peter encourages his teammates to think outside of the box and to be more creative with solutions.

In meetings, Peter is very good at extracting unique ideas out of people – some you might not consider as very creative people.

Peter is a very creative innovator. Correctly, he solved an on-going problem by looking for a solution from all angles.

Peter is an innovator at heart – his skill at inspiring new ideas is an asset to our team.

Peter has an imaginative personality and is very resourceful in times of need.

 

. Negative performance review phrases for creativity

Peter discourages creative solutions from her team.

Peter has a difficult time thinking “outside of the box” and creating new and untested solutions.

Peter is a creative guy, but he has a tendency to act before thinking. This causes problems when an untested or unexamined idea is moved forward too quickly.

Peter has shown a tendency to be a matter-of-fact manager, but in his position, thinking in a more resourceful manner would do him well.

Peter does not research solutions deeply enough and often just compiles ideas found on Web sites.This does not help with many of the problems we run into.

Peter rarely innovates, and when he does, it seems forced.

Peter fails to generate new ideas.

Peter needs to work on being more resourceful on tasks and projects.

 

How to develop Business Acumen?

In order to develop Business Acumen, you should also have an idea about Business literacy in order to excel in Business Acumen.

 

Ways to Develop Business Literacy

1. Study the Company Reports

You cannot become familiar with the business as soon as you join; everything requires time and patience.

Start by studying the company reports, obviously it will make no or very little sense to you initially, but the more time you invest in it, the better you will understand the company and their functions.

2. Cope up with the changes

Everything is evolving; no trend remains the same forever; hence it is essential to cope up with the changes in the direction.

Business is never standalone; it is a result of networks. Clients, market situations, competitors are all an integral part of the company, which affects the business in both positive and negative aspects.

An employee or any professional person should be aware of the happenings of the world so that they can use the trends to grow their business and prevent themselves from the upcoming threats, which can negatively impact the company.

 

3. Study the behavior of your customers

Your customers are your most significant assets; you need them more than anything.

Your competitors won’t leave any opportunities to drag your client base and bring them to invest in their business.

Hence you need to win your customer’s trust and understand what they exactly need from your company.

It is very important to satisfy your customers by providing them your best services.

Talk to them, learn from their interactions.

Ask your customers what they need from your company and make a report to understand things in detail and work accordingly.

 

Ways to Develop Business Acumen

After you have the relevant knowledge, it is the right time to improve your skill. More than developing the skill, it is essential to implement it practically so that you become more confident and learn from your experiences.

 

1. Take the risk

Before making the decision think from all possible aspects that can influence your decision somewhere or the other.

Do not jump to your decision quickly; take time and analyze first.

It is essential to take risks, but make sure you have a strong planning base before you take the risk.

Your risks can either bring something positive or negative your way, and both are equally important.

Learning from your mistakes is the most significant advantage in itself.

 

2. Move on

It is a fast world, there is no time, and anything can change in a snap.

Supposedly the risk you took doesn’t benefit the company, and you get in some trouble, make sure to solve the problem, learn from your experience, and move on to better things.

Do not waste any more time in the situation and move to what is coming next or what can be done next.

Learn as much as you can from your mistakes.

Do not let your mistakes go in waste, even after a wrong decision, learn to make the most of it and use these mistakes to improve your current business situation.

Talking the opposite case, if the risk you took takes a positive turn, make the most of the upcoming situation for the best results, do not waste any opportunity you would regret later.

It is always essential to make the most of any situation you are in and learn to get up with all the zeal after your mistakes and give a powerful comeback.

 

Summary

Business Acumen means knowledge of decision making for the company. One should have the experience and the ability to make quick and sensible decisions for the company, which can further help the company to reach the pillars of success.

 

How to develop the skill of Business Acumen

1. Study the reports of the company.

2. Take risks but with a robust planning base.

3. Win the trust of your clients and get the knowledge of what they want exactly

4. Cope up with the changing world, be aware of what is going, and how it can benefit your business.

 

 

 


 

 

 

 

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