Simply put, business acumen is understanding how a hotel makes money and achieves its goals and objectives. Business acumen is not one skill but a set of skills that, working together, help to make a leader and his business prosperous.

Individuals with business acumen have a broad understanding of the various parts of the business and how they are interconnected, giving them the ability to make smart decisions in any situation. If you feel like you weren’t born with business acumen, don’t worry, you can learn. Leaders who develop sound business acumen are able to sort through the noise to focus on the key priorities and find solutions for business problems, then lead his or her team to goal achievement.

There are four key elements central to business acumen. They are planning, operations, finance, and strategy.

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