IT business skill No. 4: Basic business finance
IT pros don't have to understand balance sheets, cash flow statements, or most financial ratios. But they need to know how to interpret profit-and-loss statements. These tell you how the business is doing and how your department is faring compared to its budget.
IT pros should also be versed in ROI (return on investment) -- understanding why a dollar next year is worth less than a dollar today, how depreciation works, and the difference between capital and operating expense. ROI tells you whether you're working on something worth working on.