business strategist works in collaboration with senior management leaders to draw a business strategy that helps organizations to achieve their future goals. The responsibility of a strategist is to ensure that the strategy is implemented executed in a manner that propels the business towards growth.
What does a business strategist do?
A business strategist performs several tasks that directly translate into the growth of a business.
A strategist defines the business strategy of an organization. To do so, a strategist gathers raw data on competitors, business operations, the performance of various business functions, market, etc. Using this data, a strategist works with senior management leaders to define a business strategy for an organization that aims to increase its footprint in the market.
Business strategists work with the various business department to layout a cohesive actionable plan to fulfill the business goals. In this process, a strategist establishes strategic goals for each department and defines their KPIs. A strategist is responsible for measuring department performance against set goals and develops performance reports regularly for leaders while making recommendations for improvement to achieve short-term goals.
A strategist works to mitigate business risks. She identifies strategic threats and evaluates business processes and provide recommendations to overcome such threats. She also ensures that departments and processes adopt the recommended system.
A business strategist also performs market analysis of long –term market trends to provide inputs to leaders and management for business development opportunities. Further, a strategist routinely collaborates with senior business executives and planning teams to develop a clear roadmap to achieve business goals.
In addition to these, a business strategist performs tasks as she deems fit to meet her goals or delegated by their reporting managers, who are often Senior Strategy Officer, Director of Strategy, Chief Business Development Officer, or CEO.
What are the skills qualifications of a business strategist?
A business strategist is often required to have a bachelor’s degree in management, preferably MBA, or economics, finance, or any other analytical area. Seasoned professionals with experience of working with business or management leaders, or exposure to high-level planning in a business environment.
Additionally, people with management or business development experience can take a business strategy certification to enter the field of business strategy. In that case, a management degree is often mandatory.
A good business strategist demonstrates the following skills —
- Strong communication skills – a strategy officer is expected to create performance, status, and execution reports for business leaders. Plus, provide recommendations to them. This requires strategists to write their ideas convincingly and unambiguously.
- Analytical – strategists engage in an analysis of internal and external data to assess market dynamics to devise a winning strategy. The analysis includes market research, competitor analysis, business process evaluation, and operations efficiency.
- Interpersonal and people skills — A business strategist is a cross-functional role, where the strategist collaborates with several department managers and planning teams to come up with efficient plans. A strategist with an amiable personality excels in their role. Similarly, a strategist should have the ability to inspire workers to do perform better and achieve goals consistently.
- MS suite – Business strategists rely on a suite of Microsoft office products including Excel, Word, and PowerPoint to get their work done. Proficiency in these tools is required for strategists to perform their work efficiently.
All in all, a business strategist is a collaborator who works with business leaders and managers to devise and execute plans that help the organization to move forward and achieve its growth-oriented goals. To achieve goals, a strategist employs strategic thinking, planning, and execution skills, which are enabled by close collaborations within the organization.