The typical modern organization must navigate a number of challenges in the course of its day-to-day work. These stem from the uncertainty of future events in the business environment, such as new products and methods of production, or the actions of customers and employees or the organization.
This brings about the need for a proper roadmap discussing the mission, vision, and overall direction of the organization. Such a roadmap builds on the strengths of the organization and capitalizes on where the competition falls short, taking an organization where it wants to be.
This is where the role of a business strategist comes in. He or she brings in the element of strategic management, setting a direction for the organization and helping it manage its resources with an eye on its goals. Once the mission is determined, growth opportunities must be identified and obstacles planned for. The best use of the available opportunities comes from playing to strengths and minimizing the impact of inefficiencies. Of course, the role does not end here, and there is a need for constant monitoring of outcomes and of making adjustments where necessary.
What responsibilities are handled by a business strategy professional?
The typical tasks handled include the following:
- Assessing the current and future business situation
- Conducting research
- Creating strategy plans
- Suggesting solutions to senior management
- Tracking the activities of competitors
- Measuring the results of marketing strategies
What do companies look for in business strategy professionals?
Given the criticality of the role, expectations from someone working in this domain recommending strategies for the business are very high. Companies typically look for:
- Professional skills
- Awareness of current business matters
- Presentation skills
- Comfort in working in a computerized work environment
- Personal skills
- Analytical thinking
- Networking with professionals in the field
Aside from academic degrees, professional business certifications are also excellent choices to develop these skills.
What are the key roles in business strategy?
In accordance with different skills and levels of experience, there are multiple roles available in the field of business strategy. Some of the important ones are explained below:
- Business strategist: This person could work on making initial presentations to internal or external clients, preparing content pitch decks, and presenting it to the decision-makers. He or she could draft important work documents and communicate on these with the relevant authorities or divisions. Such a person could take part in business strategy competitions, where expert mentors guide participants on solving common business strategy scenarios. He or she could also work on plans for business milestones, or project future revenues via spreadsheets. Other important tasks include preparing documentation on company goals, communicating these throughout the organization, and keeping these targets properly organized.
- Senior business strategist: This role could require drafting and presenting branding, marketing, and other solutions for businesses. The person may need to identify and sell marketing opportunities such as advertising, exhibition space, and sponsorships. What helps here is to have strong internal product knowledge combined with a proper understanding of the strategic goals of the company.
- Segment analyst: In this role, the person could be working on developing strategies for business development, client acquisition, and research. Possible projects could include market trend analysis to know how to position the brand and generate leads through social media and other sources. He or she may need to analyze the actions of the business by reviewing its segment performance and comparing it with market trends.
- Senior business analyst: In this role, the person could be making presentations and recommendations to C-level executives on business and technical needs. He or she may need to plan and organize company resources over the short or medium term, along with managing the implementation of important projects touching diverse workstreams
Is certification useful for a career in business strategy?
Professional business certification is an excellent tool to pick the skills and knowledge needed for a successful career as a business strategist. The certification attests to the knowledge and skills of the professional and shows readiness to take on roles with higher responsibilities.