What Does It Take to Be a Business Strategist?
Updated: Aug 18, 2021
The term business strategist is used to describe someone who can think strategically in what they do. These individuals are often called upon to develop a strategic plan for the company's future growth, marketing campaigns, and competitive strategy; handle significant corporate transactions like acquisitions and divestitures; or create new products that will significantly impact the organization's bottom line.
This article explores what it means to be a business strategist and what is required to become one!
Business strategist, it is essential to have an understanding of what strategy is. Strategy is what will determine what the future of a company looks like. The business strategist will develop a plan and roadmap for what the company's needs are going forward.
It's also essential to have in-depth knowledge about some of the strategic options people take when running a company. This includes understanding what different competitive strategies are, what products might work best for what type of organization, and what other decisions might be pending on the horizon. Should consider all these things.
What are the skills required for a business strategist?
the ability to problem solve, organize and plan what is needed for a company to be successful; strong interpersonal communication skills so that they can lead meetings with various people on what needs to happen next; analytic abilities to process information quickly.
Business strategists tend to have some higher-level degree of education. Most of what they study is around how to think about what a company needs for it to be successful or what decisions might impact the future success of an organization. Some schools offer degrees solely focused on this type of work, and what someone can do with their degree from school will vary depending on what field they want to get into.
What does it take to be a business strategist?
It's also essential to be willing to travel for this job. For example, a business strategist will likely have responsibility for what is happening across the entire country or region they are working with. This could include being at corporate headquarters every day and meeting with people who work there about what their needs are going forward, or traveling out to different regions to meet with people who work on the ground in what is happening.
A business strategist might fill many types of roles, but it's important to know what their skills and interests are going into this position, as what they do for one company may not be what they're doing at another. In addition, the type of work they'll be doing depends on what a company's needs are, what the industry is, and other skills someone might have. For instance, if there has been an acquisition or divestiture that has happened recently, then it would likely require some negotiation to make sure that everything goes smoothly for the organization and people who work in this field.
It's also important to note what the current job market for this position looks like, as it can vary widely depending on what part of the country you're in. For instance, if there is a lot of competition from companies offering similar services, then that would impact what salaries or benefits might be provided by any given company or what their hiring standards might be.
developing a strategic plan for the company's future growth, marketing campaigns, and competitive strategy; handling significant corporate transactions like acquisitions and divestitures; developing new products that will have the most significant impact on the organization's bottom line.
What are some of the most common tasks they do?
One of the most common tasks for a business strategist is what's known as market or competitive analysis. This means looking at what other companies are doing to attract and retain customers, what products they're selling, what pricing strategies they're employing, what sort of branding they use, etc. You might also find that a business strategist does tasks like developing strategy on international expansion, long-term strategic planning to chart out the company's roadmap for growth over time, and other more complex tasks that require a deep understanding of industry dynamics and practical experience applying it to different problems.
You'll often find two distinct tracks for becoming a business strategist: one in academia (academic route) and one in private industry (strategic corporates route).
Business strategist roles are often filled by people with a background in business and management, including coursework in finance, marketing, entrepreneurship, or strategy. Even if you do not pursue an academic business degree track as part of your education (e.g., MBA), it's still possible to get relevant coursework and get promoted to a business strategist role.
Strategic Corporates Route:
If you have what it takes, an alternative route is through the strategic corporates track - which means working your way up from more junior roles in strategy or marketing departments to senior management positions where you become responsible for developing a company's competitive position over time.
This is what it takes to be a business strategist! -developing a strategic plan for the company's future growth, marketing campaigns, and competitive strategy; handling significant corporate transactions like acquisitions and divestitures; developing new products that will have the most significant impact on the organization's bottom line. So, if you're thinking about what career to pursue, consider what it would take to become a business strategist.
A business strategist is someone in a company responsible for developing strategies on what the future of their organization looks like. They are often responsible for coordinating with different departments to build innovations and ways to grow revenue. In addition, they may be tasked with overseeing significant transactions such as acquisitions and divestitures. If you're passionate about what it takes to become a successful entrepreneur or want more information on what qualifications make someone great at this position, we've got some resources!