Sat. Sep 26th, 2020

A Career as a Business Strategist: The Prerequisites

A career as a strategic planner brings in a large gamut of responsibilities that are

A career as a strategic planner brings in a large gamut of responsibilities that are critical to the business’s growth and future expansion. He is the one who designs and develops a growth strategy that is futuristic, and outweighs the market competition. The said role comprises helping the business in gathering, analyzing, and organizing information. 

Business strategists keep a close eye on competitive and industry trends to keep their firm ahead in the game in context of market competition. The key responsibilities of a strategic planner constitute tracking competitive and industry trends, perform scenario-analysis, analyse strategic performance, spot business threats, do market research, identify market opportunities, and carve out forecasting models.

Duties of an Ideal Business Strategist

A strategist is primarily hired in a business corporation to assess its short, and long-term planning, as well as, suggesting the relevant changes that can lead to future success of the company.

An effective and eligible strategy executive would observe the ongoing market trends, and will, vis-a-vis compare the strategies currently being implemented at the firm he is employed in. That provides for a clearer picture to him in terms of logically carving out the future business path.

Here are some key responsibilities a strategy leader would shoulder while working for a business corporation:

  • Understanding business goals to ensure the strategy efforts are in sync with them.
  • Carry out market research.
  • Keep an eye on the industry trends.
  • Determine areas of improvement in terms of planning and strategy.
  • Making reports on strategy-building to be sent to the senior leadership.
  • Track sales metrics of the organization to gauge the performance of new strategies.
  • Research-findings submission to the higher management.

The Prerequisites to Becoming a Strategy Executive

In the entry level roles as a business strategist, you will work on assignments sent to you by the senior leaders in the team. You will get busy collecting data, preparing PPTs, and speaking with the other team members to understand a strategy-related issue. As you grow senior in the organization, you will be held responsible to shoulder bigger responsibilities in terms of contributing directly to the strategy-planning.

Here are a few basic skills one need to attain to become a business strategist

  • An undergraduate degree in finance, business, marketing, or a related subject discipline.
  • Prior work experience in strategy-building, or a as business analyst.
  • Exceptional communication and interpersonal skills.
  • Problem-solving skills.
  • Data-analysis and interpretation skills.

Median Compensation a Business Strategist Receives in the US

As per LinkedIn salary insights, a strategy executive, on average, makes $100,000 a year, which seems quite impressive. However, securing a job as a strategic planner is not an easy feat to achieve. Often, the individuals, having a strategic consulting experience get the mentioned job, as opposed to fresh college graduates.

But then, there exist exceptionally talented and highly-skilled individuals, armed with business strategy certifications, that attract the recruiters. Having acquired a strategy credential does multiply your chances of getting hired by manifolds.

Concluding Thoughts

For MBA graduates, it’s a lucrative field to enter into, besides the vast scope it presents for them in terms of career development. Apart from everything else, it’s an interesting career option for students that come out of the business schools, each year. You get a unique opportunity to turnaround the fate of a business while working in this specific job position.

Moreover, if you gain specialized skillset by enroling into various skill-specific and industry-relevant credentialing program, nothing can beat that. As bonus, you will gain a distinct competitive advantage as a candidate for a strategy job role, or when you apply for an IJP in your own organization.

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