The designation – Business Strategist – confuses most people. What does the incumbent do, what role and responsibilities do they have, are some questions that are likely to come to mind after people hear about the designation. Among other senior positions, it is one of the most coveted positions.
Who are Business Strategists?
Business Strategists are concerned with the growth of a business. They work in collaboration with senior leaders to grow the business and are responsible for the successful execution of business functions. Their role entails crafting a strategy that takes various business functions into account and delivers expected business results.
A business strategist analyses the market, competitors, and strengths and weaknesses of the organization to chart plans to adapt successfully to the emerging needs of the market, taking resources of the business into consideration to propel the business forward. In this process, they collaborate with multiple departments and are expected to have a comprehensive understanding of the whole company.
For instance, they may work on building partnerships with other businesses to increase profits. They are well-equipped to tweak their strategy as and when needed to adapt to changes in the market and move the business forward.
How much do business strategists earn?
Business strategists are paid handsomely. According to the Bureau of Labor Statistics, the average salary of a business strategist is $104,347 and the number of jobs related to this position is expected to grow at 6% between 2014 and 2024. It is a lucrative job opportunity with ample of opportunities in the coming year.
What are the education requirements to be a business strategist?
A bachelor’s degree in management, marketing, or related discipline is needed to pursue a career in business strategy. Some employers prefer a master’s degree for the position, while others give preference to professionals with extensive experience and training in this area over degree.
Additionally, professionals with a background in marketing and finance can opt for business strategy certifications to further pursue a career as a business strategist. These certifications are short-term courses and can be taken at your own convenience.
What skills do you need?
A business development strategist requires a gamut of skills. He is required to be analytical and strategic in her approach. As they are required to collaborate with multiple teams and lead them toward a common goal, it is essential for them to have leadership skills. A strategy often requires multiple teams to work in synergy to achieve a common goal. Thus, a business strategist should be able to motivate others and drive them to adopt new strategies and propagate the same throughout the organization. As technology is pervading every sphere of business, it is necessary for business strategists to be tech-savvy and pick up on new tools and solutions as they come.
Communication and interpersonal skills play an important role in this area as strategists are often required to speak to managers of several departments and convey their ideas clearly.
The skills required as a business strategist are versatile and can be employed in several other roles. In fact, business strategists share their objectives with various other roles like Business Officer, Strategy Officer, and other business leadership roles. With these skills, you can pursue a career as a marketing manager and focus on improving the brand reputation of the company. Similarly, roles that require strategic thinking and a high level of discretion are equally suitable for business strategists to pursue.
All in all, business strategy is a prosperous career option with lucrative opportunities. It offers a progressive career path. For anyone with a keen interest in building and managing a business, it will make an ideal career option.