You're considering a career in Business Strategy. What are the most important things to know?

1 What is business strategy?

Business strategy is the process of defining, developing, and executing a long-term vision and direction for an organization. It involves identifying the organization's mission, values, objectives, strengths, weaknesses, opportunities, and threats, as well as the external factors and competitors that affect its performance. Business strategy also involves choosing the best courses of action and allocating the necessary resources to achieve the desired outcomes and create value for the stakeholders.

2 What skills do you need?

To succeed as a business strategist, you need a combination of hard and soft skills. Hard skills are the technical and functional abilities that allow you to perform specific tasks and analyze data, such as financial modeling, market research, project management, and business intelligence. Soft skills are the interpersonal and communication skills that enable you to work effectively with others, such as leadership, teamwork, creativity, persuasion, and negotiation. You also need to have a strong business acumen, which is the ability to understand and apply relevant business concepts and principles to various situations and scenarios.

3 What roles can you pursue?

Business strategists can work in various sectors, industries, and functions, depending on their interests, expertise, and goals. For instance, a business consultant provides external advice and guidance to clients on various aspects of their business, such as strategy, operations, marketing, finance, and innovation. A business analyst collects and analyzes data related to an organization's business processes and performance. Additionally, a business development manager creates partnerships with other organizations to generate new revenue streams and expand market share. Finally, a business strategy manager leads the development and implementation of the organization's business strategy by defining objectives and initiatives.

4 What responsibilities do you have?

As a business strategist, your responsibilities may vary depending on your role, organization, and project. Common tasks include conducting research and analysis on the internal and external environment, developing strategic plans and proposals, implementing and managing the execution of the plans, communicating with stakeholders to ensure alignment, and measuring and reporting on the performance of the plans. This may involve looking at industry trends, customer needs, competitor actions, and regulatory changes. Additionally, it is important to ensure that strategic plans are delivered on time, within budget, and according to quality standards. Furthermore, feedback and suggestions for improvement should be provided.

5 What benefits do you enjoy?

A career in business strategy can provide many advantages, such as intellectual stimulation through applying critical thinking, creativity, and problem-solving skills. It can also offer professional growth by developing and enhancing skills, knowledge, and experience in different aspects of business. Furthermore, you can gain financial reward with a competitive salary and bonus, as well as other perks and benefits. Finally, it's possible to make a positive difference and contribution to the organization and society through creating value, improving efficiency, and fostering innovation.

6 What challenges do you face?

A career in business strategy can be demanding, with tight deadlines, high expectations, and multiple demands. You may also need to handle and resolve conflicts between different stakeholders, who may have different interests, perspectives, and preferences. In addition, you may have to face and address ethical dilemmas and trade-offs, such as balancing the short-term and long-term interests of the organization and its stakeholders, or choosing between profit and social responsibility. These choices can be difficult and controversial.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?