24 Jun BUSINESS STRATEGISTS: WHAT DO BUSINESS STRATEGY EXPERTS DO?
Like any business strategist or keynote speaker worth their weight in projections and plans can tell you, the modern market landscape is dynamic, marked by relentless competition and an environment that’s in a constant state of flux. At the heart of a successful company is a robust strategy, and the architects behind it are (along with other core team contributors) business strategists. These professionals, along with their colleagues. play a pivotal role in guiding an organization towards its long-term goals and success. Let’s take a closer look at this challenging and ever-changing role – and the integral part that practitioners play in the corporate world.
If you’re looking for a quick definition, a business strategist, also known as a strategic planner or business planning consultant, is typically responsible for designing and executing strategies to drive a company’s growth, profitability, and competitive position. They work closely with top executives, guiding critical decisions to help the organization navigate the business environment.
In many cases, business strategists will often kick off their work by engaging in comprehensive strategic analysis. They examine both internal and external factors that influence a business’s performance. Internally, they scrutinize financial reports, performance metrics, and organizational structure. Externally, they analyze market trends, competition, and regulatory changes. This holistic perspective helps strategists identify strengths, weaknesses, opportunities, and threats (SWOT) that shape the company’s strategic direction.
Based on this strategic analysis, business strategists then generally define clear, measurable, and achievable goals and objectives. They establish key performance indicators (KPIs) and targets that align with the company’s mission and vision. Whether it’s expanding market share, launching a new product, or improving customer satisfaction, these goals will effectively guide the organization’s efforts and resources.
Once a company’s goals are set, strategists devise a detailed plan to achieve them. This could involve determining which markets to penetrate, which products to develop, what audiences to target, or how to gain a competitive edge. They may employ various frameworks and models, such as Porter’s Five Forces or the Ansoff Matrix, to aid in strategic formulation.
However, don’t forget that crafting a strategy is only half the battle; execution is the real challenge. Business strategists therefore also collaborate with different departments to ensure the strategy is rolled out effectively. They guide resource allocation, oversee project management, and facilitate communication to guarantee everyone understands their role in the strategy.
And, as if their work was varied and challenging enough, business strategists often also monitor the implemented strategy’s progress using predefined KPIs. They continually assess whether the strategy is yielding desired results, making necessary adjustments when it isn’t. This continuous evaluation ensures the strategy remains relevant amidst changing circumstances.
Aside from these core tasks, business strategists generally also play a critical role in managing change and fostering innovation… and lead initiatives that drive organizational change, ensuring smooth transitions while minimizing resistance. Leaders here also promote a culture of innovation, encouraging new ideas and approaches that can provide a competitive edge.
In effect, business strategists tend to be instrumental in shaping an organization’s future. Their in-depth understanding of the business environment, ability to envision the future, and knack for execution can make the difference between a company’s success or failure. As firms strive to thrive in an increasingly complex and volatile world, let’s be clear – the role of the business strategist is only becoming more critical than ever.