Business and life are very much alike in nature. They both seek full commitment from us when there exists an urge to succeed. Committing fully to the present while planning for the distant future is what is needed in both the cases, whether you want to live a blissful life, or to run a business successfully. The basic strategy outline remains the same, no matter what kind or nature of business you run. As a strategy professional, you should embrace the present while defining the business objectives, exploring the alternative situations and scenarios, and eventually deciding the path to walk onto. All of this is a part of strategic thinking.
Booming Employment Opportunities & Fat Paycheques
For aspirants, it’s a great time to enter the said field of profession as the employment trends have reflected positive vibes off late. As per a study conducted by the Bureau of Labor Statistics, between the years 2018 and 2028, the employment rate for business strategists in the US will grow at an impressive 8%. The number of job opportunities for business strategists to emerge in the same period will amount to a whopping 21,800. Moreover, Payscale says that the average annual salary for business strategy professionals in the US is USD 115,743, which is pretty handsome.
A Harvard Business Review study in which 10,000 senior executives were asked about the most vital leadership skill, it was found that 97% of them agreed on ‘business strategy’ as the top skill to achieve business growth. For aspiring strategists, industry-relevant business certifications can serve as a great aid to break into the related industry.
5 Skills That Define the Potential of a Business Strategist
Here, we are listing the top five skills a business strategy professional must possess to succeed in his long-term career:
Strategic thinking demands of you to develop and draft a well-defined visioning process. The most effective strategy executives leverage both the left (logical) and right (creative) parts of the brain to its optimum. A clear, constructive, and positive vision is what pushes leaders to take appropriate action towards reaching the final business objective. It also helps the strategy leader pull right ideas, talent, and other resources that fit the bill while in the process of steering his team towards success. A distinct vision help strategy leaders commit to the business blueprint more effectively. All of the C-level strategy leaders at Fortune 500 firms happen to be visionary leaders too at the same time.
#2. Strategic Framework
Vision should always be accompanied by an effective strategy blueprint. Successful strategy executives clearly state their business goals and basis that, develop action plans that list the tasks under the said plan. Timelines, and the resources required to complete each task are clearly stated in the strategy blueprint to make the process more transparent. The strategy framework constitutes multiple plans (A, B, & C) to reach to the same objective.
#3. A Wider & Thorough Viewpoint
Successful strategy professionals see the business landscape with a broader lens, and therefore, are able to explore multiple perspectives. They observe, listen, and contemplate the market from time to time to make apt modifications in their business strategy. Remember, adaptation is key to becoming a smart business leader. They observe and gauge the circumstances carefully before making a judgement and see things from varied angles to receive better guidance in term of taking a business decision. They are great communicators having exceptional soft skills which help them understand desires, hopes, and intentions of people in their teams. Knowing people better, helps them bring out the best in them.
Strategy professionals are great decision-makers. They evaluate each of their decisions carefully, but once they are done with the comprehensive contemplation of their decision, they don’t doubt it ever. They communicate clearly and effectively about what exactly they want from their subordinates, while at the same time, respect the different viewpoints that individuals present before them. The most efficient strategic executives are brilliant at absorbing work-pressure. They exhibit high levels of self-esteem and confidence, thereby never doubting their decisions.
Strategic thinkers do understand that achieving success is not like running a sprint, but is, a marathon that demands of you a considerable amount of time and patience to reach to the goal. Success is achieved when you keep on doing the hard work over a long period of time, and strategize your journey well. Strategy leaders are patient enough to wait for the success to come their way. A good long-term vision for business growth is what differentiates a great visionary from an average leader.