Career Definition of a Business Strategist
Business strategists help determine targets for their organizations. They then prepare strategic plans to ensure that those targets are met. Their work involves analyzing existing strategies and practices, identifying areas for improvement and developing innovative strategies related to the goals they help establish. They may be specifically focused on areas like product development or marketing strategies. They may also be responsible for focusing on expanding revenue sources for their company.
As part of their duties they prepare documentation related to the targets. They also document plans to reach those targets. They provide direction and help motivate staff to work to implement new strategies and complete new projects. They are also be responsible for reporting to management staff and may also make presentations to corporate investors or others.
|Educational Requirements||Bachelor's degree|
|Job Skills||Communication skills, computer skills, knowledge of PowerPoint and MS Word, leadership skills, interpersonal skills, organizational skills, analytical skills, problem-solving skills, public speaking skills|
|Mean Salary (2020)*||$70,175|
|Job Outlook (2018-2028)**||6% (for all top executives)|
Sources: *Glassdoor, **U.S. Bureau of Labor Statistics
When seeking work as a business strategist, relevant practical experience will be required. Employers also seek applicants who have a minimum of a bachelor's degree. Some employers prefer applicants who have a master's degree in business administration. Other majors aspiring business strategists can consider pursuing include finance.
Business strategists need to be able to communicate effectively with the staff that will be actively involved in implementing plans and they also need to be able to interact with managers and investors, so they need exceptional interpersonal skills. Their work involves motivating staff and providing direction, so they need to have leadership skills. Since their work involves preparing documents they also need strong written communication skills. Basic computer skills, including the knowledge of how to use MS Word and PowerPoint, are required. Business strategists also need to be able to review information and develop solutions to issues so they need strong analytical and problem-solving skills.
Career Outlook and Salary
The role of a business strategist is comparable to the U.S. Bureau of Labor Statistics (BLS) listing for top executives, since top executives are also responsible for developing goals for their company and implementing processes so that those goals will be met. The BLS expects top executives to see a 6% job growth rate from 2018 to 2028. An average annual salary of $70,175 was reported for business strategists by Glassdoor in 2020.
Since relevant experience in business development or research can be required to qualify to work as a business strategist, those considering a career in this field may want to consider some similar career options that can help prepare them to pursue work as a business strategist. Learn more about these related careers through the articles linked to here.