What Does a Business Strategy Manager Do?

Business strategy managers are responsible for developing and executing the plans that will guide their company’s future growth. They work closely with senior leadership to identify new opportunities, determine which ones are most likely to succeed, and create a plan of action to make it happen.

Business strategy managers may also be tasked with overseeing the implementation of this plan. This might include working with individual departments or teams to ensure they have what they need to accomplish their goals.

Business Strategy Manager Job Duties

A business strategy manager typically has a wide range of responsibilities, which can include:

• Developing and implementing long-term strategic plans for the company or organization, including vision statements, mission statements, and other key elements that help define its identity
• Analyzing industry trends to identify opportunities and threats to current business practices
• Providing leadership in creating and communicating a vision for the company’s future success
• Developing and managing budgets and financial forecasts to ensure that business goals are met on time and within budget
• Working with management to develop policies, procedures, strategies, and plans to ensure that business objectives are achieved
• Evaluating current market conditions to identify opportunities for growth in existing markets or entry into new markets
• Developing marketing plans for products or services to help achieve business objectives
• Advising management on company operations and organizational structure to ensure efficiency and effectiveness
• Analyzing competitor activity to determine the best strategies for increasing market share or generating new business opportunities

Business Strategy Manager Salary & Outlook

Business strategy managers’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of bonuses or commissions.

• Median Annual Salary: $125,000 ($60.1/hour)
• Top 10% Annual Salary: $225,000 ($108.17/hour)

The employment of business strategy managers is expected to grow faster than average over the next decade.

Organizations will continue to need business strategy managers to help them navigate a competitive environment and plan for the future. Businesses will need to adapt to technological changes, such as automation and big data, and to changes in consumer demand and behavior.

Related: Business Strategy Manager Interview Questions and Answers

Business Strategy Manager Job Requirements

A business strategy manager typically needs to have the following qualifications:

Education: Business strategy managers are typically required to have a bachelor’s degree in business administration, finance or another related field. Some employers prefer to hire candidates with a master’s degree in business administration (MBA). An MBA is typically a preferred qualification for senior business strategy managers.

Training & Experience: Business strategy managers typically receive on-the-job training in the form of an orientation period with a company. This training period allows the business strategy manager to learn about the company’s culture, values, goals and objectives. It also allows the business strategy manager to learn about the company’s current strategies and how they can contribute to the company’s success.

Certifications & Licenses: Certifications are not usually a requirement as a strategy manager, but they can help you become a more competitive candidate when applying for jobs.

Business Strategy Manager Skills

Business strategy managers need the following skills in order to be successful:

Strategic thinking: Strategic thinking is the ability to see the big picture and understand how individual actions can affect the company’s goals. Business strategy managers need to be able to think strategically to develop effective business plans. This involves considering the company’s resources, goals and potential challenges. Strategic thinking can also help you develop strategies that can help the company grow and change.

Communication: Communication is the act of conveying information to others. As a business strategy manager, you may need to communicate with clients, colleagues and other stakeholders. Effective communication can help you convey your ideas and persuade others to take action. You may also need to communicate complex information, so it’s important to be able to explain ideas in an easy-to-understand way.

Data analysis: Business strategy managers use data analysis to evaluate company performance and make informed decisions. They may use data to determine which strategies are most effective and how to improve them. Data analysis can also help them identify areas of improvement and develop strategies to overcome challenges.

Problem-solving: A business strategy manager often works with a team of people to develop a plan for their company. This means that you may need to work with others to find solutions to challenges that arise during the planning process. Your ability to solve problems can help you develop a strategy that works for your company.

Leadership: Leadership skills can be an important asset for business strategists. As a business strategy manager, you may be responsible for leading a team of other managers who each oversee a different aspect of the company’s operations. Leadership skills can help you motivate your team and encourage them to work together to develop a successful strategy.

Business Strategy Manager Work Environment

Business strategy managers typically work in an office environment, although they may travel to meet with clients or attend conferences. They usually work regular business hours, although they may occasionally work overtime to meet deadlines or attend evening or weekend meetings. Business strategy managers may experience some stress due to the pressure to develop successful business strategies and meet deadlines, but they generally find their work to be stimulating and challenging.

Business Strategy Manager Trends

Here are three trends influencing how business strategy managers work. Business strategy managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for a More Strategic Approach to Business

The role of the business strategy manager is becoming increasingly important as businesses move towards a more strategic approach to their operations.

Strategy managers are responsible for developing and implementing long-term plans that will help their company succeed in the future. They need to be able to think outside the box and come up with innovative ideas that will set their company apart from the competition.

More Collaboration Between Functions

As businesses become more complex, the need for collaboration between functions becomes increasingly important. This trend is leading to an increased demand for business strategy managers who can bridge the gap between different departments and teams.

Business strategy managers can utilize this trend by developing strong relationships with other departments and understanding the needs of all stakeholders. In doing so, they can help create a more cohesive team that is better equipped to meet the challenges of the future.

A Greater Focus on Innovation

Innovation is becoming increasingly important in today’s economy. As businesses strive to stay ahead of the competition, they are looking for ways to innovate and develop new products and services.

Business strategy managers can capitalize on this trend by developing a culture of innovation within their organization. This can be done by encouraging employees to think creatively and providing them with the resources they need to make their ideas a reality.

How to Become a Business Strategy Manager

A business strategy manager career can be a great way to use your business skills in a variety of industries. As a business strategy manager, you’ll need to have a strong understanding of the industry you’re working in and how it operates. You’ll also need to be able to see the big picture and understand how all the pieces fit together.

To become a successful business strategy manager, you’ll need to be able to think critically about the current state of the industry and identify areas for improvement. You’ll also need to be able to develop and implement plans that will help move the company forward.

Advancement Prospects

Advancement prospects for business strategy managers are excellent. With experience, business strategy managers can move up to become senior managers or directors of strategy. They may also move into other related roles such as business development or management consulting. In larger organizations, business strategy managers may have the opportunity to specialize in a particular industry or type of business.

Business Strategy Manager Job Description Example

The Business Strategy Manager is responsible for developing and executing the business strategy for [CompanyX]. This includes conducting market research, developing growth plans, and leading initiatives to drive revenue and profit growth. The Business Strategy Manager will work closely with the CEO and other members of the executive team to ensure that the business strategy is aligned with the overall corporate strategy. This is a highly visible role that requires excellent communication and presentation skills. The ideal candidate will have a minimum of 5 years of experience in strategy consulting, investment banking, or a similar role.

Duties & Responsibilities

• Develop and execute business plans in alignment with the company’s strategic objectives
• Conduct market analysis and research to identify business opportunities and assess their feasibility
• Develop financial models to support business case development and investment decisions
• Prepare presentations for senior management on business plans, progress against milestones, and return on investment
• Manage projects from initiation through to completion, ensuring timely delivery within budget
• Coordinate cross-functional teams to deliver on project objectives
• Monitor industry trends and competitor activity to inform business planning
• Support the development of new products and services by conducting customer needs analysis and market feasibility studies
• Evaluate business performance against KPIs and take corrective action where necessary
• Identify cost saving opportunities across the business and develop plans to realize them
• Review business processes and recommend improvements to increase efficiency and effectiveness
• Provide input into the development of the company’s overall strategy

Required Skills and Qualifications

• Bachelor’s degree in business, economics, or related field
• 7+ years experience in strategy consulting, corporate strategy, investment banking, or private equity
• Exceptional analytical skills with the ability to structure complex problems, draw insights, and develop creative solutions
• Proven track record of leading and executing successful projects
• Outstanding communication and presentation skills
• Superb writing ability
• MBA or other advanced degree

Preferred Skills and Qualifications

• Experience working in the technology industry
• Experience with market analysis and research
• Familiarity with statistical software programs, such as R, SAS, or SPSS
• Knowledge of SQL
• Project management certification