Business strategy planning is a vital aspect of any business, be it large or small, as the more practical a strategic blueprint is, the better is its implementation in the long term. As the technology disruptions intensify further, and the competitiveness rises in the global markets, more crucial will become the role of strategic thinkers.
Not just the individuals in the strategic planning roles, but others working at different job positions that demand planning and execution capabilities, must possess the strategy-skills. Such job roles would comprise management consultants, corporate developers, business developers, operations analysts, and strategic cost analysts. Each one of these job roles would demand strategy-building and implementation skills.
Strategic Planning Skills – What Are They?
The ability to set a vision for the business and later successfully implementing that vision to achieve business goals is called strategic planning acumen. An able business strategy professional would know how to make the entire staff of the company fall in line with the developed business plan, and follow it religiously to help attain the futuristic goals.
5 Key Strategic Planning Skills Every Strategy Executive Must Possess
#1. ANALYTICAL
Analyzing and evaluating business plan from time to time is among the primary responsibilities of a strategy professional. They must be capable of undertaking feasibility analysis, market analysis, and analyzing the capital structure of the business. Having an analytical eye is what allows a strategy professional to take calculated futuristic steps.
A few of these analytical skills would include:
- Systematic Thinking
- Attention to Detail
- Defining Mechanisms for Input
- Critical Thinking
- Developing a Plan for Implementing Strategies
- Logical Thinking
- Calculating Costs for Implementation
- Defining Purpose of the Strategic Planning Process
#2. COMMUNICATION
A big part of strategic planning job role is to communicate the business blueprint to employers and the company staff so that everyone would know what exactly is needed to be done in unity to reach the business’s end goals. A strategy executive is supposed to explain in detail (both verbally and non-verbally) the steps needed to be taken to fall in line with the developed strategy.
Strategy leaders must also be good listeners. They should have the ears to absorb and understand the needs entailed by the employers before going into devising a business plan. Moreover, employees across business divisions within a company must be heard, and their concerns and ideas should be taken into consideration by the strategic planners to build an even more practical business blueprint.
#3. DECISION-MAKING
Frequent and quick decision-making is part and parcel of a strategic planner’s job. They need to make decisions at every stage of implementation of the business strategy. Added to that, sometimes, when things do not go according to the devised plan, instant modifications are required to be made. Capability to make intelligent and quick decisions comes into play every now and then in a strategy builder’s daily work life. However, the decisions are made fast, but they are not illogical, but rather, situational.
Strategy-planners need to analyse the information available to them, and basis that, have to make changes in the plan. Remember, these are rational changes, ad very much logical in every respect possible.
#4. LEADERSHIP
An effective strategy executive is always a great leader. One cannot be a successful strategic planner without being an effective leader, as in your day-to-day work, you have to make your subordinates and juniors work in line with your vision and goals. A strategy executive has to constantly motivate, and inspire the team members across the organization to remain hopeful and positive towards reaching the end goal.
#5. PROBLEM-SOLVING
Strategic leaders are often the ones involved in problem-solving at a high level. Business, when fails to achieve its preset financial goals, or if there is a process inefficiency reported, it’s the job of a strategist to find out the loopholes and the potential causes of failure. Eventually, he is made responsible for analyzing the available data to address the glaring issues.