“Strategy follows people; the right person leads to the right strategy” as defined by J. F. Welch, CEO of General Electric.
Welch often uses this phrase whenever he needs to define critical management functions such as the development and selection of top managers.
But have you wondered what makes a strategist out of a manager? Or are they both the same?
Precisely, there’s no specific test that can help you evaluate the strategic competency of a professional. Whether you’re a business leader or an economist, you will always be questioned. And the answer provided by you will define the level of competency.
A man of action Molke once said, a strategy is an applied common sense and it cannot be taught. Of course, his views were entirely based on the concept where any factor related to the right perspective is not learned in school since the school only aims to be mediocrity.
However, the capability of a manager or a leader has always correlated with the managers or the entrepreneurs’ personality.
So, what defines a business strategist?
A business strategist is a professional who is responsible to determine set goals or targets for the organization. Once the targets and goals have been set, the individual needs to start developing strategies and practices the organizations need to follow to achieve business goals. The individual is required to focus on elements such as marketing strategies and product development of the organization. Even more, they might need to start building strategies that involve the expansion of the financial status of the company.
What are the factors that determine the competency of a good strategist?
Most often, the manager and entrepreneurs need to identify certain criteria that will be able to define their traits. Whether they are good strategists or bad strategists. We will further identify these questions and find out the factors determining the competency of a good strategist.
Do you have an entrepreneurial vision?
There’s always a vision when someone is looking to start an entrepreneurial journey. Be it a new phase in someone’s life or restructuring programs at companies. And when you have such vision, it is said to be comparable to the North Star. In the same manner, how the North Star shows people their way through the desert, so will this vision take you where you wish to go.
Remember, the star is not the destination where you’re supposed to go, it is the orientation point that helps you find your final destination. In simple words, a manager’s vision is not the star but where it leads. An entrepreneur who can claim where they’re headed is the one responsible to create a vision.
What are your competitive advantages? Do you even have one?
As a business strategist, it is a challenge to find a competitive advantage over products that are in competition in and around the market. More often, it gets difficult to maintain a sustainable competitive advantage.
According to Porter’s generic strategies, he mentioned major four elements that can be adopted to gain competitive advantages such as cost leadership, cost focus, differentiation leadership, and differentiation focus.
Such factors can determine strategies where the entrepreneur or the strategist gains a competitive advantage in a broader range of the market.
Other questions could also include, will the employees use their ability to act freely within the interest of the company? Or whether an organization can be built that incorporates the same vision or not? Or will the line managers get themselves involved during strategic planning?
In the present era, business certifications are considered one of the major industry-recognized credentials of an individual. For someone looking to augment their skills and advance in the career can always opt for a certification program.
Such certification programs are often awarded by credible organizations, thus, helping you reach your desired career goals.
