How can you develop your Business Strategy skills outside of a Business Strategy role?

Developing business strategy skills outside a formal role involves a proactive approach to learning and understanding the real-world implications of strategic decisions. Begin by actively engaging with individuals at all levels within various industries. By listening to front-line employees, customers, and lower-level management, you gain invaluable insights into the practical strengths and weaknesses that affect a business's operational effectiveness. By staying grounded and valuing the input from the operational side of business, you can develop a holistic understanding of strategy that is both informed and adaptable to real-world challenges.

Contribute to Strategic Discussions: Actively participate in strategic discussions, even if they are not directly related to your role. Share your insights and ideas, and seek feedback from those with more experience in strategic management. Seek Feedback and Learn from Mistakes: Request feedback on your strategic contributions and be open to learning from mistakes. Constructive feedback can be invaluable in refining your business strategy skills over time.

Expanding your business strategy skills outside of a formal business strategy role is not only possible but can be highly beneficial. Here are some practical ways to develop and enhance your business strategy skills: 1. Collaborate Across Functions. 2. Mentorship and Networking. 3. Continuous Learning. 4. Read Widely. 5. Attend Strategy Workshops. 6. Volunteer for Projects. 7. Ask Questions. 8. Develop Analytical Skills. 9. Create a Personal Development Plan.

Every role one assumes within an organization provides the opportunity to develop one's business strategy skills. With any new role, it is important to step back and assess the current state and understand how the work one does impacts the bigger picture. Exercises like this allows one to connect to the overall value drivers and contribute in a powerful way. Another example would be to ensure you understand who is impacted by the work you do, your customers. It may lead to the discovery of opportunity areas that may not be in your current scope of responsibilities. As such, this strategic thinking can deepen your impact within the organization as well as your leadership skills.

Apply Data Analysis Skills: Develop or enhance your data analysis skills. Understanding data and analytics is crucial for making informed strategic decisions. Platforms like Google Analytics, Excel, or more advanced tools like Tableau can be beneficial. Stay Informed About Global Business Trends: Follow global business news and trends. Understanding how geopolitical, economic, and social factors impact business can contribute to a more comprehensive strategic perspective.

One thing that I have found helpful is curiosity about different international companies and how they became market leaders.. In college, I followed Disney with Michael Eisner and Gary Wilson turnaround Strategy moves. I also followed Richard Rainwater business strategy as a investor advisor in Forth Worth, Texas for the Bass Family and his own investment group. Darla Moore was another leader I followed as she was having a pioneering career in investment banking. A Barry Rand at Xerox, Reginald Lewis at TLC group, and John Johnson at Ebony and Jet magazines. What you learn by following such business leaders applying business strategy skills is that every industry and markets is different in applying the fundamental principles of strategy.

A great way to develop strategy skills is to analyze and evaluate the strategies of different businesses, industries, and markets. You can use various tools and frameworks to understand how a business creates and delivers value to its customers and stakeholders. You can also try to identify the best practices, gaps, and trends that affect companies performance. By doing this, you will enhance your critical thinking, problem-solving, and decision-making skills, which are essential for any business strategist.

Take stock of the current state: how your organization creates values for clients, customers and beneficiaries. What are the different ways and how do they compare to the ways from similar organizations?

To hone Business Strategy skills beyond a dedicated role, immerse yourself in diverse industries, cultivate a curiosity for market trends, and engage in cross-functional collaborations. Embrace challenges, analyze data ruthlessly, and adopt a forward-thinking mindset to anticipate opportunities. Continuously learn from successes and failures, and leverage networking to gain varied perspectives. Ultimately, view every role as a strategic puzzle piece, refining your ability to navigate complexity and drive impactful decisions.

Apply strategic thinking in your current role: Look for opportunities to analyze: Actively seek projects or tasks that involve analyzing data, identifying problems, and proposing solutions. Apply strategic thinking frameworks like SWOT, PESTLE, or Porter's Five Forces to your workplace challenges. Take initiative and propose improvements: Don't wait for opportunities to come your way. Identify inefficiencies or areas for improvement in your department or organization. Develop and propose strategic solutions with clear benefits and actionable steps.

I recommend identifying the business strategy skills most used within business organizations. Doing this will help you identify the specific business strategy skills needed to accomplish the career goal and it will also help to keep you focused when interruptions and distractions occur. I would research small companies or community organizations that is doing the skill I would like to obtain or would give you the opportunity to develop your business skill on a volunteer basis that would benefit them. The opportunity would serve as a laboratory to test and validate your assumptions, make mistakes in safe and supportive environments. In order to become a master at learning any skill is to practice, practice, and practice.

Business strategy is not only a theoretical concept, but also a practical skill that can be learned and improved by doing. One of the best ways to develop your strategy skills is to apply and experiment with what you have learned in your own work or personal projects. For example, you can use your knowledge and skills to create or improve your own business plan, product, service, or process. You can also seek feedback and advice from your colleagues, mentors, or peers who have experience or expertise in strategy. By doing this, you will learn from your successes and failures, and refine your ideas and actions. You will also gain more confidence and credibility in your strategy skills, and be able to demonstrate them to others.

Raise your hand and volunteer to work on strategy topics (ex: industry trends) and practice converting data and trends into implications and recommendations for the organization.

Volunteer for cross-functional projects: Participating in projects involving different departments broadens your perspective and allows you to learn about other aspects of the business. This strengthens your understanding of how different functions contribute to the overall strategy.

Strategy is not only an individual skill, but also a social skill that can be learned and improved by interacting with others. One of the best ways to develop your strategy skills is to communicate and collaborate with others who share your interest or goals in business strategy. For example, you can join a network, community, or group of people who are passionate about strategy, and exchange ideas, opinions, and resources. You can also participate in events, workshops, or competitions that challenge you to apply your strategy skills in a real or simulated scenario. By doing this, you will expand your perspective and network. You will also learn from others’ experiences, insights, and feedback.

Communication is the key to execution of plan to see strategy reaching the desired outcome. Be clear and concise. Bring out the purpose behind the decision for goal alignment in the staff who is implementing the strategy. This sure works the best.

Surround yourself by people involved in both ideating and implementing business strategies, and you’ll soon begin to absorb useful information without noticing. If you don’t know anybody who fits the bill, simply start following the social media accounts of those that do. The accounts of start-ups and ailing businesses are interesting to follow too, as you may be able to identify the marketing or operational changes that either see them take off, or kickstart a recovery.

Connect with people in Business Strategy roles: Networking with professionals in strategy teams allows you to learn from their experiences, insights, and challenges. Ask questions, seek advice, and build valuable connections. Attend industry events and conferences: Participating in industry events and conferences exposes you to leading experts, emerging trends, and best practices in business strategy. Mentor or volunteer: Mentoring young professionals or volunteering for organizations can help you develop your communication, leadership, and strategic thinking skills while giving back to the community.

Take time to reflect on your professional and personal experiences, identifying instances where you applied strategic thinking or encountered strategic challenges. Analyze your approaches and consider how you can learn and improve.

Half the challenge in developing successful business strategies is in identifying areas for improvement in the first place. These don’t necessarily have to be glaring problems, but if your current role allows you to spot room for improvement in your company’s processes, you may find that you’re already honing your business strategy skills. Critical thinking is key to developing an effective strategy, so by virtue of simply stepping back occasionally to review how things are running, your observational and problem-solving skills will improve.

Practice strategic thinking in everyday life: Analyze news and current events: Look for examples of strategic decisions companies are making and the rationale behind them. Analyze the results and consider alternative approaches. Play strategy games: Engaging in strategic board games or video games can hone your critical thinking, planning, and decision-making skills in a fun and engaging way.

Remember, developing your Business Strategy skills takes time and dedication. Be persistent, don't be afraid to step outside your comfort zone, and celebrate your progress! By actively seeking opportunities to learn, apply your knowledge, and network, you can cultivate valuable skills that will benefit you in any professional setting.

Become an entrepreneur. Start a side hustle. Read strategy books, read the origin story of unicorns, listen to good podcasts. Then synthesize what you learnt and then try and apply it at work.

One of the most important skills a strategist may develop is the capacity for inner stillness and intuition in order to be able to make appropriate choice in challenging times. Intuition is a state of clear vision which is absolutely essential in navigating an organization forward. Unlike what many people believe intuition is trainable skill. I have been fortunate enough to be able to develop this skill over the years with the Silva Method - a mind development program which i deliver to business professionals, students and entrepreneurs. If you have found this post useful follow me and our professional page for more insights.

100%. You can learn about strategy anywhere. Fiction, non-fiction, the history of wars and military conflicts. Business strategy is just a small part of the whole thing. The thing I try to get people to do is to read a news story or article and think about how they would have approached it, where they might put their attention, or where they see weakness.