From large-scale corporations to small, independent businesses, every company or organization requires skilled strategy development and execution to be successful. Current and aspiring leaders can develop the most in-demand corporate strategy skills to improve their business’s outcomes.
If you’re looking to make a move into the rewarding world of corporate strategy, there are multiple pathways to learn the skills needed for effective corporate strategy leadership.
Eric Chung, instructor of Corporate Strategy for Growth at Harvard DCE’s Professional & Executive Development, shares the top skills for corporate strategy leaders — and how you can level up your career in this crucial role.
What Is Strategic Leadership?
Strategic leadership includes the ways managers use creative problem-solving and strategic vision to support their organization in achieving long-term goals.
Strategic leaders require “big picture” thinking, with the ability to look ahead and plan for future success.
Why Is Strategic Leadership Important?
Strategic leadership isn’t just about navigating challenges and instituting best practices — it’s fundamental to an organization’s future.
“An effective corporate strategy is foundational to virtually everything that comes next for an organization, including business unit strategy, as well as the people, process, and technology considerations that follow,” says Chung. “This starts from the top of the organization, and therefore it’s important for leaders to play an active role in corporate strategy design, as well as visibly and actively sponsoring it.”
Chung added that benefits and positive outcomes organizations can achieve with experienced strategic leadership include:
- increased revenues
- improved cost efficiencies
- a loyal customer base
- greater employee satisfaction from being part of an aligned and profitable culture
What Skills Do Corporate Strategy Leaders Need?
Like any business skill, corporate strategy leadership can be developed or learned — especially if you are already in senior leadership or a consulting role and you are looking to grow your impact on your organization.
While there are countless (and sometimes conflicting) pieces of advice on what strategic leadership is and how to be an effective strategic leader, there are ultimately five key skills for corporate strategy leaders to develop:
An effective corporate strategy is foundational to virtually everything that comes next for an organization.
Eric Chung
1. Strategic Thinking and Vision
An organization’s vision is vital to its efficiency and effectiveness. Vision involves defining long-term objectives, analyzing potential challenges, and developing and implementing both timely and effective solutions.
According to Forbes, vision “acts as a compass” for an organization’s long-term corporate strategy, supports its values, and guides decision making.
“The strongest corporate leaders adopt the company vision and the strategic elements that support it, then serve as an external and internal change champion for that vision,” says Chung.
2. Leadership
How corporate strategies are developed, communicated, and executed plays as important a role in an organization’s success as the strategy itself. An organization’s leadership impacts its ability to drive results efficiently and effectively, and strong corporate strategy leaders hone their skills accordingly to achieve positive outcomes.
Essential leadership skills include:
- The ability to anticipate challenges and opportunities
- Taking initiative to challenge the status quo
- Correctly interpreting complex information
- Taking decisive action
- Aligning with an organization’s mission and vision
- Learning from both negative and positive experiences
3. Problem Solving
Experienced leaders understand that even the most well-thought-out strategies must be adaptable. Shifting priorities, unexpected challenges, and other changes can impact plans without warning.
Strategic leaders must use analytical thinking and data-driven decision-making to effectively solve dilemmas in a timely manner.
Chung also emphasizes the fundamental nature of adaptable frameworks, which are incorporated into the curriculum of Corporate Strategy for Growth by discussing examples of corporate strategy development and key considerations for smooth implementation.
4. Communication
Corporate strategy development and execution requires a clear vision, horizontal and vertical stakeholder alignment, and widespread buy-in — all considerations that hinge on effective communication.
Companies that wish to leverage innovative strategies and solutions require strategic leaders who excel in change management.
Change management involves facilitating organizational shifts with minimal disruption to operations, and strong communication is necessary across all teams to ensure success.
“In establishing a corporate strategy, you need to bring your people along for the ride,” says Chung. “Involve a range of leaders in establishing the strategy, test it with different levels in the organization, and take a change management approach to rolling it out. These are some key learnings that can help corporate strategy development and deployment bring desired results.”
5. Business Acumen
Business acumen is ultimately a combination of the prior four skills: strategic thinking and vision, leadership, problem solving, and communication.
Financial expertise is another important factor: efficient operations both create profitable outcomes and avoid unnecessary spending.
Developing this critical knowledge and intuition empowers professionals to execute strategies, rise to challenges, adapt to change, build business relationships, and make meaningful changes in their organizations
Can Anyone Become a Corporate Strategy Leader?
All these top skills for corporate strategy professionals can be developed through dedicated programs, like Corporate Strategy for Growth offered by Harvard DCE’s Professional & Executive Development.
This well-rounded program covers topics including resource analysis, corporate advantage, and mergers and acquisitions. Participants will gain insights to make informed, high-impact decisions, learn effective resource allocation, identify expansion opportunities, and analyze and evaluate corporate strategies across diverse business units.
“I have used each of the concepts or frameworks in this program at some point during my professional career,” says Chung. “What’s important is being able to internalize the learnings, then adapt it to your organization or situation and how it will resonate with your customers as well as your employees.”
