Do you ever see Google make an acquisition and wonder why the company did it? Or how the company arrived at this decision?
Acquisitions are a strategic corporate move to expand, grow, or position themselves better in the market. Sometimes it can be to re-position themselves in the market and even new product development. These decisions are taken by the strategy management team. The Head of Corporate Strategy is responsible for such decisions and oversees the execution of these decisions. Building, implementing, and improving business strategy is a major part of their work.
The Head of Corporate is well-versed in the corporate strategy framework and works in consonance with them to achieve growth goals.
Objectives and Responsibilities of Head of Corporate Strategy
Leadership: Head of Corporate Strategy is a leadership role, where the incumbent is tasked to oversee junior strategy management teams to ensure effective management of projects. Strategic decisions are often made after extensive market research, projections, competition research, consumer interest, and customer survey. These tasks are carried out by strategy teams. This work requires analytical skills and strong business acumen.
Further, the Head of corporate strategy hires the strategy management personnel to ensure that strategic decisions are executed well and within time. The leader also leads the strategy management team to come up with bold ideas for the business.
The Head of Corporate Strategy mentors junior members of the strategy management team. He ensures that each team member is consistently growing and improving his skills, readying them for better and challenging roles like the ones in which he is.
Define business strategy
The Head of Corporate strategy defines the business strategy of the organization. To do this, he gathers relevant data, analyses data makes work plans and develops an actionable recommendation for the growth of the organization.
The Head of Corporate Strategy develops strategic business plans to grow the customer base and market share. He reviews market factors to gauge the feasibility of new marketing initiatives and potential growth opportunities. Further, the Head of Corporate strategy provides short and long–term strategic recommendations to the executives to develop and capitalize on business opportunities.
The Head of Corporate strategy also makes strategic plans that allow marketing, financial, and business teams to set weekly, and yearly targets. He further evaluates business and recommends business strategy frameworks, financial concepts, processes, and ways to track the success of business functions.
Strategic performance management
The Head of Corporate Strategy is also involved in numerous tasks that define and refine business strategy while focusing on designing and implementing strategic processes that help grow the business and achieve measurable results.
To achieve the best in this role, the Head of Corporate Strategy places performance measures in place to determine the effectiveness of implemented strategies and identify areas for strategic improvement.
Strategic Risk Management
Businesses are rife with risks. The Head of Corporate Strategy works in collaboration with other business leaders and shareholders to evaluate overall performance against targets and make necessary changes to meet the goals set in the business strategy.
He also defines KPIs that companies can measure their performances against and determine the effectiveness of the business strategy. The Head of Corporate Strategy spreads awareness among business executives and stakeholders with insightful analyses of the market and trends. He also identifies and explores adjacencies to the business to ascertain risks and opportunities.
In brief, the Head of Corporate Strategy is a leadership position that aims to keep improving business strategy by undertaking responsibilities that ultimately lead to growth of the business. The incumbent requires analytical skills, communication skills, business acumen, people skills, and interpersonal skills. It requires them to be well-versed in corporate strategy frameworks to come up with recommendations for the business.