Career Definition of a Business Development Strategist
A business development strategist helps chart the course for future growth for the company they are employed by. Part of their job is to identify goals that their company should be focused on and to take the steps needed to ensure that the company has what it needs in order to achieve those goals. They need to have strong leadership skills in order to motivate staff to embrace action plans and new strategies and to ensure that the company works together effectively.
Business development strategists often work with other departments, such as marketing or finance teams. They develop strategies to expand the business. For example, they may work on creating partnerships with other businesses or develop different business strategies designed to increase their company's profitability. They must be aware of business trends and be prepared to adjust their strategies based on changes in the marketplace.
| Educational Requirements | Bachelor's degree; master's often preferred |
| Job Skills | Leadership skills, analytical skills, excellent communication skills, computer skills, able to work as part of a team, ability to motivate others, problem-solving skills, customer service skills |
| Median Salary (2021)* | $107,166 (business development director) |
| Job Outlook (2020-2030)** | 8% (top executives) |
Sources: *PayScale.com; **U.S. Bureau of Labor Statistics
Required Education
A bachelor's degree in a discipline such as business is typically required to work as a business development strategist, but many employers prefer applicants who have earned a master's degree or are pursuing studies for their master's. Since business development strategists are concerned about company profits and promotional strategies, they may also benefit from taking courses in finance and marketing. Some companies may accept applicants who have a number of years of work experience and training in lieu of a degree.
Required Skills
Business development strategists need to be able to work as an effective part of a team while providing leadership and direction. This means that they need strong leadership, teamwork and communication skills. They also need to be able to motivate others so that they will support new business strategies and objectives. Part of their work also involves developing new business relationships, so it's important that business development strategists have good customer service skills as well. They perform some work on computers and need to be comfortable using programs such as PowerPoint.
Career Outlook and Salary
The career category for top executives is the U.S. Bureau of Labor Statistics's (BLS) listing that most closely compares to a business development strategist. According to the BLS, top executives were expected to see an 8% rate of job growth from 2020 to 2030, which is comparable to the projected job growth rate for all occupations during this same time period. In 2021, business development directors, earned a median annual salary of $107,166, according to PayScale.com.
Related Careers
There are a number of other careers that share some common objectives with the role of a business development strategist. Those interested in this type of work may also be interested in being a business executive and working in other business leadership roles. Another option is to pursue work as a marketing manager and focus on strategies for raising a company's profile or image. Those who particularly enjoy problem-solving may be interested in pursuing a career as an industrial engineer, since industrial engineers find ways to streamline business practices so that companies are more profitable.
