Strategic management, or a lack thereof, can make or break a business.
The way Blackberry ended showed the world what happens when an organization lacks a strategic framework and wise decision-making. While Apple foresaw the opportunities and challenges the future held, Blackberry didn't. The result was BlackBerry being taken down by Apple. Sure, you won't want the same for your business!
Strategic leadership and management have become an integral part of the ever-evolving global business environment where new trends and technologies are growing at an unprecedented speed.
What happens when a business runs without a strategy?
Building a power-packed strategy framework, which is an outline that defines the vision and key objectives of an organization, is no longer a choice but a requirement to attain corporate sustainability and growth in the competitive business world.
A strategy framework ensures certainty in unstable circumstances through the formulation and implementation of an effective goal-driven action plan within an organizational network.
Most of the companies are dependent on global business strategy leaders for the development of a sound strategy and strategic management to empower the business processes and functions. Strategic leadership is a well-defined process of strategy formulation through a set of actions backed up by considered tactics in order to achieve its goal. The prime purpose of strategic management is to change and create the structure of an organization in the context of the changing business environments to boost the performance of the company. Ultimately, strategic leadership is all about transformation, reinvention, and development of an organization to attain success.
So, let's start by first understanding the concept of strategic leadership:
What is Strategic Leadership?
Strategic leadership is when a leader makes use of strategic intent in decision making, predict future challenges and events to stay proactive, is adaptive to work effectively in divergent situations, initiate and implement required changes as per the market standards and create a work environment where employees can anticipate the need of the business in the context of their role. And these skills make a global business strategy leader different from the other employees.
Strategic leadership is an extensively broad term, but it is not just about formulating a vision. It is the potential of persuading and motivating others to share the same vision to achieve corporate excellence. It’s all about innovativeness, reinvention, vision, objectives, and planning to drive an organization to success.
The Importance of Strategic Leadership in Business
You see, in a global business environment, the need for functioning under constant strategic leadership is significant because every organization confronts a new array of complexities and challenges on a regular basis. So, when leaders apply strategic thinking to make decisions under limited available resources in the dynamic business circumstances that are subjected to the new force of change, the entire organization reaps the benefits.
Under strategic leadership, an organization can envision, foretell, streamline business processes, maintain flexibility and communication, implement developmental changes, in the long run, to drive beneficial outcomes. And that's the reason why strategic leadership is highly important for the growth of a business.
Top 4 Characteristics of A Global Business Strategy Leader
● Global thinker
Global thinking is one of the most cornerstone characteristics of a global business strategy leader because the leader must acknowledge the assortment in an organization and likewise create a strategic framework under the influence of a macro-level vision. This also helps the strategic leader to identify future opportunities in the long run.
● Changemaker
To thrive in the dynamic external environment, a business must quickly process and adapt to the new changes constantly. A strategic leader helps in the development and enactment of change management strategies and make new advancements to technologies so that everyone can abide by these changes.
● Having a broad perspective
Strategic decision making is when you take actions considering the long-term results and consequences of your decisions. The key to identifying new opportunities and the best current challenges is to construct a strategic framework while keeping the bigger picture in mind.
● Self-Reflection
Self-reflection is an extremely critical aspect of the development of the leadership skills of a strategist. Self-reflection is when you take the time to review yourself including the analysis of your skills, strengths, and weaknesses. This helps leaders enhance their own performance and growth which ultimately adds to the organization's growth.
If you want to learn more about strategic leadership, you can go check our blogs!
Niti Sharma is a professional writer, blogger who writes for a variety of online publications. She is also an acclaimed blogger outreach expert and content marketer. She loves writing blogs and promoting websites related to the education, business,finance and technology sectors.