Business Strategy

Mohit Singla | Business Consultant | Various Assignments

What is Business Strategy?

A Career in Business Strategy is very interesting. Unfortunately, it is very difficult to find information about What Business Strategy actually is. Most pages on the internet just talk about How to get into Business Strategy. The most authoritative source of information on Business Strategy is someone with real experience in it.

Business Consultant Mohit Singla has 8 years of professional experience in Business Strategy. According to Business Consultant Mohit Singla, Business Strategy is:

Business strategy is the firm's working plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model, goals or objectives. Strategy is management's game plan for strengthening the performance of the enterprise. It states how business should be conducted to achieve the desired goals. Without a strategy management has no roadmap to guide them.

How Business Consultant Mohit Singla got into Business Strategy?

After doing my schooling from Government Model School, Chandigarh, I did my B Com from Punjab University and MBA in Advertising & Marketing from University of Pune. I started my career with FMCG sector and after that worked with various organizations like E Gurucool.com, IBM, First Advantage Private Ltd & Liquid E-learning Services Pvt Ltd as a Senior Manager and Business Head for almost 10 years. In 2010, I started working as an independent Business Consultant for various organizations.

Business Consultant Mohit Singla's Talk on Business Strategy

The Journey of a Business Strategy Professional: Insights from Mohit Singla In the ever-evolving landscape of business, crafting a solid strategy is pivotal to success, and no one understands this better than Mohit Singla. With two decades of experience in multiple industries, including FMCG, advertising, and e-learning, Mohit shares his journey as a business strategy professional. This article delves into his experiences, offering a glimpse into what business strategy entails, the education and skills required, as well as the positives and challenges of the profession. Readers will discover the thrilling, yet demanding nature of this career path, complemented by a day in the life of a business strategist. What Is Business Strategy? Business strategy is fundamentally about defining the approach a company adopts to deliver services or products effectively to its customers. As Mohit describes, it's critical to understand various facets such as market entry, customer needs, and production costs. A well-devised business strategy is a roadmap that guides a company in navigating through complexities like market competition and evolving technologies. For instance, when Apple launches the iPhone, there is an intricate strategy that outlines how the product travels from production facilities to consumer hands. The role of a business strategy professional is vital in ensuring that these intricate details are thoughtfully coordinated and executed. Education Basic Accountancy A solid foundational understanding of accountancy is crucial for anyone looking to excel in business strategy. Mohit emphasizes that even if one's expertise doesn't lie directly within finance, grasping basic accounting principles lays the groundwork for strategic decision-making. Comprehension of financial statements and budgeting can significantly enhance a strategist's capability to analyze business health and resource allocation. Marketing For Mohit, a background in marketing is indispensable in crafting effective business strategies. Knowledge of market research techniques and consumer behavior helps strategists develop insights into how products can meet customer demands. As markets evolve, understanding various marketing strategies allows professionals to position their products successfully, enhancing overall market effectiveness. Consumer Behaviour The importance of studying consumer behavior is reiterated throughout Mohit's experiences. Understanding what drives customer decisions provides invaluable insights into crafting strategies that resonate with target audiences. The knowledge gained in this area helps professionals predict trends and tailor offerings, which is essential for staying competitive in rapidly changing markets. Law A requisite knowledge of legal frameworks surrounding business operations cannot be overlooked, as highlighted by Mohit. Familiarity with mercantile and corporate law informs strategists about regulatory compliance and business structures, enabling them to devise plans that avoid legal pitfalls. This knowledge acts as a safety net, ensuring that strategies are not only innovative but also lawful. Information Technology In the modern business world, technology has become an integral element of strategy formulation. Mohit underscores that understanding technology—not necessarily coding but its applications—allows strategists to leverage digital environments for marketing and operations. The rise of digital marketing and consumer behaviors driven by technological advancements necessitates that professionals in this field stay updated on emerging technologies. Skills Problem Solving At the core of business strategy lies problem-solving capabilities, as identified by Mohit. Every business challenge presents a problem that requires creative solutions. For instance, when launching a new product, strategists must navigate hurdles in reaching consumers effectively and handling competition. This skill helps to transform problems into opportunities for innovation and growth. Analytical Skills Mohit notes that strong analytical skills are paramount for success in business strategy. These skills enable professionals to dissect data, evaluate market trends, and make informed decisions. The ability to derive actionable insights from trends and consumer insights ultimately enhances the effectiveness of strategies, ensuring they are relevant and impactful. Reading Continuous learning through reading is a habit that Mohit swears by. Engaging with books, articles, and case studies on various organizations and market trends equips strategists with fresh perspectives and innovative ideas. The more one reads, the more fortified their understanding becomes, fostering a culture of ongoing professional development. Team Management Another crucial skill highlighted by Mohit is team management. Effective collaboration across functional teams—such as operations, marketing, and sales—is essential in executing comprehensive strategies. A successful strategist must be able to coordinate efforts, engage team members, and harmonize diverse perspectives towards a common goal. Positives New Projects One of the most exciting aspects of a career in business strategy is the opportunity to work on new projects continuously. Mohit explains that the ever-changing market dynamics mean strategists are seldom stuck in monotony, allowing them to constantly apply their problem-solving skills to fresh challenges. This variety keeps the work exciting and engaging. Growth For those adept at crafting successful strategies, the potential for career growth is significant. Mohit observes that strategy professionals often find themselves on the fast track to senior management roles. Their deep understanding of market dynamics and the ability to navigate business complexities positions them as invaluable assets to organizations. Exposure Business strategists enjoy a high degree of exposure to different sectors and challenges, a benefit that Mohit particularly values. Working with diverse industries allows strategists to broaden their horizons and gain insights that can cross-pollinate practices across fields. This exposure enriches their strategic perspective, ultimately boosting their efficacy. Challenges Upgradation In a field as dynamic as business strategy, constant upgradation of skills is imperative. Mohit points out that falling behind in knowledge can render strategies ineffective as market conditions shift. Staying abreast of industry developments and emerging technologies is crucial for maintaining relevance in this fast-moving environment. Complacency Another significant challenge is the risk of complacency among professionals. Mohit warns against the tendency to rely on past successes without adapting to new markets or technologies. To thrive, strategists must engage in lifelong learning and remain open to evolving methodologies and practices, ensuring that they are not left behind. A Day Of Business Strategy A typical day for a business strategy professional can vary greatly depending on their current projects and deadlines. Mohit illustrates that one day may involve brainstorming innovative strategies for new clients, while another could require intensive troubleshooting to address challenges in executing an existing strategy. This dual nature of the job—where one can switch from high-pressure to more relaxed tasks—adds a layer of excitement and unpredictability to the profession. Ultimately, every day presents new opportunities to engage with complex business challenges and devise solutions that can shape an organization’s future. The career of a business strategist, as exemplified by Mohit Singla, is a thrilling journey filled with opportunities for growth, creativity, and influence within the corporate sphere. With a solid education foundation, a diverse skill set, and an unwavering commitment to continual learning, professionals in this field hold the keys to shaping successful business ventures. It's a rewarding profession that not only drives personal advancement but also contributes significantly to the organizations and industries they serve.

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How to get into

Business Strategy?

If you are want to get into Business Strategy, start by investing in a Career Plan.

The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in Business Strategy is merely an infatuation or is it truly something you wish to do for the rest of your life.

Next, your Career Advisor will help you document how you can get into Business Strategy, what education and skills you need to succeed in Business Strategy, and what positives and challenges you will face in Business Strategy.

Finally, you will get a Career Plan stating which Courses, Certifications, Trainings and other Items you need to do in the next 7 years to become world’s best in Business Strategy.

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LifePage Plan will not stop at saying "to become an Architect study Architecture". It will guide you on which Certifications, Trainings and Other items you need to do along with your Architecture education to become the world's best Architect.

Links for this Talk

Business Consultant Mohit Singla's LifePage:

[LifePage]
https://www.lifepage.in/page/mohitsingla

LifePage Career Talk on Business Strategy

[Career]
https://www.lifepage.in/careers/business-strategy

[Full Talk]
https://lifepage.app.link/20180321-0004

[Trailer]
https://www.youtube.com/watch?v=SzN8p4Rr1Fc

(Business Strategy, Mohit Singla, Business Consultant, Various Assignments, Planning, FMCG, Corporate Strategy, Advertising and Marketing, Business Development, Strategic Management, Business Growth)

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