5 Key Responsibilities of a Vice President of Business Planning and Strategy

5 Key Responsibilities of a Vice President of Business Planning and Strategy

If your organization is looking for a strong strategic planner who can create a roadmap to success, a Vice President of Business Planning and Strategy could be the person you need. This executive-level role is responsible for identifying, evaluating, and recommending strategic initiatives to drive growth and profitability across the organization. Here are the five key responsibilities that a Vice President of Business Planning and Strategy must fulfill to succeed.

1. Create a Strategic Vision

The Vice President of Business Planning and Strategy must be able to create a long-term strategic vision that aligns with the organization’s goals. This vision should be high-level, inclusive of all relevant departments and stakeholders. It should be communicated effectively to all levels of the organization, including employees, customers, and stakeholders.

2. Analyze Business Performance

To create a strategic vision, the Vice President of Business Planning and Strategy must first have a thorough understanding of the organization’s current performance. This includes analyzing market trends, identifying opportunities for growth, and conducting a SWOT analysis. The Vice President must use this analysis to provide recommendations on how to improve business performance.

3. Develop and Implement Business Strategies

Once a strategic vision and performance analysis are in place, the Vice President of Business Planning and Strategy must develop and implement business strategies. This includes identifying key initiatives to support the strategic vision, developing budgets and timelines, and aligning resources to support implementation.

4. Evaluate and Monitor Progress

The Vice President of Business Planning and Strategy is responsible for monitoring the progress of the strategic initiatives and evaluating their effectiveness. This includes assessing whether the initiatives are delivering the expected results and identifying areas for improvement. The Vice President must be able to adjust strategies and initiatives as needed to ensure continued progress.

5. Collaborate with Key Stakeholders

To be successful in this role, the Vice President of Business Planning and Strategy must collaborate with key stakeholders across the organization. This includes executives, department heads, and employees at all levels. The Vice President must build strong relationships and maintain effective communication to ensure that all stakeholders are aligned on the strategic vision and committed to its success.

In conclusion, a Vice President of Business Planning and Strategy is a key executive responsible for creating and implementing a strategic vision, analyzing business performance, developing and implementing business strategies, monitoring progress, and collaborating with key stakeholders. By fulfilling these responsibilities, the Vice President can help drive growth and profitability across the organization, positioning it for long-term success.