Business strategy is typically created by senior executives and management teams within an organization. These individuals are responsible for setting the overall direction, goals, and priorities for the organization and developing strategic plans to achieve them. Depending on the size and structure of the organization, the creation of a business strategy may involve different levels of leadership and collaboration.

Here are the key stakeholders involved in creating a business strategy…

1. Executive Leadership – The executive leadership team, including the CEO (Chief Executive Officer), President, and other top executives, plays a central role in creating business strategy. These individuals are responsible for defining the organization’s mission, vision, and overarching goals, as well as setting strategic priorities and direction.

2. Board of Directors – The board of directors provides oversight and guidance on strategic matters and may be involved in shaping the overall direction and priorities of the organization. Board members bring diverse perspectives and expertise to strategic decision-making and may work closely with executive leadership to develop and approve business strategy.

3. Management Team – The management team, which includes senior managers and department heads across various functions such as operations, finance, marketing, and human resources, is involved in translating high-level strategic goals into actionable plans and initiatives. These individuals are responsible for executing the strategic vision and aligning their respective areas of responsibility with overall strategic objectives.

4. Strategy Department or Unit – In some organizations, there may be a dedicated strategy department or unit responsible for developing, implementing, and monitoring business strategy. This team may conduct market research, competitive analysis, and strategic planning activities to inform decision-making and support the achievement of strategic goals.

5. External Consultants or Advisors – Organizations may engage external consultants, advisors, or strategic partners to provide expertise, insights, and recommendations on business strategy. These external stakeholders may offer specialized knowledge, industry insights, or strategic planning support to help the organization identify opportunities, address challenges, and develop effective strategies.

6. Stakeholders and Input from Employees – Effective business strategy often involves input and engagement from various stakeholders, including employees, customers, suppliers, investors, and other external parties. Gathering feedback, soliciting input, and fostering collaboration can enhance the quality and relevance of strategic decisions and increase buy-in and support for strategic initiatives.

Overall, creating a business strategy is a collaborative process that involves input from multiple stakeholders, with executive leadership eventually responsible for setting the strategic direction and guiding the organization toward its goals. Effective strategic planning requires a clear understanding of the organization’s internal capabilities, external environment, competitive landscape, and market dynamics, as well as the ability to anticipate and adapt to changes and challenges over time.