Steven Rindner – Importance of Having A Chief Strategy Officer In A Company

A Chief Strategy Officer (CSO) is a senior executive responsible for overseeing a company’s business operations. This official works closely with the Chief Executive Officer (CEO) to ensure the activities are by the organization’s long-term objectives. They even have to hold meetings with the Board members to review the business data on current operations. During these discussions, the CSO explains and convinces the members to authorize the implementation of their business expansion proposals. This ensures the company continues to generate profits and grow in the market.

Steven Rindner – What are the functions of a Chief Strategy Officer in a company?

Steven Rindner is a renowned business and corporate development executive from America. He has years of valuable experience in developing business plans for companies in different industrial sectors. These include multi-media, real estate, healthcare, and technology. He currently works for Besins Healthcare International, a Belgium-owned pharmaceutical company.

He explains the role of the CSO is to help the CEO decide which strategic business plans should be implemented to improve operations. To do so, they must have a good understanding of the company’s strengths and inherent weaknesses. Before executing these plans, the CSO must analyze the company’s existing products, financial statements, current market environment, and customer treads. After completing the scrutiny, both executives can put their proposals before the Board members at the general meeting. Then, everyone present at the board meeting goes through the pros and cons of the plans before making decisions on any implementation.

In addition to assisting the Chief Executive officer in implementing strategic plans, the key duties of the CSO are to:

  • Promote the vision of the company to the employees and prospective customers,
  • Execute actionable long-term goals to fulfill the company’s mission,
  • Identify new ways on how the company can generate revenue by eradicating wasteful practices,
  • Manage the company’s finances, manpower, customer relations, and new technologies,
  • Ensure proper compliance with relevant statutory regulations, laws, and guidelines,
  • Review the progress of product launches, business projects, and commercial activities,
  • Act as a representative of the company in official functions with external stakeholders, and
  • Pursue new business opportunities for developing new products.

Traits of a good Chief Strategy Officer

The inherent traits which a Chief Strategic Officer must possess to perform his/her duties diligently are as follows:

  • A thorough understanding of the company’s business and how to achieve its organizational goals,
  • Good communication skills to convey his/her instructions to subordinates,
  • Ability to delegate tasks to employees and closely supervise their work,
  • Think creatively to devise viable strategic plans which propel the company’ growth, and
  • An aptitude for identifying problems, assess options and implement the best solutions.

Steven Rindner sums up this by saying a Chief Strategic officer ensures the smooth running of a company in an increasingly volatile market environment. This senior executive needs to develop strong leadership skills and be apt at conducting meaningful negotiations. Then, he can successfully convince the organization’s board members to authorize the execution of his strategic growth plans. This enables the company to gain a good competitive edge in the market.