What is a Chief Business Officer (CBO)?

Organisational growth in any business requires the right employees in place at the right time. A chief business officer (CBO) is a strategic hire, offering invaluable insights and guidance into:

• Business initiatives
• Business development
• Strategic partnerships
• Much more

But what is a chief business officer and are they a good fit for your business? We'll explain how a CBO can transform your company, the skills they need, and the responsibilities that they’ll take over in this detailed guide.

What is a CBO?

CBOs fill a senior executive role, and their responsibilities may vary from one industry to the next. Corporate strategy remains the main focus of a CBO, but they also take the lead in business development, sales, marketing and partnerships.

How a Chief Business Officer Can Transform Your Company

If you want to grow your business, you need a visionary with the expertise to forecast industry trends, adapt business strategies to be agile and change with the industry, and help maintain your market advantage.

A CBO will work alongside a CEO, CFO, COO and other executives to create strategies that follow the company’s vision and mission while also aligning with emerging trends. Your business needs someone who can anticipate shifts in the market, and a CBO fits this position perfectly.

The right chief business offer will analyse markets, lead sales and marketing initiatives and fill in the gaps of other executives.

What skills should a chief business officer possess?

Skills a CBO Needs to Guide Your Business

CBOs leverage their experience and expertise to help businesses transform, grow and reach their goals.

Typically, CBOs have at least 10 years of industry experience and a proven track record of contributing to the growth and development of businesses.

Experience and results are important. However, CBOs must also possess the right skills to guide a business to success. These skills include:

• Leadership: CBOs must have strong leadership skills and the ability to motivate and guide their teams to meet objectives. 
• Collaboration: CBOs work alongside CEOs to develop growth strategies, but they also collaborate with other department leaders, including HR, sales and marketing. They must have strong collaboration skills to ensure everyone within the organisation is moving in the same direction.
• Communication: A CBO needs to be able to communicate strategies and visions clearly and effectively. They must also nurture strong relationships with other leaders within the organisation and keep them informed of project progress.
• Creativity: Leadership skills and business acumen are just two pieces of the puzzle. CBOs must also have the capacity to think outside the box. Approaching problems from a different perspective and finding creative solutions can help the organisation remain agile and achieve its goals.
• Decision-making: CBOs need to be decisive and have the ability to analyse the implications of their decisions.

Depending on the market and industry, a CBO may also need specific skills to guide the business toward its goals.

Responsibilities of a Chief Business Officer

CBOs play a fundamental role in the success of a business. Although specific responsibilities can vary across industries, these executives are typically charged with the following:

Developing a Strategic Vision for the Business

One of the primary responsibilities of a CBO is to help the organisation develop a strategic vision, and they work alongside the CEO to achieve this goal.

CBOs will take into account the company’s vision as well as market trends, emerging opportunities and customer needs when developing strategies.

They help unite all of the teams within the organisation to ensure that all departments are working toward the same goals. Your CBO can help keep the entire organisation on track and following one common goal. If initiatives face market setbacks or milestones are not reached, it’s the chief business offer that can guide the team in the right direction.

Leading Sales and Marketing Campaigns

Another primary responsibility of a CBO is to maximise revenue. To achieve this objective, they work closely with sales and marketing departments to lead and oversee their strategies.

They also work to ensure that their efforts align with the company’s vision, mission and goals.

CBOs have a strong grasp of digital marketing, social media marketing and offline marketing, and they leverage this knowledge to help the organisation develop effective strategies that resonate with their target audience.

Analysing Markets

Customer needs and preferences change – a lot. Businesses that fail to adapt quickly often lose their competitive advantage. CBOs are curious, research-focused executives who analyse markets to stay on top of:

• Regulatory changes
• Consumer behaviour patterns
• Technological advancements
• Market demand and headwinds

If you’re entering new markets, analysis can increase stakeholder confidence that the company’s growth initiatives are on track.

Analysing markets may also mean identifying potential disruptions, changing plans and adjusting pricing. 

Identifying Opportunities for Strategic Partnerships

Your business’ strategic partnerships can pivot the landscape of your operations overnight. Joint ventures, product releases or collaborations of any kind can add:

• New markets for your business
• Distribution opportunities
• Products and services

Growing companies have a lot of moving parts that are often too much for one executive to handle on their own. CBOs work on creating strong relationships with partners and stakeholders that are vital to the long-term success of the organisation.

A goal-focused CBO will identify and secure partnerships that lead to your business growth and potential competitive advantage.

If you don’t have the right team and executives in place, it can stifle growth and allow competitors to capture market share.

Do You Have the Right Team in Place for Your Business?

Hiring a chief executive in any position is a major commitment and expense. You may – or may not – need a CBO at this stage in your operations, and this is when a business coach can provide invaluable insights to your team.

If you’re not sure if you have the right team members in place or want to transform your business with confidence, ActionCOACH can help.

Click here to speak to an advisor for free today. Or alternatively, visit our learning centre for more business advice.