What is a Strategic Roadmap?
A strategic roadmap is a high-level plan that describes the direction and focus of an organization. It is typically created by management and outlines short-term, medium term and long-term goals.
A strategic roadmap is NOT about “planning”, it is about thinking strategically. It is not “this month I am going to take my vacation”. It is not “next week I am going to pay that bill”. It is not “next month I am going to do x,y and z”. It is about positioning the business into a future that will drive growth and enable it outperform competitors.
A strategic roadmap is an investment in the future. It is a way to create certainty and confidence for investors, customers, employees, suppliers and other stakeholders about the direction of the business. Such plans provide a platform for identifying and overcoming potential barriers and risks. A strategic plan provides you with a framework which you can use to instill confidence throughout your organization by providing clarity on the strategic direction of your business – what’s next – so everyone knows where they stand. These plans help you to think strategically and enable you to move into the future by uncovering and developing new opportunities and creating a longer-term view.
The first five years of any business should be focused on building a brand, establishing relationships, and identifying key customers. This can be done through other means such as market research campaigns like those used by Procter & Gamble (P&G) or others such as using social media as an avenue to accomplish your goals. It can also be done through strategic planning; those who engage in strategic planning often utilize the “4 P’s” – priority, passion, purpose and priority – however they don’t spend all their time doing it.
While at the same time, strategic roadmap does not mean you will meet all your objectives. It does not mean that everything will unfold as planned. It is meant to guide you and provide you with a basis of comparison so that when events do occur that disrupt your plan, you can more easily adjust and move forward.
Components of a Strategic Roadmap
1) Strategy – The overarching principles driving all decisions
2) Objectives – Specific, measurable targets to meet our objectives
3) Strategies – Actions we will take to reach those objectives
4) Targets – The time frames within which we will need to meet our targets
5) Performance Measures – Key performance indicators (KPIs) that stakeholders can monitor progress against these objectives and strategies.
Objectives of a Strategic Roadmap
The main objective of strategic roadmap is to make sure that an organization is heading in the right direction. A strategic plan serves as the basis for resource allocation, project planning and forecasting, risk management, accountability and reinforcement. Reviewing an existing situation makes it possible to discover how well objectives are being achieved. By analyzing the situation in time, it is also possible to identify trends, patterns and causes; these can be used to develop strategies that will allow obtaining objectives more efficiently. When implemented correctly, a strategic roadmap can help build trust among all stakeholder groups (customers, employees, suppliers) which in turn helps align expectations with reality.
Strategic roadmap helps organizations discover opportunities as well as see challenges coming, which reduces risk and increases decision confidence. In addition to reducing risk, a strategic plan will help an organization make better decisions, tell the story of the company, increase accountability for how resources are being used, and improve both customer experiences and employee productivity over time. Furthermore, strategic planning helps create the conditions for growth by setting clear objectives for all areas of an organization’s business including finance.
Whichever course a business manager chooses to embark on, Fintalent offers a pool of experts to either handle the business’ broad strategic roadmap or its narrower strategic plan. Our team of expert Freelance Strategy Consultants can examine your business’ prospects and help you arrive at the most viable strategic roadmap to drive your business strategic plans.