Developing A Business Roadmap
Vision statement intact? Check! Know who your Target Audience is? Check! Drafted a Business Model? Check! You go girl! But just one more thing - how are you realistically planning on reaching this audacious goal of yours and by when? Keep your eye on the prize with our recap on the path to success: business roadmaps!
What is a business roadmap anyway?
“If you do not make a plan [you plan to fail]." - Pia Stanchina.
A roadmap is a strategic framework to chart a direction for growth and milestones within your company. It's a time based plan that looks at where you want to go and how you’re planning on getting there, allowing you (and whoever you share it with) to understand what actions and decisions need to be made, when and by whom. Basically, if your BIG, AUDACIOUS vision is the ultimate destination, then your plan is the map you use to direct you there.
Why do I even need one?
“The difference between a hobby, a project, a passion and a business is money!” - Pia Stanchina.
If you're not making any money, are you really running a business? To get to the place where you'll be making a ton of cash from your ideas, products and services, you must plan the steps you need to take in order to get there - kaPEESH?!
If that's not enough, here are some other pointers....
- IT REDUCES RISK! By revealing the gaps in your strategy, it forces you to address any issues before you actually face them, taking away as many elements that can make your business fail as possible.
- IT CREATES VALUE! The only way this will really work is if you set realistic goals that you can accomplish in a certain timeframe.
- IT'S ACTIONABLE & QUANTIFIABLE! By including numbers in you map e.g. completion dates, deadlines, product stock, scalability, etc.. you can measure the success rates of your strategy.
- IT GUIDES! It's a simple document that you and your team can understand and follow, so everyone is on the same page.
- IT HIGHLIGHTS PRIORITIES! Effective planning will help you decide what steps must be taken first and what steps are most important.
- IT PROGRESSES WITH YOU! Your roadmap is a living document, so it grows as you grow. It's not set in stone, so make sure you stick on the wall of your office or up in your home because you should be consulting and updating it regularly.
So, what does it look like?
We're glad you asked - here's one we made earlier:
- IDEATION: Where are you now? Think about including market research stats and potential customer feedback.
- CREATION: What are you making or selling and when will this be ready by?
- VALIDATION: What are you KPIs? What stats do you need to validate this idea?
- SCALABILITY: Think how much more products or services you can sell and what you need to make this number bigger?
- PROFIT: Where will you be making money from? Include figures and percentages.
Okay, let's not waste anymore time girls! Get those pens and notebooks out and start strategising your roadmap to success💰! As usual, if you have any questions about the above or other general issues, please tweet us and we'll get back to you asap.
