Road Map to Success: Building a Business Strategy
Behind every successful business is a great business strategy. Whether going through organisational change or simply setting new goals for the year, discover what strategic planning in business is and how an effective business strategy inspires employees and creates a direction for the whole company. While setting organisational goals may appear simple, effective business plans, and roadmaps are based on insights and factual reasoning. They assess elements such as performance, both internal and external factors, consumer needs and expectations, all while highlighting a company’s USPs. Without both a business strategy and a roadmap to success, companies can lose sight of their long-term goals, lack efficiency, and lose their competitive edge.
What is a strategic road map?
A business road map provides competitive advantage in strategic management as they set company standards. The Australian Institute of Company Directors explains that a strategic road map should be uniquely developed to outline a business’ position. A strategic road map is driven by vision, it communicates all that the business is trying to achieve, and the role individuals play in executing that vision. Detailed business road maps include actionable points with predetermined timelines on when goals should be accomplished, this puts the company at a competitive advantage in business.
How does a strategic business plan influence business outcomes?
Without a firm business strategy in place, employees and goals can become confused. With distractions and unforeseen circumstances stealing the focus of a business, a company can veer off its course, and important goals are often dismissed or sidelined. Strong leadership with expertise in strategising guarantee that the corporate strategy is maintained, ensuring goals are continuously met despite internal and external forces.
How to create your mission statement
A strong business strategy is built on a concrete and authentic mission statement. Choosing a mission statement is one of the most important stages when developing your corporate strategy as it guides the future decisions and direction of the company.
In order to develop a mission statement, a business should:
- Review past business achievements and failures, understanding the reasons why these campaigns or ventures did or didn’t work.
- Seek feedback from employees within all areas of the business.
- Research their position within the market and their key competitors to ensure they have a competitive advantage in strategic management.
- Explore consumer brand perceptions and understand the value the business is providing to consumers.
A well-researched and thoughtful mission statement is a valuable foundation for any strategic road map.
Tips for developing a strategic road map
Once a business has their mission statement, they need to create a roadmap to success with strategies for overcoming resistance to change. When creating a business roadmap, there are a few key steps to follow.
1. Define your long-term goals
Have a clear vision for the business and articulate the company’s direction. These long-term goals will align with your mission statement and become the starting point when developing actions and responsibilities for team members.
2. Provide reasoning
Relay the values and decision-making behind the corporate strategy to all employees. Explaining the motivation behind decisions provides an extra level of transparency, creating a sense of shared responsibility.
3. The steps to success
This section of the strategic road map provides actionable and measurable steps towards reaching these goals. Include timeframes and trigger points for the next steps in your road map strategy, this ensures projects and initiatives are held accountable. Motivating incentives can be outlined in the business strategic road map with rewards for passing milestones.
4. Identify strengths and weaknesses
Not all goals are easy to achieve, identify potential roadblocks and existing resources so that achievable goals and expectations are set. All strategies need flexibility, be sure to build-out an adaptable strategy that can pivot over time to ensure there are strategies for overcoming resistance to change.
Overly complex business strategies tend to get lost when put into action. Keep your vision, goals, and actions simple.
Business leaders need strategic skills
Business strategy is a key skill required for top C-suite executives, the higher you progress in your career, the more strategic thinking and road-mapping is required. When leaders can identify growth opportunities and areas of weakness, the business is placed in the ideal position to succeed. Griffith University offers a 100% online Master of Business Administration that is designed to train the next generation of business leaders. The online MBA offers programs like ‘Strategy’ and ‘Managerial Problem Solving’ that trains leaders in business strategy and developing strategic road maps.