Planning is key to the future growth of a business. But you’ll need more than planning to adapt to changes in consumer wants, advances in technologies and alternating industry practices. The best way to prepare yourself for anything the future may bring is strategic road-mapping.
Most organizations understand their purpose, they may also have a strategic objective. However, without a solid roadmap, organizations can become lost on the way to reaching their goals. A roadmap is a businesses’ strategic plan to get where they want to go. It will include the end goal as well as all the steps needed to get there. The what and how are essential to a good roadmap. Organizations need to understand what needs to change and how to change it before they can successfully move forward.
The Importance of Strategic Road-Mapping
To meet the challenges and changes in the future, businesses need to be versatile and employ strategic road-mapping for the future. It is essential for the survival of your organization. Here are some of the ways having a strategic roadmap will benefit your business:
- Partnerships and investments – To grow your business, you may need to access financing, hire employees and strategically partner with other organizations. Having a well-crafted roadmap will help you in all these areas. It will give others confidence in your abilities and your organization. For example, investors are unlikely to back you unless you can show them a solid business plan. That is where your roadmap comes into play. It demonstrates to potential investors that you have a strategy and you also have an execution plan to reach your goals.
- Proactive – A strategic roadmap puts you in the position of being proactive rather than reactive. During the planning stage of creating a roadmap, you’ll need to envision future challenges and develop a strategy for your business to respond to them. This gives you the advantage of staying ahead of the game and your competition. You won’t need to waste time reacting to changes in the market because you’ll have already prepared for them.
- Use limited resources to your advantage – Your roadmap can also help you determine how to use limited resources appropriately. No matter what stage your business is at, it’s unlikely that you’ll have all the resources you want. This is particularly true for businesses that are just starting out. Using the steps outlined in your business roadmap, you can allocate resources in the right direction to help you accomplish your goals.
- Adaptability – Staying versatile as the market changes is key to building a successful business. Not everything will happen the way you expect. Creating a roadmap can help you prepare for future challenges. It’ll also put you in a situation where you can better respond to surprises you’ll encounter along the journey.
To get the most from your strategic roadmap, you’ll need to break down the steps or milestones into tasks. Then, you’ll need to assign these tasks to the right teams and employees. It’s also essential that you have a way to track the progress your organization is making on the roadmap.
Strategic road-mapping doesn’t have to be rigid. Rather, it should put your business in a position where you are confident about the future. You can also change your roadmap at any time if you determine it is not successfully leading you in the right direction.
Adapting to Stay Successful
Over the past couple of months, we’ve seen some examples of how companies have had to adjust to rapidly changing market conditions. Government lockdowns due to COVID-19 prevented many companies from offering their products or services. However, some of these businesses got creative and adapted to the new reality.
- No-contact drop-offs – In an effort to meet customer needs, while still practising safe procedures in the face of COVID-19, delivery companies began offering no-contact drop-offs. This ensured that the deliverer and the recipient were protected from possible virus transmission. By implementing these changes to their services, businesses were able to continue operating in light of government restrictions.
- Curbside pick-up – Retail stores began offering curbside pick-up for customers. These brick and mortar stores successfully adapted their business model to meet changing societal expectations. Because of their versatility, they were able to continue marketing their products in a safe way.
- Spas offer COVID-19 testing – Another company, Xpressspa, which has locations at several busy airports, has found a way to stay versatile in the face of COVID-19. As a result of the pandemic, all of Xpressspas shops had been closed. However, its leadership was able to respond to the global situation, adapt its plan and the business will be offering virus testing, beginning at JFK Airport.
- Car sanitizing services – Car cleaning businesses have adapted their services to include sanitizing vehicles. With the government restrictions being lifted, car washes are opening up. Yet, in addition to cleaning vehicles, they are also providing customers with a sanitizing service for peace of mind.
- Distilleries produce sanitizer – Businesses around the world that had been used to producing brand-name drinks quickly transformed to mix much-needed sanitizer products. Not only did this maneuver help them to stay in business, but it also provided a product to the public that was in short supply.
Having a business roadmap to define your goals and steps to get there is a vital element to building a successful company. A strategic roadmap can help you see how to reach your goals and prepare you for the future. It can also help you avoid getting lost along the way.
During your business journey, its important to stay versatile and be able to adapt to changes in the market and your industry. Organizations with strategic road-mapping in place will find it easier to adjust and find innovative ways to stay in business.