An entrepreneur has specific purposes in starting his/her business. The business plan makes it easy to reach the goals. The business plan if normally helpful while securing funding from banks and investors or to conduct market analysis. However, the business plan tends to be complex. A roadmap is thus used to complement the business plan and provide specific direction about the various roles, tasks and responsibilities.
- A business roadmap implies a visual presentation of a company’s key objectives and strategies.
- Stakeholders make use of business roadmaps to understand the company initiatives and targets across different company functionalities.
- Roadmap proves a long-term perspective of organizational strategic direction and ways to get there.
Key Components in a Roadmap
Business roadmaps help if they can be intelligibly interpreted by the stakeholders. So, one should incorporate these while constructing a roadmap.
Department wise breakdown
- Department wise break-up of the various roles, responsibilities and task priorities through a visual presentation would help employees understand their expectations from employers.
- Make employees accountable for their jobs.
- Help stakeholders understand company task break-ups for achieving their broader goals.
Purpose related to every activity
- Identify the purpose of each task.
- Linking each activity to a specific goal through colour-coding.
- Identify resource availability for achieving the tasks.
- Milestones are necessary on a roadmap. Milestones related to the achievement of important targets or events.
- Having milestones make the roadmap more relatable.
- Creates a sense of urgency towards achieving the targets to fulfil the broader goals of the company.
Points to Note:
A business roadmap is complementary to a comprehensive business plan.
Visual representation of the key aspects of the business plan helps stakeholders in understanding the key roles, responsibilities and tasks