Developing Businesses with the Strategic Roadmap
July 26, 2021
By Justin Barnhard and Matthew Kerzner
Matthew Kerzner, Director, and Dianne Batistoni, Partner, led a webinar about how companies can rethink the way they strategize for the future and grow their value while minimizing risks through the strategic roadmap.
“The strategic roadmap is a compass to put you in the right direction of where you want to go,” said Matthew Kerzner, Director.
Companies can use the strategic roadmap to create specific, measurable, attainable, relevant and time-based (“SMART”) goals that will help them clarify ideas, focus efforts and use resources effectively. The objective is to set one-, three- or five-year goals in the short, medium and long-term range. From top executives to employees, goals are important, and tracking them help keep the workforce motivated and excited to achieve them.
What action items are included in the strategic roadmap?
The steps of the strategic roadmap include executive action items, such as creating a company mission statement, and individual actions employees can take to succeed and contribute to the goals of an organization.
Making sure your objectives are clear, with specific and measurable goals, will serve as a scorecard to evaluate and measure results. Strengths, weaknesses, opportunities and threats (“SWOT”) analyses are key to creating additional goals on the strategic roadmap. This process should be ongoing rather than a one-time analysis. It’s important to continually look at strategies to improve revenue, competitive positioning and process improvements.
Gaining employee buy-in and encouraging individual employees to create goals that align with overarching company goals will help keep progress on track. Stressing to your employees to make SMART goals that align with the company is important and will increase productivity, efficiency and revenue. Lastly, an important step in the strategic roadmap is to implement an individual development plan (“IDP”) that will help employees know their development areas, strengths and weaknesses, and having action steps to help them reach their goals.
How does this benefit your company’s goals, objectives and success?
Having a vision, core values and a mission statement that aligns with SMART goals will put you on a path toward success and show a variety of stakeholders the organization’s goals and where the company is headed. To fully succeed, the company needs to keep track of these goals through a scorecard so that they can be held fully accountable and measure where they are and where they are going.
Having a strategic roadmap will help companies be more efficient, increase productivity and stand out in their industry.
How can we still create a strategic roadmap even during COVID-19?
COVID-19 has taught us more than ever that adaptability and flexibility are very important, and reviewing your roadmap every six months to a year is important for short and long-term goals. That can kick-start a pivot in thinking for an organization. You shouldn’t go too far out into the future, as your circumstances can change quickly.
Check out the full webinar at On-Demand: Your Strategic Roadmap (eisneramper.com).