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Nine business roadmap examples for scaling your organization

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Business roadmaps can take on countless forms—depending on the business function the roadmapper is in charge of.

To help narrow the scope for any business planning its own growth, we’ve outlined 9 business roadmap examples below that are aimed at organizations looking to scale. ( Btw, all of these roadmaps are available in our roadmap template library, which you can check out here! )

We’ll also be offering examples of each type of business roadmap that fall under two general formats: timeline roadmaps (roadmaps planned with specific dates in mind) and swimlane roadmaps .

Timeline-view roadmaps are, as the name suggests, roadmaps that lay out a specific timeline for a plan or strategy. These roadmaps usually highlight time-based elements per each initiative on the roadmap (like milestones, key dates, and dependencies). Swimlane-view roadmaps, on the other hand, offer fuzzier “buckets” of time for initiatives on the roadmap like backlog / in progress / completed.

Searching for the right tool for your roadmapping needs? Let our roadmap tool guide help you.

1. business roadmap.

For a company that needs a flexible document that effectively presents key business goals, dates, and plans of action relevant to all stakeholders.

What’s a business roadmap?

A business roadmap is a visualization of your company’s major objectives and strategies. Stakeholders use business roadmaps to illustrate initiatives and deadlines happening in different departments.

Like a business plan, a roadmap gives the long view of where your organization is going and how it will get there. For businesses to succeed, stakeholders need a shared understanding of the big picture. Business roadmaps knock down silos between teams and provide a clear vision of the future.

For a more detailed breakdown of what a business roadmap is and isn’t, check out our guide: What’s a Business Roadmap?

Business roadmap examples

This view also lets teams see how their work is contributing to efforts to grow the business, which in turn can help businesses see and squash any silos between departments and stakeholders.

For businesses that aren’t ready to allocate specific timeframes to every single initiative on their roadmap, that’s where a swimlane-view works really well. By showing each department’s individual projects and strategies, you can have swimlanes dedicated to each team and then organize items by any timeframe.

Think of this type of roadmap as a snapshot of each team’s primary objectives for certain periods of time. Someone should be able to look at this roadmap and quickly understand what each team is trying to achieve in each timeframe.

Align all your stakeholders around the business goals that matter using our business roadmap template .

2. Strategic roadmap

For companies with a strong vision that need a visual blueprint to stay on top of the goals that matter the most to the business.

What is a strategic roadmap?

Simply put, a strategic roadmap communicates your business’ vision. Outlining the steps to achieve your mission, a business roadmap hinges on long-term objectives and deadlines. The keyword here is long-term. That means it doesn’t include product features and short-term wins; this roadmap is reserved for overarching goals like fundraising rounds and MRR targets.

Generally owned by senior-level stakeholders, this roadmap should be accessible to every employee (not to edit per se, but to view). By granting this access, you align your individual departments on your plans to grow the business and you encourage teams to develop projects that contribute directly to said growth.

Strategic roadmap examples

For organizations planning their business growth strategy over the next few months, quarters, or years, a timeline-view of the strategic roadmap works really well. Businesses can use this time-based view of a business roadmap to track key initiatives and milestones that each of your departments will undertake to contribute to the overall mission.

A swimlane-view of the roadmap is perfect for businesses that are less strict about the “when” of their strategic planning. This roadmap assigns each team an individual swimlane and organizes their respective strategic initiatives by status. This way, any stakeholder can quickly glance and know what strategic project is upcoming, in progress, or completed.

Plan to achieve your big vision with our ready-to-use strategic roadmap template .

3. Startup roadmap

For early-stage companies that need a way to communicate and align on what to build first, in what order, and how to deliver it.

What’s a startup roadmap?

While a business roadmap can be adapted for any size organization, the common roadmap template might not be as applicable if you don't have many teams or resources. That’s why we suggest a startup roadmap for businesses still finding their footing.

A startup roadmap helps smaller businesses plan how they’ll hit the ground running and then scale to a much larger size. Because starting your own business is very much a roller coaster of an experience, a startup roadmap helps bring some clarity to the messy and experimental process.

Startups tend not to be heavily process-oriented. As a result, startup roadmaps lean more on the high-level and flexible side, so as to adapt quickly to the often chaotic startup environment. The roadmap is a small business’ way of zooming in on its end goal (hint: business growth) and mapping out a feasible plan to achieve said goal.

Startup roadmap examples

The truth is, as a startup, you’re probably not too strict about timelines. So, that’s where a swimlane-view of the startup roadmap is most useful. For startups that just aren’t as confident (or trusting) of their timelines, apply a Swimlane View for your business where the focus is on the status of the project, not when it’s getting pushed out.

Startups, we got you. Chart your growth with our customizable startup roadmap template .

4. Business development roadmap

For companies that need a way to organize teams around a market-share growth plan.

What’s a business development roadmap?

For super-speedy businesses barreling towards major growth by the end of the year, a business development roadmap is an ideal asset for your toolkit. This roadmap highlights the essential tasks that contribute to rapid revenue and market-share growth, often in a one-year timeframe.

Sales, marketing, and product teams champion this roadmap, as they use this tool to plan and communicate their business development projects that play a hand in aggressive business growth. For example, sales can use this roadmap to visualize their “land and expand” strategies, while product can outline initiatives like a referral program or live chat that will capture more customers—and ultimately rake in $$.

Business development roadmap examples

Milestones can clearly highlight the KPIs the business wants to hit during this growth period, thereby giving your teams specific goals (and deadlines) to strive towards. On top of that, you can also explicitly communicate external factors, like changes to privacy laws or updates to a certain OS, that could muddy the “biz dev” waters.

For the less deadline-oriented businesses, a swimlane-view lets you bucket your business development tasks into loose buckets such as quarters. It’s a sweet and simple way to manage all the teams’ expectations on when certain things must get done.

Reach your biz dev goals (even) faster with our business development roadmap template .

5. Business intelligence roadmap

For managers and their teams that need a tool for keeping track of and visualizing the different areas of BI everyone is working on.

What’s a business intelligence roadmap?

For business intelligence (BI) teams that want to maximize their effect on organizational decisions and growth, enlist a business intelligence roadmap. Owned and operated by BI managers and their teams, this type of roadmap visualizes and communicates all aspects of BI, from data mining and analysis to querying and reporting.

BI managers can use this roadmap to plan how their team can optimize internal business processes to be more efficient, which leads to better-informed decisions by the business. An added benefit of this roadmap is that it helps BI managers inform the rest of the organization and C-level executives about what BI is doing and how they plan on being a part of the business’ bigger picture.

Business intelligence roadmap examples

The swimlane-view of the BI roadmap hones in on the BI team’s higher-level goals versus the dates that they’re hitting. Assigning BI tasks to different business verticals like data governance, process improvement or architecture & infrastructure, this roadmap then organizes tasks based on BI goals like strategy, growth and efficiency.

Build your own business intelligence roadmap with our ready-to-use template (just like above ☝️).

6. Data strategy roadmap

For teams that need to communicate how a company’s data operations will evolve over time, as well as what resources will be required to achieve them.

What’s a data strategy roadmap?

A data strategy roadmap tells the rest of your organization how you’ll improve your business’ data operations—such as data collection, storage, management, and application. Well-planned and properly stored data = better business decisions = better organizational growth.

This roadmap tends to fall into the hands of your CIOs, CTOs, and data teams. These data-leaning individuals use this roadmap to ensure their business’ data strategy fits nicely with not only their business processes, but security and information management best practices.

Think of this roadmap as a way to answer any pressing questions—internally and externally—regarding how your business handles data. Are you legally (and ethically) collecting the right data from your users when they visit your website? Are you storing any “unclean” data that should be expunged from your records? What security protocols are in place in case of a data breach?

Data strategy roadmap examples

For more flexibility with your data strategy, apply a swimlane-view . Rather than mapping data initiatives across an extensive timeline, the team’s activities and tasks are sorted into smaller time frames like months or quarters. This way, the team (and organization) can see which types of data security initiatives are getting priority and when.

Get your data strategy in order with our data strategy roadmap template .

7. Enterprise architecture roadmap

For enterprise businesses that need a way to communicate—and align stakeholders on—a plan for evolving the organization’s infrastructure.

What’s an enterprise architecture roadmap?

Enterprises need a roadmap to bring clarity to the chaos. Designed for your big corporations and complex, towering businesses, an enterprise architecture roadmap presents how an enterprise will evolve its own infrastructure in the coming years.

Focusing on organizational agility, efficiency, and stability, this business roadmap illustrates the steps that will be taken to evolve the enterprise’s architecture from status quo to end goal. Mapping and planning this evolution communicates to the rest of the organization how the enterprise will stay competitive and brace itself for changes in the market.

Enterprise architecture roadmap examples

For enterprises that want to provide a quick summary of their business growth, a swimlane-view may be more your speed. Charting enterprise architecture projects across flexible timeframes like months or quarters, this roadmap provides an overtly transparent depiction of which project will be completed when.

Start planning how your organization's infrastructure will evolve using our enterprise architecture roadmap template

8. eCommerce roadmap

For eCommerce businesses that need a way to visually map and communicate future growth, customer acquisition strategies, and optimization efforts.

What’s an eCommerce roadmap?

An eCommerce roadmap aligns the various marketing, design, merchandising, and development initiatives involved in sustaining and growing an ecommerce platform. Milestones come in handy by marking common deadlines, such as collection launches and important seasonal retail dates.

This type of roadmap can help an organization plan the development of an online business, coordinate cross-departmental efforts, and better identify business opportunities.

eCommerce roadmap examples

And with the swimlane-view , you can get a high-level, less time-sensitive version of your ecommerce strategy.

Keep your stakeholders aligned on how you plan to grow your eCommerce business using our enterprise architecture roadmap

9. Capability roadmap

For teams that need a way to visualize the plan around resources for big, future projects.

What’s a capability roadmap?

You know those big projects you’ve always envisioned, but they’re so grand they take years to implement? A capability roadmap helps you plan how to execute these projects.

Plotting the large-scale goals a business wants to tackle in the next few quarters or years, a capability roadmap revolves around potential rather than your present projects. It plans the super-ambitious, game-changing goals beyond features and releases. Think launching five product lines in three years, or opening up a global office in Europe, or owning 25 percent of the market share in two years.

Capability roadmap examples

If a timeline is too detailed for your capability plans, a swimlane-view might be more up your alley. Organizing your plans into loose and/or fuzzy time buckets like years or “Future,” this roadmap view offers a digestible snapshot of how and when each team plans on tackling capability initiatives.

Try this template for free + check out the other 35+ roadmap templates in our library and find the perfect roadmap for your organizational needs.

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What is a business roadmap? Best practices for strategic planning

Last updated: October 2024

Roadmaps are promises to yourself, your company, and your customers — keeping you accountable to the work that matters most. Brian de Haaff Aha! co-founder and CEO

Roadmaps make strategy work . This is particularly true at the business level. A business (or company) roadmap visualizes how your organization will achieve its long-term strategic goals . It unites everyone with a clear sense of direction and pride in the journey ahead.

Company and product leaders use business roadmaps to communicate the organization's vision and plans at every growth stage — from lean startups to established enterprises . Everyone benefits when they understand how their daily work ties to meaningful impact. A business roadmap bridges that gap, making the big picture feel tangible.

This custom roadmap created in Aha! Roadmaps shows business goals and initiatives, success metrics, and progress.

Build your own roadmap

Business roadmaps also help organizations of all sizes scale and innovate. No matter the industry or market, leaders use roadmaps to clarify where the company is headed and identify the high-level objectives needed to get there.

This guide will walk you through the essentials of creating a business roadmap, including best practices and tailored tips for startups and established enterprises alike.

Use the following links to jump ahead to a specific section:

Why are there so many ways to say business roadmap?

What to include on a business roadmap, how to build a business roadmap.

Business roadmap for a startup vs. established company

Who uses a business roadmap?

Get started with a business roadmap template.

The phrasing surrounding business roadmaps can certainly feel like a maze of terms (business roadmaps, business plans, and product roadmaps , not to mention vision, mission , and everything in between). But here is the kicker: They are not just different ways to say the same thing. Each has a distinct role in guiding your strategy and keeping your team aligned. Let’s clear up the confusion and break down what makes a business roadmap unique.

First, a quick primer on the differences between the vision, strategy, and roadmap.

Vision: Establishes where you want to go and why it matters

Strategy: Captures the goals , initiatives , and approach for achieving the vision

Roadmap: Visualizes how you will achieve the strategy along with a time frame for completion

Business roadmaps (sometimes called strategy roadmaps ) contain broad goals that focus on your company’s overall success — think revenue growth, market expansion, or talent development. Every functional group within your organization aligns its strategy to support these overarching goals.

Product roadmaps contain measurable goals specific to a product and its users, like increasing the adoption of a certain feature or boosting engagement with a new release. It is the product manager's job to ensure these product goals align with the high-level company goals laid out in the business roadmap.

What about a business plan?

Let’s clarify a common misconception: Although the terms "business plan" and "business roadmap" are sometimes used interchangeably, they have distinct purposes.

A business plan is a comprehensive document created at a company’s outset or during major shifts. It outlines the overall strategy, goals, and operational plans. In contrast, a business roadmap visualizes specific elements of the business plan over time, highlighting current and future work to track progress. The table below summarizes the key differences between a business plan and a business roadmap.

Startup tip: Nail your vision and strategy first. Secure these approvals early on, then focus on developing your business plan and roadmap.

Pro move for established companies: Stay flexible. Regularly revisit your strategy to tackle market changes and evolving customer needs.

• Roadmapping: Your starter guide
• How to build a brilliant roadmap

Vision vs. mission vs. strategy

Business roadmap vs. product roadmap

Business roadmaps are broad, capturing the most important strategic plans across the company. Regardless of your industry or organization size, you will likely want to include the following:

Goals : Measurable, time-bound objectives that support your company vision

Initiatives : High-level efforts or themes of work that you will pursue to achieve each goal

Epics : The main areas of investment needed to accomplish the initiatives

It is important to include a timeline for completion , which will vary depending on the goals. For example, a long-term roadmap might span three to five (or even 10) years and include high-level forecasts for revenue, marketing and sales, staffing, operations , and new product or service development.

Alternatively, a shorter-term roadmap can focus on a year or six months at a time. This type of roadmap might detail corporate-level goals and initiatives along with more granular plans from specific teams , illustrating how everyone will contribute to overall business objectives. You might even maintain both long- and short-term roadmaps simultaneously to capture different planning horizons.

To make the most of this adaptive planning approach , it helps to use a shared strategic planning tool like Aha! Roadmaps . With real-time data updates, every roadmap reflects current progress. This aligns your organization around what you aim to achieve and how you will collaborate to get there.

Startup tip: Focus on immediate impact. Prioritize features that drive user adoption and revenue. Be flexible and let your roadmap evolve as you learn more about your market and customers.

Pro move for established companies: Do not overlook your flagship products. Balance innovation ( new products , market expansions) with ongoing improvements to keep loyal customers happy.

• The Aha! Framework for product development
• How to report on progress against your roadmap

Aha! Tutorial: Start planning your 2025 strategy

Ready to build your business roadmap? The process can vary based on your company’s size, industry, and strategic focus, but the key steps remain the same. Here is a general approach to get you started:

Set goals: Establish what you want to achieve, from revenue to hiring.

Gather information: Seek input from organizational leaders and research your market .

Organize into themes: Identify patterns in your inputs.

Prioritize initiatives : Use those themes to define initiatives, making sure each one supports a specific goal.

Add time frames: Forecast resourcing and evaluate when each initiative should be completed.

Review and revise: Evaluate your progress against the roadmap often so you can spot challenges and adjust as needed.

Creating a business roadmap on your own can feel like a lot, especially if you are new to the process. That is why many organizations turn to purpose-built tools like Aha! Roadmaps . You can set your strategy , connect features to your goals and initiatives, and easily create and share different types of roadmaps with both internal and external stakeholders.

Below is a quick guide to help you turn the general steps outlined above into action using our software. (To follow along, we recommend opening a free trial account of Aha! Roadmaps.)

A business roadmap for a startup vs. an established company

The process of building a business roadmap is similar for both startups and larger enterprises: Set goals, gather insights from leadership and the market, and prioritize initiatives that align with your strategic focus. From there, add realistic time frames and review your roadmap regularly to track progress and make adjustments as needed. However, the actual content of the roadmap will vary significantly between startups and established companies.

A startup’s business roadmap tends to focus on early-stage goals like launching a Minimum Lovable Product , gaining initial customers, or raising venture capital. For example, although an established company might aim to expand into new markets, a startup's goals might center on breaking into more niche markets or improving customer retention. To get started, try using a starter roadmap or whiteboard template designed for early-stage strategic planning .

Established companies

Established businesses often need more nuanced roadmaps tailored to different areas of the organization. Each functional group ( product management , marketing , IT, and so on) might have its own roadmap to guide specific strategic efforts. For example:

Business development roadmap: Focuses on strategic expansion, including new partnerships, sales channels, and market shifts

Business intelligence roadmap: Centers on optimizing business operations through change management, process improvements, and adopting new technologies

These specialized roadmaps help established companies manage complexity and ensure strategic goals are met across the organization. For more examples, explore different types of business roadmaps .

• How often should roadmap planning happen?
• How to build a roadmap for a new product

Roadmaps make strategy work

Anyone with a vested interest in your company’s success will benefit from having access to some version of your business roadmap. Because a business roadmap visualizes the company’s goals and objectives, you can think of it as a blueprint that all stakeholders can rally around and follow. Here are some of the types of people and teams who can use a business roadmap:

Angel investors

Business owners

Consultants

Entrepreneurs

Marketing teams

Product managers

Sales teams

Startup founders

Venture capitalists

Templates help you repeat success, standardize work, and save time. Define your strategic planning process and create a format for your business roadmap that works for your company. Then, templatize it . Standardizing your business roadmap template will help reduce inefficiencies. When people do not have to guess at how to do their planning, they can spend more time on strategic thinking.

6 business model templates for product builders

100+ templates for every stage of product development

Internal product documentation vs. customer support knowledge base

Take a look at this roadmap template built on a whiteboard in Aha! software . You can easily customize the roadmap by adding your own goals, initiatives, milestones, and dependencies. This is a simple, lightweight way to get started with business roadmapping. For more robust roadmapping functionality, Aha! Roadmaps connects your visual plans to actual work. It also includes the whiteboard template below and many other dynamic roadmap views.

Start using this template now

FAQs about business roadmaps

What is the difference between a business roadmap and a business vision?

Your business vision is all about defining what lies ahead. It covers why your company exists, where it is headed, and why you believe in that future. Because it impacts your culture, values, and strategic direction, it is important to map out this concept early on and adjust it whenever your future changes. On the other hand, a business roadmap conveys the near-term work you will do to achieve that long-term vision.

What is the difference between a business roadmap and a business strategy?

A business roadmap is a visual representation of your business strategy. It outlines the steps, goals, initiatives, and milestones needed to achieve your long-term plans. A business roadmap is also more tactical, focusing on how you will reach your objectives.

On the other hand, a business strategy defines your overall approach to what you are working toward.

At Aha! we break business strategy down into three components:

Foundation: Vision, business models, and positioning

Market: Customer and competitor profiles

Imperatives: Where you link goals to the releases and features you will deliver to meet those goals

When should you create a business roadmap?

Company leaders typically create a business roadmap early. This might be right after founding a new business, deciding to launch a new offering, or entering a major new market.

For existing businesses and products, it is important to update your business roadmap regularly, either annually or in sync with your strategic planning cycle.

How often should you update your business roadmap?

Your business roadmap should be flexible enough that you can update it regularly and painlessly. As a general rule, adjust your roadmaps whenever your plans (and the details of those plans) happen to change. This keeps stakeholders aligned with what is happening throughout the organization.

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What is a strategy roadmap?

A strategy roadmap showcases how you will accomplish your goals through specific efforts in a given time frame. Learn more here.

How to build a strategy roadmap

Make adjustments as plans change, show progress, and create tailored views for different audiences.

Strategic roadmap template

Visualize high-level initiatives to communicate your product direction and timelines for major bodies of work.

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What is a business roadmap? Complete guide with examples

Ever been lost on a road trip without a map? That’s what running a business can feel like without a business roadmap .

What is a business roadmap and how does it help businesses?

A business roadmap is your guiding star, the compass that keeps you focused. It helps align your team toward shared goals.

No sailor braves the sea without navigation charts. And no successful entrepreneur should embark on their journey without this crucial tool.

Intrigued? Stick around! We’re going to dig deep into creating a strategic roadmap. You’ll learn about its elements and strategic planning techniques. We’ll also share real-world examples to put things into perspective.

By the end of this article, you’ll have everything you need to chart your business path.

Understanding business roadmaps

A business roadmap is a visual tool that outlines the direction and vision of your company. It’s not just a schedule. It provides context around tasks and shows how each piece fits into the bigger picture.

This roadmap gives you an overview of your entire enterprise at once. To-do lists and project plans don’t provide this high-level visibility.

In contrast, a business roadmap shows you all the moving parts in one glance. Everything from strategic initiatives down to operational details is visible. But what does it entail?

Difference between business roadmaps & business plans

There’s a common question about business roadmaps versus business plans. How are they different? Both tools aim for success by guiding actions within an organization. But their approaches differ.

Business plans typically provide detailed instructions about daily operations.

Roadmaps highlight strategic goals and provide a high-level view of how to achieve them.

Now that we understand the difference, let’s explore who should be involved.

Who uses business roadmaps?

The simple answer is – everyone in your company. From the CEO down to entry-level employees. Having access to this roadmap can help align teams towards common objectives. Here’s how.

Executive team . The C-suite, including business owners, CEOs, CFOs, and CTOs, use roadmaps for high-level strategic planning and decision-making. They guide company-wide priorities and align them with long-term objectives.

Middle management . Managers and team leads use roadmaps to translate strategic goals into actionable plans. This helps to effectively allocate resources .

Project managers and team members . They use roadmaps to understand their role in the bigger picture.

Marketing and sales teams . These departments rely on roadmaps to align their campaigns and sales strategies with the company’s growth objectives.

Product development teams . They use roadmaps to prioritize features , plan releases, and align product evolution with market needs and business goals.

Human resources . HR departments use roadmaps to align talent acquisition, training, and development plans with the company’s future needs.

External stakeholders . Investors, partners, and advisors reference business roadmaps to understand the company’s strategic direction and potential for growth.

Customers and clients . Public roadmaps are a great way to invite clients behind the scenes. This establishes trust and boosts loyalty.

Check out some outstanding public roadmaps here .

Let’s explore business roadmaps more.

The elements of a business roadmap

Getting started with your own business roadmap? Here are some essential elements to include.

• Vision. Your vision sets the direction for where you want your company to go. The vision should align with your organization’s mission statement and values.
• Goals. They help measure progress towards achieving our overall vision. They need to be specific and measurable so we know when they’ve been accomplished.
• Milestones. They break down goals into smaller steps. This makes them more manageable over time. It’s also easier for everyone on the team to understand their role in reaching these objectives.
• Strategy . How will you stick to your vision and achieve your goals? Include market analysis, competitive landscape, and the unique value proposition of your business in this section. Clarify how your strategy differentiates from competitors and addresses market needs.
• Key Performance Indicators (KPIs) . These metrics help track the progress of your strategy and goals. Choose KPIs that are relevant to your business objectives and can provide actionable insights. They should be quantifiable and regularly reviewed for adjustments.
• Resources . Detail the resources you need to achieve your goals. Include manpower, technology , and financial investments.
• Risk management plan . Identify potential risks and challenges that could impact your roadmap. Develop contingency plans for these risks to ensure your roadmap remains on track. This might involve scenario planning or establishing thresholds for pivoting strategies.
• Stakeholder engagement plan . Define how you will communicate and engage with key stakeholders throughout the roadmap’s implementation. Think about internal communication with team members and external communication with investors, partners, and customers.
• Timeline . Provide a realistic timeline for achieving the milestones and goals you set. Include start and end dates for key initiatives. Be flexible to accommodate changes.
• Review and update mechanisms . Establish a process for regularly reviewing and updating the roadmap. This way the roadmap will stay relevant and adapt to changes.

This may seem like a lot. But remember: the more detailed you can get at the beginning, the easier it will be in the long run. Don’t worry – we’ll walk you through each stage in the following section.

Creating your business roadmap

The first step to creating a robust business roadmap is choosing the right business roadmap template. No single template will be suitable for everyone. So it’s essential to select a template that corresponds with your requirements.

Pick the right template based on your needs

Consider your current position and the desired outcome. This will help you choose a format that guides strategic decision-making.

Ask for your team members’ input. Executives, product managers, and anyone else who will use the template should have a say. If they also have direct experience dealing with customers’ feedback, that’s even better.

Crafting your business roadmap isn’t just about plotting milestones or setting deadlines. It’s more than that. It’s an iterative process filled with brainstorming sessions, discussions, and lots of revisions. Here’s how to structure that process.

• Understand your business context

Start by analyzing your business’s current situation. Think about things like:

• Market position
• Competitive landscape
• Internal capabilities

This understanding will influence the type of roadmap you create.

• Define long-term vision and short-term goals

Clearly articulate where you see your business in the future. Set achievable short-term goals that lead towards this vision. This step is crucial for setting the direction of your roadmap.

• Engage with stakeholders

Involve various stakeholders to gather diverse perspectives and insights. Involve:

Their input can help refine your objectives and strategies.

• Select a suitable format

Choose a template that fits your business’s style and needs. It could be a timeline, a theme-based roadmap, or a matrix format. This will depend on what best represents your strategy and goals.

• Detail strategic initiatives

Identify key initiatives or projects that will drive your business towards its goals. These should align with your overall strategy and vision.

• Incorporate flexibility

Ensure your roadmap can adapt to changes in the business environment. Set periodic review points to reassess and adjust your roadmap as needed.

• Communicate and prioritize transparency

Develop a plan for communicating your roadmap throughout the organization. Transparency in the roadmap process encourages buy-in and alignment across teams.

• Monitor and adjust

Regularly track progress against your roadmap, using the defined KPIs. Be prepared to make adjustments as market conditions or internal priorities change.

By following these steps, you create a comprehensive, adaptable, and effective business roadmap.

Remember: the goal isn’t to have a static document. Instead, you’re aiming for a dynamic tool that evolves with your business needs and market conditions.

Key takeaway

Creating a powerful business roadmap starts with picking the right template. It should align with your company’s needs. Your roadmap isn’t static. It evolves as your business grows and market conditions change.

Implementing your roadmap

It’s time to start using your business roadmap. Let’s discuss how you can put it into action.

• Communicate the roadmap broadly

Begin by sharing the roadmap across the organization. Use meetings, emails, and internal portals to ensure everyone has access to it.

• Set clear responsibilities

Assign specific tasks and roles related to the roadmap. Make sure each team and individual understands their responsibilities and how their work contributes to the bigger picture.

• Integrate roadmap with daily operations

Link the roadmap’s objectives with day-to-day activities. This integration ensures that the roadmap is a part of regular work processes.

• Training and support

Provide training and resources to teams and individuals. Help them understand and implement their part of the roadmap effectively.

• Monitor progress regularly

Set up regular check-ins to monitor progress against the roadmap. Use these meetings to address any challenges and celebrate achievements.

• Encourage collaboration and feedback

Foster an environment where team members can collaborate and provide feedback on the roadmap’s implementation. This collaborative approach can lead to innovative solutions and increased buy-in

• Adapt and evolve

Be prepared to make adjustments to the roadmap as you implement it. Changes in the market, technology, or internal company dynamics may necessitate updates to the plan.

• Measure success

Use the KPIs you defined in the roadmap to measure success. Regularly review these metrics to evaluate the roadmap’s effectiveness.

Let’s quickly address how project management fits into the business roadmap.

Project management and business roadmaps

A business roadmap can be instrumental for project management. It helps you see where you’re headed, ensuring every step aligns with your strategic goals.

You need sound project management skills to effectively use your business roadmap. The process starts with defining objectives. These serve as guideposts on your journey toward achieving strategic goals.

You also have to break down complex tasks into manageable chunks or ‘milestones.’ Think of them as rest stops along a highway. They let you know if you’re making good time and staying on course.

Try incorporating Agile practices in project management. Agile roadmapping allows for flexibility and adaptation. This makes responding to changes in the business environment or project requirements easier.

Don’t forget to implement tracking systems. This will help monitor the progress of projects against each milestone you set in the roadmap. Regular reporting helps identify and promptly address any deviations.

Speaking of deviations, let’s discuss how business roadmaps assist with changes.

Business transformation with business roadmaps

Steering your company through transformations needs a clear direction and vision. That’s where a business roadmap steps in.

Pivoting with precision

A roadmap isn’t just about setting a straight path. Sometimes, you need to make strategic pivots based on new data or market conditions. And when such times come, your business roadmap can guide the way.

Evolving with the market

Business roadmaps help navigate market changes and industry evolution. They can identify emerging trends and adapt strategies accordingly.

Change management

When the market evolves, your business needs to adapt. This is where change management comes in.

A business roadmap facilitates effective change management. It outlines the steps to transition from current operations to future goals. It also manages the impact of change on employees, customers, and other stakeholders.

Innovation planning

You can plan and track innovation initiatives with the help of a roadmap. These roadmaps guide product development in line with long-term strategic goals.

Building organizational resilience

Businesses need to anticipate and respond to changes. That’s called organizational resilience. And roadmaps help prepare for uncertainties and ensure business continuity.

Continuous learning and improvement

Roadmaps promote a culture of continuous learning and improvement. They encourage regular review and revision based on performance metrics and feedback. This leads to ongoing optimization of business strategies.

Strategic communication

Effective roadmaps serve as communication tools. They align internal and external stakeholders around the vision for transformation. They ensure that everyone understands the direction of the business and their role in its success.

Leveraging data for decision-making

Incorporating data analytics into roadmaps allows for more informed decision-making. You should analyze things like:

• Market data
• Customer feedback
• Internal performance metrics

The power of strategic foresight

Foresight can be powerful when navigating change. Think of it as having binoculars at sea. A well-crafted business roadmap helps anticipate market shifts.

This ‘future-proofing’ element allows you to adapt quicker than your competitors.

Let’s see what all of this looks like in real life.

Examples of effective business roadmaps

Let’s get real about roadmaps. They’re not just fancy charts or buzzwords tossed around in boardrooms. A business roadmap is a powerful tool that can shape your company’s future.

The Spotify model

A fan favorite among Agile enthusiasts is the Spotify model. 

It features:

• Small, autonomous teams (squads) focused on specific tasks
• Larger groups (tribes) focus on a business area or product
• Cross-functional groups (chapters) for continuous skill development
• Informal guilds for shared interests

This type of roadmap prioritizes flexibility over strict timelines. This allows teams to adjust as they learn more about customer needs and market trends.

Salesforce’s visionary roadmap

Another inspiring example comes from Salesforce. Their vision-focused business roadmap clearly shows where they aim to be within 12-18 months. Still, it remains open-ended enough to accommodate shifts along the way.

This roadmap covers:

• Initial planning
• Defining company vision and goals
• Building a project team
• Developing a rollout plan
• Upgrading the system for enhanced functionality
• Integrating with various third-party services
• Implementing new products and modules
• Constantly improving processes
• Data administration

This roadmap reflects a clear vision and a well-structured implementation strategy.

Tesla’s master plan

Tesla’s roadmap is ambitious. It encompasses broad goals like the shift to sustainable energy and the production of affordable electric vehicles. This roadmap stands out for its visionary approach and commitment to long-term objectives. Those extend beyond traditional business goals.

Google’s roadmap for AI and computing

Google’s roadmap in AI and computing focuses on innovation and leading-edge technology. It’s focused on research and development of new technologies. Most notably, it’s committed to solving complex problems through AI.

Amazon’s roadmap for ecommerce and cloud services

Amazon’s roadmap is notable for its customer-centric approach and diversification into cloud services with AWS. It demonstrates how a roadmap can evolve to adapt to new market opportunities and technological advancements.

What is a business roadmap?

A business roadmap is a strategic plan that outlines an organization’s vision, direction, and goals.

How does it differ from a business plan?

A business plan is often more static and focuses on financial projections. A business roadmap is dynamic, allowing for shifts based on changes in the market or internal factors.

Who uses a business roadmap?

Everyone within an organization. Top-level executives make decisions about the business strategy. Team members use it to understand what to focus their efforts on.

Why do you need project plans too?

A project plan helps break down each initiative into actionable tasks. This makes it easier for the team to know exactly what steps they need to take.

What makes a good business roadmap?

A stellar business roadmap is clear, flexible, and aligns with your company’s strategic goals. It guides decision-making and communicates the big picture to all stakeholders.

What are the three phases of a roadmap?

The trio stages of any roadmap include planning, executing, and monitoring progress. These phases ensure that your business moves forward intentionally.

Conclusion: why do you need a business roadmap?

Steering your business without a roadmap is like venturing into the unknown. But you’ve taken that first step to understanding what a business roadmap truly is.

This article taught you about its elements and how it differs from business plans. You discovered who uses them and why they’re so essential.

You learned about using project plans alongside roadmaps. And we explored practical examples to make these concepts more relatable and understandable.

We hope that you’ll refer back to this guide when creating your business roadmap. Stay in touch to learn more about all the aspects of product management.

Maria Vasserman

Maria loves all things creative – writing, photography, movies and beyond 🎥 When she's not creating content to tell the world about Canny, she's either photographing a wedding, jumping at a rock concert, camping, travelling, snowboarding, or walking her dog 🐕‍🦺

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Last Updated on April 19, 2024

7 Business Roadmap Examples To Hit Your Goals

You might have heard of roadmaps before—they’re great for planning, communicating, and aligning organizations on key initiatives and strategies. 

But, without the right tools, creating a comprehensive roadmap from your existing strategy and planning documents can take time and effort (and a lot of head-banging). And the human factor means that you’ll inevitably have to deal with inaccuracies and manual updating.

In this article, we’ll give you seven business roadmap examples and templates to get you started on the right foot with your roadmap planning.

We'll also cover the benefits business roadmaps can offer your organization and show you how to build one in 5 easy steps. 

Here’s what we’re going to cover:

• What Is A Business Roadmap? 

Business Roadmap Example

More business roadmap examples and roadmap templates.

• How Do You Create A Business Roadmap?
• Create And Track Your Roadmap With Cascade 🚀  

What Is A Business Roadmap?

A business roadmap is a visual strategic planning tool that presents a company’s strategies, strategic and operational objectives, and action plans in a Gantt chart. 

Business roadmaps serve as a guide, illustrating your business plan from the present to your envisioned success. They provide a holistic view of the organization's business goals across different departments and can be crucial for communicating big-picture initiatives to stakeholders.

They can also help you:

• Keep everyone focused on critical strategic initiatives .
• Encourage cross-functional collaboration by breaking down silos.
• Monitor critical milestones, dependencies between projects, and bottlenecks in your business strategy.
• Identify underperforming areas and risks so you can decide your next move before it’s too late.  

This Business Roadmap Template is a solid foundation to build a business roadmap from scratch. 

It comes prefilled with examples including: 

• Focus areas: The main strategic priorities that you and your teams will be working on. 
• Strategic objectives: The outcomes you want to achieve. 
• Projects: A group of actions to be executed to achieve the desired outcome.
• KPIs: Metrics that will help you measure your progress toward objectives. 

With this template, you can turn your business plan into a comprehensive strategic roadmap that can guide your strategic decisions and efficiently communicate the necessary steps, people involved, and timelines to stakeholders.

💡 Best for: Business owners, entrepreneurs, or leaders who want a solid template to create roadmaps in their business and strategic planning process.

👉 Click here to get your FREE Business Roadmap Template.

💪 Tips to customize your roadmap in Cascade:

1. Get your template and sign up to Cascade for free. The template will be automatically added to your workspace. 

2. Customize your template with your organization’s goals, business objectives, and KPIs.

3. Switch to the Timeline view to visualize your strategic plan as a Gantt-style roadmap.

4. Make adjustments and track progress to keep your business roadmap updated.

5. Bring your team on board to collaborate on your roadmap and ensure everyone is working toward the same outcomes. 

Looking for something more specific? Here are our top picks for other types of business roadmaps you can use to ensure you’re moving forward toward your goals. Each template comes pre-filled with examples and has the key elements of an effective business roadmap. 

Strategy Roadmap

A strategy roadmap helps streamline the strategic planning process, providing a clear and concise guide that helps organizations accomplish their strategic goals effectively. 

Try our Strategy Roadmap Template if you’d like to create a strategic roadmap for your business. It has all the features you’ll need to plan and visualize your business's long-term goals.

💡 Best for: C-level professionals, business managers, and team leaders who want to take a more strategic approach to planning and goal-setting. 

👉 Click here to get your FREE Strategy Roadmap Template.

Business Development Roadmap

A business development roadmap helps to guide your business as it expands and evolves. It assists leadership teams or even sales teams in setting clear overall goals and outlines the strategies needed to win in the long term. 

Our Business Development Roadmap Template is ideal for those looking to develop and execute a strategic growth strategy that is comprehensive but easy to communicate. Use it to clarify your organization's growth objectives, pinpoint opportunities, and craft a strategic approach to make the most of them.

Plus, with Cascade’s real-time dashboards , strategy reports , and data integrations , you can execute your business development plan all in one place.

💡 Best for: Executives , and business development managers responsible for taking their business's growth and development to a new level. Applicable to organizations of any size.

👉 Click here to get your FREE Business Development Roadmap Template.

Project Roadmap

A project roadmap helps teams articulate project plans, achieve goals, and monitor progress. It should guide project teams, ensuring projects remain on track, within budget, and on schedule.

Use our Project Roadmap Template to help focus your planning efforts and ensure smooth and successful execution. It has everything you need to outline scopes, establish goals and objectives, allocate resources, and plot deliverables on realistic timelines.

💡 Best for: Project teams, project managers, and project portfolio managers who want to streamline project planning, management, and execution.

👉 Click here to get your FREE Project Roadmap Template.

Product Roadmap

A product roadmap is instrumental in product management by simplifying the complex product creation cycles and communicating imperatives in your product development process. 

If you're looking for a comprehensive framework to steer teams through your product strategy, our Product Roadmap Template will start you off on the right foot.

Use it to outline your new product vision, set clear objectives, and pinpoint the necessary actions and resources to reach critical milestones.

💡 Best for: R&D teams, product leaders, and product teams looking to enhance their product development and planning approach.

👉 Click here to get your FREE Product Roadmap Template.

Technology Roadmap

A technology roadmap provides clear paths for organizations to achieve strategic technological goals and stay competitive through ongoing innovation. It’s also crucial for giving context to long-term technology goals that are often hard to communicate.

Using a visual tool like a roadmap can assist CTOs and CIOs in identifying, executing, and monitoring their technology strategies to support business growth and innovation.

Our Technology Roadmap Template is a great starting point for planning your technology strategy and making sure it runs smoothly. With it, you can establish clear objectives, prioritize projects, allocate resources, and set realistic timelines.

💡 Best for: CTOs, CIOs, and IT leaders planning their technology strategy.

👉 Click here to get your FREE Technology Roadmap Template.

Marketing Roadmap

Marketing roadmaps help you outline key marketing goals, KPIs, and projects. They can also help maintain a clear project direction and timeline and keep teams focused on results.

If you want to build your marketing roadmap, our Marketing Strategy Roadmap Template offers a comprehensive framework to start with your own. Use it to streamline your marketing planning with a comprehensive framework to guide your team through goal setting, objective identification, and action planning.

With this template, you’ll be able to craft a world-class strategic marketing plan that your organization understands and buys into.

💡 Best for: CMOs, team leads, and marketing professionals who want to build a solid marketing roadmap to drive effective marketing campaigns for their business.

👉 Click here to get your FREE Marketing Roadmap Template.

The Benefits Of A Business Roadmap

A business roadmap or any other type of roadmap tool can make a big difference in your planning and execution. Here are the key benefits business roadmaps offer:

• Improved prioritization: Business roadmaps can help identify and prioritize the most impactful actions. This approach ensures that high-priority initiatives receive attention, driving growth and progress more efficiently.
• Increased transparency: For a plan to be successful, you need buy-in at every level. By visually displaying objectives, initiatives, and progress, a business roadmap opens up your strategy to stakeholders. This, in turn, can help build trust, shared ownership, and accountability among team members.
• Confident decision-making: A business roadmap is an instrumental asset for real-time decision-making by providing valuable metrics and context in one place. With them, you get a 4D perspective on performance and quickly identify what is working and where to optimize.
• Greater adaptability: A well-designed business roadmap allows organizations to respond effectively to market, industry, or internal changes. With all data in one place, you get better visibility into how your business performs at every level. This helps you make the right decisions at the right time. 
• Focused execution: Strategic roadmaps bring structure and simplicity to building strategies by breaking them down into high-level objectives, business metrics , and a series of initiatives, milestones, and programs that are executable and trackable. This drives ownership among those responsible for the execution and business outcomes.

How Do You Create A Business Roadmap? 

If you grabbed one of the templates above , then you’re already halfway there. You just need to adjust the pre-filled “dummy data” to make them your own. Click on any element (like focus area, objective, or KPI) and edit away!

If you want to build a custom roadmap from scratch and truly tailor it to your organization's needs , then follow this five-step approach below.

💡Tip: You can use the same step-by-step process if you want to build your roadmap in manual tools like Excel. However, using Cascade offers additional free benefits such as drag-and-drop dashboards and data integrations to automate your performance tracking in one place.  

1. Create your objectives for each focus area

Start by defining your focus areas , which are high-level categories that group your objectives. For example, you might choose Operational Efficiency as one of your focus areas. 

Then, outline short-term and long-term objectives for each focus area, focusing on specific, measurable, and achievable goals. 

💡A key thing to remember: Less is better. Focus on your most critical strategic objectives . This will set the tone for strategic decision-making and ensure everyone is on the same page.

2. Add KPIs to measure performance

Key performance indicators (KPIs) are crucial for tracking progress, evaluating the effectiveness of initiatives, and informing data-driven decision-making. 

In Cascade, you can add KPI to each objective. Define KPIs that are relevant and aligned with your objectives. These will help you monitor progress, identify potential problems, and act before it’s too late. 

3. Assign initiatives and responsibilities 

Successful execution requires action and ownership. In Cascade’s Planner , you can assign key initiatives and projects under each objective. 

This functionality will allow you to co-create project and action plans with your team members and ensure you clearly understand capacities and possible constraints ahead of time. You can also add owners and collaborators to each initiative and KPI to ensure accountability across your organization.

4. Define milestones and a timeline

Milestones and timeframes help set realistic expectations and keep the organization on track. They are also crucial for prioritizing different initiatives in your strategy and ensuring your plan aligns with the company’s broader strategic initiatives .

Establish milestones that mark significant progress and create a timeline to visualize the expected completion of each initiative. 

In Cascade , you can switch to the Timeline View to get a roadmap view of your strategy, planning, and execution. This feature makes it easy to identify which projects are on track and where you need to course-correct.

5. Execute and track progress 

With Cascade, maintaining momentum in your strategy execution couldn't be easier. Use real-time dashboards to track critical metrics and create regular strategy reports to communicate priorities, inform decision-making, and keep everyone moving in the right direction.

Create And Track Your Roadmap With Cascade 🚀 

If you want to get the most out of your strategy, roadmaps are a great addition to your toolkit. 

But creating a roadmap with outdated tools and disconnected platforms is an uphill battle. Don't let multiple spreadsheets, siloed information, and static tools hold you back. You risk running your operations blindfolded and too slow to recognize and seize the opportunity. 

“Cascade provides a readily accessible platform for hosting our strategy and enables us to generate live updates at the push of a button. It has increased transparency and accountability for our strategic priorities and has allowed us to remove silo working and improve alignment. The real game changer from my perspective is the reporting function. Cascade has turned a labor-intensive manual process into something which can be completed in minutes.” - Enterprise customer from Construction Industry  (Source: G2 review )

With Cascade, effective strategic planning and strategy execution doesn’t have to be complex or chaotic where everyone works in different directions. We bring clarity to chaos by bringing together all components of successful strategy execution. 

Ready to take Cascade for a spin? 

Sign up today for free , or book a 1:1 product demo with one of Cascade’s in-house strategy experts.

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Table of Contents

How to make a business plan

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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What is a business roadmap and how to create one with examples

If you’re working in the world of software development, then you’ve almost certainly heard of a product roadmap — the document that helps communicate the direction and progress of the product to internal teams and external stakeholders.

A product roadmap shows what high-level features will be delivered and roughly in what order and timeframe. It also facilitates communication with different groups about what is likely to happen and when without giving too much detail on how it’s being done.

This vision supports the organization in developing a product. Just as importantly, it ensures that all parties are aware of the product direction so they can adjust activities based on this summary of features.

However, although you might have seen a product roadmap , not every organization has a business roadmap. What is this document, what does it include, and how do you know if you even need a business roadmap?

What is a business roadmap?

As with a product roadmap, a business roadmap is designed to facilitate communication to various stakeholder groups on the direction of the business and plan of action to achieve business goals.

The business roadmap is a high-level visualization of objectives the organization hopes to achieve and in what order. It’s effectively a representation of the proverbial big picture.

A business roadmap should give the organization and everyone in it a general outline of short- to medium-term business goals. This allows relevant stakeholders to make appropriate business decisions that support the delivery of items in the roadmap .

Business plan vs. business roadmap

I know what you’re thinking: isn’t a business roadmap just a business plan ? The short answer is no.

The fundamental difference between a business plan and a business roadmap boils down to the granularity of detail. A business roadmap is a much higher-level overview than a business plan, which is more precise and thorough.

For example:

• A business roadmap might say that in Q1 of this year, we’re looking to expand the sales team in Europe
• A business plan might say that in Q1 of this year, we plan to hire two people in France at a cost of $100,000, two people in Germany at a cost of $100,000, and a European sales manager at the cost of $100,000. These people will all need sales materials, phones, etc.

This variation in depth means that anyone looking at a business roadmap will know what the outcomes are going to be but not specifically how the business intends to get there. Someone reading a business plan should understand the individual steps the business plans to take along the journey.

Here’s an example of what a business plan looks like:

An example of a business roadmap

When you dive deeper into a business plan, you’ll also see that it covers aspects such as market analysis, sales and marketing plans , equipment requirements, and detailed financials. This provides a full, detailed view of how the business plans to operate over the short-to-medium term, which you can’t get from a business roadmap.

It’s more “We’ll have moved into a new office” rather than “We’ll be paying X for rent, and Y for new office equipment, and Z for the redirection of the post…”

How to create a business roadmap

When creating a business roadmap, it’s important to consider that, despite the relatively high level at which they present future activities, they do take a considerable amount of effort to produce.

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As with any roadmap , there’s a need to understand inputs and priorities from across the organization and bring these together into one coherent vision. This means taking the following steps:

Develop business objectives

Identify business capabilities, identify business limitations, identify activities that facilitate the objectives, develop an outline roadmap.

Start at the beginning: what are you looking to achieve?

Your objectives should be self-contained, achievable goals that are clear for everyone across the organization to understand.

In the example business roadmap described above, the first line of the roadmap looks at the high-level primary objectives for the business — e.g., launching the business in new markets (Europe, the United States, and Canada) and moving the UK office.

From these objectives, the various functions across the business can determine their own individual milestones along the journey toward success.

Once you’ve established your objectives, the next step is to determine what is already in place to help you achieve them.

Ask yourself questions such as:

• What exists within current structures that supports your goal?
• Are there teams capable of achieving them?
• Do they have the knowledge required to succeed?
• Do they have enough funds?
• What tools are available to use in pursuit of the objectives?

The other side of business capabilities is business limitations:

• What doesn’t exist within the current organization that is needed to support your goals?
• What key skills are your teams missing?
• Where are new sources of financing required to move toward your objectives?

The final area to consider is what activities need to occur to achieve your objectives. For example:

• What specific tasks must the team complete to drive user behavior?
• What actions are requires to resolve or compensate for any limitations identified in the previous step?

Once this process is completed, activities designed to drive the business toward its objectives commence. It becomes necessary to group these tasks into some form of sequential order. That’s where the business roadmap comes in.

Let’s look at an example. If, in Q2, we’re planning to achieve X, which of our activities across our different business areas need to happen in Q1 and Q2 to reach that point? These are the building blocks of our business roadmap.

Each block represents an achievable milestone for that business area, clearly defining what they are looking to achieve at that point in time.

Common mistakes to avoid

If you’re new to business roadmaps, you’re bound to stumble here and there the first time you try to create one. It takes practice.

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However, some common mistakes businesses make include:

Not clearly defining business goals

Setting too many goals, setting unrealistic timelines, not getting business or customer validation.

Without a clear, overarching business vision, it’s impossible to dive down into the various business areas and set departmental milestones. An unclear objective leads to a muddying of activities and a lack of focus when moving forward.

It’s tempting to think you can get through huge amounts of work when looking at the long time periods considered in a business roadmap. However, because business goals are usually quite large in scale, the number of activities you can realistically achieve is relatively small.

Too many goals leads to frustration because your team will never be able to deliver on what they set out to achieve.

Unrealistic timelines make the invalid assumption that you can get through more activities than you think we can.

A roadmap is a high-level visualization of your milestones, but a roadmap entry is just the tip of the iceberg when it comes to the work required to deliver on those goals. Sometimes big things take time.

What’s the point of creating a roadmap if everyone isn’t onboard with it? There’s no value in creating a beautiful-looking roadmap if, as soon as you get into month one, someone holds up their hand and asks, “Why aren’t we doing X?”

An example business roadmap (template)

If we look at our example business roadmap as described above, one of the business objectives in Q3 is to launch our service in the US. This primary goal for the business will drive the business roadmap entries for our various business areas.

Sales needs to understand what our capabilities currently are in the US and what might restrict us from achieving this objective. Then, it must develop some departmental goals that help the business move toward its overall objectives. This will leave us with some roadmap entries such as:

• Hiring a new sales team in Q2
• Launching the service in Q3

Finance needs to understand the company formation and financial reporting rules within the US, as well as how the launch will be funded, which will lead to roadmap entries such as:

• Form a US company
• Secure US operational funding

Operations need to determine what we need to complete to support US recruitment and obtain an office, equipment, materials, etc. Roadmap entries directed at the operations team might include things like:

• Hire a North American team
• Source North American IT equipment

Business roadmap template

To access a full version of the business roadmap example described above, follow this link . If you’d like to use it as a template when creating your own business roadmap, click the link to download the file and, from the menu at the top of the spreadsheet, select File > Make a copy .

Start with your business roadmap

Although there is a considerable amount of effort that goes into creating a business roadmap, this document is essential in supporting the successful operation of a business.

The vision provided by a well-written roadmap gives focus and support to the entire organization and ensures that all areas of the business are driving toward the same destination.

At the end of the day, that’s what we want: a route to success.

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What Is A Business Roadmap? How To Create One In 9 Easy Steps

Have you ever wondered how successful businesses navigate their way to achieve their goals? What if there was a strategic planning tool that could provide a clear roadmap to guide their decisions and actions? Well, the answer lies in a business roadmap . But what exactly is a business roadmap , and how can you create one?

In this article, we will explore the definition and importance of a business roadmap , compare it to traditional business plans , and delve into the key components of an effective roadmap. We will guide you through the process of creating a business roadmap in 9 easy steps , providing you with the tools and knowledge to drive your strategic planning and decision-making process.

So, are you ready to unlock the secrets of successful businesses and discover how to create your own business roadmap? Let’s dive in!

Key Takeaways:

• A business roadmap is a strategic planning tool that provides a clear roadmap to achieve business goals.
• Creating a business roadmap involves 9 easy steps , including starting with a clear vision , setting strategic objectives , selecting initiatives , assigning milestones , and tracking progress.
• Business roadmaps differ from traditional business plans by focusing on short-term objectives and providing a more flexible and adaptable approach.

The key components of an effective business roadmap include clear objectives, measurable milestones, assigned responsibilities, and regular tracking of progress.

• By following these steps, businesses can create a comprehensive and effective roadmap to guide their strategic planning and decision-making process.

Understanding the Role of Business Roadmaps in Strategic Planning

The success of any business lies in its ability to strategically plan for the future. One essential tool that aids in this process is a business roadmap. A business roadmap is a visual representation of a company’s objectives, strategies, and action plans, providing a clear direction for achieving goals. In this section, we will explore the definition and importance of business roadmaps , compare them to traditional business plans , and delve into the key components that make them effective.

The Definition and Importance of Business Roadmaps

A business roadmap serves as a strategic planning tool that guides a company in achieving its desired outcomes. It outlines the path the business intends to take, along with the steps necessary to reach its goals. By providing a clear vision and direction, a business roadmap helps align all stakeholders and ensures everyone is working towards a common objective. It serves as a communication tool, enabling the management team to articulate the company’s strategy to employees, investors, and other external parties.

The importance of business roadmaps lies in their ability to provide a structured approach to strategic planning. They help companies stay focused on short-term goals and initiatives while keeping sight of the long-term vision . Business roadmaps enable businesses to respond quickly to market changes, adapt to evolving customer needs, and overcome challenges. They provide a framework for prioritizing resources, allocating budgets, and tracking progress. Ultimately, a well-designed business roadmap is instrumental in driving organizational success and achieving desired outcomes.

Comparing Business Roadmaps to Traditional Business Plans

While business roadmaps and traditional business plans share the common goal of guiding a company towards success, they differ in their scope, focus, and flexibility. Traditional business plans are typically comprehensive documents that outline every aspect of the business, including market analysis, financial projections, and operational strategies. They are often lengthy and static, providing a detailed blueprint for business operations.

In contrast, business roadmaps focus on short-term objectives and provide a more agile and adaptable approach to achieving goals. They are visually engaging and concise, using charts, graphs, and other visuals to clearly communicate the company’s direction. Business roadmaps prioritize key initiatives and are more flexible in adjusting to changing market conditions. They provide a visual representation of the company’s strategy and enable stakeholders to quickly understand and align with the overall vision.

Key Components of an Effective Business Roadmap

An effective business roadmap consists of several key components that contribute to its successful implementation:

• Clear Objectives: A business roadmap starts with clear, well-defined objectives that align with the company’s overall vision. These objectives serve as the foundation for all initiatives and strategies outlined in the roadmap.
• Measurable Milestones: To track progress and ensure accountability, measurable milestones are vital components of a business roadmap. These milestones provide checkpoints to assess progress towards objectives and enable adjustments if necessary.
• Assigned Responsibilities: In order to execute the roadmap effectively, it is essential to assign responsibilities to individuals or teams. Clearly defining who is responsible for each initiative helps ensure accountability and avoids any confusion or overlap.
• Regular Tracking of Progress: Monitoring and tracking the progress of the roadmap is crucial to evaluate the effectiveness of strategies and initiatives. Regular updates and reviews enable adjustments to be made if needed, keeping the company on track toward achieving its goals.

By incorporating these key components, businesses can create an effective roadmap that guides their strategic decision-making process and helps them achieve their desired outcomes.

With these key components in place, businesses can create a comprehensive and effective business roadmap that aligns all stakeholders, facilitates decision-making, and ensures the successful implementation of their strategic plans.

Starting with Your Vision: Laying the Groundwork for a Business Roadmap

The first step in creating a business roadmap is to start with a clear vision. This involves defining the long-term goals and objectives of the company and aligning them with the overall strategic direction. By establishing a clear vision, businesses can lay the groundwork for their roadmap and ensure that all subsequent steps are aligned with their desired outcomes. This step sets the foundation for the entire strategic planning process and helps guide decision-making and resource allocation in the future.

Setting Strategic Objectives and Defining Success

Once the vision is established, the next step is to set strategic objectives for the business. These objectives should be specific, measurable, achievable, relevant, and time-bound (SMART) to ensure clarity and accountability.

Identifying Core Objectives for Your Business

Identifying core objectives that align with the overall vision helps prioritize initiatives and focus resources effectively. By defining core objectives , businesses can gain clarity on the key areas they need to focus on to achieve their strategic goals . These core objectives should directly contribute to the overall vision and align with the company’s mission statement.

When identifying core objectives, it’s essential to consider various factors, including market trends, customer needs, competitive landscape, and internal capabilities. By taking a holistic approach and considering both internal and external factors, businesses can ensure that their core objectives are well-aligned with the overall strategic direction.

In addition, it’s important to involve key stakeholders in the process of identifying core objectives. This ensures that diverse perspectives are considered and that the objectives reflect the collective vision of the organization. By involving stakeholders, businesses can also foster buy-in and a sense of ownership among team members, increasing the likelihood of successful execution .

Utilizing KPIs to Measure Your Roadmap’s Progress

Key Performance Indicators ( KPIs ) are essential tools for measuring the progress of a roadmap and ensuring that the business is on track towards achieving its strategic objectives . KPIs provide measurable targets that allow businesses to track and evaluate their performance at various levels.

When selecting KPIs , it’s crucial to choose metrics that are relevant to the core objectives and aligned with the overall strategic direction. The KPIs should be specific, measurable, and actionable, providing meaningful insights into the roadmap’s progress. Examples of KPIs could include revenue growth, customer satisfaction ratings, employee productivity, or market share. By selecting the right KPIs, businesses can effectively monitor their progress and make data-driven decisions to ensure that they stay on course towards achieving their strategic objectives.

Regularly tracking and analyzing KPIs allows businesses to identify areas of improvement and make necessary adjustments to their roadmap. It provides visibility into the effectiveness of the initiatives and helps in identifying any deviations from the planned trajectory. By leveraging KPIs, businesses can continuously evaluate and refine their roadmap, ensuring that it remains aligned with the strategic objectives and leads to the desired outcomes.

The Nuts and Bolts of Business Roadmaps: Selecting Initiatives and Assigning Milestones

When creating a business roadmap, selecting the right initiatives and assigning milestones are critical steps in ensuring the roadmap’s success. These steps help align the roadmap with the company’s strategic goals , provide a clear timeline for execution , and allocate resources effectively.

Choosing Initiatives that Align with Strategic Goals

Before selecting initiatives for your business roadmap, it’s important to consider their alignment with strategic goals . These initiatives should be chosen based on their potential impact on the overall objectives and their alignment with the company’s vision. By selecting initiatives that directly contribute to the strategic goals, businesses can prioritize their efforts and ensure that the roadmap is driving progress toward the desired outcomes.

Mapping Out Milestones within Your Roadmap

Once the initiatives have been chosen, it is essential to map out milestones within the roadmap. Milestones serve as checkpoints along the journey and help track progress towards achieving the objectives. These milestones provide a clear timeline for the roadmap’s execution and allow stakeholders to monitor and evaluate the progress being made. They also help identify any potential challenges or areas where adjustments may be needed, ensuring that the roadmap stays on track toward the desired goals.

Considering Timeline and Resource Allocation

When assigning milestones and selecting initiatives, it’s crucial to consider the timeline and resource allocation . The timeline provides a clear schedule for the execution of each initiative and the achievement of milestones. This ensures that the roadmap is realistic and achievable within the given timeframe. Additionally, resource allocation plays a vital role in the successful implementation of the roadmap. By considering the availability of resources and assigning them strategically to each initiative, businesses can optimize their use and maximize their impact on achieving the desired goals.

What Is A Business Roadmap

A business roadmap is a strategic planning tool that visualizes the company’s objectives, strategies, and action plans. It provides a clear and concise overview of the path to achieving business goals. Different frameworks and views can be used to visualize the roadmap, such as timeline view and swimlane view .

Visualizing the Strategy: Different Frameworks and Views of Roadmaps

Visualizing the strategy is a crucial aspect of creating a business roadmap. By using different frameworks and views, businesses can customize the roadmap to effectively communicate their strategic plans and engage stakeholders. Here are some popular roadmap frameworks and views:

• Timeline View : The timeline view presents the roadmap in a chronological format, highlighting key milestones and their corresponding timelines. This view allows stakeholders to see the progression of initiatives over time and understand the sequence of activities.
• Swimlane View : The swimlane view organizes initiatives by department or team, providing a comprehensive view of the responsibilities and progress of each group. This view helps stakeholders understand the distribution of work and the collaboration required between different teams or departments.

By using these frameworks and views, businesses can effectively communicate their strategic plans, align stakeholders, and ensure a clear understanding of the roadmap objectives.

Exemplifying Timeline and Swimlane Views in Roadmapping

Let’s take a closer look at how the timeline view and swimlane view can be used to visualize a business roadmap:

Timeline View

• Clear visualization of the sequence of activities and milestones
• Easy identification of dependencies and potential bottlenecks
• Helps stakeholders understand the timeline and expected outcomes

Swimlane View

• Comprehensive view of responsibilities and progress across teams or departments
• Fosters collaboration and coordination between different groups
• Enables efficient resource allocation and workload distribution

By utilizing the timeline view, businesses can emphasize the chronological order of activities and milestones, facilitating a clear understanding of the roadmap’s progression. On the other hand, the swimlane view provides a comprehensive view of responsibilities and progress across different teams or departments, promoting collaboration and efficient resource allocation.

When selecting a framework or view for visualizing their business roadmap, companies should consider their specific needs and preferences. Both the timeline view and swimlane view offer unique benefits and can be used to effectively communicate the strategic plan.

Designing Roadmaps for Different Business Functions

In order to effectively plan and execute strategies, business roadmaps can be tailored to different business functions . Depending on whether a company is a startup or an established enterprise, different approaches may be required due to varying goals, resources, and timelines. Additionally, specialized roadmaps can be designed for specific functions such as product development and business development . By customizing roadmaps to suit the unique needs of each business function, companies can enhance their strategic planning and achieve success in their respective areas.

Adapting Roadmaps for Startups versus Established Enterprises

Startups and established enterprises have different requirements when it comes to their roadmaps. Startups often operate in rapidly changing environments and require more flexibility and adaptability in their roadmaps. This allows them to accommodate shifting priorities, pivot their strategies, and respond to evolving market conditions. On the other hand, established enterprises have more stable operations but may face challenges in aligning various functions and departments toward a common vision. By tailoring roadmaps to meet the specific needs of startups or established enterprises , companies can effectively navigate the unique challenges they face and drive growth.

Specialized Roadmaps for Product Development and Business Development

Different business functions require specialized roadmaps to address their specific objectives and priorities. For product development, a roadmap focuses on outlining the plans and strategies for developing and launching new products . This includes identifying market opportunities, conducting research and development, and managing the product lifecycle. On the other hand, business development roadmaps prioritize initiatives aimed at expanding the market share, driving revenue growth, and entering new markets. This can include activities such as market analysis, strategic partnerships, and sales and marketing strategies. By designing roadmaps that are tailored to the unique requirements of product development and business development , companies can effectively plan and execute their strategies in these critical areas.

Incorporating Flexibility: Business Roadmaps for Adaptive Strategies

Flexibility is a crucial aspect of effective business roadmaps. In today’s dynamic and rapidly changing business environment, companies need to be able to adapt their strategies to respond to unforeseen challenges and seize new opportunities. By incorporating flexibility into their roadmaps, organizations can navigate uncertainties and optimize their strategies to stay aligned with their overall strategic objectives.

One key advantage of incorporating flexibility into roadmaps is the ability to adjust goals, initiatives, and timelines as needed. This allows businesses to respond quickly to changes in the market, industry trends, or internal factors that may impact their strategic plans. By having the flexibility to make course corrections, organizations can ensure that their roadmaps remain relevant and effective in achieving their desired outcomes.

Adaptive strategies are an essential component of flexible roadmaps. These strategies allow businesses to respond proactively to changing circumstances and take advantage of emerging opportunities. By continuously monitoring real-time data and market dynamics, organizations can make informed decisions and adjust their strategies accordingly. This adaptability enables businesses to stay ahead of the curve and remain competitive in an ever-evolving business landscape.

Strategic planning is the foundation of business roadmaps, and incorporating flexibility into this process enhances the effectiveness of the roadmap. By considering potential scenarios and developing contingency plans, businesses can proactively address risks and uncertainties. This proactive approach ensures that the roadmap remains resilient and adaptable, enabling organizations to navigate challenges effectively.

In summary, flexibility is a vital characteristic of effective business roadmaps. By incorporating adaptive strategies and building agility into the roadmap, organizations can adjust their goals, initiatives, and timelines in response to changing business environments. This flexibility allows businesses to navigate uncertainties, seize opportunities, and optimize their strategies based on real-time data and market dynamics. By embracing adaptability, organizations can ensure the success of their roadmap and achieve their strategic objectives.

Developing a Collaborative Approach: Stakeholder Involvement in Roadmap Creation

In order to create an effective business roadmap, it is crucial to adopt a collaborative approach that involves stakeholders from various departments and levels of the organization. By including stakeholders in the roadmap creation process, businesses can tap into diverse perspectives, insights, and expertise, ensuring alignment and buy-in from all business functions.

Ensuring Alignment and Buy-In from All Business Functions

Stakeholder involvement in roadmap creation fosters a sense of collective ownership and creates a shared understanding of the roadmap objectives and strategies. When stakeholders are actively engaged in the process, it increases their commitment, alignment, and support for the roadmap. By providing opportunities for stakeholders to contribute their ideas and expertise, businesses can ensure that the roadmap reflects the needs and priorities of all business functions.

Communicating with Stakeholders and Managing Expectations

Effective communication with stakeholders is crucial to building trust and ensuring successful roadmap implementation. Businesses need to clearly communicate the purpose, goals, and benefits of the roadmap to stakeholders, ensuring that they have a clear understanding of what is expected from them. Managing stakeholder expectations throughout the roadmap creation process is also key to maintaining engagement and support. Regular updates, feedback sessions, and clear communication channels help stakeholders stay informed and provide input, leading to a collaborative and successful roadmap.

Utilizing Business Roadmap Templates for Efficient Planning

Utilizing business roadmap templates can greatly streamline the planning process and provide a structured approach to efficient roadmap creation. Customizable templates offer the flexibility to tailor the roadmap to the specific needs and goals of the business, saving time and effort by providing a pre-designed framework that can be modified and adapted as necessary.

Benefits of Customizable Templates

Customizable business roadmap templates offer numerous benefits for efficient planning :

• Time-Saving: Templates provide a starting point for creating a roadmap, eliminating the need to start from scratch. Businesses can focus on customizing the template to their specific requirements, rather than spending time designing the entire roadmap.
• Consistency: Templates ensure consistency in the format and structure of the roadmap. They provide a standardized framework, making it easier for stakeholders to understand and navigate the roadmap.
• Professional Appearance: Well-designed templates give roadmaps a polished and professional look. They help present information in a visually appealing manner, making it easier to communicate key objectives and strategies to stakeholders.
• Flexibility: Customizable templates can be adapted to accommodate different types of roadmaps, such as product development, marketing, or operational roadmaps. This flexibility allows businesses to create roadmaps that align with their specific goals and objectives.

Where to Find and How to Use Roadmap Templates

There are several online resources where businesses can find and use customizable roadmap templates:

• Template Libraries: Websites like Template.net and HBR.org provide a wide range of business roadmap templates that can be downloaded and customized to meet specific needs.
• Project Management Software: Tools like Asana, Trello, and Monday.com offer built-in roadmap templates that integrate with project management features, making it easy to create, track, and collaborate on roadmaps.
• Strategic Planning Tools: Platforms like Roadmunk and Aha! provide dedicated roadmap creation tools with a variety of customizable templates to choose from. These tools often offer additional features like timeline visualization and team collaboration.

When using roadmap templates, businesses should follow these steps:

• Select a template that aligns with the type of roadmap they want to create (e.g., product development, marketing, sales).
• Modify the template to include the company’s specific goals, strategies, and milestones.
• Customize the design and layout to match their brand guidelines and visual preferences.
• Review and refine the roadmap to ensure clarity and coherence.

By utilizing business roadmap templates, businesses can expedite the planning process, create visually appealing roadmaps, and ensure alignment with their strategic goals. Templates offer a practical and effective solution for efficient roadmap creation, enabling businesses to focus on executing their strategies and driving success.

Implementing Your Business Roadmap: Execution and Tracking

Implementing a business roadmap is the crucial phase where plans and strategies are transformed into actionable tasks that drive the achievement of defined objectives. This process involves consistent execution and diligent tracking to ensure progress remains aligned with the desired outcomes. Let’s explore two essential aspects of implementing a business roadmap: turning plans into actions through assigning tasks and setting deadlines , and monitoring progress to make necessary adjustments.

Turning Plans into Actions: Assigning Tasks and Setting Deadlines

Once the strategic plans and objectives are established, it is crucial to break them down into specific tasks and assign them to the relevant team members or departments. By clearly defining responsibilities and assigning tasks , businesses can ensure accountability and create a sense of ownership among employees.

To enhance effectiveness, it is essential to set realistic and achievable deadlines for each task. Deadlines provide a sense of urgency and create a timeline for execution. By setting deadlines , businesses can prioritize tasks, allocate resources efficiently, and ensure timely progress toward the roadmap’s objectives.

Monitoring Progress and Making Necessary Adjustments

Regular monitoring of progress is vital to ensure that the roadmap stays on track and that the initiatives are aligned with the desired outcomes. By tracking key metrics and milestones, businesses can measure the effectiveness of their strategies and make informed decisions regarding adjustments or improvements.

Monitoring progress allows businesses to identify any potential roadblocks or areas that require attention. This proactive approach enables timely adjustments to be made, ensuring that the roadmap remains flexible and adaptable to changes in the business environment or market conditions. Making necessary adjustments ensures that the roadmap remains effective in driving the achievement of strategic objectives.

In conclusion, implementing a business roadmap requires diligent execution and consistent tracking. By assigning tasks , setting deadlines , monitoring progress , and making necessary adjustments, businesses can ensure successful execution and the achievement of their strategic objectives. The implementation phase is where the roadmap truly comes to life, guiding businesses towards their goals and driving their long-term success.

In conclusion, a business roadmap is a valuable tool for strategic planning and goal achievement . By following the nine easy steps outlined in this article, businesses can create an effective roadmap that aligns all stakeholders, drives decision-making, and provides a clear path towards success.

A well-designed and executed roadmap allows businesses to adapt to changing circumstances, collaborate effectively, and track progress toward their strategic objectives. By incorporating flexibility and involving stakeholders, businesses can ensure buy-in , alignment, and successful implementation of their roadmap.

Utilizing templates and tracking progress enables efficient planning and execution. Overall, a business roadmap serves as a strategic guide for businesses, helping them navigate the complexities of their industry and achieve long-term success.

What is a business roadmap?

A business roadmap is a strategic planning tool that outlines the objectives, strategies, and action plans of a company in a visual format.

How do I create a business roadmap?

Creating a business roadmap can be done in 9 easy steps, which include starting with a clear vision, setting strategic objectives, selecting initiatives, assigning milestones, and tracking progress.

What is the role of business roadmaps in strategic planning?

Business roadmaps play a crucial role in strategic planning by providing a visual representation of a company’s objectives, strategies, and action plans. They help align all stakeholders and ensure everyone is working towards a common goal.

How do business roadmaps differ from traditional business plans?

Business roadmaps focus on short-term objectives and provide a more flexible and adaptable approach to achieving goals compared to traditional business plans.

What are the key components of an effective business roadmap?

How do i start creating a business roadmap.

The first step in creating a business roadmap is to start with a clear vision. This involves defining the long-term goals and objectives of the company and aligning them with the overall strategic direction.

How do I set strategic objectives for my business?

Strategic objectives should be specific, measurable, achievable, relevant, and time-bound (SMART) to ensure clarity and accountability.

How do I select the right initiatives for my business roadmap?

Select initiatives that align with the strategic goals of the business based on their potential impact and alignment with the company’s vision.

Why is mapping out milestones important in a business roadmap?

Mapping out milestones serves as checkpoints and helps track progress towards achieving the objectives, providing a clear timeline and efficient resource allocation.

What are the different views of business roadmaps?

Different views of business roadmaps include the timeline view, which presents the roadmap in a chronological format, and the swimlane view, which organizes initiatives by department or team.

How do you design roadmaps for different business functions?

Design roadmaps based on the specific needs and goals of the business, taking into account factors such as startups versus established enterprises, product development, and business development.

How do business roadmaps accommodate adaptive strategies?

Business roadmaps should incorporate flexibility to adapt to changes in the business environment and market conditions, allowing for adjustments and optimization based on real-time data and market dynamics.

How can stakeholders be involved in roadmap creation?

Involving stakeholders from different departments and levels of the organization fosters collective ownership and creates a shared understanding of the roadmap objectives and strategies.

Where can I find and use business roadmap templates?

Business roadmap templates can be found in online resources such as template libraries, project management software, and strategic planning tools, providing a structured framework for efficient roadmap creation.

How do I implement and track the progress of my business roadmap?

Implementing a business roadmap involves turning plans into actionable tasks, assigning responsibilities, and setting deadlines. Regular monitoring of progress allows for timely adjustments and ensures alignment with the defined objectives.

Source Links

• https://roadmunk.com/guides/business-roadmap-examples/
• https://www.cascade.app/blog/business-roadmap-examples
• https://chisellabs.com/blog/business-roadmap/

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Business Roadmap Template

Establish a clear vision, goals and plans, develop strategies to achieve the key goals of the organization and devise actionable plans to help your team achieve them..

• Multiple pre-made templates
• Collaborate with multiple stakeholders
• Export in multiple formats for presentations, publishing, and printing

Business Roadmap Templates to Scale Your Business to the Next Level

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Create actionable business plans with Kanban boards, and advanced formatting options

Start creating your business roadmap with your team to get a clear overview of your tasks and milestones. Use Kanban boards, tables, and shapes to start from scratch, or select a pre-made template for a quick start. Customize text, color, and style to visualize better.

Brainstorm and plan with teams by collaborating and syncing up

Get together with your team to discuss and analyze long-term strategies and approaches. Use whiteboarding capabilities and intergrations to have dynamic discussions. Share the workspace for editing and reviewing with real-time cursors for any number of participants.

Stay on top of business plans by going from planning to execution with task tracking

Go beyond planning to execute business plans with task tracking and smart notifications, all in the same workspace. Assign tasks to team members, set due dates, track progress, and link information.

What is a Business Roadmap?

The business roadmap is a visual representation of your organization’s primary goals, objectives, and strategies. It provides a high-level overview of the big picture without going into finer details while highlighting the tasks, roles and responsibilities, and deadlines. A roadmap is essentially a timeline; you can outline what activities will take place each week, month, quarter, or year.

Another way to look at a business roadmap is as a long-term strategic document that summarizes where the company is heading and the steps needed to get there. One important thing to remember is that business roadmaps provide a certain degree of flexibility. It can be detailed or brief. Activities outlined in the business roadmap can also be changed to reflect current circumstances and the environment better.

Why Do You Need a Business Roadmap?

You may ask why you need a business roadmap when you already have a business plan. The answer is simple. While the business plan is a long and detailed document requiring in-depth reading, the business roadmap summarizes the most critical information needed to understand at a glance. The roadmap gives a general idea about what you should be doing next without any frills attached. Some advantages of using a business roadmap are,

Shows how the company or business will grow

Provides a visual timeline and an illustrative guide on tasks to make progress tracking easy

Acts as a guiding document, helping teams to understand the reasoning behind their work

Helps to keep team members and stakeholders aligned with the company’s vision and objectives

Allows to visualize tasks and deadlines that are relevant to different departments

Helps to analyze the performance of a company for future potential

How Can Teams Benefit from Using Business Roadmaps?

Roadmaps can provide a shared understanding of the project’s or organization’s direction, timeline and priorities. Below are a few ways that a team can use business roadmaps to collaborate.

• Aligns the team around a set of common goals and objectives

A roadmap helps a team to visualize the high-level direction of the project or organization. It can help team members to better understand their roles and responsibilities in achieving the objectives.

• Encourages collaboration

Roadmaps provide a shared understanding regarding the direction of the project/organization and the timeline. To make sure that everyone is on the same page, involve the team members in the roadmap planning process. Working together, the team can develop a shared vision and a sense of ownership.

• Helps to identify dependencies and risks

As the team lays out each and every step, roadmaps can help to identify potential dependencies and risks that can affect the project’s or organization’s success. The roadmap can highlight potential roadblocks and the team can work together to find solutions and mitigate risks.

• Helps to plan, prioritize and track progress of tasks

When strategizing, use a roadmap to plan, breaking down the overall vision into smaller and more manageable tasks and to prioritize what needs to be done. This will also ensure that everyone understands their role in the bigger picture, are on the same page, and will work towards the same objectives.

• Communicates progress effectively

A roadmap is a useful tool to communicate progress to stakeholders and team members. Communication is key to keeping everyone on the same loop about the project’s status and to give a head’s up if any work needs adjustments to meet the upcoming deadlines and goals. Make sure to update the roadmap regularly to include completed tasks and upcoming milestones.

Business Roadmap Examples to Get You Started

Most times, business roadmaps take on a timeline or swimlane view.

1. Timeline view : In a timeline view, the roadmap provides an overview of significant milestones/projects and deadlines by the team. Through a timeline view, you can accurately see each team’s resource and time allocations and how they contribute to the business’s overall growth. Each team will clearly understand how they must structure their work to meet the milestones and deadlines.

2. Swimlane view : The swimlane view is ideal for businesses that don’t want to allocate specific timelines to every task. You can arrange the swimlane view to show projects that are in progress, scheduled, or proposed to see how the business is developing. You can have swimlanes assigned to each department or team while organizing items by timeframes, giving a quick view of the main projects a team is working on at a given period.

There are several different types of roadmaps that you can use depending on your requirement and business function. It is important that you understand which business roadmap is suitable for your business. Some business roadmap examples include,

Business roadmap: The most frequently used roadmap that layout the business’s overall goals, projects, strategies, and deadlines. Most useful for company heads and managers who want to understand how the various departments and allocated resources work together.

Business development roadmap: This roadmap helps to visualize tasks so that you can look at the bigger picture; which tasks contribute to and enhance the business’s growth, productivity and revenue?

Business intelligence (BI) roadmap: Mostly used by business intelligence leaders or managers to visualize BI-related business areas. It maps out the connections between staff, operations, and other internal processes to see what needs to be optimized to grow the business.

Marketing strategy roadmap: Used by marketing teams, the roadmap helps to visualize the connection between marketing initiatives and the organization’s goals/projects.

Project roadmap: Dedicated to projects, this roadmap will focus on one team or a small group of people relevant only to one project. It visualizes the tasks and deliverables with clear timeframes. Useful for project managers.

Department roadmap: This roadmap focuses on a particular department and its goals. Using a department roadmap can help ensure everyone on the team is on the same page and working towards the departmental goals.

IT infrastructure roadmap: Helps to visualize the technology architecture of a business. This is useful for IT teams and professionals to better handle issues and future releases.

How to Create a Business Roadmap Template?

• Start by defining the overall vision and strategy for the business

Define where the business should go. Understand how you plan to build value for your target customer.

Use Creately’s whiteboarding capabilities and intergrations to brainstorm with your team and have dynamic discussions.

• Identify the goals, objectives, and KPIs

Keep your customers in mind when identifying goals, objectives, and KPIs. Use sticky notes and cards to note down important information.

• Prioritize and set strategies and milestones

Devise strategies outlining how you will attain the defined goals. Prioritize according to the importance and include activities and milestones to track progress and success. Strategies can be broken down into different sections as carried out by separate teams.

The team involved in the planning process can come together to dot vote to prioritize on the same canvas. Put together the roadmap template from scratch using tables or Kanban boards or use a premade template. Customize with color themes and styles for better visualization.

• Develop activities and assign tasks, responsibilities, and time frames

Develop your tactics to carry out the strategies by clearly outlining the actions of each department/team. At the same time, generate methods to measure success. Include these activities in the roadmap.

Use the task panel to assign tasks to each department and team member. Set deadlines and include additional information for each activity or milestone using the notes panel. Import documents and images if required.

• Share with others for feedback

Now you can share the workspace with others to review and finalize. Invite your team to contribute. Use in-line commenting to have discussions and follow-ups on the same canvas.

Once completed, share your business roadmap with the rest of your organization. Download it in PNG, SVG, or PDF image formats for publishing.

• Now you can streamline your tasks and track progress

Start tracking the progress and the growth of your business. Use smart notifications to inform about upcoming deadlines and when tasks are completed.

FAQs About the Business Roadmap Template

What is a business roadmap template, is there a difference between the business roadmap vs product roadmap.

Yes, there are several differences. Though a product roadmap is sometimes defined as a type of business roadmap, there are some crucial differences between the two. They are,

Business roadmaps are usually developed annually, while product roadmaps are built to accommodate product releases, which could be weekly or monthly

A business roadmap has broader goals, while a product roadmap has goals that are specific and measurable and related to a product and users

Business roadmaps look at work at a higher level with broader milestones and deliverables, while product roadmaps layout day to day work that needs to be completed for each release

To learn more about creating a product roadmap, check out ‘The Quick Guide to Creating a Proper Product Roadmap.’

Who creates or owns the business roadmap?

Why use creately and not excel or powerpoint, what are some key tips for a good business roadmap.

Make sure that your business roadmap is simple and easy to understand

Include the end goal, short- and long-term goals, milestones, risk factors, timelines, and all steps required to achieve the goal

The roadmap should not be too detailed but should include enough details to understand the direction

Update regularly to reflect the changing goals and environments

Strategize and Plan the Success of Your Business with these Creately Templates

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Business Plan Roadmap: Building Your Path to Business Success

Published: 31 December, 2023

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Table of Contents

In today’s fast-paced entrepreneurial landscape, a meticulously crafted business plan functions as the guiding star for your venture’s journey toward success. Whether you’re an experienced entrepreneur or a budding startup creator, possessing a comprehensive business plan is indispensable, serving as the key to securing funding, making well-informed decisions, and effectively navigating the ever-evolving business environment.

Within the confines of this article, we will embark on a comprehensive exploration of the art of crafting an engaging and impactful business plan . We shall dissect critical components, including in-depth market research, meticulous financial projections, savvy marketing strategies, and effective operational blueprints. Additionally, we will unveil a plethora of tips and best practices designed to elevate your business plan above the competition, rendering it a value proposition for those seeking to invest in or collaborate with your enterprise.

What is a Business Plan

A business plan definition is a written document that outlines the goals, strategies, and detailed operational and financial plans of a business. It serves as a roadmap for the business, providing a clear direction for its growth and development. A typical business plan includes information about the company’s mission and vision, its products or services, market analysis, competition, target audience, marketing and sales strategies, organizational structure, financial projections, and funding requirements. Business plans are commonly used to secure funding from investors or lenders, guide the company’s operations, and communicate its vision and strategy to stakeholders.

A conventional business plan typically divides into two primary segments:

• The Explanatory Segment: This portion encompasses written content that serves the business purpose of providing a detailed description of the business idea and/or the company. It covers elements such as the executive summary, company overview, market analysis, product or service particulars, marketing and sales strategies, organizational structure, operational blueprints, and funding needs.
• The Financial Segment: Within this section, you’ll discover financial data and projections, encompassing income statements, balance sheets, cash flow forecasts, and detailed information regarding financing prerequisites and potential sources. This segment offers a quantitative view of the business’s financial situation and future expectations.

Components of a Business Plan: What is Included in a Business Plan

Crafting a thorough and compelling business plan is a fundamental step for entrepreneurs and business leaders seeking to chart a successful course for their ventures. A well-structured business plan not only serves as a roadmap for your business’s growth but also communicates your vision, strategy, and potential to investors, partners, and stakeholders. The key components of a business plan make up a robust business plan, offering valuable insights and practical tips to help you create a document that inspires confidence and aligns your team with a shared vision. Each key element plays a critical role in constructing a business plan that not only secures financial support but also guides your organization toward sustainable success. Let’s delve deeper into these components, adding depth and clarity to your business plan ‘s narrative.

• Executive Summary: This should succinctly encapsulate the essence of your business plan . It should briefly touch on the market opportunity, your unique value proposition, revenue projections, funding requirements, and the overarching goals of the business.
• Company Description: Elaborate on your company’s history, including significant milestones and achievements. Clearly define your mission, vision, and values, providing insight into what drives the company’s culture and decisions.
• Market Analysis: Delve into the market’s nuances by discussing not only its size but also its growth rate, trends, and dynamics. Highlight specific target market segments, customer personas, and pain points that your business aims to address. Include a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to showcase your understanding of the competitive landscape.
• Products or Services: Offer a detailed explanation of your offerings, emphasizing their key features and benefits. Describe how these offerings fulfill specific customer needs or solve problems, and explain any proprietary technology or intellectual property.
• Marketing and Sales Strategy: Provide a comprehensive overview of your marketing and sales plans. Discuss your pricing strategy in depth, outlining how it aligns with market dynamics. Explain your distribution channels and marketing tactics, including digital and traditional methods.
• Organizational Structure: Present bios of key team members, underscoring their relevant experience, expertise, and roles within the organization. Include an organizational chart to illustrate reporting relationships and the structure’s scalability.
• Operational Plan: Go into detail about your daily operations, covering everything from production processes and supply chain management to facility requirements and technology utilization. Discuss quality control measures and scalability strategies.
• Financial Projections: Provide a thorough breakdown of financial forecasts, including monthly or quarterly projections for at least three to five years. Explain the assumptions behind these numbers, including factors such as market growth rates and pricing strategies. Highlight critical financial metrics like burn rate, customer acquisition costs, and return on investment.
• Funding Requirements: Specify the exact amount of capital you’re seeking, the purpose of the funds, and how the investment will be utilized to achieve specific milestones. Outline potential sources of funding, such as equity investment, loans, or grants. Clarify the expected terms and conditions.
• Appendix: In the appendix, include supplementary materials that reinforce your business plan’s credibility and depth. This can encompass market research reports, letters of intent, prototypes, patents, legal contracts, and any other relevant documentation that adds value to your case.

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Creating a business plan essential steps.

Creating a business plan is a crucial step in launching or growing a business. Here’s a step-by-step guide to help you create an effective business plan :

1- Draft an Executive Summary:

• Write a concise overview of your business, including the mission, vision, and goals.
• Summarize the business concept, target market, and unique value proposition.
• Keep it brief but compelling to grab the reader’s attention.

2- Compose a Business Description:

• Provide detailed information about your business, industry, and the problem or need your product/service addresses.
• Explain your mission, vision, and core values.
• Describe the legal structure of your business (e.g., sole proprietorship, LLC, corporation).

3- Conduct a Market Analysis:

• Conduct thorough market research to understand your industry, target market, and competitors.
• Define your target audience and demonstrate a clear understanding of market trends.
• Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).

4- Outline Organization and Management:

• Outline the organizational structure of your business.
• Introduce key team members and their roles, highlighting their relevant experience.
• Provide an overview of your advisory board or external support.

5- Detail the Product or Service Line:

• Describe your products or services in detail.
• Highlight the features, benefits, and unique selling points.
• Explain how your offerings meet the needs of your target market.

6- Develop a Marketing and Sales Strategy:

• Develop a comprehensive marketing strategy to reach your target audience.
• Outline your sales process, distribution channels , and pricing strategy.
• Include a sales forecast and customer acquisition plan.

7- Specify Funding Request (if applicable):

• Specify the amount of funding you are seeking (if any) and how you plan to use it.
• Justify the funding request with clear financial projections and a solid business case.

8- Prepare Financial Projections:

• Prepare detailed financial statements, including income statements, balance sheets, and cash flow statements.
• Provide assumptions and methodologies used for financial forecasts.
• Demonstrate your business’s profitability and financial viability.

9- Include an Appendix:

• Include supplementary materials such as resumes, permits, contracts, market research, or any other relevant documents.
• Keep this section optional but use it to provide additional context.

10- Review and Revise:

• Review your business plan thoroughly for clarity, consistency, and completeness.
• Seek feedback from mentors, advisors, or potential investors.
• Revise the plan based on feedback and ensure it aligns with your business goals.

Remember, a business plan is a dynamic document that should be revisited and updated regularly to reflect changes in your business environment. It serves as a roadmap for your business and a valuable tool for communicating your vision to others.

Types of Business Plans

Startup business plan:.

A comprehensive document crafted by entrepreneurs to outline the vision, mission, target market, competition analysis, financial projections, and strategies for launching and operating a new business.

Feasibility Business Plan:

A plan designed to assess the viability of a business idea or project by analyzing market demand, potential challenges, financial feasibility, and overall sustainability before committing resources.

One-Page Business Plan:

A condensed version of a traditional business plan, focusing on key elements such as the business concept, target market, value proposition, marketing strategy, and financial projections—all presented on a single page.

What-If Business Plan:

A flexible and dynamic plan that explores various scenarios and outcomes based on changing factors or assumptions. It helps businesses anticipate challenges and adjust strategies accordingly.

Growth Business Plan:

Tailored for businesses aiming to expand, this plan outlines strategies for scaling operations, entering new markets, launching products or services, and includes financial projections to support growth initiatives.

Operations Business Plan:

Geared towards day-to-day activities, this plan details operational procedures, resource allocation, supply chain management, and other aspects essential for the smooth functioning of the business.

Strategic Business Plan:

A long-term plan outlining the organization’s mission, vision, core values, and strategic initiatives. It guides decision-making, sets priorities, and aligns the company toward achieving overarching objectives.

The purpose of a business plan

A business plan is not a static document with a limited shelf life; rather, it evolves alongside the company it represents. It serves as a dynamic tool that adapts to changing market conditions, emerging opportunities, and evolving strategic priorities. Here’s a closer look at its continuous relevance:

• Guiding the Business ( Business Concept/Business Idea and Strategy ) : A business plan serves as an internal guide that helps entrepreneurs and management teams set clear objectives, develop business strategies, and make informed decisions. It provides a framework for prioritizing tasks, allocating resources, and monitoring progress toward achieving business goals.
• Securing Financing: One of the primary reasons for creating a business plan is to secure financing from lenders, investors, or banks. A well-prepared plan presents a compelling case for why the business is a viable and profitable investment. It includes financial projections, market research, and a clear explanation of how the funds will be used to achieve growth.
• Attracting Investors: For startups and early-stage companies, attracting equity investors is often crucial for rapid growth. A comprehensive business plan not only showcases the business opportunity but also outlines how investors can potentially realize significant returns on their investment. It highlights the company’s unique value proposition and competitive advantage.
• Setting Goals and Objectives: Business plan s articulate both short-term and long-term objectives for the company. Specific, measurable, and time-bound goals are essential for motivating employees, aligning efforts, and tracking progress. Objectives can encompass revenue targets, market share goals, expansion plans, and more.
• Managing Operations: Business plans include detailed operational plans, covering aspects such as production processes, supply chain management, inventory control, quality assurance, and logistics. These operational details ensure that the business runs smoothly and efficiently.
• Market Analysis: Comprehensive market research within the business plan helps the company understand its target market, customer demographics, and competitive landscape. This knowledge enables the business to adapt to changing market conditions and identify opportunities for growth, product development, or market expansion.
• Communicating the Vision: A well-crafted business plan communicates the company’s mission, vision, and values to both internal and external stakeholders. This clarity fosters a shared sense of purpose among employees and resonates with customers and partners.
• Risk Management: Business plans identify potential risks and challenges that the company may encounter. By acknowledging these risks upfront, the plan can outline strategies for risk mitigation or contingency plans. This proactive approach helps the business better navigate unforeseen challenges.
• Measuring Progress: A business plan serves as a benchmark for assessing the company’s performance and growth. By comparing actual results to the plan’s projections, the business can identify areas where it is excelling and areas that require adjustment. Regularly measuring progress is crucial for making data-driven decisions.
• Exit Strategy: In some cases, especially for entrepreneurs and investors, a business plan includes an exit strategy. This strategy outlines how the business owners plan to realize their investment, whether through selling the company, going public, or transitioning leadership to others.
• Competitive Adaptation: In the face of a constantly changing competitive landscape, a well-maintained business plan allows a company to regularly assess its competitive position. It aids in identifying emerging competitors, market shifts, and areas where the business can gain a competitive edge.
• Performance Measurement: By providing a baseline for projected financials and key performance indicators (KPIs), a business plan becomes a tool for measuring actual performance against expectations. This ongoing evaluation enables the organization to identify strengths, weaknesses, and areas for improvement.
• Resource Allocation: As a company grows, it often requires additional resources such as capital, personnel, or technology. The business plan assists in rationalizing and justifying resource allocation decisions to support expansion or address operational challenges.
• Innovation and Adaptation: In today’s rapidly changing business environment, adaptation and innovation are essential. A business plan encourages a culture of adaptability by fostering discussions on new opportunities and strategies for staying ahead of industry trends.
• External Engagement: Externally, the business plan remains a valuable tool for engaging with investors, partners, lenders, and other stakeholders. It provides a transparent and comprehensive view of the company’s past performance and future potential.

Important External Tasks of a Business Plan

A business plan holds significance beyond its internal utility, as it acts as the company’s calling card in external contexts. Primarily, it serves as a persuasive tool for potential investors, bolstering the chances of securing essential financing, whether during startup or later stages for marketing initiatives or product development. Additionally, a well-crafted business plan proves valuable in negotiation discussions with potential key partners and regulatory bodies, enhancing the stability of current and future business relationships with customers and suppliers alike.

Here are some significant external tasks associated with a business plan:

• Securing Financial Support: One of the primary external objectives of a business plan is to attract external financing from investors or lenders. A well-prepared plan should clearly communicate the company’s financial requirements and how those funds will be utilized to achieve its objectives.
• Presenting to Investors: If you are seeking investment from angel investors, venture capitalists, or private equity firms, you must effectively present your business plan . This entails pitching your business to potential investors, highlighting key aspects of your plan, and addressing their inquiries and concerns.
• Applying for Financing or Grants: If you intend to secure loans or grants to fund your business, your business plan will be a crucial component of your application. It should demonstrate your capacity to repay loans or meet grant criteria, as well as how the funds will drive growth.
• Negotiating Partnerships and Collaborations: When pursuing partnerships, joint ventures, or alliances with other businesses, a business plan can outline the strategic advantages and potential outcomes of the collaboration. This is vital for persuading potential partners of the value of working together.
• Ensuring Regulatory Compliance: Depending on your industry and location, you may need to submit your business plan to regulatory agencies for approval or compliance. This is particularly common in sectors like healthcare, finance, and energy.
• Obtaining Licenses and Permits: If your business requires specific licenses or permits to operate, your business plan may be requested during the application process to demonstrate your readiness and compliance with regulations.
• Facilitating Mergers and Acquisitions: In mergers or acquisitions, both the acquiring and target companies may need to provide business plans to potential investors or lenders involved in the transaction. This aids in evaluating the financial viability and strategic fit of the merger or acquisition.
• Attracting Strategic Partners: In addition to traditional investors, you may seek to attract strategic partners who can offer resources, expertise, or distribution channels. You r business plan should compellingly illustrate why potential partners should collaborate with your company.
• Preparing for an IPO (Initial Public Offering): If your long-term strategy includes taking your company public, a comprehensive business plan is essential to attract public market investors. It must provide a detailed view of your company’s financial health, growth potential, and market position.
• Undergoing Due Diligence: When external parties consider investing in or partnering with your company, they often conduct due diligence. Your business plan should be precise and comprehensive to withstand scrutiny during this process.

When is a Business Plan Needed

When starting a new business, it makes sense to write a business plan . A strong business concept helps you find investors and convince big business figures, investors, or banks of your business idea.

In addition, a business plan forces a start-up to confront the strengths but also weaknesses of its business idea. However, an already existing company can equally benefit from a business plan. Many companies often lack a clearly recognizable strategy or guidelines against which success can be measured.

A business plan also leads to more transparency in entrepreneurial decisions and is necessary for an already existing company when raising outside capital and investors. An increasing number of investors and capital providers demand the submission of such a plan, thus making a strong business concept so important.

• Startup Phase : A business plan is essential when starting a new venture as it helps define your business concept, target market, and competitive strategy. It outlines your initial funding requirements, revenue projections, and expected milestones, providing a roadmap for the early stages of your business.
• Securing Financing : Whether you’re seeking a bank loan, angel investment, venture capital, or crowdfunding, a detailed business plan is a prerequisite. It should include financial forecasts, an analysis of your industry and competitors, and a clear description of how the funds will be used to grow the business.
• Strategic Planning : Regularly updating your business plan is crucial for strategic planning . It allows you to assess your company’s strengths, weaknesses, opportunities, and threats (SWOT analysis) and adjust your strategies accordingly. It provides a long-term vision and helps align the organization’s efforts toward common goals.
• New Product or Service Launch : Before launching a new offering, a business plan helps you research the market, understand underserved customer needs, and determine the product’s unique selling points. It outlines your marketing and sales strategy, pricing structure, and expected return on investment.
• Mergers and Acquisitions : In mergers and acquisitions (M&A) transactions, a business plan is used to evaluate the financial viability and strategic fit of the deal. It provides insights into the target company’s operations, revenue streams , and potential synergies with the acquiring company.
• Partnerships and Alliances : When exploring collaborations with other businesses, a business plan outlines the mutual benefits and objectives of the partnership. It clarifies roles and responsibilities, risk-sharing arrangements, and how the partnership aligns with each party’s strategic goals.
• Regulatory Compliance : Certain industries, like healthcare, finance, and energy, require businesses to submit comprehensive business plans to regulatory authorities. These plans demonstrate compliance with industry-specific regulations and provide transparency in operations.
• Licensing and Permits : When applying for licenses or permits, particularly in regulated industries such as food service, healthcare, or construction, a business plan may be necessary to prove that your operations meet safety, health, and environmental standards.
• IPO (Initial Public Offering) : Making a company public is a complex process. A thorough business plan is crucial to attract public investors. It should provide historical financial performance, future growth prospects, and a clear value proposition for potential shareholders.
• Crisis Management : In times of financial distress or operational challenges, businesses may develop a crisis management or turnaround plan. This specialized business plan outlines the steps needed to stabilize the company’s finances, restructure operations, and restore profitability.

Example of Business Plan Structure

Generally, there are no fixed guidelines as to how a business plan should be structured. Business concepts heavily depend on the recipient of the business plan and the orientation and structure of the company. The following bullet points are therefore only to be understood as basic building blocks that must be adapted to the individual situation.

1. Business Concept/Business Idea and Strategy:

• Illustrate your business concept, including the idea and methods for successful implementation.
• Include a timeline for implementing the concept.
• Optionally, provide information about your company and headquarters.

2. Company Description:

• Provide detailed information about your company, including its name, location, legal structure, and history.
• Explain your business’s purpose and the problems it aims to solve.
• Describe your target market and your business’s role within it.

3. Target Market:

• Market volume and potential.
• Growth potential.
• Barriers to entry and market restrictions.
• Supplier positioning.
• Relevant laws and regulations.
• Competitor analysis (strengths, weaknesses, product range).
• Identifying potential customers.

4- Operational Plan:

• Describe your business’s day-to-day operations, including location, facilities, equipment, and technology.
• Explain your supply chain, production processes, and quality control.
• Address any regulatory or compliance requirements.

5. Products and Services:

• Describe your products or services, highlighting how they differentiate from competitors.
• Unique Selling Proposition.
• Customer Benefits.
• Competitive Advantages.
• Innovation or optimization of existing products.
• Patent or property rights.

6. Marketing and Sales Planning:

• Outline your marketing strategy and timetable.
• Specify market entry plans.
• Set company goals related to market leadership, market share, revenue, and brand awareness.
• Discuss sales policy, pricing policy, and communication policy & advertising.
• Address sales methods, future developments, and pricing strategy justification.

7. Management, Employees, and Organization:

• Highlight management skills, qualifications, and key team members.
• Emphasize industry knowledge, social skills, previous successes, and professional experience.
• Mention personnel development strategies.
• Describe the organizational structure , focusing on procurement, development, production, sales, and administration.

8. Opportunities and Risks:

• In the ‘Opportunities’ section, showcase the potential of your business idea and the conditions for exploiting that potential.
• Address risks comprehensively, demonstrating a detailed and critical approach.
• Include potential risk scenarios and proposed solutions.

9. Financial Planning:

• Present concrete financial figures derived from previous analyses and plans.
• Profit Planning: Include a profit and loss statement (P&L).
• Balance Sheet: Provide an overview of assets, liabilities, and equity.
• Liquidity Plan: Compare expenditures with available funds.

10. Appendix:

• Include necessary documents like commercial register excerpts, business registrations, shareholder agreements, and legal forms.
• Attach CVs and references of key team members.
• Include relevant financial spreadsheets, patents, permits, licenses, brochures, leaflets, and organizational charts or graphs.

Reasons for Business Plan Failures

• Lack of Market Research: Failing to thoroughly understand the target market and its needs can lead to products or services that don’t resonate with customers.
• Inflexibility: A rigid plan that doesn’t adapt to changing market conditions or feedback from customers can become obsolete quickly.
• Overly Optimistic Projections: Unrealistic financial projections can mislead investors and hinder the business’s ability to meet expectations.
• Poor Execution: Even the best plan will fail without proper execution. A lack of skilled team members, resources, or a clear execution strategy can doom a business.
• Ignoring Competition: Ignoring or underestimating competitors can lead to a business being unprepared for market competition.
• Insufficient Funding: Underestimating the capital required to launch and sustain the business can lead to financial troubles.
• Inadequate Marketing: Without effective marketing, even great products or services may go unnoticed by potential customers.
• Ignoring Customer Feedback: Not listening to customer feedback and adjusting the business accordingly can result in products or services that don’t meet market needs.

Connecting The Dots: Importance of Business Model Canvas in Business Plan

Integrating the Business Model Canvas (BMC) into a traditional business plan is a pivotal process in crafting a comprehensive and highly effective business strategy . The Business Model Canvas , with its visual and succinct approach, offers a distinctive viewpoint on your business model. It functions as a complementary tool to the in-depth components of a traditional plan, strengthening your strategic capabilities. You can download it now.

The synergy between these two strategic instruments not only facilitates communication but also empowers you to analyze and adjust your business strategy with precision, ultimately fostering a pathway to success. In the following discussion, we delve into the significance of bridging the gap between these two potent tools within the domain of business planning. Here’s why the Business Model Canvas is essential within the context of a business plan:

• Visual Representation: The Business Model Canvas provides a visual framework that allows you to quickly grasp and convey the fundamental elements of your business model. This visual clarity is especially valuable when presenting your business concept to potential investors, partners, or team members.
• Concise Overview: While a traditional business plan can be lengthy and detailed, the BMC offers a concise summary of key components, including customer segments, value propositions, channels, revenue streams, and cost structures . It distills complex business concepts into a simplified format, making it easier to communicate and understand.
• Iterative Planning: The BMC encourages an iterative approach to business strategic planning . It enables you to experiment with different business model hypotheses and make adjustments as you gather feedback and insights. This agility is vital, especially for startups and businesses in rapidly evolving markets.
• Focus on Value: The Business Model Canvas places a strong emphasis on understanding customer needs and value creation . It prompts you to identify your unique value propositions and how they address customer pain points, aligning your strategy with customer-centric principles.
• Holistic View: By using the BMC, you’re prompted to consider all aspects of your business model, from customer acquisition to revenue generation and cost management. This holistic perspective helps identify potential gaps, dependencies, and opportunities that might be overlooked in a traditional plan.
• Alignment and Coordination: The BMC fosters alignment among team members and stakeholders. It’s a collaborative tool that encourages discussions about the business model, ensuring that everyone shares a common understanding and vision. This alignment is critical for execution.
• Integration with Traditional Plan: While the BMC is an excellent starting point, it can be seamlessly integrated into a traditional business plan. The insights and clarity gained from the BMC can inform and enrich the sections of the plan related to products/services, target market, marketing strategy, and financial projections.
• Efficiency: The BMC saves time and resources, particularly in the early stages of planning when you’re exploring different business model scenarios. It allows you to focus on the most critical aspects of your strategy before diving into the details.
• Adaptability: In a rapidly changing business environment, having a flexible and adaptable business model is essential. The BMC’s modular structure makes it easier to pivot or adapt your strategy in response to market shifts, competitive pressures, or emerging opportunities.

In summary, a business plan is a multifaceted and indispensable tool for businesses at every stage of their journey. It serves as a compass, guiding strategic decisions, securing essential financing, and attracting potential investors. Its ongoing relevance is a testament to its adaptability, enabling businesses to measure performance, allocate resources, and manage risks effectively. Beyond its practical utility, a business plan is a communication tool, conveying a company’s vision and objectives to both internal teams and external stakeholders. It is a dynamic and ever-evolving document that empowers businesses to navigate uncertainties, foster innovation, and drive sustainable growth, making it an indispensable companion in the pursuit of business success.

Frequently Asked Questions

1- how does a business plan relate to business strategy.

A business plan is closely intertwined with a company’s business strategy. The plan lays out the specific actions and tactics required to achieve the strategic goals of the business. It provides a roadmap for implementing the chosen strategy, outlining how resources will be allocated, what markets will be targeted, and how the business will position itself in the competitive landscape.

2- Is a business plan necessary if I already have a solid business strategy?

Yes, a business plan is still essential, even if you have a well-defined strategy. It serves as the detailed execution plan for your strategy, providing clarity on how you will achieve your strategic objectives. It also helps you anticipate challenges, manage risks, and secure financing or investments by demonstrating the viability of your strategy.

3- Can I use the Business Model Canvas in place of a business plan for a startup?

While the Business Model Canvas is an excellent tool for conceptualizing and validating your business model, it is often not a substitute for a comprehensive business plan , especially when seeking financing or investments. Startups may begin with Canvas to clarify their model but should eventually develop a full business plan to provide in-depth financial projections, market analysis, and operational details.

4- How often should I update my business plan to align with my evolving strategy?

It’s advisable to review and update your business plan regularly, typically at least once a year. However, major changes in your business environment, such as shifts in market conditions or strategic pivots, may require more frequent updates. Keeping your plan current ensures it remains a relevant and effective tool for guiding your business.

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How to Use Milestones to Create a Roadmap for Your Business

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7 min. read

Updated August 1, 2024

Using milestones to create a roadmap for your business is a necessary step in writing a business plan. It’s the third step for effective planning, following developing your business strategy and defining the tactics to support it .

In this step, you’ll learn how to use milestones to create a strategic roadmap for your business.

What are business milestones?

Milestones are goals that you set for business, with dates and the person or team responsible. For example:

A business plan and strategy can’t turn into a real business without milestones. Milestones are what you use to convert your business strategy and tactics into action.

Just like a milestone on the side of a road marks how far you’ve gone, a milestone in business tracks your progress as you grow and implement your plan. They’re what you use to manage responsibilities, track results, and convert your idea into a functioning business.

How do milestones relate to strategy and tactics?

Previously, I’ve written about building your business strategy and then creating tactics to implement that strategy . Just like there’s a link between tactics and strategy, there’s a link between tactics and milestones. 

Tactics are the things you’re going to do to implement your strategy. For example, using social media marketing might be a tactic that’s part of your marketing strategy.

Milestones are used to add specific details to implement your tactics. Continuing the example above, a good milestone would be to establish a new Instagram account for your business and start updating it regularly. 

It may even be useful for you to outline how your strategy flows into a tactic and then to a milestone like this:

Marketing Strategy: Educate millennials about the environmentally friendly nature of our products.

Tactic: Social media marketing

Milestone: New Instagram account, established by the end of Q3, managed by our social media manager with a promotional budget of $1,000/month.

Now keep in mind that this is a very simple representation of this process. More than likely your strategy will have multiple tactics and each tactic will have multiple milestones. Think of them as a pyramid, building up toward the execution of your overall strategy.

What makes a good milestone:

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its executions. When planning out specific milestones you’ll need to have:

• • A description of the task
• • A due date

And lastly, you’ll need a responsible person to manage and meet these milestones. It may even make sense to work with this individual on setting the specifics of each milestone and task.

Milestones are key to management

You’ll use your milestones to manage your business better . Once a month, when you meet with your team to review your business strategy and business numbers, you’ll review your milestones to make sure your plans are on track. If there are problems or changes, this is when you can make course corrections.

Reviewing your milestones monthly gives you more opportunities to spot problems and identify opportunities. If you only check in on your progress once a quarter, or potentially just once a year, you have fewer opportunities to adjust course and change direction. In virtually every business, there’s always new information to review and changes in what your customers want and need. 

A frequent review of your goals allows you to be nimble and adjust quickly when you need to. For more on why you should review your milestones and other business metrics frequently, check out my post on the topic .

3 types of business milestones

When you’re building and growing a business, you should end up scheduling three different types of milestones:

• • Plan review
• • Assumptions validation
• • Implementation

Plan review

All businesses should have “plan review” milestones. These might be the most important milestones that you create.

The plan review milestone sets aside time to review your business strategy, tactics, forecast and budget. If you don’t regularly check your plan and make adjustments, you can easily get off track. Not to say that you should follow the plan blindly, either. Instead, a regular plan review meeting will give you a chance to look at what’s working, what’s not, and revise as you go.

Here at Palo Alto Software , we have a monthly plan review meeting on the second Friday of the month. We get our management team together, review our financials, and talk about what got done last month and what’s in the pipeline. This monthly meeting is critical for making changes and adjustments to our strategy and changing course as necessary.

For early-stage startups, it might just be a few of you that get together and there might not be much in the way of revenue or expenses to review. That’s okay. Instead, your monthly meeting will focus on the next steps you can take to make your business idea a reality, and what progress you’ve made so far. 

You’ll review your progress on implementing your strategy and tactics, such as developing a new marketing campaign, increasing the number of customers who make a second order by 15 percent, or signing the lease on new office space.

Milestones to validate your assumptions

When you’re just starting your business and figuring out if you’ve got the right strategy, you’re going to create milestones to help you validate your assumptions . These milestones are set for interviewing potential customers to figure out if they have the problem you think they have, and to discover if they’re interested in your solution. You’ll also work to try and figure out what your pricing should be.

Remember, in the early days of your business, you’re making a lot of guesses – assumptions, really – about what your customers need and want. Your initial strategy is a collection of guesses about the problems your potential customers have, how they want their problems solved, and what they’re willing to pay for your solution. Your milestones at this stage should be geared around validating those assumptions so you can build a successful business.

Some example milestones might be:

• • Interview 20 potential customers in my primary market segment
• • Research pricing models of my competitors
• • Creating a preview landing page for my business to see what potential customers think

The milestones that you create at this stage should be focused on the goal of finding what’s called “product/market fit.” This means that you’ve found a target market that’s interested in buying your product and that your product solves a real problem for your customers.

It’s very likely that you find out that you don’t have good product/market fit right away. That’s OK. It’s easy to make changes to your strategy, come up with new assumptions, and go back and test them again with your potential customers. That’s the benefit of validating your assumptions early in the business startup process – you haven’t invested too much in building your business yet and can easily change directions if necessary.

Implementing your strategy

Once your assumptions have been validated, you’ll start creating implementation milestones. These are the tasks you’ll do to actually build your business. You’ll be doing things like building your product, setting up your office or shop, developing your website, and more.

Implementation milestones are typically for companies that have progressed out of the very early stages of starting up and have a proven strategy that they know is going to work. These milestones are all about getting things done to execute your strategy.

With Growth Planning, you adjust as you go

Your milestone schedules will evolve as you go, so don’t spend a lot of time initially documenting every last step you’re going to take to launch your business. Instead, plot out the next few steps you’re going to take. When those steps are done, come back and add more steps as you go.

After all, business planning not just a one-time event. It’s all about creating a plan, running that plan, reviewing the results, and revising before you take next steps.

Having solid milestones will make that process easier and more efficient, helping you build a better business, faster. You can do this process manually or try using business plan software with a built-in milestone planner to simplify the creation, tracking, review, and revision process.

The next post in this series talks about your business model —how you’re going to make money. Read on to learn about the final component of your Lean Plan.

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Noah Parsons

Before joining Palo Alto Software , Noah Parsons was an early Internet marketing and product expert in the Silicon Valley. He joined Yahoo! in 1996 as one of its first 101 employees and become Producer of the Yahoo! Employment property as part of the Yahoo! Classifieds team before leaving to serve as Director of Production at Epinions.com. He is a graduate of Princeton University. Noah devotes most of his free time to his three young sons. In the winter you'll find him giving them lessons on the ski slopes, and in summer they're usually involved in a variety of outdoor pursuits. Noah is currently the COO at Palo Alto Software, makers of the online business plan app LivePlan.

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

• A market analysis : gathering information about factors and conditions that affect your industry
• Competitive analysis : evaluating the strengths and weaknesses of your competitors
• Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
• Marketing: using your research to advertise your business
• Logistics and operations plans : planning and executing the most efficient production process
• Cash flow projection : being prepared for how much money is going into and out of your business
• An overall path to long-term growth

What is the purpose of a business plan?

A business plan is like a map for small business owners, showing them where to go and how to get there. Its main purposes are to help you avoid risks, keep everyone on the same page, plan finances, check if your business idea is good, make operations smoother, and adapt to changes. It's a way for small business owners to plan, communicate, and stay on track toward their goals.

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

• No market need : No one wants what you’re selling.
• Lack of capital : Cash flow issues or businesses simply run out of money.
• Inadequate team : This underscores the importance of hiring the right people to help you run your business.
• Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
• Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Business plan FAQs

How does having a business plan help small business owners make better decisions.

Having a business plan supports small business owners in making smarter decisions by providing a structured framework to assess all parts of their businesses. It helps you foresee potential challenges, identify opportunities, and set clear objectives. Business plans help you make decisions across the board, including market strategies, financial management, resource allocation, and growth planning.

What industry-specific issues can business plans help tackle?

Business plans can address industry-specific challenges like regulatory compliance, technological advancements, market trends, and competitive landscape. For instance, in highly regulated industries like healthcare or finance, a comprehensive business plan can outline compliance measures and risk management strategies.

How can small business owners use their business plans to pitch investors or apply for loans?

In addition to attracting investors and securing financing, small business owners can leverage their business plans during pitches or loan applications by focusing on key elements that resonate with potential stakeholders. This includes highlighting market analysis, competitive advantages, revenue projections, and scalability plans. Presenting a well-researched and data-driven business plan demonstrates credibility and makes investors or lenders feel confident about your business’s potential health and growth.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Related Posts

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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• Learning Center

Business Roadmap Template

Product/Other Teams

Multi-Functional Teams

Time Units:

Months & Quarters

Functional Areas

Strategic Goals

Time Horizon:

A business roadmap is a valuable tool for communicating company vision and facilitating growth. When using a business roadmap, it becomes clear how various roles, tasks, and responsibilities come together. Unlike with product roadmaps, dates are an essential aspect of business roadmaps because these types of roadmaps are about logistics. If constructed with thoughtful and thorough consideration, a business roadmap lays out everything required to turn a business plan into a reality.

Key Features

• Great for mapping out your business goals over time
• Functional teams are grouped together in swimlanes
• Color-coded according to overall strategic goals

In this business roadmap template, the swimlanes represent different functional areas of the company, such as operations, marketing, product development, and PR. The legend encodes strategic goals like increasing revenue and building brand awareness. The time horizon of this business roadmap example is set at 1 year, with months and quarters used to clearly display order and priority.

A business roadmap like this one can be used to keep stakeholders aligned on the strategic direction of the company and to track the progress of initiatives across various departments.

Talk to an Expert

Schedule a few minutes with us to share more about your product roadmapping goals and we'll tailor a demo to show you how easy it is to build strategic roadmaps, align behind customer needs, prioritize, and measure success.

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