business planning as a roadmap

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

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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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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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Your toolkit for strategy success.

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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The ultimate guide to roadmapping for product teams

Last updated: April 2024

A roadmap is a visualization of a strategic plan. Maybe you are starting a business, building a new product, or leading a cross-functional project. You need a bold vision for what you want to achieve and a solid plan for how you will turn your aspirations into reality.

Roadmaps are the output of a strategic planning process. You can link goals to detailed work and show the time frame for achievement, given your resources and capacity. Roadmaps are also a useful tool for communicating plans to stakeholders and tracking progress against your objectives.

Jump ahead to learn exactly what you need to know about roadmapping:

What is a roadmap?

Basic roadmap components

What are the benefits of creating a roadmap?

Common misconceptions about roadmapping.

Top roadmap examples

How do you choose a roadmap tool?

How do you create a product roadmap?

Product roadmap templates, curious about aha roadmaps join a demo ..

This is an example of a starter roadmap in Aha! Roadmaps . It lets you quickly sketch out your plans by dragging and dropping records onto the roadmap — as you build it out, you are also building out the data that will help you accomplish it. Learn more .

A roadmap is a visual representation of your strategic plans. It ties together your strategy (the "why"), the work you will need to do to achieve your goals (the "what"), and a timeline for completion (the "when"). As a high-level plan for how you will accomplish your goals, a roadmap helps you picture the work that needs to be done along with a corresponding schedule.

Historically, roadmaps have been closely associated with the product development process, but their use has expanded in the last several years. Today, roadmaps are a popular strategic planning method for businesses and teams of all kinds. For example, many organizations use a variety of roadmap types in Aha! software — such as business , technology or IT , project , and marketing roadmaps .

What is roadmapping?

Roadmapping is an essential part of any strategic planning process — because roadmaps make strategy work.

Aha! co-founder and CEO

Roadmapping is a strategic planning approach that helps visualize what you want to accomplish and when. Use it to define the actions and resources required to transform your vision into reality. Then share the roadmap with executives, team members, and cross-functional groups — building clarity and alignment around upcoming goals and timelines.

Roadmap vs. project plan

A roadmap is a visualization of your strategic initiatives and the major areas of work you will pursue.

A project plan is a supporting document that lays out the specifics of what you need to do to achieve those initiatives.

Use a roadmap to define the high-level goals and give an overview of how you will accomplish them. Then create a corresponding project plan to capture the step-by-step actions you will take to reach each goal along the way.

Roadmap vs. strategy

Your strategy lays out the goals, initiatives, and big themes of work that will help you achieve both your vision and mission. Setting strategy provides focus and helps you prioritize the work that will bring you closer to meeting your goals.

A roadmap is a visual way to connect strategy to actual work and deliver against goals. It helps leaders define a workable plan their team can believe in and follow.

Aha! Roadmaps provides multiple ways to create custom roadmaps .

Who uses a roadmap?

As roadmapping has expanded beyond its product development origins , so too have the kinds of people who use roadmaps in their daily work. Managers across a variety of cross-functional groups use roadmapping to help their team understand what is coming next and who is responsible. Here are a few examples:

Executives use a business roadmap to communicate company-wide goals and strategic efforts.

IT managers create a technology roadmap to visualize improvements to existing infrastructure, architecture, and technology processes.

Project managers rely on a project roadmap to communicate a timeline for project goals, tasks, and assignments.

Product managers maintain a product roadmap — focused on communicating the product vision and putting plans in action.

Marketing managers build a marketing roadmap to align groups around integrated marketing plans and all related activities.

Since roadmaps provide a high-level overview of strategy , timing, and feature work, many internal (and even external) stakeholders may reference the team's roadmap to quickly understand how the activities included support the company's goals and initiatives.

What are the components of a roadmap?

The components of a roadmap do not change from team to team. The details may vary, but the basics stay the same. A roadmap should answer:

Why are we doing this?

What exactly are we doing?

When are we doing this?

By including strategic information, time frames, and prioritized work, your roadmap can provide the clarity needed to move ahead. Here are a few common elements:

Goals and initiatives: Show the value that your work brings and how it delivers on business objectives .

Releases and milestones: Answer the question of when work will start and be delivered to market.

Epics and features: Communicate committed work that is prioritized by overall value.

Dependencies: Visualize interrelated work that might impact delivery.

A roadmap is a promise of what you will deliver, not how you will deliver it. This forces you to be judicious about what you choose to commit to. When each work item clearly aligns with your overall objectives, you can be confident that you are investing your time wisely. Only include the initiatives and tasks that are most important for achieving your goals.

Folks on any type of team can benefit from building and referencing a roadmap. Here's how:

Vision vs. strategy vs. roadmap

Initiatives vs. epics vs. features

Despite the growing popularity of roadmaps, there are still many points of confusion about what a roadmap actually is and what it is not. Here are some of the most prevalent misconceptions about roadmaps:

"A roadmap is a to-do list."

Some people think of a roadmap as a list of upcoming tasks or (in the context of product development teams) a backlog . While you can use a roadmap to guide prioritization decisions and inform what to work on next, a roadmap is a distinct document. Keeping your roadmap separate from other planning materials such as backlogs or customer requests helps you maintain your strategic focus.

"Roadmaps should not change."

It is true that a roadmap is a commitment — it captures what you are working towards over the next quarter, six months, year, or longer. But since you typically create a roadmap at the beginning of your planning process, priorities may shift. Adjust dates and details when necessary.

"Roadmaps replace Gantt charts."

Some teams that follow agile software methodology may think of a Gantt chart as a waterfall artifact. The reality is that roadmaps and Gantt charts can be valuable (and often complementary). In a roadmap tool like Aha! Roadmaps , you can enter data once — from high-level strategy to more detailed work. Then you can customize your view to display both a strategic roadmap and a detailed Gantt chart that captures phases of work, tasks, milestones , and dependencies.

"A roadmap will slow agile teams down."

Some agile folks think that a roadmap with dates will slow them down from continuously iterating and delivering. In fact, roadmaps can make you more efficient. A roadmap aligns everyone on the team around the goals and plans, providing a clear direction and a way to quickly view priorities. The roadmap is your foundation — it is the "why" behind the "how."

"A roadmap must have exact dates."

If roadmaps are visual timelines, then including exact dates is a must, right? Not quite. While some teams commit to delivering on specific days, others choose to plan in broader time frames — weeks, months, or quarters. A time-based roadmap gives you checkpoints to make sure the work you have committed to is progressing.

Product roadmaps vs. Gantt charts

Gantt charts and kanban boards — what are they good for?

Gantt chart templates

Product roadmaps vs. release plans

What are some roadmap examples?

There is not a "correct" way that a roadmap should look. How you build your roadmap depends on the information you are communicating — the level of detail you want to show and the audience you are sharing information with. For example, some roadmaps convey high-level info such as key initiatives, while others drill down on the details of activities in a specific timeline.

The best roadmaps show a timeline view of the duration of work items such as goals, themes of work, and activities. Despite variations in appearance, the most compelling roadmaps do share a few attributes. No matter what your roadmap looks like, always strive to make it easy to understand. It should be accurate, up-to-date, actionable, and relevant for the intended audience.

Here are nine examples of roadmaps for product, product marketing, and IT teams — all built using Aha! Roadmaps, which is purpose-built roadmap software :

• Business roadmap

A business roadmap shows the most important strategic efforts across the company. These are typically created by executives and then shared with functional teams to inform their own roadmaps. Business roadmaps usually sync with an organization's strategic planning process, whether that is quarterly or biannual.

Each initiative ties to a business goal and success metric. Progress bars show how close the team is to achieving the goals.

• Strategic roadmap

A strategic roadmap visualizes high-level goals and initiatives. In this example, you can see progress against releases that serve specific goals. The timeline at the top gives a sense of when the team plans to deliver the work.

Releases on this strategic roadmap are clickable and can unfurl to show specific features and related dependencies.

• Portfolio roadmap

A portfolio roadmap shows planned releases across multiple groups or offerings. The bars below are in different colors to represent separate products.

Filters up top allow you to narrow in on the initiatives you want to view.

• Features roadmap

A features roadmap shows all work in flight for a given time period. You might see vertical columns or swimlanes to indicate different releases. Note that each release corresponds to a time frame, so it is easy to see when you plan to deliver.

The status of each feature is labeled ("Not started," "Ready to develop," "Shipped," etc.)

• Agile roadmap

An agile roadmap shows major themes of work in a general timeline. Those themes could be product goals or epics, which are groups of related features. The date range will depend on how an agile development team works, but it is not common to see an agile roadmap expand beyond a quarter at a time. The flexibility of agile workflows makes it easier to keep the roadmap contained to just a few sprints or iterations.

Each of the columns shows a high-level epic that the development team is working on — along with key details such as corresponding goals and statuses.

Go-to-market roadmap

A go-to-market roadmap gives a complete picture of everything that must be done to accomplish a successful launch . The roadmap below includes cross-functional tasks and activities — from drafting a creative brief to conducting sales and support training. You can track dependencies (the arrows) and milestones (the dots) to make sure everyone delivers on time.​​

This example of a go-to-market roadmap was built by a product marketing team.

• Marketing roadmap

A marketing roadmap shows marketing goals and related activities that support overall business objectives. Depending on the complexity of the organization, you might have a marketing roadmap that separates work by function (such as digital marketing and content marketing ) or that visualizes major campaigns linked to specific products.

This roadmap shows how the strategic marketing initiatives map to the overall goals, along with a timeline for completion.

IT projects roadmap

An IT projects roadmap combines strategy, releases, and features into one timeline view. You can see how each release and feature supports the broader IT goals.

This is an example of an IT projects roadmap for the Fredwin IT group.

• Technology roadmap

A technology roadmap is a visualization of your strategic IT plans. Examples of focus areas that might go on a technology roadmap include updating infrastructure and platforms or managing a data transformation. A good technology roadmap usually includes goals and initiatives, new system capabilities, release plans, milestones, resources, training, risk factors, and status reports.

This visualization shows all the work the team must do to roll out new integrations. The window displays more information about the "New data center setup" release.

Roadmap best practices: How to build a brilliant roadmap

How do product managers build the right roadmap?

How to choose a roadmap tool

While you can create roadmap views in spreadsheet or presentation software, there are several downsides to this approach. It can take hours to manually create even a simple roadmap in a tool that was not designed for roadmapping. You also have to update your roadmap each time you make progress or plans change. And it is difficult to share your roadmaps and collaborate with teammates.

This is why many teams use purpose-built roadmap software like Aha! Roadmaps . Instead of constantly updating your roadmap or worrying about version control, you can quickly create, customize, and share beautiful views of your strategic plans. You can build a roadmap and link it to the detailed work. Enter your information once, and your roadmap will update automatically — so everyone can see how they are making progress towards the goals in real time.

Ready to get started? Try Aha! Roadmaps now .

Editor's note: Although the visual below still shows core functionality within Aha! software, some of the interface might be out of date. View our knowledge base for the most updated insights into Aha! software.

When evaluating whether a roadmap tool is right for you, consider the type of project you are working on and the specific needs of your company and teammates. Smaller teams or less mature organizations may want to start with populated templates before graduating to more advanced roadmapping software.

Whatever you are working on, the tool you choose should let you link your work to the strategy, create different types of views, adjust as plans change, and share your roadmap easily with others. Be aware that some tools treat strategy as an afterthought, focusing more on project planning or time tracking. Unfortunately, these tools are unlikely to help you make a real impact — having clear goals to work towards is key to successful strategic planning.

Product managers use roadmaps to coordinate a cross-functional product team around a common goal, such as the launch of a new product or a major release. Product roadmaps are particularly useful for communicating high-level product plans to company leadership, partners, and customers .

There are five basic steps to building a product roadmap :

1. Define product strategy Outline your product vision, goals, and initiatives. You may want to do more in-depth research such as creating personas , writing product positioning , and doing competitive analysis to inform your strategy and provide deeper context.

2. Review and evaluate potential features You likely already have a list of ideas that could bring value to your product. These could be your own concepts, suggestions from teammates, or feedback from customers. You can use a variety of models to weigh the value of potential features, such as a product value scorecard , then add the strongest ones to your backlog.

3. Prioritize and define requirements Break the efforts that best support the strategy down into smaller chunks of work. Some teams employ user story mapping to stay focused on delivering customer value. A user story map shows the journey of a user’s interactions with the product. You can evaluate which steps have the most benefit for the user, prioritize what should be built next, and define detailed requirements for engineering.

4. Organize into releases Now it is time to group your ranked list of features into themes or major initiatives and decide when you will release new functionality to customers. You may work cross-functionally with an engineering manager or scrum leader to make these decisions.

5. Choose your roadmap view Most product roadmaps show major releases over a specific time frame and link those to goals and initiatives. You can adjust the type of information and level of detail you want to share based on your audience and roadmap tool . For example, you may want to include specific features or cross-functional dependencies that will impact your plan.

Roadmaps are incredibly useful for product teams, but they can be challenging to build from scratch — or manually update. At Aha! we offer several roadmap templates to get you started:

Our free downloadable roadmaps provide you with documents that can be used to get started quickly in PowerPoint, Excel, or Word.

Try out our whiteboard functionality with several easy-to-use roadmapping templates .

For more robust roadmaps that include release plans and feature requirements, Aha! Roadmaps has several built-in templates available.

What is roadmap software? Key features of roadmap tools

How do you build a successful product? It starts with a breakthrough idea to solve a real problem.

Use our product roadmap template

Show the direction of your product and the work needed to turn product vision into reality

What's new with Aha! Roadmaps?

Learn about the latest enhancements and new functionality available in Aha! Roadmaps.

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What Is a Business Roadmap — How To Set It Up

The 4 main types of business roadmaps 

Business roadmap examples to inspire and guide you, 1. business capability roadmap, 2. business transformation roadmap, 3. strategic roadmap, 4. content calendar roadmap, 5. it architecture roadmap , who can use a business roadmap, business roadmap vs. business plan — what’s the difference, how to define goals for a business roadmap, how to prioritize using a business roadmap template, a quick rundown of business roadmap templates..., how to make a business roadmap with airfocus:, defining kpis for your business roadmap, incorporating customer feedback into your business roadmap, the role of technology in business roadmaps, finally, a business roadmap checklist — are you ready.

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Airbnb is a modern-day success story that has transformed the travel and hospitality industry.

With just a few clicks, anyone can rent out their free space or book a night in a stranger's apartment, treehouse, or even a castle.

In March 2017, Airbnb raised over $3 billion in its last fundraising round, which valued the company at over $31 billion. This staggering achievement is a testament to the effectiveness of their business model.

Airbnb's visionary idea was originally written on a single piece of paper in 2014, and it outlined the company's goals, objectives, features, key dates, and important milestones. This document was half-jokingly referred to as "the infamous paper to take over the world" by Chip Conley, who was the head of global hospitality at the time.

The document condensed months of strategic thinking, business planning, and research into an easily digestible format. This allowed the entire company to stay focused on becoming a billion-dollar unicorn, and it ultimately led to the success of Airbnb as we know it today.

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.css-uphcpb{position:absolute;left:0;top:-87px;} What is a business roadmap?

A business roadmap is a long-term strategic planning document showing your company's goals and the steps required to get there.

Unlike lengthy business plans, it does not show the individual items and activities required in fine detail.

Instead, it focuses on the big picture, clearly showing your company's major, business goals and objectives, and the high-level strategies it will use to achieve these — this helps keep stakeholders and team members aligned and on track to succeed.

But most importantly, business roadmaps are not set in stone. The activities and priorities outlined in a business roadmap are open to debate and can be reshuffled if needed to better reflect the current environment.

The most common use case for a business roadmap is to show how the business plans to grow. Still, they can be used for other strategic projects, such as change management, enterprise architecture projects, or even by individual departments.

Generally speaking, there are four main types of  business roadmaps . They are:

Department roadmaps.  These are roadmaps that define and explain how a particular department can move forward to address its goals. Defining a department roadmap is one of the best ways to ensure that the entire team is on the same page and working towards the same objectives. 

Business development roadmaps.  On the other hand, business development roadmaps encompass the bigger picture of your business. Rather than looking at various departments' goals, this looks at the larger goal that all departments are working together to reach, and how they'll reach that goal. 

Product roadmaps.  Product roadmaps  are useful for identifying the goals of a particular product and outlining the phases of development that will need to happen to get there. A product roadmap should encompass the entire lifecycle of the product, not just pre-deployment. 

Project roadmaps.  Similar to a product roadmap, a  project roadmap  is a roadmap that generally involves a small group of people, such as one team. The project can be a product to be released, internal app development, redesigning a space, and so on. 

Let's look at some business roadmap examples. Below are some important roadmap examples, some of them are more specialized than others, these can hopefully inspire you to start moving your business forward in a structured, organized way. 

Now that you have an idea of the main types of business roadmaps, let's look at and define the qualities of more specialized roadmaps, starting with a  business capability roadmap . This roadmap is used to outline the large-scale capabilities a business would like to have. 

For instance, if your business is looking to target a specific demographic, break into a particular market, or offer a new service, this would fall under a business capability roadmap.

What can your business do to develop the capability to produce a product or supply a service, and how will it accomplish these tasks?

Example of a business capability roadmap 

It's easy to find tools and examples online that will help you create your own business capability roadmap. These roadmaps take on different forms and routes, though most focus on dividing tasks between departments and teams. 

From there, arrows or some other directional icon illustrate which tasks need to be completed first for the next set of tasks to begin. This can look like a  Kanban board  or a traditional brain-mapping tool. 

Business transformation roadmaps analyze the current state of your business, set goals for how you want to change your business in significant ways, and then outline how you will get there. 

The most common reason for using a  business transformation roadmap  in today's world is digital transformation. That's the process of transitioning traditional workflows and strategies into digital workflows and strategies. 

Example of a business transformation roadmap 

In a business transformation roadmap, the focus will be on transforming each department individually rather than looking at how the changes in each department interact with one another. There will be some overlap, but for the most part, each department will have a unique roadmap. 

That roadmap will involve how various tools and processes can be replaced or replicated digitally. Then, it'll assign that process to multiple department heads and teams. It should also include the allocation of resources required for the transition. 

A  strategic roadmap  outlines a  vision  for your business. It's a mission you want to complete, a value you wish to embody, or a product you want to deploy. Whatever it is, the purpose of a strategic roadmap is to help you get there. 

A content calendar roadmap maps out the content your business will be creating and publishing in a given timeframe. Generally, a content calendar roadmap is reused repeatedly as you build up your content strategy. 

The last roadmap example we'll touch on is an  IT architecture roadmap . This type of roadmap helps your business implement the right types of technology and infrastructure. It's usually very detailed and aims to keep your business modernized and secure.

Whether you are an entrepreneur, a business owner, or a marketing manager, everyone can use a business roadmap to make  communicating complicated business strategy almost effortless.

You can even use a business roadmap to plan your own career path — what do you want to achieve, by when, and why?

By identifying potential opportunities to grow and develop, as well as the partners and resources you'll need to make that happen, you'll be in the driver's seat, whichever industry you work in.

Entrepreneurs

As an entrepreneur, a business roadmap is critical to organizational growth.

You've probably got  a million ideas  and just as many responsibilities, so regularly reviewing your twenty-page business plan simply isn't possible (or advisable!).

Instead, you should create a business roadmap.

At a glance, you can see how your current activities relate to your business's long-term strategic goals and objectives and instantly make changes if required.

As a roadmap is so easy to review, you can share this with new team members to quickly bring them up to speed. You could also use it to get buy-in from investors, quickly illustrating your future growth potential and what their investment would enable you to achieve.

Business owners

As a business leader, you likely have a crystal clear idea of where you want to take the organization in the future. You wake up every morning with a serious mission statement in mind — after all, you built this company with purpose, and that purpose acts as your true north in everything you do.

You  know where you're going… but does anyone else?

For small business owners, a business roadmap and financial capital is essential.

It helps you structure your business vision, reign in your ambition, and see the essential steps required to move forward. You'll also be able to predict risks along the way and what resources you'll need to bring your dream to life. For example, you may have ambitious development tasks up ahead — the remit for which lies beyond your personal technical capabilities. Here, finding an appropriate partner will be necessary to avoid any costly mistakes.

For more established companies and smaller businesses, a business roadmap will help you explore new directions for business operations, identify inefficiencies, and fine-tune your focus as the market evolves.

If you are looking to sell your company, you might not be focused on long-term strategy. However, an effective business roadmap helps and will increase the value of your business.

In this instance, creating a strategic business roadmap will help stabilize and motivate your management team. With a clear direction, your key personnel can continue to do their best work, even if you leave the business.

It will also show real potential for growth, demonstrating to buyers the potential future value of your business.

Business managers

Managers and sales teams are uniquely placed to recognize business needs and opportunities.

You see what happens every day, on the ‘front line,' but you've also got access to the C-Suite to ask for further funding.

Perhaps you've got big ideas on how to achieve your goals and need to convince senior management or executives in your organization. Perhaps you need more team members, resources, or just support for your strategy.

So how do you get it?

Don't waste your time writing a lengthy document or a complicated  presentation

Instead, use a business roadmap.

By boiling down your big idea into key steps, you'll keep your audience engaged and focused on the  benefits  of your strategy rather than the difficult implementation details. 

Historically, business plans have been an essential document for any business.

As little as a decade ago, if you approached someone with a business concept  without  a fully bound, multi-page business plan, you'd have been called naive and underprepared.

However, attitudes are changing. And the entire business world has become more fast-moving and agile. 

Stories of businesses raising millions in investment from just a pitch deck (Uber) or a 1-page document (Airbnb) are now commonplace, and lengthy business plans feel like a thing of the past.

So, let's put a business plan and a business development roadmap head-to-head...

What is a business plan?

A business plan is a document that explains the commercial potential of a business. 

There are no rules for what it should include, but it generally takes an essay format with structured sections that explain what your company is going to do, how it will achieve its goals, what the key risks are, and what the opportunity is. It often includes projected  cash flow  and other financial predictions.

Sure, they might be traditional, but a comprehensive business plan does have its advantages :

It demonstrates to investors, lenders, and other interested parties that you've done the research necessary to build the business correctly.

It shows the financial viability of your company in detail.

It helps get everyone involved on the same page and aligned on the direction of the company.

It might be required to get business loans or government grants. Some traditional investors expect to see a lengthy business plan.

There is hard evidence of the effectiveness of good business plans, too — a  study  by Professor Andrew Burke from the Cranfield School of Management proved that companies that write plans and use them grow 30% faster than businesses that fail to plan.

The problem with business plans...

The thing is, a comprehensive business plan takes time to create.

Choosing the right words, creating countless tables, and doing comprehensive research might reveal valuable insights and tell a compelling story, but it also drags you away from building your product, talking to customers, or getting real market feedback.

In 2018, the  Harvard Business Review  wrote:

  “The real key to succeeding in business is being flexible and responsive to opportunities. Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer or when it turns out that their product or service fits better in an alternate market. Because of these realities, business plans are written at the start end up nothing more than a fable”.

Enter: the business roadmap and all its benefits!

This is where a business roadmap truly excels. By focusing on high-level steps, the benefits are: 

It can be reviewed quickly and constantly, enabling everyone to check if they are on track.

When the product, market, or  opportunity shifts , the roadmap can be modified quickly.

It keeps the business focused on the big picture, spotting potential roadblocks and obstacles earlier.

So, which is best?

A business plan is still a critical document for many businesses today, particularly those who need one to secure funding, financing, or convince traditional investors.

Yet, modern businesses benefit from increased agility, making a business roadmap a leaner, faster, and more responsive document.

In our view, there's one clear winner: the business roadmap . However, most of the time,  a business roadmap and a business plan work hand-in-hand.

By now, you should have an understanding of what a business roadmap is and how it can be applied in your business to map your strategic direction.

Probably you're pretty eager to get started  building your roadmap now

But, it's important to realize that the strategic thought that takes place  before  you create your roadmap is just as valuable as the act of creating the strategic roadmap itself.

Start with foundations by setting effective goals.

Then, build your business roadmap shows how to achieve these goals.

1. Understanding long-term goals

What specific objectives do you want to achieve in the next 3 to 5 years?

These long-term strategic goals that will help shape your business roadmap — if an activity doesn't play a role in helping you reach a long-term goal, then it doesn't deserve a place in the business intelligence roadmap today.

Long-term goals can be associated with:

Revenue:  The simplest to explain but the hardest to achieve, e.g., increasing profits or revenue by a certain percentage within a defined time.

Growth:  Expand the company through new employees, resources, or other key measures.

Service and reputation:  Improve the quality of your services, leading to increased customer satisfaction or customer retention.

Social:  Increasingly, businesses are setting long-term goals to give back to society or the environment.

2. Setting short-term goals

The context set by long-term goals helps you identify what you need to do in the near future to progress along your business objective strategic journey. Short-term goals are ideal milestones or destinations for your business objectives strategic roadmap now.

Remember, the best short term goals are SMART :

Specific . They should be targeted and highly detailed, so they can be easily understood.

Measurable . Set a metric that can be continually reviewed. This will prove progress is being made.

Action-oriented . Specify what actions need to be taken and when.

Realistic . Goals should be challenging but achievable. Make your goals realistic by reflecting on your past performance.

Time-specific . Look ahead and set a hard deadline to keep things on track. 

3. Speak with stakeholders

Once you've got a solid understanding of both your long and short-term goals, it's essential to get your team or employees motivated to achieve them.

Involve them in the process of creating your goals and listen intently to their feedback. After all, if they feel they helped shape where the company's vision is headed, they will be more motivated to get there.

4. Identify key steps on your roadmap

Now for the exciting part — the first steps of building your startup roadmap are:

Look at your goals and consider what major steps will be required to achieve them.

Annotate each of those steps with a brief high-level description.

Place these steps into order and consider whether you will have the resources required (such as people and time) to complete them. Make sure you can defend  why  the steps should be completed in this order. 

Critique your roadmap — is this realistic? If conditions change, can your roadmap adapt?

No team has unlimited resources. 

So to help you decide which projects or initiatives deserve a place in your business roadmap, you need to prioritize. This will make sure you get the most impact on your goals with the fewest resources possible.

There are many different approaches to prioritizing a roadmap, but the most quantitative and scientific way is to use a " prioritization matrix " or "weighted scoring model". This is a proven and field-tested framework used by companies like Nike, Shell, and The Washington Post. It will identify key risks and help your roadmap be as focused and successful as possible.

We built ready-to-use  prioritization frameworks within all of our templates , so you don't need to invent your own. But, if you prefer to do it manually, here is a step-by-step business roadmap prioritization guide.

1. Determine choices

Write down all the possible things you could add to  your roadmap  right now. For example, this could be a new sales initiative, a new marketing campaign, or a recruitment cycle.

2. Pick and rate criteria

Next, you need to figure out how you'll decide which item is more important than the others. These will be unique to your organization but could be current business goals like revenue increase, cost to implement, or strategic fit.

You can optionally assign these items a weight, showing how important each of the criteria is to your business.

For example, your primary goal for the year might be to increase revenue, so you might double the weight of this criteria. 

Place these criteria into a table as below:

On a simple 1-5 scale, rate each of the rows in the columns. 5 is most desirable, and 1 is least desirable — for example, for 5 could mean high revenue potential and lowest cost.

3. Calculate

Multiply your scores by their weight. The highest scoring total rows are your priorities. 

Now you understand how to use this matrix, you can plan and explain your prioritization decisions to stakeholders.

To save time, try using the  airfocus  built-in scoring feature and prioritization tool, which does all the hard calculations work for you.

You don't need to start from scratch with your business roadmap.

These templates all allow for unique roadmapping requirements — including a built-in prioritization feature, which can flex to your unique criteria.

For marketing teams, calculate the impact of your work with this  marketing planning and prioritization template . Simply change the value criteria from brand awareness to whatever  KPI  you are tracking.

Business owner, strategist, consultant, or executive? Get everyone on the same page instantly with our  business project roadmap template . Justify your decisions and spend with the built-in prioritization matrix

Startup founder? Build a billion-dollar empire by bringing order to chaos with this  startup roadmap template . It'll tell you in seconds what you should be working on next.

Creating a business roadmap is simple with airfocus.

Start by selecting our business roadmap template . We offer pre-built templates for various situations that are fully adjustable and built on proven decision-making and roadmapping methods. Plus, our templates are fully customizable — giving you the best of both worlds.

Add your projects, features, and initiatives manually or import them from your existing tools.

2. airfocus integrates Jira, Trello , Asana, or CSV as well as 1000+ other tools via Zapier. 

3. Once you've added your items, you can map your priorities on a chart to better understand the most important projects.

4. Next, organize your items into a beautiful roadmap with a simple drag-and-drop on prioritization chart

b. Timeline view

c. Table view

5. In the end, use a share link to communicate your strategy within minutes, ensuring that everyone is on the same page. As your priorities evolve, the shared version will also be updated, ensuring that everyone remains informed.

6. Don't forget to regularly revisit your roadmap to ensure you are on track!

KPIs, or Key Performance Indicators , are metrics your business can measure to track its performance in certain areas. Technically, any aspect of your business's performance that you can measure is a "Performance Indicator." 

However, what makes a "PI" a "KPI" is the metric's impact. For example, your monthly revenue might be valuable to a product supplier but absolutely essential for a subscription-based service. 

In other words, a KPI is a crucial measurement of your business's performance, indicating an important trend. 

How to define KPIs for your business roadmap

For businesses in the modern age, picking and accurately measuring the correct KPIs is a crucial step in creating a successful business roadmap. Here are a few important tips for defining the KPIs that make up your business's roadmap. 

Identify your essential metrics

First, you should identify your essential metrics. As mentioned, these are the metrics that represent the biggest impact on your business. You can also think of these as the metrics that indicate trends (positive and negative) for your business. 

For example, a subscription-based business might want to look at monthly users and revenue, while a fast-food restaurant might consider customer retention and order delivery times. 

If you're having a hard time deciding which KPIs are essential for your business, you can easily find recommended KPIs online for your business model. This is usually a good place to start. 

Examine your roadmap

Next, you'll want to examine your business roadmap . How do your outlined steps and goals correlate with your chosen KPIs? Do they directly relate? Are there indirect relationships? 

Connecting these dots can help you determine two important things:

Is your business roadmap truly aligned with your business's strengths and weaknesses? Is it a good outline?

Have you chosen KPIs relevant to your business's goals and strategies? 

Use your KPIs to make decisions 

With those initial steps completed, you can start incorporating your KPIs into your overall strategy . That will primarily mean using your KPIs to make important decisions. 

Thinking about investing in a new service? Launching a new product? Making an acquisition? Consulting your KPIs and your business roadmap can help you quickly say "Yes" or "No" to these types of opportunities. 

They paint a picture of where your business currently is so you can see where you stand without wasting too much time.

Of course, KPIs aren't the only factor you should consider when creating a business roadmap. Another important consideration is customer feedback because it can also help point you in the right direction. 

How to incorporate customer feedback into your business roadmap

Collect your feedback in one place

An important factor in collecting customer feedback is ensuring it's all kept in one place. If you don't have a plan for collecting customer feedback, then you aren't really collecting it — you're just haphazardly hoarding it. 

Using a tool that connects feedback you receive in-app, through customer support channels, and directly on your website will help you stay organized and quickly analyze what your feedback is telling you. It tells the story of your feedback rather than forcing you to dig through it yourself. 

Use feedback to inform current and future projects

Feedback can also be helpful as a tool for informing your current and future projects. For example, you may be working on a feature only a few of your users have seen. If you're mainly getting negative responses, it might be time to rethink this feature. 

On the other hand, if you're getting requests for a new kind of feature, you may want to start moving in that direction. 

Assess your products and processes

Another way to use customer feedback is to assess whether your products and processes meet your users' needs. How are customers receiving your products? Are your processes living up to customer expectations? 

Feedback can be a light in the dark, giving you a solid idea of how to move in a way that will make customers happy. 

Of course, you can also lean on technology when building and refining your business roadmaps. It can help in various ways, some of which we'll cover below. 

How to use technology for your business roadmap

Use roadmapping software 

One of the first and best ways to use technology for your business roadmap is by leaning on roadmapping software . These tools can streamline your process for creating, editing, and sharing your business roadmap. 

airfocus is a great tool for this purpose. Our modular solution has been refined to make your job as simple as possible. 

Use roadmap templates

Business roadmap templates , while fairly "low-tech," can also speed up your process. They do most of the heavy lifting for you, so you just have to focus on filling them. They're a great resource if you're not sure where to start. 

Use feedback management tools

When it comes to collecting, organizing, and implementing feedback, feedback management tools are your best friend. They help structure and bring together all of your customer feedback in a single location, simplifying your job and painting an overarching picture that is easy to understand. 

Use technology to engage with your community

Of course, you don't just want to collect feedback from your community. You want to be interactive and engaging. Technological tools like airfocus Portal , can also help you out here, giving you a tool for directly interacting with customers and effectively closing the loop. 

Use AI to make things simple and quick

AI is already making significant enough strides to help you start refining and creating your business roadmaps. airfocus has AI Assist , a powerful AI tool to help you create high-quality, high-impact business roadmaps.

Don't worry if your head is spinning a little with all this new information.

Once you're in the swing of things, creating a business roadmap will become second nature. 

For now, though, simply follow the checklist to make sure you've crossed all the Ts and dotted all the Is...

Strategy and ownership:

Is your roadmap centered around achieving a clear mission, vision or goal?

Do you have cross-business buy-in from stakeholders to ensure support throughout the project?

Have you secured and funded the resources required?

Have you allocated each work item in the roadmap to encourage accountability?

Scoping and analysis:

Is the roadmap structured around major themes and events?

Is the scope of the roadmap clearly defined, with set timeframes?

Is it obvious what the key milestones are and what success will look like at these stages?

Are your items prioritized, with the reason for their prioritization clearly recorded?

Measurement and communication:

Remember, transparency encourages efficient and honest communication — is your roadmaps easily accessible to stakeholders and implementation teams?

Is it clear who should make changes to the roadmap if and when it's necessary?

Reality check:

Have you allowed for an ongoing review of the roadmap, to check progress and make corrections?

Is the pace of change achievable with the resources available?

Have you accounted for dependencies between items — and conceived of workarounds — to avoid last-minute blockers?

Answered ‘yes' to all of the above?!

That's it!

Now, you are ready to go! 

Don't forget - a compelling business roadmap isn't designed to replace the business plan entirely. Instead, a compelling business roadmap will help you stay on track and quickly reshuffle your priorities — visually communicating changes to all stakeholders whilst supporting strategic decisions with valid data.

If you're totally new to roadmapping, there are tonnes more to learn over on our blog.

airfocus was designed to help managers  get the right stuff done, and to make things easier, you can use one of our business roadmap templates to get started. There are  dozens  to choose from on our website, so  go take a look .

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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

Roadmap Template

IT Implementation Roadmap

Product Roadmap Template

Product Roadmap

• More Templates

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

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.’

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 Roadmap: The Tactical Guide from Business Idea to Execution

By GGI Insights | May 5, 2024

Table of contents

By the end, you'll be equipped with the knowledge to craft a successful business plan and business roadmap that propels your organization toward long-term growth and prosperity. Having a clear roadmap is crucial for success. Understanding the right business plan format is vital, as a business roadmap serves as a strategic guide, outlining the vision, goals, and action plans that will lead your organization to achieve its objectives. Without a well-crafted roadmap, businesses can easily get lost, wasting time, resources, and opportunities.

What is a Business Roadmap?

A business roadmap is a strategic plan that outlines a company's vision, objectives, and the steps needed to achieve them over a specific timeframe. It serves as a guide for aligning organizational efforts and resources towards growth and innovation. Essentially, it’s a visual document that communicates the key milestones and deliverables expected to stakeholders, ensuring everyone is on the same page regarding the company’s direction. A business roadmap details the initiatives, projects, and strategies that will be implemented to move the business from its current state to its desired future state, including timelines for completion and the metrics for measuring success. An integral part of this planning includes financial projections , ensuring that financial resources are effectively aligned with the roadmap's goals. Additionally, the process of writing a business plan can greatly inform and enhance the roadmap, providing a detailed framework and analysis of the business’s objectives and strategies.

Imagine navigating a journey through uncharted territory. A business roadmap is akin to the detailed map that explorers would rely on, marking critical landmarks (milestones), plotting the course (strategies), and identifying potential obstacles along the way. It's not just about the destination but also about planning the most efficient and effective route, adapting to changes, and making informed decisions to reach the goal. This roadmap empowers businesses to prioritize initiatives, allocate resources wisely, and stay focused on long-term goals amidst the day-to-day operations. Learning from business plan examples can provide valuable insights into effective planning and implementation.

A well-crafted business roadmap fosters transparency, collaboration, and accountability within the organization. It enables teams to understand how their work contributes to the broader company objectives, encourages cross-departmental cooperation, and keeps everyone motivated towards achieving common goals. By clearly articulating the company's strategic plan, a business roadmap plays a crucial role in driving sustained growth, navigating competitive markets, and adapting to evolving industry trends.

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Understanding the Importance of a Business Roadmap

A business roadmap defines the path that your organization will follow to achieve its goals , essentially serving as a strategic business plan outline . It serves as a strategic compass, providing clarity, direction, and alignment for all stakeholders. By outlining the vision, mission, and objectives, a roadmap helps everyone understand the big picture and their role in accomplishing it. It also provides a framework to prioritize projects and allocate resources effectively.

When creating a business roadmap, it is important to consider the various factors that can impact your organization's success. These factors may include market trends, customer demands, competitive landscape, and technological advancements. By taking these factors into account, your roadmap can adapt to changes in the business environment and ensure that your organization remains relevant and competitive.

Business roadmap can help identify potential risks and challenges that may arise along the way. By anticipating these obstacles, you can develop contingency plans and strategies to mitigate their impact. This proactive approach allows your organization to navigate through uncertainties and stay on track toward achieving its goals.

Why Your Business Needs a Roadmap

Without a roadmap, your business may lack clarity and direction, leading to inefficiencies, missed opportunities, and wasted resources. A roadmap helps align all stakeholders towards a common goal, ensuring everyone is working towards the same objectives. It enables better decision-making by providing a clear framework for evaluating opportunities, risks, and trade-offs.

Additionally, a roadmap provides a foundation for effective communication, both internally and externally, ensuring everyone understands the organization's vision and how their contributions fit into the bigger picture. It serves as a reference point for discussions, presentations, and updates, enabling stakeholders to stay informed and engaged.

By clearly defining the objectives and action plans, it becomes easier to track progress, measure performance, and hold individuals and teams accountable for their responsibilities. This promotes a culture of ownership and a results-driven mindset, driving the organization toward success.

A business roadmap is a powerful tool that provides structure, clarity, and direction to your organization. It helps align stakeholders, prioritize projects, and allocate resources effectively. By defining the vision, mission, objectives, and action plans, a roadmap ensures that everyone understands the big picture and their role in achieving it. It enables better decision-making, fosters effective communication, and promotes accountability. Invest time and effort in creating a comprehensive and dynamic roadmap, and watch your organization thrive and succeed.

Key Elements of a Successful Business Roadmap

A successful business roadmap consists of several key elements that work together to drive the organization towards its goals. These elements include the vision and mission, strategic objectives, action plans, and more.

When it comes to creating a business roadmap the vision and mission statements play a crucial role. The vision statement articulates the desired future state, painting a picture of what the organization aims to achieve. It serves as a beacon of inspiration, guiding the organization's decisions and actions. On the other hand, the mission statement clarifies the purpose of the organization, outlining its core values, target market, and unique selling proposition. Together, these statements provide a guiding light for the entire organization, fueling motivation and inspiring action.

Business roadmaps goes beyond just having a vision and mission. It also involves setting strategic objectives that align with the overall vision and mission. Strategic objectives are the specific goals that your organization aims to achieve. These objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. They provide focus and clarity, helping the organization prioritize its efforts and allocate resources effectively.

But setting strategic objectives is not enough. To bring those objectives to life, action plans are essential. Action plans outline the specific steps, tasks, and timelines needed to achieve the strategic objectives. They break down the goals into actionable activities and allocate responsibilities to individuals or teams. Action plans provide a roadmap for execution, ensuring that progress is made towards the desired outcomes.

A successful business roadmap requires continuous monitoring and adjustment. Regularly reviewing and adjusting action plans is crucial to keeping the roadmap agile and responsive to changing market dynamics. By regularly assessing the progress and making necessary adaptations, organizations can stay on track and ensure that their roadmap remains relevant and effective.

Effective communication and collaboration are vital elements of a successful business roadmap. It is important to involve key stakeholders and team members in the roadmap development process. By fostering a collaborative environment, organizations can gain valuable insights and ensure that everyone is aligned and committed to the roadmap's success.

A successful business roadmap takes into account potential risks and challenges. It includes contingency plans and mitigation strategies to address unforeseen obstacles that may arise along the way. By proactively identifying and planning for potential risks, organizations can minimize disruptions and stay on course toward their goals.

A successful business roadmap encompasses various elements, including the vision and mission, strategic objectives, action plans, effective communication, continuous monitoring, collaboration, and risk management. By integrating these elements, organizations can create a roadmap that not only guides their journey but also enables them to navigate the ever-changing business landscape with confidence.

Steps to Create a Business Roadmap

Crafting a business roadmap involves several essential steps that enable you to define your goals, develop strategies, and set a timeline for implementation , akin to creating a comprehensive financial plan .

Creating a business roadmap is a crucial process that sets the foundation for success. It requires careful planning, analysis, and strategic thinking. By following these steps, you can ensure that your roadmap is comprehensive and effective.

Identifying Your Business Goals

The first step in creating a business roadmap is to identify your goals. This step is crucial as it sets the direction for your organization. Start by conducting a thorough assessment of your organization's strengths, weaknesses, opportunities, and threats. This analysis will provide valuable insights into your current position and help you determine where you want to be in the future.

Based on this analysis, set clear and specific goals that align with your organization's vision and mission. These goals should be challenging yet achievable, providing a sense of direction and purpose for the entire organization. By setting goals that are aligned with your organization's values and aspirations, you can inspire and motivate your team to work towards a common objective.

Defining Your Strategy

Once you have identified your goals, it's essential to develop a strategy to achieve them. A well-defined strategy acts as a roadmap within your roadmap, guiding your organization towards its desired outcomes.

Consider the resources, capabilities, and market dynamics that will impact your organization's ability to reach its goals. Analyze your strengths and weaknesses to identify areas where you can leverage your competitive advantage. Develop strategic initiatives that capitalize on your strengths and mitigate your weaknesses. By aligning your strategy with your organization's capabilities, you can maximize your chances of success.

Clearly define the actions, milestones, and metrics that will track progress toward your strategic objectives. This will help you monitor your performance and make necessary adjustments along the way. By setting measurable targets, you can ensure that your organization stays on track and achieves its goals within the defined timeline.

Setting Your Timeline

Time is a critical factor in roadmap execution. Without a realistic timeline, your roadmap may lack direction and fail to deliver the desired outcomes.

Define a realistic timeline that outlines when you expect to achieve each milestone and goal. Consider the complexity of each task and allocate sufficient time for its completion. Be mindful of potential dependencies and resource constraints that may affect your timeline. By considering these factors, you can avoid delays and ensure smooth execution of your roadmap.

Allow flexibility for adjustments and contingencies, as unforeseen circumstances may arise during the implementation process. Regularly review and update your timeline to ensure alignment with changing market conditions and organizational priorities. By staying agile and adaptable, you can navigate through challenges and stay on course towards your goals.

Creating a business roadmap is an ongoing process. It requires continuous evaluation and refinement to ensure its relevance and effectiveness. By following these steps and regularly reviewing your roadmap, you can steer your organization toward success and achieve your long-term objectives.

Implementing Your Business Roadmap

A well-crafted business roadmap is only effective if it is communicated, implemented, and monitored appropriately. Here are two key steps to ensure successful implementation:

Communicating the Roadmap to Your Team

Effective communication is crucial in ensuring that everyone within the organization understands the roadmap and their role in achieving its objectives. By fostering a culture of open dialogue and transparency, organizations can create an environment where employees feel engaged and committed to the roadmap.

To effectively communicate the roadmap, it is essential to clearly articulate the vision and mission, strategic objectives, and action plans to all stakeholders. This can be done through various channels such as team meetings, email updates, or dedicated communication platforms. By consistently and clearly communicating the roadmap, organizations can ensure that everyone is on the same page and understands the direction the company is heading in.

In addition to communication, it is important to encourage feedback from stakeholders. This can be done through regular check-ins, surveys, or suggestion boxes. By providing opportunities for feedback, organizations can gather valuable insights and perspectives that can help refine and improve the roadmap. It also fosters a sense of ownership and empowerment among employees, as they feel that their opinions are valued and taken into consideration.

Regularly communicating progress, successes, and challenges is also crucial in keeping stakeholders informed and motivated. This can be done through progress reports, performance dashboards, or regular updates during team meetings. By sharing updates, organizations can celebrate successes, address challenges, and keep everyone motivated and engaged in the roadmap's implementation.

Effective communication is a cornerstone of successful roadmap implementation. By clearly articulating the roadmap, encouraging feedback, and regularly communicating progress, organizations can ensure that everyone is aligned, motivated, and working towards a common goal.

Monitoring Progress and Making Adjustments

Regularly monitoring the progress toward achieving the roadmap's goals is essential for ensuring its success. By establishing key performance indicators (KPIs) and metrics that track performance, organizations can stay informed and intervene promptly when necessary. Regularly reviewing and analyzing the data allows for the identification of areas that need improvement or potential bottlenecks that may hinder progress.

Once these areas have been identified, it is important to make adjustments to action plans, resource allocation, or timelines as needed. This flexibility allows organizations to adapt to changing circumstances and ensure that they stay on track toward their goals. By continuously reviewing and refining the roadmap, organizations can maintain its relevance and effectiveness.

Embracing a continuous improvement mindset is also crucial in the monitoring process. Seeking feedback from team members and stakeholders and learning from both successes and failures allows organizations to grow and evolve. This feedback can provide valuable insights into what is working well and what needs improvement, enabling organizations to make informed decisions and drive continuous improvement.

Overall, regularly monitoring progress, making necessary adjustments, and embracing a continuous improvement mindset are vital components of successfully implementing a business roadmap. By staying proactive and responsive to changes, organizations can maximize their chances of achieving their long-term objectives and navigating the ever-changing business landscape with confidence.

Common Pitfalls in Business Roadmap Creation and How to Avoid Them

Even with careful planning and execution, roadmaps can encounter obstacles and challenges. Being aware of common pitfalls can help you navigate these hurdles effectively.

Lack of Clear Objectives

One common pitfall that organizations often encounter is having vague or ambiguous objectives. When setting goals for your business roadmap, it is essential to ensure that they are specific, measurable, and aligned with your organization's vision and mission. By clearly defining success criteria and key performance indicators (KPIs), you can effectively track progress and make informed decisions along the way.

Specific objectives provide clarity and direction, ensuring that everyone in the organization understands what needs to be achieved. Measurable objectives allow you to quantify progress and determine whether you are on track to meet your goals. Aligned objectives ensure that your roadmap is in harmony with your organization's overall vision and mission, ensuring that all efforts are working towards a common purpose.

To avoid the pitfall of vague or ambiguous objectives, it is crucial to break down your goals into specific, actionable steps. This will help you define the necessary tasks, allocate resources effectively, and establish clear timelines. By breaking down your objectives into smaller, achievable milestones, you can track progress more effectively and make adjustments as needed.

Clearly defining success criteria and KPIs will enable you to measure and evaluate your progress. These metrics provide tangible evidence of your accomplishments and help you determine whether you are moving in the right direction. By regularly reviewing and analyzing these metrics, you can make data-driven decisions and ensure that your efforts are aligned with your desired outcomes.

Having vague or ambiguous objectives can hinder the success of your business roadmap. By ensuring that your goals are specific, measurable, and aligned with your organization's vision and mission, you can set a clear direction for your roadmap and increase the likelihood of achieving your desired outcomes. Clearly defining success criteria and KPIs will enable you to track progress, make informed decisions, and stay on course towards your goals.

Unrealistic Timelines

Setting overly ambitious or unrealistic timelines can have detrimental effects on your organization's success. It can lead to frustration among team members, causing burnout and negatively impacting their productivity. Additionally, poor execution can result from rushing to meet unrealistic deadlines, compromising the quality of work.

To avoid these pitfalls, it's crucial to take into account various factors when defining your timeline. Consider the complexity of your goals and the tasks required to achieve them. Assess the resources available to you, including financial, human, and technological resources. Understand any potential constraints or limitations that may affect the timeline, such as competing priorities or external factors beyond your control.

Allowing for flexibility in your timeline is essential to ensure the feasibility of your roadmap. Recognize that unforeseen circumstances may arise during the implementation process, and adjustments may be necessary. By building in some buffer time and being open to adapting your plans, you can better navigate through unexpected challenges and maintain momentum towards your goals.

Regularly reviewing and reassessing your timeline is crucial for success. As you progress through your roadmap, monitor the pace of your progress and the completion of milestones. Evaluate whether your timeline is still realistic and adjust your expectations as needed. This continuous evaluation and refinement will help you stay on track and ensure that your roadmap remains achievable.

By setting realistic timelines and allowing for flexibility and adjustments, you can avoid frustration, burnout, and poor execution. Your team will be motivated and engaged, knowing that they have a realistic timeframe to work within. The quality of work will be upheld, and your organization will have a higher chance of successfully achieving its strategic objectives.

Insufficient Communication

Failure to effectively communicate the roadmap can have detrimental effects on an organization. It can lead to confusion, lack of engagement, and resistance among team members. To avoid these issues, it is crucial to ensure that all stakeholders have a clear understanding of the roadmap's purpose, goals, and action plans.

One way to foster effective communication is by creating a culture of openness and transparency within the organization. Encourage team members to share their thoughts, ideas, and concerns about the roadmap. Actively listen to their feedback and address any questions or uncertainties in a timely manner. This will help build trust and ensure that everyone feels valued and included in the roadmap's development and implementation.

It is important to use clear and concise language when communicating the roadmap. Avoid technical jargon or overly complicated explanations that may confuse or alienate team members. Instead, use simple and straightforward language that can be easily understood by all stakeholders. This will help ensure that everyone is on the same page and can effectively contribute to the roadmap's success.

Regularly updating and sharing progress updates is another key aspect of effective communication. Keep stakeholders informed about the roadmap's progress, successes, and challenges. This can be done through regular meetings, emails, or project management tools. By providing regular updates, you can keep everyone engaged and motivated, as well as address any potential roadblocks or issues in a timely manner.

It is important to create opportunities for two-way communication. Encourage team members to provide feedback, suggestions, and ideas for improving the roadmap. This can be done through surveys, brainstorming sessions, or one-on-one meetings. Actively listen to their input and consider incorporating their ideas into the roadmap. This will not only enhance the quality of the roadmap but also foster a sense of ownership and commitment among team members.

Effective communication is essential for the success of a business roadmap. By ensuring that all stakeholders have a clear understanding of the roadmap's purpose, goals, and action plans, and fostering a culture of open communication, organizations can avoid confusion, lack of engagement, and resistance. Regularly updating and sharing progress, using clear and concise language, and creating opportunities for two-way communication are all key elements of effective communication. By implementing these strategies, organizations can effectively communicate their roadmap and increase the chances of achieving their desired outcomes.

Navigating the journey from a nascent business idea to its successful execution is akin to embarking on a grand voyage, where the business roadmap serves as the indispensable compass guiding the way. This tactical guide is not merely a document but a dynamic strategy that evolves with your organization, illuminating the path towards achieving your ambitious objectives. By synthesizing vision with action, a well-articulated roadmap transforms the abstract into the tangible, making the elusive grasp of success firmly within reach. It orchestrates the collective efforts of stakeholders, harmonizing individual contributions into a symphony of strategic progress, and in doing so, it becomes the cornerstone of not just survival in the competitive business arena but of thriving excellence. The creation and implementation of a business roadmap demand more than just foresight; they require an unwavering commitment to adaptability and continuous improvement. As your enterprise sails through the changing tides of market trends, customer preferences, and technological innovations, the roadmap's flexibility allows for navigational adjustments, ensuring your journey remains on course. This agility is paramount in steering through the unpredictable, often turbulent waters of business, allowing for realignment of strategies and recalibration of goals to harness emerging opportunities and mitigate unforeseen challenges.  Yet, the true essence of a successful business roadmap lies in its capacity to foster a culture of clarity, coherence, and collaboration within the organization. By delineating clear objectives, setting realistic timelines, and promoting robust communication channels, the roadmap cultivates a shared sense of purpose and direction. It empowers every member of the team, instilling a collective responsibility towards the realization of the company's vision. Furthermore, by anticipating potential pitfalls and embedding mechanisms for their avoidance, the roadmap not only safeguards the organization's trajectory but also reinforces its resilience against the vicissitudes of the business landscape. In the grand scheme of entrepreneurial endeavors, the development and execution of a business roadmap are both an art and a science—a meticulous blend of strategic planning and creative visioning. It is through this prism of strategic foresight, grounded in expertise, experience, trust, and authority, that the roadmap emerges as the quintessential guide from ideation to realization. As stewards of this journey, business leaders are tasked with not just charting the course but ensuring that the voyage is navigated with wisdom, agility, and an unwavering gaze towards the horizon of success. In embracing this tactical guide, businesses unlock the potential to transform visions into victories, charting a course towards a future replete with achievement and prosperity.

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How to Develop a Strategic Business Roadmap

Having a business needs constant analyzing and tweaking of the past results to help unite all the strategies and lead the business to success.

The process of doing a business roadmap helps you analyze the performance of the whole business, its potential, threats and opportunities, as well as key performance indicators.

These will give you an idea of the key issues and determine how to optimize them to make your business become more profitable.

What is a Business Roadmap?

A business roadmap is a specific plan of action that helps to achieve the company's objectives and sets specific targets and deadlines.

Similar to a business plan, your business roadmap shows you where you’re headed and how you’re getting there. The difference is that a roadmap is a more specific visualization of the bigger picture of your destination. It illustrates not only your major goals and key strategies but also the team and resources required in each area.

Mapping a business strategic roadmaps will highlight each project and deadline of every department in your company. With this, you are aware of every moving part of the business. And your managers have a clear direction on where their team is headed.

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Why do you need strategy roadmaps.

Imagine driving on the road with no destination in mind. You are free to go anywhere you like, visit stops every few minutes, or get out to the curb for no reason. It’s a fun and thrilling experience, but that won’t work if you’re trying to run a successful business.

Businesses that don’t create a roadmap have fewer tools to reach their goals.

When you run a business, it means that your financial capital is in the picture, there are people who rely on it, and there are resources you need to look into regularly. That’s why it’s crucial that you know where you’re always headed and what you should and shouldn’t do along the journey.

5 Steps to Creating Business Roadmap That Works

Strategic roadmapping is not something that you do on a whim. It should involve deep analysis and planning as well as collaboration with your organization.

It’s important to know the inputs of your executives and managers to be able to craft a roadmap that includes insights from those who are directly involved in various parts of the organization.

Also, your strategic roadmap should include a timeline as to when the business objectives you’ve set are expected to be completed.

In order for you to create an effective business roadmap, here are the steps you can follow:

1. Define your objectives

How do you want your business to run, grow, and succeed?  

Craft your mission and vision to help you develop concrete business objectives. A clear aim that you wish to achieve will be the first step to your path for growth.

Business objectives are the goals you would like to accomplish, and they can be crucial to exceeding your current standing. Consider them your roadmap to success, so to speak.

There is a distinction between business objectives and business goals. Business goals are the big-picture that you want to achieve, while business objectives are more specific, measurable, and actionable. 

If you’re running a business, your job is to make sure that you set a guide and lead the organization. You also have to convince your team to buy into your vision, so it’s important that you create a compelling business roadmap and help your team believe it.

When you do this, they are more likely to be willing to go the distance to make it happen. Make sure that everyone is aligned and moving in the same direction as you expect them to.

2. Identify your challenges

Identify the challenges you currently have or the potential ones you are expecting to experience, and then learn how to tackle them head-on.

This process can be complicated. For instance, you may think that technology is your main problem, but in reality, you’re actually facing a series of small issues that are preventing you from maximizing your technological assets.

It’s best to keep it as simple as possible, that’s why plotting your business objective first is important. Going blindly runs you the risk of being unable to find issues and prevent you from formulating strategies to face them.

3. Assess your business capabilities

What can you do to seize your challenges? There’s no one-size-fits-all solution to assessing your business capabilities.

Start by assessing your business’ strengths. You may discover that you’re already doing well in one area, which can help you identify solutions for other areas that need attention.

Understanding your strengths helps you develop strategies that will guide you in running your business better.

4. Plan your courses of action

How can you make sure that you are on the right path?

Once you’ve laid down your capabilities, it’s high time to get your actions that bridges all the gaps. Consider your organization changes and process reevaluation too.

For example, if your marketing is doing great, the course of action is to appoint more efficient people to enhance the opportunities and results that your marketing brings in. You can also implement new channels such as the integration of digital marketing as a tool to fuel your growth.

If you have various lists of capabilities, start with identifying your priorities and focus first on the ones you mark as high priority.

5. Create your business roadmap

Your business roadmap is meant to map out the company’s growth and lay out the path that will get your company achieve its objectives. It should be accompanied by the elements we’ve listed above. 

Your roadmap is critical to effectively position your business to exceed your objectives in the marketplace.

Remember: business roadmaps are not set in stone, it’s a living document that will update as your business evolves.

It’s also important that the roadmap you create helps your team visualize where they are headed. You can do this by formatting your strategic roadmap document in a way that it’s fully understandable and not cluttered with ideas.

8 Common Business Roadmap Mistakes to Avoid

Many companies and organizations have failed because they did not devote enough time and energy to creating a business roadmap that would lead them to success. 

No matter how well you think you know the business you are working in, there are always going to be mistakes to avoid when drawing up your business roadmap.

This is understandable, as the world of business is constantly evolving. New technologies and new ideas are being brought to the forefront of society all the time, but this doesn’t mean that the old ways are wrong. 

To help you avoid common mistakes that can break your roadmap, look out for these things below:

• 1. Poorly defined goals
• 2. It’s too abstract
• 3. The timeline is too short
• 4. No budget plan
• 5. No customer insights
• 6. Unrealistic timeline and expectations
• 7. Lack of early business validation
• 8. Unclear and boring visualization

Your business roadmap plan should be realistic, relevant, visionary, and contain a strategy to bring about the goals and objectives. It may sound simple, but you’d be surprised how many entrepreneurs make these common mistakes on their business roadmap.

Business roadmaps are key documents that hold critical information on how to overcome obstacles and seize opportunities when they arise.

You don’t leave your business up to chance. Once you know where you want to be, your strategic roadmap will help you get there.

If you need help creating your business roadmap to success, you can always contact us here.

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Strategic roadmap

What is a strategic roadmap: A quick intro

Just as a journey cannot be embarked upon without a roadmap, businesses cannot achieve their goals without a strategic roadmap. A strategic roadmap is a visual depiction of a company's strategic goals and the steps necessary to accomplish them. It serves as a clear guide to align everyone in an organization towards its long-term objectives, ensuring the understanding of the overall vision and individual responsibilities.

Understanding how a strategic roadmap works

A strategic roadmap provides a bird's eye view of an organization's direction, detailing where it is, where it wants to go, and how to get there. It outlines key strategic goals, initiatives, and timelines, highlighting dependencies and potential obstacles.

The roadmap is not set in stone; it evolves with the organization. As business conditions or strategic objectives change, create a roadmap that you update easily to reflect these shifts. Importantly, it serves as a communication tool, fostering transparency and alignment across all layers of an organization, from leadership to individual contributors.

Components of a typical strategic roadmap

A typical strategic roadmap consists of several critical components:

Strategic objectives: These are the high-level goals your organization aims to achieve. They serve as the guiding north star for your roadmap.

Initiatives: These are major efforts or projects your organization will undertake to achieve the strategic objectives.

Actions: These are specific tasks related to each initiative. They represent the "how" of achieving each initiative and, ultimately, the strategic objectives.

Timelines: Timelines offer a temporal view of when initiatives and actions are expected to start and end, indicating progress and helping manage expectations.

Milestones: Significant events or achievements along the roadmap that indicate progress towards strategic objectives.

Dependencies and risks : These outline potential obstacles or factors that could impact the progression or success of your initiatives.

Advantages of making a strategic roadmap

A strategic roadmap offers many benefits:

Alignment: It aligns all stakeholders on the same page about the company's direction, goals, and how to achieve them.

Prioritization: It helps identify and focus on what's most critical to the organization's success.

Communication: It is an excellent communication tool, simplifying complex strategies into an easily digestible format.

Flexibility: It offers a framework that can be adapted to changes in the business environment or strategic objectives.

How to make a strategic roadmap

Creating a strategic roadmap is a thoughtful process:

Identify strategic objectives: Understand what you aim to achieve in the long term. This might involve increasing market share, launching new products, or improving customer satisfaction.

Develop initiatives: Identify the key projects or actions that will contribute to achieving your objectives.

Define actions: Break down each initiative into specific tasks, providing clear direction for teams and people.

Set timelines and milestones: Establish a timeline for each initiative and action. Identify critical milestones to provide a sense of progress.

Recognize dependencies and risks: Acknowledge potential roadblocks and plan mitigations. Understanding risks allows for better contingency planning.

Review and refine: Regularly review and update your roadmap to ensure it stays relevant.

Strategic roadmap best practices

Creating a strategic roadmap is not just about laying out a plan. It's also about how you execute that plan. And to ensure the effectiveness of your roadmap, here are some key considerations.

The simplicity of your roadmap is paramount. It should be easily understood by anyone in your organization, regardless of their role. Avoid jargon and unnecessary complexity that could lead to misinterpretation or confusion.

Remember that a roadmap is not created in isolation. To ensure buy-in and alignment, you should involve all key stakeholders in the roadmap creation process. This enriches the roadmap with diverse inputs and fosters a sense of collective ownership.

Flexibility is key in any strategic roadmap. Changes in the business environment are inevitable, and your roadmap should be designed to adapt to these changes while keeping sight of the long-term strategic objectives.

Communication is another crucial element of effective roadmapping. Regular updates about the roadmap progress help maintain alignment and engagement among all stakeholders. This transparency fosters a sense of involvement and commitment throughout the organization.

And finally, to make all this easier, consider using a visual tool like Miro. This can make your roadmap visually appealing, easy to understand, and collaborative, fostering better communication and alignment.

In conclusion, a strategic roadmap is more than a tool - it's a compass that navigates your organization toward its goals. As a knowledge worker, understanding and developing a strategic roadmap can significantly enhance your contributions to your organization's strategic initiatives. So, embrace the journey and chart your course to success!

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Creating an Effective Business Plan: A Roadmap to Success

Introduction

A well-crafted business plan is a crucial component in the success of any business venture. It serves not only as a roadmap for the business but also as a tool to attract investors, secure loans, and guide decision-making processes. This article will explore the key elements of creating an effective business plan, offering insights and tips to help entrepreneurs develop a comprehensive and actionable strategy.

Essential Components of a Business Plan

• Executive Summary : This is the overview of the business plan, highlighting the main points that will be detailed in the following sections. It should include the business concept, key financial information, and a brief description of your business objectives.
• Company Description : This section provides detailed information about the business, including the organizational structure, type of business, location, the product or service offered, and the target market.
• Market Analysis : A thorough market analysis is critical. It should include an assessment of the industry, market environment, target customer segments, and competitive landscape. This analysis will demonstrate an understanding of market dynamics and how the business is positioned within this context.
• Organization and Management : Describe the business’s organizational structure, detailing the roles and responsibilities of the management team and key personnel. Include their expertise and how it will contribute to achieving business goals.
• Products or Services : Here, you provide a detailed description of the products or services offered, the competitive advantages, and the development stage of these offerings.
• Marketing and Sales Strategy : Outline how the business intends to attract and retain customers, including marketing channels, pricing strategies, sales tactics, and promotional activities.
• Funding Request : If the plan is intended for investors or banks, specify the amount of funding required, the planned use of these funds, and the desired terms.
• Financial Projections : Include detailed forecasts for income, cash flow statements, and balance sheets for the next three to five years. These projections should be supported by data that align with market analysis and funding requests.
• Appendices : Provide any additional information that can help establish the credibility of the business plan, such as patents, legal documents, detailed market studies, and references.

Tips for Creating an Effective Business Plan

• Be Clear and Concise : Use clear, straightforward language to ensure that anyone who reads the plan can fully understand it.
• Research Thoroughly : Ground your assumptions in real-world data as much as possible to strengthen your business plan.
• Focus on the Customer : Demonstrate a deep understanding of your customer base and how your business will meet their needs.
• Highlight Unique Selling Points : Clearly define what sets your business apart from competitors.
• Review and Revise : Regularly update your business plan to reflect changes in the market or in your business model.

Creating an effective business plan is both an art and a science. It requires a balance of detailed, realistic financial forecasting and creative, strategic presentation. For entrepreneurs, a business plan is not just a static document, but a dynamic framework that guides the growth and development of the business. With careful planning, detailed research, and a clear vision, your business plan will serve as a crucial tool in laying the foundation for business success and attracting the necessary support to bring your business goals to fruition.

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4 Example Business Roadmaps

Before we look at some example business roadmaps , and roadmap templates , try this word-association exercise. As you read a word in the list below, think of the first word that pops into your head to form a two-word description of a standard business document. For example, when you read MISSION… you might think STATEMENT.

We’ll include our thoughts below each word, but no peeking.

Ready? Here we go.

(Our thoughts: ROADMAP , or BACKLOG )

(Our thoughts: SUMMARY , or BIOGRAPHY )

ORGANIZATIONAL…

(Our thought: CHART )

(Our thought: PLAN )

If you’re a product manager or other type of entrepreneurial professional who’s responsible for bringing successful products to the market, we’re guessing your first thought when you read PRODUCT was, like ours, ROADMAP . Product roadmaps are, after all, a thing.

We’ll also go out on a limb and assume that when you saw the word BUSINESS, you thought PLAN —and not some obscure type of document like, say, a “BUSINESS ROADMAP.”

When we think of a document that helps capture and communicate a business’s big-picture goals, its strategy for achieving those goals, and its high-level plan for executing on that strategy, we almost always think immediately of a business plan. Besides, business roadmaps aren’t really a thing, right?

The Strategic Value of a Business Roadmap

But wait a minute. When you think of the document that’s best equipped to help a product manager capture and communicate a product’s big-picture goals, its strategy for achieving those goals, and its high-level plan for executing on that strategy, you think of a product roadmap.

And, truthfully, a business plan doesn’t really offer a high-level, at-a-glance strategic view of anything. It’s typically a detailed document, often running dozens of pages, that explains down to a granular level what the business plans to do to achieve its goals.

If a product needs a truly strategic-level document to capture and quickly convey its big-picture plans and objectives—the product roadmap—then wouldn’t any business, and even any specific initiative within a business, also benefit from a business roadmap?

Our answer: Heck yeah!

Consider how strategically useful a properly built business roadmap could be for an entrepreneur organizing her initial thoughts for starting a new business. Rather than forcing her to jump straight into the details—as the typical template for a business plan does—a business roadmap would allow the entrepreneur to start with a high-level overview of the goals, priorities, milestones, resources needed, and other strategic elements of her planned venture.

Here’s an example business roadmap template built (in just a few minutes, in case you’re wondering) using ProductPlan’s roadmap software.

Armed with a business roadmap like this, the entrepreneur would have:

• An easy-to-digest overview of her business’s strategic objectives and plans —which would help her more quickly and compellingly communicate her business idea to investors, partners, and new employees.
• A valuable guide to her business’s initial strategy that she can refer back to periodically during those inevitably chaotic early days, to make sure that all the tasks she and her team are focusing on are still supporting the business’s strategic plan.

More Useful Example Business Roadmaps

In fact, a business roadmap can offer these strategic benefits not only to the launching of a business itself but also to any large initiative within an existing business. With the right roadmap tool, you can build a business roadmap around your new HR plan, for example, or the launch of a new business unit.

And although we at ProductPlan typically see product managers using our purpose-built roadmap software to create, share, and maintain their product roadmaps, our application is flexible enough to provide the same strategic benefits for all sorts of other business initiatives.

Here are just a few example business roadmaps that show how different companies leverage our software to develop their high-level strategy:

An IT Architecture Roadmap , to help IT operations teams build and deploy the right technology infrastructure for a business.

A Content Calendar Roadmap , to help the company’s marketing and communications teams map out their strategy for rolling out new content.

A Marketing Strategy Roadmap , to help the marketing team capture and communicate its department’s high-level goals and plans.

If you’d like to see several additional example business roadmaps—for marketing, development, corporate IT, and product-related strategic initiatives—view our Roadmap Templates page .

And if you’d like to use any of these example business roadmaps as a template to begin developing your own strategic roadmap—which you can build in just minutes—we invite you to try our full-featured roadmap software for free .

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Company news and updates, templates and workbooks, remote product management, product metrics and analytics, product strategy example, product managers, prioritization and backlog, tools and resources, customer-centricity, product leadership, product management, roadmap and roadmap management, product strategy, agile & product development, career and interviews, try productplan free for 14 days, share on mastodon.

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• What is strategic planning? A 5-step gu ...

What is strategic planning? A 5-step guide

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

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What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include: 

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process. 

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process). 

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength? 

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement? 

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service? 

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company? 

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination. 

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals . 

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success. 

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. We recommend sharing your plan in the same tool you use to manage and track work, so you can more easily connect high-level objectives to daily work. If you don’t already, consider using a work management platform .  

A few tips to make sure your plan will be executed without a hitch: 

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively. 

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed. 

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done. 

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success. 

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively. 

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. It helps map out strategic objectives and growth metrics that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets. 

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a strategic plan vs. business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

You should create a business plan when you’re: 

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. Even if you’re working at a relatively young company, your strategic plan can build on your business plan to help you move in the right direction. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a strategic plan vs. mission and vision statements?

Your strategic plan, mission statement, and vision statements are all closely connected. In fact, during the strategic planning process, you will take inspiration from your mission and vision statements in order to build out your strategic plan.

Simply put: 

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction. 

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.” 

Vision statement: “To create pet safety and tracking products that are effortless to use.” 

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners. 

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization moves quickly). These objectives give your team a clear sense of what you intend to accomplish for a set period of time. 

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a business case?

A business case is a document to help you pitch a significant investment or initiative for your company. When you create a business case, you’re outlining why this investment is a good idea, and how this large-scale project will positively impact the business. 

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a project plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project. This project could be one of many initiatives that contribute to a specific company objective which, in turn, is one of many objectives that contribute to your strategic plan. 

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success. 

Related resources

Grant management: A nonprofit’s guide

How Asana uses work management to optimize resource planning

How Asana uses work management for organizational planning

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Business Roadmap Templates

Visualize where your organization is going, and how you’ll get there. This template can be accessed and edited inside Roadmunk.

Get a snapshot of key projects and deadlines rolling out across each department. Try this template

Highlight key objectives for each team. Organize items by months, quarters or years. Try this template

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Choose    Templates from your home screen.

Pick your template! Edit, save & share your roadmap.

What is 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. Much 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.

Get the most out of your template

Highlight major dates and initiatives with roadmap milestones.

Pivot and Filter

Need a custom data set? You don’t need a different roadmap. Tailor what you show, then save that view for later.

Portfolio Roadmapping

Departments or teams build their own roadmap—which can be rolled into a Portfolio roadmap with a few clicks.

Why product people love Roadmunk

Roadmunk makes it simple to communicate your strategy.

Quickly import your data and hit the ground running with our drag-and-drop editor.

Collaboration

Share, discuss and track activity on your roadmap.

Visualization

Personalize your plan with custom color palettes and flexible export options.

You might also like

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Business Plan Basics: Crafting Your Roadmap to Success

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We’ll dive into the essential elements of crafting a comprehensive business plan. We’ll explore the “whys” of  having a plan,  your target audience for the plan, and some steps to effectively execute it. We’ll also take a look at available resources to assist with building your plan. Our goal is to equip you with the insights, strategies and resources to create a compelling roadmap for your venture’s success.

Objectives:

• Learn the importance of creating a business plan
• Learn about the main components of a business plan
• Learn about resources and tools available to assist with creating your plan
• Learn how to begin to execute your plan

Cost: No fee

Register at: https://missouri.ecenterdirect.com/events/25286

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10 AI Tools That Can Write Your Business Plans

Posted: May 9, 2024 | Last updated: May 9, 2024

The Best AI Business Plan Generators

Thinking of launching a new business? A business plan can be the difference between success and failure.

A solid business plan is a roadmap for success, highlighting essential steps to follow and strategies to implement to achieve your objectives. It gauges the viability of your idea by outlining critical aspects like funding and budgeting, pricing strategies, marketing approaches, and sales projections.

However, creating a good business plan can be time-consuming and demand extensive research, and capturing your ideas in writing can be challenging. Fortunately, there’s a way you can navigate these barriers—and become more creative and productive while you’re at it.

AI business plan generators expedite the development of comprehensive and tailored business plans by quickly bringing your ideas to life. Since they are trained on vast amounts of data, AI tools can automatically handle tasks like text generation, risk assessment, and data analysis.

Keep reading to discover the top AI business plan generators you can use to create a solid business plan for your next startup.

Copy.ai is a comprehensive platform that generates content for a wide range of use cases, including blog posts, email marketing, and social media posts. It features a variety of templates that can give you a headstart rather than starting entirely from scratch. From simple and clear prompts, Copy.ai can help you perform market research, generate executive summaries, and provide tips to optimize your pricing strategies.

Copy.ai runs on AI models trained on vast amounts of data, which can provide you with valuable insights to accelerate the business plan development process. However, when using Copy.ai, you must clearly define your target audience, potential competitors, types of products you will offer, and a list of expected revenues and expenses so it can generate relevant plans.

• Real-time editing for collaboration
• Add desired voice and tone to create tailored outputs
• Free Forever plan allows you to test out core features before committing
• Templates usable according to your business idea
• Generate business plans in different supported languages
• Requires subscription to higher-tier plans for features like unlimited brand voice and projects
• Possibility for generic information, especially when prompts aren’t descriptive enough
• Free Forever plan with limited features (1 seat)
• Pro plan for $49 per month (5 seats)
• Team plan for $249 per month (20 seats)
• Growth plan for $1,333 per month (75 seats)
• Scale edition for $4,000 per month (200 seats)

2. Upmetrics

Upmetrics is a flexible tool that helps individuals plan, forecast, and strategize. Its primary purpose is to enhance entrepreneurs’ decision-making capabilities through features such as financial projections, market analysis, and business model crafting.

Upmetrics also provides a business plan course to boost your knowledge and help you prepare more detailed strategies for your venture. The integrated AI assistant offers tips and valuable insights as you work.

• Over 400 templates and examples to help you draft better content
• Financial projections based on your inputs
• Change the tone and style of your business plan to suit your needs
• Pricing plans start at $9 per month, making it an affordable option
• Access to step-by-step guides to help you write comprehensive plans
• Advanced features like strategic planning and converting generated content to docs only accessible in the premium plan
• Teams are limited to five members, which can be problematic for larger organizations
• Possibility for inaccurate or overly generic information
• Starter plan for $9 per month
• Premium plan for $19 per month

Notion offers AI functionalities for a range of use cases. Its AI-powered writing feature can help you create tailored business plans. It can summarize market research and other crucial docs, fix spelling and grammar mistakes in your writing, and generate outlines and templates for creating comprehensive business plans.

Plus, you can specify the voice and tone Notion AI should use when generating content. Since Notion is trained on vast amounts of data, it provides tips and insights to enhance your strategies. Moreover, Notion supports real-time collaboration, allowing different team members to work together to develop detailed business plans.

• Numerous comprehensive features in one package can be better value for your money
• Supports a collaborative workspace
• Assists in finding ideas for a new startup and generating business plan content
• Not tailored specifically for business plan creation, meaning it requires more detailed and specific prompts to get the job done
• Possibility of paying for features you don’t need
• Pay more to store files for more than 90 days
• Outputs can sometimes be biased or inaccurate
• Free with limited tier
• Plus plan for $10 per month
• Business plan for $18 per month
• Enterprise for a custom price quote

Bit.ai uses a template-based approach for business plan creation. Templates include executive summaries, business proposals, competitor research, pitching, and SWOT analysis.

Bit.ai is powered by various AI models, allowing it to perform tasks like creating content, drafting charts, and helping teams coordinate. Bit’s Smart Spaces also support collaboration through features like version control and document sharing and tracking.

• More than 100 templates for content creation
• Built-in collaboration tools make it easy to work with colleagues
• Import assets from Google Sheets, Figma, and LucidChart
• Download documents in multiple formats, including PDFs and Word documents
• Create responsive business plan documents
• Track how potential investors and partners interact with the business plan
• Getting used to Bit’s workspace may take time, especially for beginners
• Upgrade to higher plans to access more advanced features
• Limited design options
• Free plan with limited tier
• Pro plan is $12 per member each month
• Business edition for $20 per member each month

5. Grammarly

Grammarly is a versatile tool that primarily helps individuals enhance their writing. It can find grammar mistakes and provide suggestions to modify sentence structure, resulting in high-quality content.

With AI integration, Grammarly can help you create a polished business plan with the right tone, length, and formality. This AI-powered tool features straightforward outlines for drafting various business plan portions like the executive summary, company description, and mission statement.

• Tailored toward creating quality and error-free content
• Offers style and tone suggestions to ensure you write a business plan with a consistent voice
• Features a simple and user-friendly interface
• Can create inaccurate content
• Requires lengthy prompts to provide detailed responses
• Free plan with limited features
• Premium plan for $12 per month
• Business edition for $15 per member each month

6. Simplified

Simplified is an AI business plan generator specifically tailored for small businesses. Users enter specific business information, including objectives, product offerings, target marketing, and financial details, and Simplified generates a personalized plan.

Besides pre-made templates, Simplified’s AI-powered writing tool is flexible, allowing you to create new content from scratch. Its advanced algorithms and natural language processing technology ensure you get outputs that match your needs.

• Access over 90 free AI templates
• Intuitive and user-friendly interface
• Export generated business plans in multiple formats, including PDF and Word documents
• Generated AI business plan templates may be too general
• Set up of the Simplified workspace can be complicated
• AI Writer Pro starting at $18 per month (for 35,000 words and 1 seat)

7. Wordkraft

Wordkraft is a content generation web application suitable for a wide number of uses, including creating blog posts, drafting articles, generating responses to customer reviews, and structuring social media posts.

Wordkraft also features a variety of writing templates, including business plans. The templates allow you to set the desired language, tone, and type of creativity that AI should use when drafting content.

Wordkraft is powered by OpenAI’s GPT-3, GPT-3.5, and GPT-4 algorithms. In this case, they have been fine-tuned to produce more accurate and relevant content for Wordkraft users. As a result, Wordkraft can help you with market plan creation.

• Intuitive dashboard with easily accessible features
• Free plan with access to 64 content-creation tools
• Access to rated business plan templates to help you find the best to use
• Possibility for unfactual and overly generic content
• Free plan with basic features
• Pro starter plan for $9 per month
• Pro unlimited plan for $29 per month

9. Beautiful.ai

As the same suggests, Beautiful.ai is a versatile tool for creating visually appealing presentations, including business plans. You can use Beautiful.ai’s presentations to showcase your financial plans, market analysis, and marketing strategies to investors and other stakeholders.

This platform can also recommend color, font, text, and other visual details to improve your presentations.

• Improve your creativity by applying AI-generated styles to your presentation
• Access numerous templates to create presentations
• Easy to use, even for beginners
• No free plan
• More customizable features are supported only in higher-tier plans
• Pro plan is $12 per month (only billed annually at $144)
• Team plan is $50 per user per month
• Enterprise edition is available at a custom price quote

10. ChatGPT

Powered by OpenAI’s GPT models, ChatGPT is an AI chatbot with many uses, such as generating different types of content, answering questions, and translating languages.

With the right prompts, ChatGPT can help you develop a detailed and personalized business plan for any idea. If you provide data, it can assist with financial forecasts, helping you create forward-thinking business plans. ChatGPT can also help with market analysis on a limited scope.

• The free version of ChatGPT is equipped with numerous features and can help create comprehensive business plans
• You can modify prompts to get more refined responses
• User-friendly interface
• Helps with generating content in a personalized voice and tone
• Possibility for inaccurate and biased information
• Limited functionality with domain-specific topics
• ChatGPT Plus is $20 per month

Key elements of a comprehensive business plan

Beyond highlighting your idea, a comprehensive business plan should lay out steps and strategies to actualize it. Here are the critical components of a  good business plan :

• Executive summary.  This provides a brief overview of your plan, including your company name, type of business, target market description, product and information, pricing and marketing strategies, and financial projections.
• Market research and analysis.  This section contains a detailed analysis of the target market and competitive landscape. It helps you assess the viability of your business idea.
• Financial projections and forecasts.  This component highlights the sales figures and profit the business is likely to make in a specific period. It also contains a projected balance sheet, income, and cash flow statements.
• Pricing and profitability strategies.  This section describes how you will price your product or services to attract customers and make a profit.
• Marketing strategies and roadmap.  This component outlines your marketing plan, strategies, and channels you will use to promote a product to the target audience. It may also feature a marketing budget and operational plan to help you effectively run the campaign without going over budget.
• Company description and mission statement.  The company description outlines your business name, the products you’re dealing with, the management team, and the organizational structure. A mission statement, on the other hand, spells out the company’s purpose and values.

Take the next step with your business

A solid business plan puts you closer to achieving your business goals. It lays out the strategies and channels you’ll use to achieve success. AI business plan generators can ease the planning process for entrepreneurs and business owners. These tools can generate content for different business plan components, which you can edit to align with your specific needs.

But AI-powered business plan generators can also make mistakes and spit out biased and inaccurate information. Consider working with AI professionals and business plan writers to help you harness the power of these tools effectively in your workflow.

This article originally appeared on Upwork.com and was syndicated by MediaFeed.org

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Sony and Apollo’s Plan for Paramount: Break It Up

CBS and other well-known properties would be sold if Sony and Apollo were able to buy Paramount. But the new owners would keep the movie studio.

By Benjamin Mullin and Lauren Hirsch

Shari Redstone helped build Paramount Global into a media empire, but if Sony Pictures Entertainment and the private-equity giant Apollo Global Management succeed in acquiring it, they plan to break it all up, according to three people familiar with the matter.

The plan would include auctioning off CBS, cable channels like MTV and the Paramount Plus streaming service, said the people, who asked not to be identified sharing private details. Paramount Pictures — home to blockbusters like “The Godfather,” “Top Gun” and the “Mission: Impossible” franchise — would be combined with Sony’s business.

Sony and Apollo, which made a nonbinding expression of interest in acquiring Paramount for $26 billion last week, are also likely to keep Paramount’s library of films and TV shows and the rights to well-known characters, including the Teenage Mutant Ninja Turtles and SpongeBob SquarePants. They have not yet outlined this plan to Paramount or its advisers.

A breakup of Paramount would represent a major changing of the guard in the entertainment industry. CBS and Paramount have been controlled by the Redstone family for decades, since the media mogul Sumner Redstone assembled the conglomerate in a series of audacious deals. His daughter, Ms. Redstone, championed a 2019 deal to reunite it, and she remains Paramount’s controlling shareholder.

Sony and Apollo are now engaging with Paramount’s financial advisers on next steps in their proposal, the people said. The two companies have not yet signed formal nondisclosure agreements or begun due diligence reviews, a process that could take weeks.

Though it’s still early, the two bidders have already begun to envision how a deal for Paramount could unfold. The two would likely operate the company as a joint venture controlled by Sony, with a minority stake owned by Apollo, the people said. Sony would look to combine the marketing and distribution functions of the Paramount movie studio with its own operations, and divest the rest of the properties.

Over time, Apollo could sell its stake in the joint venture back to Sony or to another buyer. It’s not yet clear just how large a stake Apollo would hold in the business, though the company plans to invest billions in the deal, one person said.

A breakup of Paramount is not a preferred outcome for Ms. Redstone, who would prefer the company to pass on to another buyer intact, a person familiar with her thinking said. But it wouldn’t necessarily be a dealbreaker if the offer was compelling, the person said.

There are other suitors. Skydance, a media company founded by the tech scion David Ellison, has been in discussions with Paramount for months about a potential deal. Exclusive negotiations between Skydance and Paramount lapsed last week, shortly after Sony and Apollo put in their expression of interest. But Skydance remains interested.

Sony and Paramount have different approaches to the entertainment business, and a deal would probably result in a U-turn for Paramount. Unlike Paramount, which streams its content on Paramount+, Sony licenses its movies and TV shows to companies like Netflix and Disney. Sony would probably not change that approach in a deal with Paramount and would most likely look to combine Paramount+ with a rival service, such as Comcast’s Peacock or Warner Bros. Discovery’s Max.

Sony has long pursued Paramount’s movie studio. Several years ago, Sony executives reached out to Paramount to see if the company would be willing to sell Paramount Pictures or merge it into a joint venture, but Paramount signaled it was interested only in a deal for the whole company. So when Apollo made a bid for all of Paramount this year, Sony decided to team up.

Any deal by Sony would face regulatory hurdles. Regulations restrict foreign owners from holding licenses for U.S. broadcast stations, which could prevent Sony — which is owned by the Japanese-based Sony Group — from owning CBS-affiliated TV stations. But they could divest the stations immediately, or have Apollo apply for the license. They are also considering other options for the stations.

The deal would also most likely require clearance from the Committee on Foreign Investment in the United States, the panel in Washington that scrutinizes acquisitions by foreign owners.

Sony and Apollo believe that when they decide to sell the Paramount assets , there could be many logical buyers, the three sources said. Warner Bros. Discovery, which does not own a broadcast network, could be a suitor for CBS. TV station groups like Nexstar and Tegna could be logical buyers for CBS’s owned and operated TV stations.

The hardest asset to sell would most likely be Paramount’s cable networks, like MTV and Nickelodeon, but those could be sold to a TV programmer looking for greater scale in negotiations with cable companies like Charter and Comcast.

Benjamin Mullin reports on the major companies behind news and entertainment. Contact Ben securely on Signal at +1 530-961-3223 or email at [email protected] . More about Benjamin Mullin

Lauren Hirsch joined The Times from CNBC in 2020, covering deals and the biggest stories on Wall Street. More about Lauren Hirsch

OpenAI is reportedly trying to poach Googlers for an AI-powered search team

• OpenAI is targeting some Google's employees, The Verge reported.
• Sam Altman's company is trying to poach Googlers for a ChatGPT search engine, per the report.
• Big Tech is engaged a fierce competition to acquire and retain top AI talent.

OpenAI appears to be going after some Google employees.

The Verge reported that the company behind ChatGPT has been trying to poach Googlers to work on its team developing a search engine for the chatbot.

In February, The Information reported that OpenAI was developing a web search feature that could put the company into more direct competition with Google Search. The new tool will reportedly partly rely on Microsoft's Bing search engine.

Related stories

OpenAI's search product will function as a feature for ChatGPT that can browse the web and cite sources in its responses, according to a recent report from Bloomberg. The tool will allow users to ask questions and receive answers sourced from across the internet.

Google's future plans in the AI field include large investments and a generative AI search engine.

OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Big Tech is engaged in an intense battle for top AI talent as rival companies rush to launch similar AI-powered products. Some of the industry's biggest names have even been pitching in on efforts to acquire and retain top talent.

Rival companies are fighting over a small pool of advanced AI researchers and engineers. As demand escalates, candidates with the necessary expertise can demand — and get — huge benefits and pay packages.

Google, an AI pioneer, has become a prime target for rivals looking to poach experts because it has some of the sector's top researchers.

Meta CEO Mark Zuckerberg has reportedly been writing personal emails to AI researchers at Google's DeepMind in an attempt to recruit them.

Axel Springer, Business Insider's parent company, has a global deal to allow OpenAI to train its models on its media brands' reporting.

On February 28, Axel Springer, Business Insider's parent company, joined 31 other media groups and filed a $2.3 billion suit against Google in Dutch court, alleging losses suffered due to the company's advertising practices.

Watch: What is ChatGPT, and should we be afraid of AI chatbots?

• Main content

Biden and oil companies like this climate tech. Many Americans do not.

Carbon dioxide pipelines and underground injection can cut greenhouse gas, but community opposition is fierce.

The remote stretch of public grazing land in southeastern Montana has hardly changed since homesteading days, but underneath this wind-swept expanse lies a hidden asset in high demand: thousands of acres of porous rock where oil company executives say greenhouse gas could be piped in from afar and stored forever.

ExxonMobil and the Biden administration see in the grassy 100,000 acres a launchpad for one of the world’s most audacious climate experiments, a plan to take emissions spewing from power plants and factories and trap them underground where they cannot contribute to global warming. The scheme is inching forward despite criticism it will permit polluters to keep polluting while slowing the transition to solar and wind energy. And now sponsors face the additional hurdle of intense local opposition.

In the ranching community of Carter County, Mont., the prospect of shipping in all that carbon pollution and injecting it underneath an area called Snowy River is about as popular as an outbreak of hoof-and-mouth disease.

“The question I keep hearing is, ‘Why are they making us the dumping ground for the rest of the country?’” said Rod Tauck, chairman of the Carter County Board of Commissioners and a descendant of homesteaders who more than a century ago settled his family ranch. “Not a single constituent I know wants this.”

Such tensions are emerging nationwide, throwing an industrial-size wrench into the quest by the White House and major energy companies to advance a vast network of “carbon capture” infrastructure across the country. It would involve tens of thousands of miles of new pipelines , and scores of remote storage sites on the scale of Snowy River, targeted because the porous rock underneath them can act like a carbon sponge.

This vision for using technology to reverse climate change was once viewed widely as far-fetched.

Now, proposals to divert carbon dioxide from smokestacks to vast subterranean wells are regarded by the White House , the United Nations and the International Energy Agency as crucial to preserving any hope of meeting the world’s climate goals. The Biden administration’s plan to zero out emissions from the power grid by 2035 increasingly hinges on the success of colossal carbon capture deployment. The government has made billions of dollars of incentives available to motivate companies like ExxonMobil and Chevron to rapidly develop it.

The urgency is only increasing as a surge in forecasted energy use — driven by the insatiable electricity appetite of artificial-intelligence developers and a national boom in manufacturing — is delaying retirement of old fossil-fuel power plants and pushing utilities to build new ones.

New clean energy like wind and solar is not coming online quickly enough to meet all the projected demand, prompting government to lean on plans to stow away carbon pollution.

“We have to stop fossil fuels from causing global warming before the world stops using fossil fuels,” Myles Allen, a climate scientist at the University of Oxford in England who has served on the U.N. Intergovernmental Panel on Climate Change, said recently at CERAWeek, an energy conference sponsored by S&P Global. “This is the way to stop fossil fuels from causing global warming.”

But early carbon capture projects are floundering.

Hostile community reception is undermining plans from the Gulf Coast of Louisiana to the prairies of South Dakota. Energy companies racing ahead are facing tough questions around safety, environmental impact and technological viability.

In Montana, the federal Bureau of Land Management in 2022 identified the Snowy River site as one of the first stretches of public land that may be suitable for carbon sequestration. ExxonMobil wants to inject 450 million cubic feet of carbon dioxide per day into the ground. The company is not identifying where that gas would come from, but one likely source is a carbon dioxide pipeline currently used to support oil and gas extraction projects (the pressurized gas is used to force fossil fuels to the surface).

That pipeline is connected to a large ExxonMobil natural gas plant 500 miles away in Wyoming. ExxonMobil says Snowy River’s storage capacity is equal to a year’s worth of polluting greenhouse gas from 1.6 million cars.

Legacy energy companies like ExxonMobil are eager to deploy technologies that could extend the life of fossil fuels by mitigating their role in global warming. Plus, federal incentives are potentially lucrative. The single Montana project could generate as much as $12.7 billion in federal tax subsidies. ExxonMobil took it over when it acquired carbon capture and pipeline developer Denbury for $4.9 billion in November.

Company officials say they have not yet made a final decision to build in Montana. But assessing the project’s viability, they say, requires they get the BLM permit to store the carbon now, so they can do testing on-site. Montana Gov. Greg Gianforte supports the company’s plan.

“We are fully committed to working with the community,” said Kathleen Ash, CEO of Denbury, now a fully owned ExxonMobil subsidiary. “This is a safe and proven technology.”

Many in the local community see something else: big corporations looking for a payday partnering with an administration turning a blind eye to a flawed technology. They point to problems that carbon capture projects are encountering around the world, such as Chevron’s sprawling Gorgon operation at a massive natural gas field in Australia. It is not trapping even half the carbon dioxide planned, amid persistent technological troubles.

BLM officials counter that carbon dioxide has been safely injected underground as part of the oil production process for decades. They call the projects an “important tool” for fighting climate change and advancing the administration’s agenda to erase emissions.

“They are presenting this as a climate solution and I don’t know that it is,” said Liz Barbour, who manages Cinch Buckle Ranch, an operation bordering Snowy River that uses low-impact, conservation-focused agricultural practices. “The only thing I do know is that it is part of their plan to continue producing oil and gas.” Barbour is among several ranchers working with a grass-roots group called the Northern Plains Resource Council to fight the project.

Local landowners with sharply contrasting politics and views on climate change are finding common cause in the battle. The council’s argument that carbon capture is “an unproven, government hand-out to large out of state corporations” was echoed repeatedly in interviews in this county of 1,415 people defined by wide-open spaces and dirt roads, where visiting a neighbor can involve an hour-long journey. Carter County cast 89 percent of its ballots for Donald Trump in 2020.

“Many of us are willing to accept the premise that this is a dangerous compound that needs to be gotten rid of,” said Jack Owen, a 72-year-old who ranches on land his ancestors homesteaded. “The question is, ‘Why here?’”

ExxonMobil’s assurances that the project would be almost entirely underground, with little noticeable impact on the landscape are met skeptically. Local landowners counter that upgrading the roads, drilling wells, and installing new pipelines would take a heavy toll on the landscape.

The scale of carbon that must be effectively stored nationwide to make a dent in global warming is enormous. Claude Letourneau, the CEO of Svante, one of North America’s leading carbon capture technology firms, said containing the emissions created by manufacturing processes like cement- and steel-making could require 10,000 plants to trap the gas, compress it and then pipe or truck it to places like Snowy River.

An ambitious proposal in the Midwest recently collapsed. The proposed 1,200-mile Heartland Greenway pipeline was supposed to span five states, bringing 15 million tons of carbon dioxide captured at ethanol plants each year to storage sites where it would be buried.

The project, proposed by Navigator CO2, appeared to have early advantages. Ethanol plants emit uncontaminated carbon dioxide that is less complicated to capture and compress than the gas from other industries. And many landowners along the proposed route already hosted oil and gas pipelines.

But community opposition was intense. Landowners and local regulators worried about safety and environmental fallout. The CEO of Williams, one of the biggest natural gas pipeline companies in the world, said in an interview that even his board chairman, who owns farmland in Iowa, wants nothing to do with the carbon dioxide pipelines.

“He said, ‘I don’t want it damaging this very valuable cropland,” Williams CEO Alan Armstrong said.

Navigator CO2 canceled the Heartland Greenway project in October. It blamed “the unpredictable nature of the regulatory and government processes involved.”

Armstrong is one of many energy executives who said the project faltered because the developers spent too little time educating communities about the technology and talking through concerns. Companies more practiced in securing permits for pipelines, it was argued, would win local buy-in.

But it is not turning out that way for ExxonMobil in Montana.

Assurances from ExxonMobil that disruption would be minimal are met with worries that the project will disrupt the ecosystem, leave water tables vulnerable to the leaching of carbon dioxide, and create a safety hazard.

A rupture in the existing pipeline several years ago left one Carter County ranch looking as if a meteor had hit it. Pictures from 2018 show a deep, truck-size crater in the ground covered with what looks like dry ice residue, caused by the compressed carbon dioxide’s combustion.

Since that time, another major pipeline accident had dire consequences for the town of Satartia, Miss. The pipeline was also owned by Denbury, now an ExxonMobil subsidiary.

The 2020 rupture filled the air above a section of the pipeline with dangerous amounts of carbon dioxide, resulting in a medical emergency that sent 45 people to the hospital with respiratory and other problems, according to a U.S. Department of Transportation investigation.

The gas caused three men driving through the area to pass out in their car and the engine to stop running. Fire department officials had to break the windows to pull them out, according to local 911 call tapes and public records obtained by the nonprofit Climate Investigations Center. Residents desperately called 911 for help — in one case, a mother reported that her child couldn’t breathe, and in another, a caller said her friend was on the ground shaking and drooling, as if suffering a seizure.

Denbury paid a $2.8 million fine as part of a settlement with the federal government in which it did “not admit to any of the alleged violations or risks identified.” Some of the residents injured in the incident — and their doctors — say they are still suffering serious ailments because of it.

ExxonMobil officials said new training protocols for emergency responders have been initiated since the incident. They say that there has never been a fatality associated with piping carbon dioxide and that accidents involving such pipelines are rare. The company said it also supports stepped-up federal safety regulations amid the planned expansion of carbon dioxide pipelines.

Energy companies say they are undeterred.

Among the projects inching forward is one on a 140,000-acre coastal stretch between Houston and the petrochemical facilities of Port Arthur, Tex., called Bayou Bend, where Chevron plans to store as much as 1 billion tons of carbon dioxide. The company is hoping the proximity to factories will make the project more palatable to regulators and landowners.

Chevron is also aiming to bury carbon in wells off the coast of Bayou Bend, a plan that alarms marine biologists but could prove less vulnerable to community protest.

A visit to Bayou Bend punctuates the immensity of it all. The site stretches for miles, with the flat, grassy landscape interrupted only by the occasional cow chomping on weeds or alligator sunning itself in a marsh.

Developers promoting the projects are adamant that most of the work will happen out of sight, with the carbon buried as deep as 10,000 feet and hardly any industrial activity above ground.

“This has to happen,” said Chris Powers, Chevron’s vice president for carbon capture, utilization and storage, pointing to the forecasting models showing that carbon capture is crucial to curbing global warming. “To make this grow at scale, it is going to take hundreds of projects.”

Back in Montana, rancher Mike Hansen says if it is all so harmless, project boosters in the nation’s capital should just start burying carbon pollution there.

“We asked them, ‘Why don’t you do this under Washington, D.C.?’” he said. “They told us, ‘We can’t do that. There are too many people there.’”

“That is not saying much for us.”