Many companies in the middle market manage projects on an “as needed” basis. This can work well in the short term, but to achieve results over a sustained period of time, companies need a plan that ties their day-to-day effort to their business strategy.
Does this sound familiar to you?
You have an idea for an important project, you ask a manager to execute it, and it works well for a week or two. Then a big issue occurs which everyone scrambles to fix, and the project falls to the wayside.
Businesses in the middle market are particularly prone to this cycle. Day-to-day activities require constant care and feeding from executives, which makes it difficult to create momentum that deliberately moves you towards accomplishing your strategy.
How do you achieve this momentum? A great place to start is a strategic roadmap. A roadmap helps executives invest in and manage a list of projects that align with their strategy for the company. It benefits owners, executives, and managers, and encourages collaboration that aligns everyone on priorities and new investments.
Most importantly, a strategic roadmap provides a clear picture of how to achieve your strategy. Business strategies most often fail because of poor execution – not because of bad ideas. In fact, 61% of executives say their firms fail to convert their strategies into effective execution plans.
A roadmap is a governing document that shows which projects are required to drive and support the growth of the business. It specifies how the organization will adapt to support the business strategy and achieve its priorities over the next 18-36 months. The best roadmaps contain:
The roadmap has three primary functions:
The roadmap is designed to structure communication between department managers and company executives in a manner that allows everyone to:
The roadmap allows executives to be strategic when they evaluate new initiatives. They can use the overall strategic plan to determine which types of projects will be required to achieve the company’s goals and make it clear to managers and staff why a specific project is important. It will explain the value proposition for each department and suggest how to maximize its value.
The roadmap provides resourcing forecasts when staff needs to be assigned to projects, traceability to costs, and the detail for why those resources and dollars are required.
Finally, it provides a strategic, structured manner for governing changes to the projects as business needs arise. A roadmap ensures all necessary voices are at the table when decisions are made that will eventually require ongoing support, and it helps balance priorities across the business, diffusing conflict before it arises.
The roadmap spells out why particular projects are important and, as items on the roadmap move or are re-prioritized, it forces project managers to explain why and how those priorities are shifting. The roadmap encourages a clear and regular line of communication between leadership and staff.
Having a roadmap does not commit you to it permanently. You do not need to stick to the plan you set out at the beginning forever. In fact, it will be in your best interest to change the plan (in an orderly fashion on an established schedule) as business conditions change. The roadmap itself provides the structure in which to manage those changes effectively – it is not intended to prevent them.
As valuable as the roadmap is as a document, it is morevvaluable as a communication and management tool. All executives and key managers should be involved in developing and managing the roadmap, and the process itself should be owned by someone with credibility and authority. Because of the strategic nature of the document and how critical leadership buy-in will be, the roadmap will need widespread support at the highest levels of the business.
If you are a manager, encourage your executives to support the development of a roadmap so you can invest strategically and have structured conversations around priorities with other executives.
If you are an executive, take a breath, find the right guidance, and start building a roadmap. Once the document and proper leadership are in place, you will be able to see results in your organization quickly, and soon understand how to see tangible value and success.