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The Strategy Map: Six Steps to Navigate your Business Priorities

Uncategorized Sep 15, 2020
 

Strategy Map: Six Steps to Navigate your Business Priorities

What is a Strategy Map?

Think of it as a road map, except it defines your business destination, then lays you a short and energy-saving path to get there. The most asked question followed by is: How? In what ways do we strategize, break down goals into everyday tasks, and align with our overall vision? This is a guide by our CEO to give you the North Star against which all design decisions should be made in a company strategy planning so that your business will grow and thrive within the shortest distance.

 

Step 1: Get your team on ‘board’

Get your team on a simple operation board by Asana or other team management platforms alike. In Asana, your team will list out the company’s weekly operation tasks – whether it’s backlog, doing, awaiting feedback or done.

 

Step 2: Stay focused

Create a one-page focus card with your team on Google Sheet (you can also find it on Asana). The card consists of five elements titled:

  • Vision in 3-5 Years
  • 1 Year
  • This Quarter 
  • Metrics
  • Domains

Step 3: Break your goals down 

What’s next is to break down your goals in long, middle and short terms as follows.

  • Long-term: 3-5 years vision 
  • Middle-term: Yearly goals
  • Short-term: Quarterly targets 

Step 4: Prioritize what contributes 

Put down just five tasks and/or projects in each term, prioritize them based on the estimated return of revenue, reputation and goodwill. Then, ask yourself: how do they contribute to the overall strategy? If they do not contribute, the team should decide whether to stop the projects, and in most cases they should stop.

Step 5: Evaluate the strategy

Set measuring standards and indicators in the ‘metrics’ column.  

  • For example:
    • CPM (cost per 1000 impressions) 10-20Euros
    • % of closed calls
    • Total mailing list members 
    • GM monthly revenue 

Step 6: Allocate domains 

Follow the rule of “One Domain, One Name” for task allocation. This is to keep things clear and easy, so that everyone knows who’s doing what. For the same reason, you don’t want complicated and multi-level mechanisms of holding accountability, avoid things such as primary and secondary responsibility. 

How to Scale Multiple Teams?

Don’t fret if your company has branches or markets in 17 countries or more, you are assured that the strategy map works just as fine with your multiple teams. 

  • 1-year goals, vision in 3-5 years (fixed)
  • This Quarter, Metrics, domains (fluid) – different geographical branches/markets would employ respective strategies to contribute to the overall goals of the company.

Your Moment to Shine!

Now, it’s your turn to set on the journey to your business dreamland with this strategy map in hand. Share with us on your experience afterwards, and if you have any questions, just ask. We’re always here for you.

Watch the Strategy Show on YouTube and listen on Apple Podcasts!

Find out more: www.strategysprints.com/sales

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