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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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How to make a business plan

Table of Contents

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

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

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

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

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

What is a business plan?

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

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

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

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

Business plan vs. business model canvas

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

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

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

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

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

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

Why is a business plan important?

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

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

Helps to define the business goals and objectives

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

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

Guides decision-making

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

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

Attracts investors and secures funding

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

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

Identifies potential challenges and risks

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

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

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

Provides a basis for measuring success

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

Are we where we want to be at this point?

Did we achieve our goals?

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

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

How to make a business plan step by step

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

1. Create an executive summary

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

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

2. Write your company description

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

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

3. Conduct a market analysis

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

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

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

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

4. Describe your products and services

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

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

5. Design a marketing and sales strategy

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

Pricing strategy

Advertising and promotional tactics

Sales channels

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

6. Determine budget and financial projections

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

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

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

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

8. Make an action plan

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

Types of business plans

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

Startup business plan

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

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

Strategic business plan

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

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

Operational business plan

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

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

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

Growth-business plan

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

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

One-page business plan

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

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

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

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

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

Be practical

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

Be specific

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

Be thorough with your research

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

Get input from others

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

Review and revise regularly

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

Create a winning business plan to chart your path to success

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

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

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

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What is a business roadmap? Complete guide with examples

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

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

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

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

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

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

Understanding business roadmaps

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

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

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

Difference between business roadmaps & business plans

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

Business plans typically provide detailed instructions about daily operations.

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

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

Who uses business roadmaps?

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

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

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

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

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

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

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

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

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

Check out some outstanding public roadmaps here .

Let’s explore business roadmaps more.

The elements of a business roadmap

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

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

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

Creating your business roadmap

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

Pick the right template based on your needs

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

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

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

• Understand your business context

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

• Market position
• Competitive landscape
• Internal capabilities

This understanding will influence the type of roadmap you create.

• Define long-term vision and short-term goals

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

• Engage with stakeholders

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

Their input can help refine your objectives and strategies.

• Select a suitable format

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

• Detail strategic initiatives

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

• Incorporate flexibility

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

• Communicate and prioritize transparency

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

• Monitor and adjust

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

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

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

Key takeaway

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

Implementing your roadmap

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

• Communicate the roadmap broadly

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

• Set clear responsibilities

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

• Integrate roadmap with daily operations

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

• Training and support

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

• Monitor progress regularly

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

• Encourage collaboration and feedback

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

• Adapt and evolve

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

• Measure success

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

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

Project management and business roadmaps

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

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

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

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

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

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

Business transformation with business roadmaps

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

Pivoting with precision

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

Evolving with the market

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

Change management

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

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

Innovation planning

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

Building organizational resilience

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

Continuous learning and improvement

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

Strategic communication

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

Leveraging data for decision-making

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

• Market data
• Customer feedback
• Internal performance metrics

The power of strategic foresight

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

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

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

Examples of effective business roadmaps

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

The Spotify model

A fan favorite among Agile enthusiasts is the Spotify model. 

It features:

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

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

Salesforce’s visionary roadmap

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

This roadmap covers:

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

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

Tesla’s master plan

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

Google’s roadmap for AI and computing

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

Amazon’s roadmap for ecommerce and cloud services

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

What is a business roadmap?

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

How does it differ from a business plan?

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

Who uses a business roadmap?

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

Why do you need project plans too?

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

What makes a good business roadmap?

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

What are the three phases of a roadmap?

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

Conclusion: why do you need a business roadmap?

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

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

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

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

Maria Vasserman

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

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Last Updated on April 19, 2024

7 Business Roadmap Examples To Hit Your Goals

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

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

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

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

Here’s what we’re going to cover:

• What Is A Business Roadmap? 

Business Roadmap Example

More business roadmap examples and roadmap templates.

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

What Is A Business Roadmap?

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

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

They can also help you:

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

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

It comes prefilled with examples including: 

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

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

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

👉 Click here to get your FREE Business Roadmap Template.

💪 Tips to customize your roadmap in Cascade:

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

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

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

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

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

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

Strategy Roadmap

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

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

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

👉 Click here to get your FREE Strategy Roadmap Template.

Business Development Roadmap

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

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

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

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

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

Project Roadmap

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

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

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

👉 Click here to get your FREE Project Roadmap Template.

Product Roadmap

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

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

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

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

👉 Click here to get your FREE Product Roadmap Template.

Technology Roadmap

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

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

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

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

👉 Click here to get your FREE Technology Roadmap Template.

Marketing Roadmap

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

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

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

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

👉 Click here to get your FREE Marketing Roadmap Template.

The Benefits Of A Business Roadmap

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

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

How Do You Create A Business Roadmap? 

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

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

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

1. Create your objectives for each focus area

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

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

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

2. Add KPIs to measure performance

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

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

3. Assign initiatives and responsibilities 

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

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

4. Define milestones and a timeline

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

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

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

5. Execute and track progress 

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

Create And Track Your Roadmap With Cascade 🚀 

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

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

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

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

Ready to take Cascade for a spin? 

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

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What is a Business Roadmap?

Product roadmaps? Old hat. Project roadmaps? Yeah, those make sense. Business roadmaps? Never heard of them.

That’s not an uncommon starting point. Roadmaps aren’t traditionally associated with more general “business” topics. But if you circle back to the concept of what is a roadmaps in general, it makes sense.

You’ve got goals and objectives, and multiple steps to get there. How are we going to make this happen? The question is where a business roadmap can create alignment by visually explaining how everything will come together to make that vision become a reality.

Most businesses start with a business plan. The business plan is often used to secure funding from banks or investors. This plan will identify opportunities and provide a market analysis of the current players and solutions addressing these opportunities.

The plan then points out how the company can attack this opportunity in a novel way. From there, it will delve into the details of the execution. It may also touch on the management team before getting into the financials.

Business plans are dense, text-heavy documents. Aside from some charts and graphs to hammer points home, they’re not particularly visual. They’re also often pretty light on the execution phase of things.

But here is where business roadmaps can shine. They complement the business plan while bringing it to life. The business plan itself doesn’t provide much specific direction. The roadmap blows out what needs to happen when it needs to happen and who needs to do it.

With a business roadmap, it becomes crystal clear how various roles, tasks, and responsibilities come together. Best of all, it’s available at a glance and easily updated, versus having to sift through pages of text or the minutiae of project plans.

Unlike product roadmaps—where dates are discouraged—they’re an essential aspect of a business roadmap. Business roadmaps are all about the logistics. Whereas, prroduct roadmaps tend to disconnect those from the vision and goals of a product .

When well constructed with thoughtful and thorough consideration, a roadmap lays out everything required to turn a business plan into reality. Stakeholders and individual contributors alike can get the full picture.

It shows the siloed activities of different departments in the context of the larger plan. The knock-on effects of any delays or disruptions are visible.

Beyond the Business Plan

Not every business roadmap needs to encompass the entirety of a company. They can map out more discrete topics, as well.

Businesses must deal with transformational activities throughout their existence. Business roadmaps can help those processes run more smoothly and build consensus within the organization.

For example, sometimes, businesses must make a significant change. This could be a change in the business model, a shift in underlying technology or suppliers, or a new go-to-market strategy. These types of undertakings involve lots of moving pieces and multiple departments. A roadmap is an excellent tool for indicating who’s on the hook for what and when.

Businesses can also benefit from a roadmap when they’re looking to add new capabilities. It could be creating a new business unit, debuting a new offering, or adding support for new platforms and partners. Once again, many teams involved, lots of dependencies, it’s a great candidate for a business roadmap.

Architectural and IT initiatives are also perfect for roadmaps, as are other strategic endeavors such as research projects, new sales initiatives, and compliance projects.

Key Ingredients in a Business Roadmap

Business roadmaps are only useful if they’re intelligible to the audience. To ease consumption, make sure they include these aspects as a baseline.

Breakdown by organizational department:

Showing what each part of the company is working on is helpful for a few reasons. First and foremost, the visual presentation of what’s on each group’s plate might surface resourcing issues. That could result in reshuffling some priorities or reassigning tasks.

It also helps the other groups in the company understand what their colleagues are working on. No more “we’re slaving away while they’re eating bon-bons” theories when it’s all laid out for everyone to see. Plus, the additional visibility builds in more accountability. Everyone knows what they’re expected to deliver and why.

State the purpose of each activity:

Spelling out what everyone’s working on is great. Still, it’s more useful when there’s an understanding of why that task is being performed at all. By putting each activity into a category identifying its purpose, business roadmap consumers get some extra context.

Tying each activity back to a strategic goal is a great way to do this. And if each activity is color-coded by a strategic goal, it’s a quick indication of the equal weight of effort or resources on one or two during particular periods of time.

Milestones:

We typically think of milestones on a roadmap as software releases or new versions of the product. But on a business roadmap, a milestone can represent any accomplishment or key event.

It could be hitting a revenue target, a trade show or industry event, a strategic partnership, an important meeting, launching in a new region. Anything that’s a noteworthy result of the combined efforts of the teams involved. Milestones add even more context, and potentially a bit of urgency, to the roadmap.

Tips for Creating a Compelling Business Roadmap

While business roadmaps are a different beast than product roadmaps, some basic principles still apply.

Step 1: Vision, strategy, and goals

Business roadmaps are execution-focused and will likely include more specificity than an ideal product roadmap. But they’re still intended to paint a picture. There’s a vision of where you want to be, a strategy on how to get there, and goals along the way.

While the vision, in this case, is probably not a finished product, employing similar conventions regarding what makes a great roadmap is still valid. All the tasks included in a business roadmap should represent the incremental steps required to turn that vision into reality according to the strategy laid out in the business plan.

Step 2: Tell a story

We’ve mentioned many times how important it is for roadmaps to be narrative and for their creators to be storytellers . This belief holds true for business roadmaps, as well.

There’s a problem to solve and a state of being for the business to achieve. There are chronological steps that various parts of the organization must take to get there. The business roadmap can paint that picture. It can show how each bit of progress builds on the next to complete the story.

Step 3: Employ themes

Another hallmark of a great roadmap is using themes to group things together. While a business roadmap may require more concurrent activity than a typical product roadmap, themes still have a role to play.

For a business roadmap, themes might be more along the lines of “setting the stage for transformation,” “updating critical systems,” “going to market,” or “engaging channel partners.” Themes further solidify the context of each task and bundling them accordingly.

Step 4: Clear outcomes for each item

Uncharted Territory

Now you know what is a business roadmap. Business roadmaps might be new to your organization (or to you). Still, they’re a powerful tool for consolidating a lot of information into an easy-to-digest, highly visible format. If you’re ready to explore how simple it can be to align your organization with a business roadmap, check out this template and see for yourself!

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Business Roadmap Template

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

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

Business Roadmap Templates to Scale Your Business to the Next Level

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

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

Brainstorm and plan with teams by collaborating and syncing up

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

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

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

What is a Business Roadmap?

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

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

Why Do You Need a Business Roadmap?

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

Shows how the company or business will grow

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

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

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

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

Helps to analyze the performance of a company for future potential

How Can Teams Benefit from Using Business Roadmaps?

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

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

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

• Encourages collaboration

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

• Helps to identify dependencies and risks

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

• Helps to plan, prioritize and track progress of tasks

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

• Communicates progress effectively

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

Business Roadmap Examples to Get You Started

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

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

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

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

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

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

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

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

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

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

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

How to Create a Business Roadmap Template?

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

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

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

• Identify the goals, objectives, and KPIs

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

• Prioritize and set strategies and milestones

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

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

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

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

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

• Share with others for feedback

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

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

• Now you can streamline your tasks and track progress

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

FAQs About the Business Roadmap Template

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

Scrum Product Roadmap

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• Product management
• Types of roadmaps

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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Business Plan Roadmap: Building Your Path to Business Success

Published: 31 December, 2023

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

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

What is a Business Plan

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

A conventional business plan typically divides into two primary segments:

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

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

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

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

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Creating a business plan essential steps.

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

1- Draft an Executive Summary:

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

2- Compose a Business Description:

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

3- Conduct a Market Analysis:

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

4- Outline Organization and Management:

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

5- Detail the Product or Service Line:

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

6- Develop a Marketing and Sales Strategy:

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

7- Specify Funding Request (if applicable):

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

8- Prepare Financial Projections:

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

9- Include an Appendix:

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

10- Review and Revise:

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

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

Types of Business Plans

Startup business plan:.

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

Feasibility Business Plan:

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

One-Page Business Plan:

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

What-If Business Plan:

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

Growth Business Plan:

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

Operations Business Plan:

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

Strategic Business Plan:

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

The purpose of a business plan

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

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

Important External Tasks of a Business Plan

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

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

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

When is a Business Plan Needed

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

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

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

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

Example of Business Plan Structure

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

1. Business Concept/Business Idea and Strategy:

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

2. Company Description:

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

3. Target Market:

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

4- Operational Plan:

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

5. Products and Services:

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

6. Marketing and Sales Planning:

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

7. Management, Employees, and Organization:

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

8. Opportunities and Risks:

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

9. Financial Planning:

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

10. Appendix:

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

Reasons for Business Plan Failures

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

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

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

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

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

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

Frequently Asked Questions

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

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

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

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

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

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

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

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

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated May 7, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

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One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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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.

Get started with roadmaps templates

.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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Home » How to Create a Business Roadmap?

How to Create a Business Roadmap?

This article includes:

What Is a Business Roadmap?

How to make a business roadmap, what makes a good business roadmap, what are the business roadmap elements, who can use a business roadmap, what are the different types of business roadmaps, what is a business roadmap template, what is a small business roadmap, what are the business roadmap tools.

A business roadmap is an essential tool for any business. 

It helps visualize the different aspects of business activities and measure progress by defining how to reach an organization’s objectives. 

You can use business roadmaps in various ways – from daily management tasks to staying on top of long-term strategic goals.

This article will cover everything you need to know about business roadmaps.

A business roadmap is a plan that shows how the different aspects of business activities will lead to achieving strategic goals. Individuals in charge of specific areas and managers and executives need to overview all business operations.

Creating a business roadmap is vital in analyzing a company’s performance and assessing its future potential. They’re used to plot out the itinerary for accomplishing objectives and tracking progress.

A business plan differs from a business roadmap. Business plans are long-term, while roadmaps focus on short-term goals and objectives. Business plans include information about the company’s finances, but roadmaps don’t need to be as detailed or comprehensive; they just need to give a general idea of what you should do next.

A business roadmap is a document that outlines the steps needed to reach an end goal. 

Creating a practical business roadmap can seem like a daunting task, especially if you’re not sure where to start. But it’s not as complicated as it sounds! 

Many online tools can help with this task, too. So don’t worry if you’ve never done this before – we’ll walk through everything step by step below.

Define Your Business Vision and Strategy

One of the first steps in a business roadmap is to get your vision, mission, and strategy in place. Without this, it would be difficult to create specific objectives and tasks for your roadmap . Planning your business vision and design helps you determine what actions need to take place and ensure that you align all of them with your goals and objectives.

Identify Business Objectives and KPIs (Key Performance Indicators)

The next step is to identify the business objectives you want to achieve. Business Objectives can be anything from increasing sales by X%, gaining Y new customers each month, or creating a product that will revolutionize an industry. 

These objectives should align with both your company’s mission statement short and long-term strategic plan. When setting up business objectives, keep in mind how they relate to your strategy. 

For example: Suppose you have a goal of achieving 100% customer satisfaction. Think about what it would mean for sales growth to accomplish this objective. 

Business KPIs are the metrics that you could use to achieve these objectives. Business Objectives and Business KPIs should always go hand in hand.

Key Performance indicators refer to those metrics that help measure the performance of any Business strategy or initiative. They can be anything from the number of new customers acquired per month, the growth rate for revenue over time, etc. Business KPIs are also used to track progress towards your Business Objectives.

Business Milestones and Timeline

Once you know your objectives, it’s time to set Business milestones – these are specific goals that need to be met for a business objective to become a reality.

Business milestones could include launching new products or services every quarter, hiring one person per month (if there’s a budget), etc. Business milestones should also have measurable results so you can track progress towards achieving them!

On the other hand, business timelines involve making estimates about when each milestone will happen (i.e., start date/end date), along with its associated cost. Costs could include financial capital and people’s hours spent working on tasks related to achieving your business goals within their role at work—functions such as marketing, sales, product development, etc. 

Business timelines should include any significant events such as product launches , new marketing campaigns, etc., that could affect progress towards objectives set out on the Business roadmap.

Assign Tasks and Responsibilities

The next step is to assign tasks and responsibilities to individuals or teams. Breaking down business objectives into specific, actionable tasks is essential for anyone trying to achieve them. Doing this also allows team members to understand better what they need to work on to contribute to the organization’s success.

When assigning tasks, make sure that they’re SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Setting SMART goals will help ensure everyone in the team understands what they need to do and when they need to do it.

Implement and Track Progress

The last stage is putting your Business Roadmap into action and tracking progress. Make sure to revisit your Business Objectives and KPIs regularly so that you can course-correct where necessary. Doing so will help ensure that you stay on track towards achieving your business goals!

Create a winning roadmap with Chisel Roadmaps .

Let’s look at some of the essential features of a successful business roadmap.

The Business Roadmap Should Be Clear, Simple, and Understandable. 

Business roadmaps are meant for everyone to understand – from the CEO to an intern. 

They should also have a consistent format that makes it easy for people unfamiliar with your company’s business goals or strategy process (e.g., customers). 

Following this process will help determine where things stand about their needs/expectations.

Business Roadmaps Must Be Inclusive of Specific Parameters

A business roadmap should include key milestones, objectives, and deliverables along with tasks assigned so that there is no confusion about what needs doing next or when it might need doing. This process will also help ensure that team members know how to achieve those larger goals.

Granular and In-depth

The business roadmap has the right level of granularity, and it should be easy enough for anyone to understand but detailed enough that they’re helpful as well. If a business roadmap is too high-level, it won’t provide any direction on how to do a particular task and vice versa if the roadmap is too low.

It is crucial to find a middle ground and specify all the information needed but not too high for a layperson to understand.

Revise Regularly

The business roadmap is updated regularly. Business objectives and goals will change over time, so it’s essential to update your business roadmap accordingly. Doing this ensures that everyone has the most recent information and helps track progress and identify any potential issues/obstacles along the way.

Now that we know what makes a good business roadmap let’s look at the different elements.

Business Objectives

The purpose of a business roadmap is to help achieve business objectives, so these should be clearly defined and listed prominently on the business roadmap.

A milestone is an important event or achievement that needs to happen for business objectives to continue. They could include launching a new product, reaching a certain number of sales, etc.

Assigning specific tasks and responsibilities to individuals or teams is essential for achieving business objectives. Doing this also allows team members to understand better what they need to work on to contribute towards the organization’s overall success.

Business Roadmap Format

The overall layout of your business roadmap should be easy to follow so that anyone can understand where things stand at a glance. Using a style or template specific to your company is also essential to avoid confusion about which business objectives/milestones you referred to. 

You can present business roadmaps in formats such as Gantt charts, Kanban boards , or mind maps .

An essential tool like a business roadmap helps anyone achieve business goals – from the CEO and Board of directors to team members and individual contributors.

You can use business roadmaps in various ways – from daily management tasks to staying on top of long-term strategic goals. Different leaders in the ghostwriting company who need an overview of all business operations use the business roadmap.

Let’s take a closer look at who might benefit from creating a business roadmap:

• CEOs/Managers : They use business roadmaps to visualize the big picture and track progress towards defined goals.
• Business Owners : Business owners can use business roadmaps to see all the different business areas in one place, which can help identify opportunities and problems that need addressing. 
• Employees : They can use business roadmaps to see how their tasks contribute to their overall success.
• Freelancers/Consultants : They can use business roadmaps to understand the client’s business better and offer tailored solutions.
• Project Managers : Project managers can use business roadmaps to show the progress of their projects and forecast future tasks. Business roadmaps are an excellent tool for project managers to guide their teams on how each task contributes toward achieving strategic objectives.
• Product Managers : Product managers can use business maps to visualize different aspects of product development and management processes, focusing on what needs to be done next year or five years down the line. Doing this will help make sure those goals get done on time.
• Venture Capitalists : Business roadmaps can be a valuable tool for Venture Capitalists because they provide an overview of their investments over time.
• Sales Teams : Business roadmaps help sales teams identify potential customers and track progress towards business objectives. 
• Marketing : Marketing teams use business roadmaps to visualize different aspects of marketing campaigns, focusing on what needs to be done next month or five months down the line.

Ready to start creating your winning business roadmap?

There are many business roadmaps to choose from, but it’s crucial for you and your team members to understand what kind of business roadmap would be most suitable for them. Here are some examples:

Strategic Business Roadmap

This business roadmap assists businesses that are looking for long-term success. It covers the company’s vision, mission, and goals and how they plan on achieving them.

Project Business Roadmap 

Project business roadmap is for projects, and, as a result, its focus will be more on task management than strategic planning.

Marketing Business Roadmap

A Marketing business roadmap focuses specifically on strategies and campaigns that will help promote and sell a product or service.

Product Business Roadmap

Companies use this type of business roadmap with multiple products/services that need managing. It helps track the progress of each product line and determines when you should release new products into the market.

Technology Business Roadmap

A technology business roadmap is designed for companies that rely heavily on technology to run their business. It covers the development and implementation of new systems/technologies and how you will use them.

Business roadmaps are also easy to customize, so they’re perfect if you want something quick and straightforward. 

A business roadmap template is a pre-made business roadmap that is an example or starting point for future business roadmaps. 

They’re great because they save time by providing you with all the necessary elements already included.

Business roadmap templates also ensure consistency between business roadmaps so that it’s easy to identify essential information at a glance. These templates come in many different styles and formats, so you can choose one that suits your needs best.

The best way to start making your business roadmap is with free powerpoint templates that experts have already designed.

Let Us Take a Look at a Business Roadmap Template Below:

The first step in the business template will be to input the company’s name, logo, and website. This step will help personalize your business roadmap and give it a more professional look.

The next step is to input the title of your business roadmap. This title can be from “Strategic Business Roadmap” to “Product Business Roadmap.”

After that, you’ll need to list your objectives and goals. These can be anything from increasing sales to developing a new product.

Next, you’ll need to list the strategies and tactics you’ll use to achieve your objectives. This process could be anything from launching a new marketing campaign to expanding into new markets.

The final step is to add in any other information that you think is important such as timelines, budgets, or other business roadmap elements.

A small business roadmap is a template specifically designed for businesses with fewer resources and less complex operations.

The main difference between a small business roadmap and other business roadmaps is that smaller businesses typically have one or two key goals they’re trying to achieve. 

In contrast, larger companies may have several plans spread out over different company areas.

Small business roadmaps usually aren’t as detailed as others because there’s not enough time or resources to include everything. But using some important small business tools can help you grow quicker.

That said, it’s important to remember that even the most straightforward business roadmap can be beneficial when it comes to keeping your business on track.

Business roadmap tools are a great way to stay on top of daily management tasks by showing how they contribute to achieving strategic goals . 

Executives can use business roadmap tools to overview all business operations and individuals in charge of specific areas within an organization. 

Business roadmap tools significantly help for planning purposes. You can make them with pen and paper, Excel spreadsheets, or other software programs such as PowerPoint slideshows. 

Business roadmap tools are a great way to visually see and track the different aspects of your business, which is extremely important when it comes to measuring progress.

Additionally, individuals in charge of specific areas can use business roadmap tools. Tools such as marketing or product development allow them to understand how their work contributes to its overall success.

When tracking performance over time, business roadmap tools are essential. By comparing data from previous years, you can see whether your company is moving in the right direction or if any areas need improvement. Business roadmap tools can also help predict future growth or decline for an organization.

With a business roadmap in hand, literally and figuratively, you are on your way to success. Business roadmaps are essential for any strategy process, and you should create them with precision and care.

We hope this article helped provide you with a better understanding of business roadmaps and their uses.

You may also interested in:

• Quality Product Roadmaps: What Makes Them Great
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• Product Roadmap vs The Marketing Roadmap
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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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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.

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Developing a Pizzeria Business Plan: A Roadmap to Success 

Is a Pizzeria a Profitable Business?

Designing your pizzeria business plan, create a robust pizzeria business model and let orders.co help you succeed.

Pizza Hut recently planned a special release of its version of a burger , but it didn’t look like the usual burgers from McDonald’s or Burger King. 

Instead, it mixed the best of pizza and burgers into something unique. This creative idea shows the importance of thinking outside the box and planning well in the food business.

Starting a successful pizzeria as an independent restaurant owner requires the same creativity and careful planning. Whether you’re new to the restaurant industry or have extensive experience, making a good restaurant business plan for your pizzeria is key. 

So, let’s explore the steps to creating a winning pizzeria business plan that will help you succeed in a competitive market!

If you’re still on the fence about opening your own pizzeria , then jump right up!

Consider this impressive statistic: consumers in the United States spent around 41.3 billion U.S. dollars on pizza within the quick-service restaurant (QSR) industry in 2023. 

In fact, QSR sales in the pizza category are the second largest, only behind hamburgers. This significant spending highlights the strong demand for pizza and the lucrative opportunities it offers.

Here are also several reasons why a pizzeria can be a profitable business:

• High Demand : Pizza is a beloved food choice across all age groups and demographics. Its universal appeal makes sure there’s a steady stream of customers, from families looking for a quick meal to college students ordering late-night snacks.
• Variety and Customization : Pizzerias can offer a wide range of options, from classic Margherita and pepperoni pizzas to gourmet and customized toppings. This variety attracts different customer segments, increasing the potential customer base.
• Delivery and Takeout : The convenience of the pizza delivery business and takeout services makes it a popular choice, especially in today’s fast-paced world. With the increase in online ordering and food delivery apps, it’s easier than ever to reach customers who prefer dining at home.
• Loyal Customer Base : Many pizzerias benefit from a loyal customer base that frequently returns for their favorite pizzas. Offering loyalty programs and special deals can further enhance customer retention.
• Cost Management : Pizza ingredients, such as dough, cheese, and toppings, can be bought in bulk at lower costs. Effective inventory management and portion control help maintain good profit margins.
• Scalability : A successful pizzeria can expand by opening additional locations or franchising the brand. This scalability allows for significant growth and increased profits over time.

A well-planned pizzeria can become a thriving business by getting advantages, leading to fruitful success in the competitive food industry.

Creating a detailed business plan is crucial for the success of your pizzeria . It serves as a roadmap, guiding you through the process of establishing and growing your business. Here are the essential steps and considerations to include in your pizzeria business plan:

Choose a Business Structure

Decide on the legal structure of your pizzeria. Options include:

• Sole Proprietorship : Simple and easy to set up, but offers no personal liability protection.
• Partnership : Shared responsibility and profits, suitable if starting with a partner.
• Limited Liability Company (LLC) : Provides liability protection and has flexible tax options.
• Corporation : More complex, with greater liability protection and potential tax benefits.

Register your business with local, state, and federal authorities, and obtain any necessary licenses and permits.

Define Your Target Market

Conduct a market analysis and identify the specific demographic you aim to serve. Consider factors like:

• Location : Urban vs. suburban areas, proximity to schools, offices, and residential zones.
• Customer Demographics : Age, income level, dietary preferences, and dining habits.
• Competitor Analysis : Research existing pizzerias in the area and identify gaps you can fill.

Calculate All Costs of Opening Your Pizzeria

Thoroughly estimate all expenses involved in starting and running your pizzeria:

• Lease/Rent : Cost of leasing or purchasing a location.
• Renovations : Expenses for remodeling the space to fit your brand and operational needs.
• Licenses and Permits : Health permits, business licenses, and other legal requirements.
• Equipment : Pizza ovens, refrigerators, kitchen tools, and furniture.
• Salaries and Wages : Determine the approximate number of employees needed (cooks, servers, managers) and their salaries.
• Inventory : Initial stock of ingredients, packaging, and supplies.
• Utilities : Electricity, gas, water, and waste management.
• Marketing : Costs for advertising, promotions, and social media campaigns.
• Technology : POS systems, website development, and online ordering platforms .

Funding Your Business

Explore different funding options to cover your initial and operational costs:

• Personal Savings : Using your own money to finance the business.
• Loans : Small business loans from banks or credit unions.
• Investors : Securing funds from private investors or venture capitalists.
• Grants : Look for grants available for small businesses in the food industry.

Decide on Delivery Options

Consider how you will handle deliveries:

• In-house Delivery Drivers : Hiring your own drivers provides more control but adds to payroll and insurance costs.
• Partnering with Delivery Apps : Collaborating with services like Uber Eats, DoorDash, or Grubhub can extend your reach but involves service fees.

Financial Projections

Create detailed financial projections to plan for profitability:

• Projected Profit and Loss Statement : Estimate your revenues, cost of goods sold (COGS), gross profit, operating expenses, and net profit.
• Break-Even Analysis : Determine the point at which your revenues will cover your costs, indicating when you’ll start making a profit.

Marketing Strategy

Develop a comprehensive marketing plan to attract and retain customers:

• Brand Identity : Create a unique and appealing brand , including a logo, color scheme, and slogan.
• Online Presence : Build a professional restaurant website and maintain active social media profiles.
• Promotions and Discounts : Offer special deals, l oyalty programs , and discounts to attract customers.
• Community Engagement : Participate in local events, sponsor community activities, and network with local businesses.

By carefully planning each step and considering all the factors involved, you can create a solid pizza business plan that will guide you toward building a successful and profitable pizzeria.

Developing a pizza shop business plan is a comprehensive process that requires careful planning, strategic decision-making, and a clear understanding of the market. 

Every step is crucial for your success, from choosing the right business structure and identifying your target market to calculating costs and creating a robust financial plan. 

Marketing, efficient delivery options, and a strong online presence are also key components that will help your pizzeria stand out and thrive.

To make this journey easier, consider using the powerful tools and services offered by Orders.co . 

Our platform can significantly simplify your operations and boost your efficiency in several ways:

• Orders Consolidation : Manage multiple orders from different delivery apps on one device, ensuring consistency and efficiency.
• Custom Ordering Website : Create a commission-free, customizable website for direct sales, integrating loyalty programs and AI marketing tools.
• Menu Management : Easily update your menu across all platforms, ensuring accuracy and eliminating out-of-stock issues.
• Marketing Solutions : Drive customer engagement and repeat visits with AI-powered emails, text messages, and loyalty programs.

By utilizing Orders.co , you can confidently navigate pizza restaurant management and focus on what you do best—creating delicious pizzas that keep your customers returning for more. 

Schedule a FREE demo with Orders.co today to see how these tools can help your pizza business start swiftly and operate smoothly.

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Create Your Pet Store Business Plan: 7 Steps to Success

Running a retail pet store is no walk in the park — it requires passion, commitment, and a solid plan.

And while owning and operating a pet store business is quite rewarding, it can also become overwhelming when challenges arise. There are a variety of challenges that pet store owners encounter as they run their business: competition, inventory management, and customer acquisition, to name a few. 

So, it’s important to have a business plan in place to help you navigate these challenges.

In this blog, we’ll discuss the essential steps of creating a pet store business plan that sets your pet store up for success.

Why Do You Need a Pet Store Business Plan?

First things first: What is a business plan? Simply put, a business plan is a document that guides you through managing your day-to-day business operations. Your plan will guide you through the stages of starting and managing your business, helping you set goals, establish timelines, allocate resources, and plan for the future.

This plan not only serves as a roadmap for you — it’s also essential as you look for financial support or funding for your pet store. As you include the necessary vision for your pet store, along with your understanding of your market, potential investors can easily visualize and understand your plans to achieve growth. 

Your pet store business plan is also a great tool to help you make informed decisions and assess the viability of new products, services, and market expansions.

Here’s the bottom line: The main reason you need a business plan is to help you navigate the challenges that come with running a pet store — because you want to provide the best experience and products for your customers and pets. 

Related Read: Educating Customers on the Benefits of Shopping at Your Small Pet Store

Step #1: Establish Your Business Concept

Your first step is to establish your business concept. This is where you write your executive summary and company description. 

An executive summary is simply a quick overview of your business. It includes basic background information about your pet store so others understand what you do, what you want to achieve, and how you plan to do it. 

Make sure to include the following components:

• Business name
• Products/services
• Mission statement
• Business structure

The company description includes information on your target market and the type of business and work you’re engaged in. In this section, it’s important to address the problems that your business solves for your customers.

Once you’ve established your business concept, you can dive into your target market and provide more valuable information to your plan.

Step #2: Understand Your Target Market

The next step is to understand your target market. This is where you perform a thorough market analysis — you’ll identify competitors in your market, explore industry trends, and discover the demographics of your customers. 

As you identify competitors, be sure to include both direct and indirect competitors. Direct competitors are the businesses that sell similar products and services. Indirect competitors are businesses where you do not perfectly align but still compete in the industry. For example,  Chewy offers home delivery pet products at competitive prices, and may be seen as an indirect competitor. 

You can identify your competitors by researching online, visiting stores in the area, or by attending industry events. 

Stay informed on the latest pet industry trends, too. Industry reports, trade publications, and online forums are great resources. There’s a lot you can learn from these trends to help you better understand your market.

Customer personas are extremely helpful when gathering information on the customer demographics. Personas include important information about:

• Income level
• Preferences

The data you gather on your target market will help you make better business decisions. Include your target market research in your business plan and always have it top of mind.

Step #3: Structure Your Business

Make sure to include the organization and management of your business. This step is where you include information about the team structure. Be sure to include the ownership information and details on the organizational structure, including the management team.

A typical team structure for a retail pet store owner includes:

• Owner/manager (you!)
• Store supervisor
• Customer service representatives
• Sales associates
• Groomers (if you offer pet services)
• Inventory manager
• Marketing and promotions coordinator
• Maintenance and cleaning staff

Include your team structure in this section of your pet store business plan. The next step is the overview of what you offer at your store.

Step #4: Decide Your Product Mix

Your product mix is your bread and butter. This step is where you explain what you offer to your customers. Make sure you clearly define the products and/or services that your store offers — and highlight the benefits they have to your customers and pets.

A product mix for a pet store may include:

• Treats and chews
• Collars, leashes, and harnesses
• Bedding and housing
• Grooming supplies
• Health and wellness products
• Training and behavior aids
• Apparel and accessories
• Pet care supplies

If your pet store offers pet services, include those in this section, too. Pet services include:

• Pet training
• Dog walkers
• Pet bakeries
• Pet sitters
• Pet massage

The products and services you offer are an important part of your vision for your business. The quality and benefits of pet products are an essential part of pet store businesses, so you want to provide the best quality products to your customers. You know that your customers care very much about their pets and how they are able to care for them.

This information is essential to include this in your business plan, so that other investors, lenders, or partners understand the passion and vision behind your pet store.

Related Read: Best Practices for Stocking Pet Food: Ensuring Freshness and Rotation

Step #5: Reach Your Customers

How do you plan to reach your customers? In this section of your pet business plan, you explain how you’ll attract and retain customers. This section should include your marketing and sales strategy. Your strategy should include what you plan on doing, as well as your hypothesis on the outcome of your efforts.

This section is also an important aspect for those outside of your business, like investors, to understand. A clear, well-thought-out marketing plan is important for them to understand when making important business decisions. Your marketing and sales efforts directly correlate to your overall revenue.

Step #6: Finance Your Business

This is where the numbers come into play. In this section of the plan, you will include financial projections. Provide clear projections, so that investors easily understand that your business is sustainable.

When applicable, this section will also include any funding requests. You can outline your funding needs here in addition to your projections. Your financial projections will help support investors and lenders when reviewing any funding requests.

Step #7: Support Your Plan

The last part of your pet store business plan is the appendix. The documentation provided in this section provides supplemental information that supports the main sections of your plan.

The appendix includes detailed data and information on some of the sections mentioned above:

• Market research data
• Competitor analysis
• Marketing materials
• Financial projections
• Supplier agreements and contracts
• Lease or rental agreements
• Licenses and permits
• Employee handbook and training materials

Although this section is optional, it allows you to provide any additional information about each part of your business plan. Consider which documentation would make the most sense to consider, and add it to your appendix.

Prepare Your Pet Store Business Plan Today

These steps will help you create a comprehensive business plan for your pet store. The time you spend planning for your business will greatly benefit you as potential challenges arise. These seven simple steps will help you craft your strategy and assist you with upcoming business decisions with partners, lenders, and investors. 

We’re here to help you with all your business needs. eTailPet is an all-in-one pet store point of sale (POS) system that has all the features you need to successfully run your business: inventory management, automated marketing tools, memberships/subscriptions, and online/offline synchronization. 

Schedule a demo today to learn how eTailPet can help take your pet store business to the next level.

The Top 10 Templates for Creating Your Product Roadmap

Last updated on Sun May 26 2024

Product roadmaps have become an industry standard for SaaS businesses. They clearly communicate a company’s vision and progress. 

For your teams, product roadmaps are monumental in the product management process , developing product strategy, keeping the focus on the most important product goals, and minimizing scope creep.

For your customers, product roadmaps provide insightful information about newly released product features and a layout of what is up and coming. When combined with feature requests, product roadmaps also show your customers that they matter and that you are listening to them, improving user engagement and retention.

There are many product roadmap tools available and starting with a template is a great strategy for selecting the type of roadmap and the supporting software that's right for your business.

In this post, we discuss why utilizing a product roadmap template is the best approach and offer ten of the best templates available.

Why should you use a product roadmap template?

The key reasons to use a product roadmap template include:

Save time - With so many great templates available, why waste your time creating a product roadmap from scratch?

Expanded features - Many product roadmap templates include features that address the pain points of their creators, or incorporate their roadmap planning techniques. Either way, this generates a more robust roadmap from the get go.

Audience selection - There are many different audiences that benefit from product roadmaps. There are executives, development teams, and customers to name a few. Roadmaps and the information they provide should be tailored to the intended audience.

Software integration - Many templates are designed to integrate with the other software in your tech stack, improving efficiency and compatibility within your business structure.

Top 10 product roadmap templates

Here are the top product roadmap templates to consider.

1. Frill’s Product Roadmap Template

Frill offers an elegantly simple, fully customizable roadmap template. Our great UX makes providing customer feedback and feature suggestions easy. When actions are taken on a contribution, the contributor is notified.

When it comes to providing a product roadmap for your users, Frill’s Product Roadmap Template provides the right amount of information to promote engagement and earn loyalty. It also avoids the pitfalls of providing timelines.

Frill makes roadmapping easy for you and your users so you can focus on what really matters—developing and shipping new features. 

Template features :

Kanban-style columns

Feature request tags

User upvote counter

Feature image cards

Filtering by topic

What else you can do with Frill’s software :

Feature requests

Public roadmap planning

Manage user SSO for idea board

2. Atlassian’s Product Roadmap Template

As an enterprise software company, Atlassian develops templates for content management, project managers, and software developers. Their product roadmap template provides a high-level overview of the features you have lined up and a detailed quarterly layout. This combination allows for quick progress reviews and efficient identifications of the priorities and status of features under development.

Atlassian’s product roadmap is timeline-based and designed for internal mapping within the management and development teams. However, timelines are not recommended if you plan on sharing your roadmap with clients and sales teams. In this case, use Frill’s Kanban-style roadmap instead.

Template features:

Timeline overview format

Detailed spreadsheet format

Team mission

Project information

Priority and status updates

What else you can do with Atlassian's software:

Business strategy templates

Project management templates

Marketing and sales templates

Project planning templates

Human resources templates

3. Venngage’s Simple Product Roadmap

Venngage focuses on making infographics accessible and easy to create. They provide the tools to create WCAG and ADA-compliant infographics, which is awesome! 

Venngage’s simple product roadmap template is a timeline format that is visually appealing and easy to read. The template is easily customizable, and with the millions of photos, icons, and graphics available, you can style it just right. You can also upload your own graphics to stay on brand.

Like Atlassian, this is a timeline format so be careful what information you’re providing and for who. But, you will get an eye-catching roadmap with this template. 

Fully customizable

AI-powered editing features

Generate QR codes

Millions of pictures, icons, charts, and graphics

What else you can do with Venngage’s software:

Accessible editor and templates

AI-powered design tools

Smart diagram features

Branding and Collaboration

Diverse icons and free stock photos

4. Canva’s Roadmap Planning Whiteboard

Canva provides everything you need to easily create professional designs. It offers tens of thousands of templates for just about anything.

Canva’s roadmap planning whiteboard is a great template for engaging your team in the timeline of your tech development.  The roadmap is a simple matrix layout with the quarters in the columns and features as rows. The whiteboard nature of the template makes the progress tracking and updates more interactive and informal. This can be a moral booster as it helps change the focus to achieving goals instead of meeting deadlines (while still keeping the timeline for management).

Matrix format

Color coded

Unlimited size options

Customizable

Bulleted text

What else you can do with Canva’s software:

Digital sign board templates

Banner templates

Logo templates

Zoom virtual background templates

Business card templates

5. Grove Tools’ Graphic Roadmap

The graphic roadmap template offered by Grove Tools offers a unique format for committing actions to a schedule. This template is tailored for the division of tasks of a particular project, such as an organization-change process where activities are designated to meet milestones and overall goals.

While not really tailored for SaaS, this template might be the right fit for more traditional businesses.

Activity designation

Milestone or date format

Space for identifying specific challenges

Bullet list of the roadmap’s goals

Designed for print

What else you can do with Grove Tools’ software:

Corresponding leaders guide with template instructions

Context map template

Graphic gameplan template

Industry structure map template

Investment portfolio template

6. Miro’s Product Roadmap Template

Miro is a whiteboard tool designed for your product teams to connect, collaborate, and create. It offers a wide range of solutions for workshops, agile workflows, strategy, brainstorming, and more.

Miro’s Product Roadmap Template was designed to track and align your product through its full development process. One of the benefits of the Miro template is that it provides a step-by-step guide on how to use it.

Timeline format

Grouped rows for organized team structure

Color-coded tasks

Emoji icons to identify milestones

Interactive cards hold all the information about each step

What else you can do with Miro’s software:

Product development workflows

Workshop and async collaboration

Diagramming and process mapping

Content and data visualization

Visual project management

7. Figjam’s Product Roadmap Template

Figjam is an online whiteboard software for building products. Their whiteboards are designed for collaborative prototyping, developing, designing, and building. 

Figjam’s product roadmap template utilizes tabbed columns and sticky note structure to lay out big-picture objectives with specific organized tasks. This clean and easy-to-read format is a great roadmap option for objective-based product development. 

Color-coded columns for topic categories

Sticky notes for grouping details and tasks

Simple navigation

Easy toolbar access to whiteboard features

User friendly

What else you can do with Figjam’s software:

Design whiteboards

Prototyping whiteboards

Dev Mode whiteboards

Design systems whiteboards

Resource library

8. Lucidspark Product Roadmap for teams template

Lucidspark is Lucid’s virtual whiteboard software. Their product roadmap template has a simple two-step process. First, you create Lucid Cards, specifying your high-level product goals. Then, you drag and drop them into the timeline.

An added bonus is that the Lucidspark has extensive integrations meaning it will most likely fit within your existing tech stack.

Lucid Cards for product goals and vision

Drag and drop formatting

Compatible with Jira, Azure, Asana and more

Customizable card shapes

What else you can do with Lucidspark’s software:

Collaborative AI

Storyboards

Customer journey maps

4Ls retrospective template

9. Visme’s Multiple Product Roadmap Whiteboard Template

Visme provides a comprehensive set of tools and templates for visual communication. Visme’s roadmap template is designed for multiple products within the same whiteboard. Its eye-catching visuals and ability to incorporate custom graphics and media make it a great option. If you are planning on tackling a lot of projects at once, then you’ll definitely want to consider this template for team management.

Designed for multiple products

Brand matching through color customization

Customizable charts for data visualization

Include animations, audio, video, interactivity, and links

What else you can do with Visme’s software:

Flows templates

Brainstorming templates

Wireframes templates

Presentations Templates

Charts and graphs

10. ClickUp’s Roadmap Whiteboard template

ClickUp is a platform designed to bring all your projects, tasks, docs, whiteboards, etc. Into a single place. Their software is designed to cross-collaborate between features to help streamline project management and product creation.

ClickUp’s Roadmap Whiteboard template is a read-to-use whiteboard designed for beginners in the ClickUp space.  In addition to the eye-catching format, the template comes with a detailed description of the features and instructions on how to use the roadmap. 

While ClickUp integrates with many tools, its focus is to be your one-stop shop. If you are considering them, this template may be the right place to start.

Custom statuses

Multiple roadmap tracking features

What else you can do with ClickUp’s software:

17 different views for project management

Searchable content

Multiple task features

Collaborative document creation

Integrated dashboards

When choosing a product roadmap template, remember your intentions. Having a timeline format for your product teams will ensure they stay on track, while a Kanban-style public roadmap with feature request tags will keep your customers engaged and loyal. It is okay to have both.

Ready to launch a roadmap for your clients? Get started with Frill’s Product Roadmap Template.

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VMware by Broadcom Dramatically Simplifies Offer Lineup and Licensing Model

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By Krish Prasad, Senior Vice President and General Manager, VMware Cloud Foundation Division

Broadcom’s close of the VMware acquisition has brought together two engineering-first, innovation-centric teams to help build the world's leading infrastructure technology company. Together, we are well-positioned to enable global enterprises to embrace private, hybrid and multi-cloud environments. And we are committed to driving customer success through faster innovation, a simpler portfolio and a robust ecosystem.

Over the past two years, VMware has been on a journey to simplify its portfolio and transition from a perpetual to a subscription model to better serve customers with continuous innovation, faster time to value, and predictable investments.

Today, VMware by Broadcom has reached a new milestone with the announcement of the following:

• A dramatic simplification of our product portfolio that allows customers of all sizes to gain more value for their investments in VMware solutions. The portfolio simplification across all VMware by Broadcom divisions stems from customer and partner feedback over the years telling us our offers and go-to-market are too complex.
• Complete the transition of all VMware by Broadcom solutions to subscription licenses, with the end of sale of perpetual licenses, Support and Subscription (SnS) renewals for perpetual offerings, and hybrid purchase program/subscription purchase program (HPP/SPP) credits beginning today (effective dates will vary). Additionally, we are introducing a bring-your-own-subscription license option, providing license portability to VMware validated hybrid cloud endpoints running VMware Cloud Foundation.

Portfolio Simplification

Today, we’re announcing specific changes coming to the VMware Cloud Foundation division portfolio. Going forward, the division will feature two primary offers:

• VMware Cloud Foundation , our flagship enterprise-class hybrid cloud solution for customers to run their business critical and modern applications – in a secure, resilient and cost efficient manner. To allow more customers to benefit from this solution, we’ve reduced the previous subscription list price by half and added higher support service levels including enhanced support for activating the solution and lifecycle management.
• The new VMware vSphere Foundation delivers a more simplified enterprise-grade workload platform for our mid-sized to smaller customers. This solution integrates vSphere with our intelligent operations management to provide the best performance, availability, and efficiency with greater visibility and insights.

Both VMware Cloud Foundation and VMware vSphere Foundation will have optional advanced add-on offers. Our storage offering, ransomware and disaster recovery service, and application platform services are available on both offers. And Application Network and Security offerings are available for VMware Cloud Foundation. Additional advanced services and offerings, including Private AI, will be available soon.

Subscription Licenses

VMware has been on a journey to transition to a subscription model for more than a year now, and the industry has already embraced subscription as the standard for cloud consumption. With a simplified portfolio in place, we’re completing our transition to subscription offerings. Offerings will solely be available as subscriptions or as term licenses following the end of sale of perpetual licenses and Support and Subscription (SnS) renewals beginning today.

The subscription model helps us deliver what customers want:

• Continuous innovation.
• Faster time to value.
• Predictable investments.

Customers may continue using perpetual licenses with active support contracts. We will continue to provide support as defined in contractual commitments. We encourage customers to review their inventory of perpetual licenses, including Support Services renewal and expiration dates. Broadcom will work with customers to help them “trade in” their perpetual products in exchange for the new subscription products, with upgrade pricing incentives. (For additional details, see FAQ).

The simplification of our portfolio and shift to subscription and term offerings are a culmination of our multi-year business transformation efforts. The steps we’re taking today will further enable customer and partner success by delivering the innovation, simplicity and flexibility they need as they undertake their digital transformations.

Frequently Asked Questions

Q: what is vmware by broadcom announcing.

A: Today, VMware by Broadcom has reached a new milestone in its journey and announced the following:

• Complete the transition of all VMware by Broadcom solutions to subscription licenses, with the end of sale of perpetual licenses, Support and Subscription (SnS) renewals for perpetual offerings, and HPP/SPP (generic) credits beginning today. Additionally, we are introducing a bring-your-own-subscription license option, providing license portability to VMware validated hybrid cloud endpoints running VMware Cloud Foundation.

Q: How do these changes benefit customers?  

A: Over the past two years, VMware has been on a journey to simplify its portfolio and transition to a subscription model, the industry standard for cloud consumption, and to better serve customers with continuous innovation, faster time to value, and predictable investments. We’re also helping more customers benefit from VMware Cloud Foundation by reducing the list price by half and including higher support service levels including enhanced support for activating the solution and lifecycle management.

Q: Why is this good for partners?

A: The industry has already widely embraced subscription and SaaS, and many partners in our ecosystem have already developed success practices in this area. Subscription and SaaS models provide an opportunity for partners to engage more strategically with customers and deliver higher-value services that drive customer success. It also helps accelerate their own transition to a business model focused on annual recurring revenue.

Q: What are the changes to perpetual licenses?

A: As part of our transition to subscription and a simplified portfolio, beginning today, we will no longer sell perpetual licenses. All offerings will continue to be available as subscriptions going forward. Additionally, we are ending the sale of Support and Subscription (SnS) renewals for perpetual offerings beginning today.

Q: Why make this change from perpetual licenses to subscription? 

A: This shift is the natural next step in our multi-year strategy to make it easier for customers to consume both our existing offerings and new innovations. VMware believes that a subscription model supports our customers with the innovation and flexibility they need as they undertake their digital transformations.

Q: Can customers continue to use their perpetual licenses?

A: Yes, customers can continue to use perpetual licenses that they’ve purchased for products.

Q: Can customers still purchase and add additional perpetual licenses after today?

A: After a customer’s effective date for the end of availability of perpetual licenses, customers will not be able to purchase new perpetual licenses. Customers will be able to purchase subscription software or term licenses to supplement or replace their current perpetual-licensed install base.

Q: Can customers renew their Service and Support (SnS) contracts after today?

A: No, customers cannot renew their SnS contracts for perpetual licensed products after today. Broadcom will work with customers to help them “trade in” their perpetual products in exchange for the new subscription products, with upgrade pricing incentives. Customers can contact their VMware account or partner representative to learn more.

Q: Do customers have to collect and submit their perpetual licenses to Broadcom when they “trade-in” their products for subscription?

A: No, Broadcom does not require customers to submit their perpetual licenses to Broadcom when they “trade in” their products for subscription.

Q: Will VMware by Broadcom continue to provide support for active Service and Support (SnS) contracts?

A: We will continue to provide support as defined in contractual commitments.

Q: What will happen to customers’ existing perpetual licenses with active SnS contracts when they are up for renewal?

A: Customers should contact their VMware account or partner representative for upgrade pricing from perpetual to subscription.

Q: What can customers with perpetual licenses do now to prepare?

A: This is an excellent time for customers to assess their current state with VMware infrastructure and management products. We encourage customers to review their inventory of perpetual licenses, including refresh cycles and renewal dates, and become more familiar with VMware's available subscription offers. Customers should also contact their VMware or partner representative for more information. 

Q: What VMware Cloud Foundation division offerings are available for purchase?

A: The product simplification across the VMware Cloud Foundation division stems from customer and partner feedback requesting we reduce the complexity of our offers and go-to-market. Going forward, the VMware Cloud Foundation division will feature two primary offers: VMware Cloud Foundation, the new VMware vSphere Foundation and our Hybrid Cloud services and offers. Additionally, we offer VMware vSphere Standard and VMware vSphere Essentials Plus for deployments with more limited requirements.

Q: What is VMware vSphere Foundation?

A: VMware vSphere Foundation is a new solution that combines our full-featured server virtualization platform, vSphere with intelligent operations management to deliver the best performance, availability, and efficiency with greater visibility and insights. For customers seeking an HCI solution, we offer VMware vSAN as an add-on to vSphere Foundation, which includes all the capabilities of vSAN including vSAN Max.

Q: What happens to customers that have purchased HPP/EPP credits and still have an outstanding balance of unredeemed credits?

A: We are honoring existing agreements and will work with our customers to help with the redemption of credits on our new offerings.

Q: What products and bundles are impacted by this new policy?

A: Here is a list of products impacted by the new licensing policy:

• VMware Cloud Foundation
• VMware vSphere
• VMware vSAN
• VMware Site Recovery Manager
• VMware vCloud Suite
• VMware Aria Suite
• VMware Aria Universal
• VMware Aria Automation
• VMware Aria Operations
• VMware Aria Operations for Logs
• VMware Aria Operations for Networks
• multi-cloud

Employee Benefits in Mergers & Acquisitions: Key Considerations When Acquiring a Defined Benefit Pension Plan

Although pension plans are increasingly rare, if your business is considering acquiring a company that sponsors a pension plan, then several new diligence and deal considerations come into play for the transaction. This can be incredibly daunting if your business does not already sponsor a pension plan, because pension plans are fundamentally different than defined contribution plans, such as 401(k) plans, in many respects. This article highlights some of the material diligence, transaction, and post-closing issues that you should consider if the target entity sponsors a pension plan.

1. Do You Understand the Funding Status of the Pension Plan?

• Pension plans are not required to be fully funded, i.e., it is not a legal requirement that the plan’s assets equal the plan’s liabilities. The “funded status” of a defined benefit pension plan can be viewed in different ways depending on the purpose for which the funding status is determined. For example, a pension plan that is considered “fully funded” (at 100% or more) for the plan’s most recently reported adjusted funding target attainment percentage (or, AFTAP) may not be considered “fully funded” if the plan was terminated and liquidated. This is because most ongoing actuarial funding certifications (like the annual AFTAP determination) are calculated by making certain actuarial assumptions related to the plan remaining in effect.
• Pension plans are only required to complete formal actuarial funding determinations on a periodic basis and then, those determinations are reported on a delayed basis. For example, for a calendar year pension plan, as of May 2024 the most recent Form 5500 available is for the 2022 plan year, which will report assets and liabilities as of the last day of the 2022 plan year. For a calendar year, that information is now almost one and a half years out of date. Unless an updated actuarial valuation is completed in connection with a transaction, the buyer will inevitably review “stale” funding data for the pension plan and must either demand an updated valuation (which may take time) or at a minimum, obtain an updated plan asset valuation so the buyer can at least assess more recent asset values.
• The funding status of the pension plan is important because if a plan is underfunded, then it’s likely the buyer will have to make periodic contributions to the plan’s trust to fund the plan, or a potentially large contribution if the intention is to terminate the plan. Further, an underfunded pension plan will pay more in annual PBGC premiums than a fully funded plan. These liabilities should be considered in the context of the overall financial aspects of the transaction.

2. Have You Reviewed Historical Compliance and Plan Governance?

• While the funding issue described above will likely be the most important issue to address in the transaction, the buyer should also review historical pension plan documents and governance to confirm that there are no significant outstanding compliance issues or liabilities sitting with the pension plan.
• At a minimum, the buyer should carefully review current plan documents, trust agreements, summary plan descriptions, participant notices (including distribution election materials), evidence of PBGC premium payments, Form 5500s, and any correspondence with the IRS, Department of Labor, or PBGC about the plan.
• To the extent there are outstanding compliance issues discovered in the diligence process, the buyer can address them in various ways. For example, the purchase agreement can require that necessary corrective actions to bring the plan into compliance be completed prior to the closing of the transaction, if feasible. Or, the parties may address material issues through purchase price adjustments or specific indemnity obligations, as needed.
• A buyer also needs to understand the current third-party administration arrangements and governance structure to determine if or when changes are needed following the closing of the transaction. For example, if the target company has established a benefits committee to serve as the plan’s administrator, then a buyer will need to consider if that committee should remain in place following closing (or, if members of the committee may no longer be around after the closing) or if the buyer has its own plan fiduciaries that it intends to appoint as the plan administrator going forward.

3. Do We Need to Address the Pension Plan in the Purchase Agreement?

• The purchase agreement will need to address the pension plan; however, how the plan gets addressed will vary depending on the overall business deal.
• The purchase agreement should contain certain representations from the seller about the overall compliance of the pension plan. If there are outstanding compliance issues, then the buyer may want to consider specific indemnification protections to address those risks.
• Depending on how a buyer views the pension plan’s overall funding and any minimum required contributions that are due prior to closing (or that relate to the pre-closing period, to the extent not due by closing), certain purchase price adjustments may need to be included within the purchase agreement. A buyer may also require a target company to make additional contributions to the pension plan’s trust prior to closing a transaction, which would also need to be documented under the purchase agreement.
• If the buyer expects the target company to take any corrective actions discovered during diligence or make any changes to the plan in connection with the closing, then pre-closing covenants and/or closing deliverables covering these items should be included under the purchase agreement.

4. Can We Freeze or Terminate the Pension Plan?

• If the target’s pension plan is still actively adding new participants and accruing new benefits (or, the plan may be frozen to new participants, but current participants are still accruing benefits), a buyer will want to consider fully freezing the plan to limit future benefit obligations. Decisions about freezing a pension plan will need to consider the buyer’s philosophy for retirement benefits going forward, any obligations under the purchase agreement to maintain defined benefit plan accruals for some post-closing period, and, in the event any plan participants are governed by a collectively bargained arrangement, those decisions will be subject to bargaining requirements. In addition, there are advanced notice requirements to freeze a pension plan that may make it impractical to implement a freeze at or shortly after the closing of the transaction. However, a pension plan can be frozen at any time on a prospective basis.
• Unlike a 401(k) plan, a buyer could terminate and liquidate a pension plan after the closing of a transaction. Even if a buyer does not plan to continue operating the pension plan after closing, the buyer does not necessarily need to require a seller to terminate a pension plan before closing (and, depending on the timing of a transaction, that may not even be feasible). A buyer could elect to terminate the pension plan at some later point after closing. Terminating a pension plan is a detailed and lengthy process that includes plan amendments, participant notices, potential funding obligations, ongoing Form 5500 reporting obligations, and PBGC and IRS reporting and determination processes, and can take around a year to complete.
• If the buyer intends to terminate the pension plan at or shortly following closing, then determining the appropriate funding status of the plan and whether additional contributions are needed (and who will pay for such contributions within the purchase agreement) becomes a critical point to address during the transaction.

5. What Do We Do with the Pension Plan After the Transaction Closes?

• Determine whether any plan amendments or updated participant communications or notices are necessary.
• Determine who are the pension plan’s current fiduciaries and plan administrators and if those delegations need to be updated to transition to the buyer’s other previously established fiduciary committees or to change authorized signatories for the plan.
• Ensure there are sufficient procedures and policies in place to adequately administer the pension plan and to implement the plan’s governance, investment, and other fiduciary decisions. Establish a regular cadence for review of the plan’s administration and investment performance. Establish contact and ongoing correspondence with third-party service providers for the plan.
• If the buyer already maintains other pension plans within its controlled group and will maintain the newly acquired plan after closing, then consider whether there are cost or administrative efficiencies in consolidating pension plan third-party vendors (e.g., plan recordkeeping, investment fiduciaries, etc.) and the appropriate timing for making those changes.
• If the buyer already maintains other pension plans within its controlled group and will maintain the newly acquired plan, then consider whether it makes sense at some point to merge the pension plans into a single plan. There are various considerations when deciding whether and when to merge pension plans, including those related to the funding status of each plan and PBGC premium costs. The plan sponsor should consult its various advisors before consolidating pension plans.

Kathleen Dreyfus Bardunias

Leigh C. Riley

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