Strategy Map

A man without vision will always find himself lost, proving true with companies who only think of immediate rewards—here today, gone tomorrow. However, since you’re here, you’re one of those that see the bigger picture and want to expand your territory by providing your team a vision and strategy to keep. That’s why we’re on to help you achieve your goals! We provide high-quality and exceptional Strategy Map Examples that will boost your business and put you on track. Nonetheless, to help you more, we also provided an excellent guide to help you create your own! So check them out today and see your business rise.

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What is a Strategy Map?

A strategy map is a document that details the connections and the relationships of a company’s strategy. It also describes the cause and effect of each of these tactics. By doing this, a company may provide the members with a higher vision that will surely keep them inspired.

What are the four perspectives in a strategy map?

As complicated as it may sound, a strategy map only has four perspectives. All of these perspectives are included in a balanced scorecard, so you won’t miss a thing! Listed below are each of the perspectives.

• Financial Perspective

Almost every company is for-profit. Financial growth is the ultimate goal. That’s why the first perspective is all about keeping and gaining more money. So, you may put something like ‘higher revenue’ or ‘lesser operational expenditure’ in this area.

• Customer Perspective

Ever heard of the saying ‘customer is always right?’ That’s the idea. Here in this area, you ensure that your company offers high customer satisfaction by creating goals that push champions the cause of the customers. By keeping your customer perspective well, your branding will become better and your brand strategy effective.

• Internal Process Perspective

When mountaineers climb the highest points of our world, they didn’t have only one goal in mind. Instead, they had a series of victories that ensures them that they’re closer to their goal. The same thing happens in business. You cannot easily fulfill your financial perspective without the other side of things. So make sure that you have the proper process for your company to satisfy its goals. Your goals here may include better quality assurance, higher employee pay, etc.

• Learning and Growth Perspective

The learning and growth perspective has three branches, human, information, and organization capital. Each one of these is the intangible side of your company growth. Your goals here may vary depending on the classification that you wanted to improve.

How to Create a Strategy Map

Now that you’re all geared up to creating your strategy map. We can now talk about its creation process. Although if you already have a template, it’s fine still, as creating a personalized document is way better than just copying a template, after all.

Step 1: Start with What You Have

Your company has been in the market for a few years or a few months, right? So it’s safe to say that you already have a vision and mission statement. However, if you still don’t have one, try to create one before creating a strategy map. Nonetheless, if you already have it, you should start with it. By doing this, you ensure that your strategy will have one point to help you get to your destination or goal.

Step 2: Start Defining Your Balanced Scorecard

Remember the four perspectives? This is your chance to use them. Whether your company is a nonprofit, in healthcare, or retail, these four will surely help you. However, make sure that the way you use your perspective is customized to your needs. For example, a nonprofit may use a lesser financial perspective vs. a retail company. In this way, the strategy map will become an overall corporate strategy that will guide your strategic planning.

Step 3: Define the Rationale and the Metrics

Since you know what your company needs to do, they also need to learn why they need to do things. That’s why you need to define the rationale and cause and effect of your goals. After having a definite idea of it, make sure to enforce metrics within your company’s ranks. This is your strategic management way of keeping your company in the vision.

Step 4: Cascading the Idea

You know, although your company has this overall strategy map, each division or team may have different goals to achieve your higher goal. Surely your marketing team wouldn’t really think of the problems your audit has. So, it would be best that they create strategy maps for themselves. So they can keep their team intact. You can even award the team with the best strategy map with something like an operational excellence certificate to keep your influence afloat.

FAQs

So there you have it. These small steps are your way to growing your company and expanding your territory. Although if you’re a university expanding it could be more difficult. Nonetheless, the usefulness of a strategy map never falters. So keep up and prepare yourself for better things.