A strategy map is a visual summary of what a company plans to do in order to improve its business, gain more customers and improve its financial outlook.
Additionally, many companies find strategy maps valuable because they include intangible factors like culture in the strategic analysis. A strategy map provides multiple perspectives when evaluating a company and helps in the strategy's effective execution.
Strategy maps let your company's leadership team clearly visualize their goals and communicate them with the rest of the company.
A strategy map looks similar in structure to a swim lane diagram but the concepts it deals with are more similar to those found on a balanced scorecard.
Strategy maps are divided into horizontal lanes that represent different perspectives to evaluate. These perspectives are typically Financial, Customer, Internal Business Process, and Learning and Growth, following the typical balanced scorecard divisions. For each category, brainstorm ways to improve that aspect of your business and place your ideas inside boxes and ovals. Connect the ideas with arrows to illustrate relationships between the goals and changes listed. Watch this quick video on how to make a strategy map.
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