Why You Need a Business Roadmap
It can be easy to get wrapped up in starting your wellness business, but before you know it, you are stuck in the day-to-day routine and are struggling to take your business to the next level. So how do you ensure your long-term goals don’t get pushed to the side? A business roadmap! If you aren’t sure what that is or what you should include, that’s what I’m here for.
What is a Business Roadmap?
A business roadmap outlines the direction you plan to take to achieve the long-term goals and plans you set. A well-thought-out roadmap can be used at every stage, from early startup to being an established company. As a wellness business coach, I can help you build out your roadmap and plan for each stage.
5 Things to Include in Your Business Roadmap:
Executive High-Level Summary
If your wellness business has a mission statement, use it to start your roadmap. Make sure to add details about your company, like the name and location. You can also include a brief history of the company, senior management, and other trusted advisors. Finally, don’t forget to add what your company does!
What Are Your Products & Services?
The next part of your roadmap should include the products and services your wellness business offers. Focus on what you sell, the cost, the profits, pricing, and any manufacturing information. If you offer subscription services or only accept transactions for payment, note that as well.
Who Is Your Target Market?
Your target market should include your ideal customer profile or ICP. Your wellness business should know exactly what specifications would make up its ideal customer profile and how it will reach those customers. Once you know your target market, do your research on competitors and other market trends for similar wellness businesses.
How to Explain Your Marketing Strategy
Now that you’ve done your research on the current market and your competitors and come up with the ideal customer profile, how will you market your business to those customers while ensuring you are setting yourself apart. Explain the marketing activities you plan to do and how you plan to distribute information about your company. Don’t forget to include your communication templates and brand book if you have one!
Why You Should Share Your Financials and Budget
If you are a new business, you may be working off of projected numbers to start, but for more well-established businesses, you will have bank statements, balance sheets, and other financial details. Speaking of financials, don’t forget to include your budget. This should include business expenses from staff to marketing to retention.
Why You Need a Business Roadmap
If you are an early-stage startup planning to reach out to investors in the future, they will want to see your roadmap and will most likely ask you to present and explain it. A well-thought-out roadmap allows you to have your vision and plans in one place so you can easily communicate them. This is also very important to help plan the future of your business – do you want to eventually sell your practice?
It also allows you to visualize your overall strategy and make changes when needed while ensuring everything stays aligned with business changes and outcomes. By creating this picture in a clear and concise way, you will be able to execute accordingly and bring your wellness business dreams into a reality.
That’s it. If you are struggling to find the time to create your business roadmap, hire me today, so I can help you think of the future of your business. Whether you are trying to work smarter, not harder, add dates to your exit strategy, or improve revenue, your business roadmap can include it all!