Let me assume you work in a product company – there are four terms that you frequently hear about: vision, strategy, goals, and roadmaps. While often used interchangeably, each represents a distinct component of the planning and execution process that guides an organization from its current state to its desired future. It’s really important to understand these concepts properly, as well as their interrelations, if you want to achieve effective leadership and sustained success.

Vision: The Guiding Star

A vision is a long-term, aspirational statement that defines what an organization aims to become or achieve in the future. It serves as the guiding star, inspiring and motivating people by providing a clear picture of the desired end-state.

Characteristics of a Vision:

• Inspirational and aspirational: It should ignite passion and commitment!
• Clear and concise: easily understood and remembered by all employees
• Future-focused: it paints a picture of where the organization is heading
• Enduring: it remains relatively stable over time, providing long-term direction

Example:

“Give access to personalized learning to every student in the world.”

Strategy: The Blueprint

Strategy is the comprehensive framework designed to achieve the vision. Strategy is not a plan (it’s a common misconception), it’s rather a set of tools you put in place that help you make the right choices on the way from as-is to achieving company vision.

Basically, strategy is about identifying which problems do we have, which problems are worth solving and in which order.

Characteristics of a Strategy:

• Aligned with the vision: ensures all efforts contribute to the ultimate goal
• Data-driven and informed: based on product metrics
• Adaptive: can evolve in response to changing circumstances and feedback
• Holistic: considers all aspects of the organization, including resources, capabilities, and external environment

Goals: The Milestones

Goals break down the strategy into actionable and manageable parts. There are many frameworks for setting up goals but one of my favorites are OKRs – it’s hard to implement properly but can help a lot in setting up empowered teams.

Characteristics of Goals:

• Specific: what success looks like
• Measurable: how will it be measured
• Aligned with strategy: directly support the strategic plan
• Realistic and achievable: challenging yet within reach
• Time-bound: have deadlines to ensure timely progress

Example:

“Increase market share in Brazil by 20% within the next year by improving content in Spanish language and introducing support for local payment methods for people without bank cards.”

Roadmaps: The Action Plan

A roadmap is a detailed plan that outlines the steps, timelines, and resources required to achieve the goals. It provides a visual representation of the journey, helping to coordinate efforts and track progress. My favorite one is Now-Next-Later as it forces you to pick your bets wisely but allows freedom from having set dates and calendar deadlines – you iterate on the solution until it solves the problem.

Characteristics of a Roadmap:

• Detailed and specific: includes timelines, milestones, and key deliverables
• Flexible: can be adjusted as needed to respond to new information or challenges
• Collaborative: involves input from various stakeholders to ensure buy-in and alignment
• Progressive: breaks down the goals into smaller tasks and phases

Example:

“Year 1: Conduct market research and build local partnerships.

Year 2: Develop and test prototypes.

Year 3: Launch product and execute marketing campaign.”

Interconnection and Implementation

Understanding how vision, strategy, goals, and roadmaps interrelate is crucial for effective planning and execution.

• Vision sets the ultimate destination, providing a long-term perspective and inspiration
• Strategy maps out the route to the vision, defining how the organization will navigate the journey
• Goals break down the strategy into specific, achievable targets that mark progress along the way
• Roadmaps outline the concrete steps and tasks needed to achieve the goals, ensuring that the strategy is effectively implemented

Effective implementation requires clear communication, ongoing monitoring, and the flexibility to adapt to new information and changing circumstances.

Implementation Steps:

• Communicate the Vision: ensure all stakeholders understand and are inspired by the vision
• Develop the Strategy: develop a comprehensive framework that aligns with the vision and leverages organizational strengths
• Set Goals: define specific objectives that break down the strategy into actionable parts
• Create the Roadmap: outline the steps, timelines, and resources needed to achieve the goals
• Monitor and Adapt: continuously track progress, gather feedback, and adjust plans as needed

Importance of Each Element

• Vision: Keeps everyone aligned and motivated, ensuring that day-to-day activities contribute to long-term aspirations
• Strategy: Helps the organization focus resources on the most impactful initiatives
• Goals: Offer measurable milestones, allowing for tracking of progress and making necessary adjustments
• Roadmaps: Ensure structured execution, minimizing ambiguity and improving efficiency in achieving goals