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No matter how solid your plan is, it can still fall flat in the implementation phase. That’s why it’s useful to create a strategy map to make sure resources are aligned in a way that allows for objectives to be achieved. (By Rawpixel/Shutterstock)

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Strategy mapping: 6 guidelines you need for an effective plan

Follow CPA Canada’s advice for creating a successful blueprint

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No matter how solid your plan is, it can still fall flat in the implementation phase. That’s why it’s useful to create a strategy map to make sure resources are aligned in a way that allows for objectives to be achieved. As the CPA Canada Strategy Mapping MAG® explains, there are six steps involved in building a game plan.

1. Specify an overriding objective. 
For example, you might want to maximize cash flows or net profits in 2019.

2. Determine your dominant value proposition.
Do you want to win the market with low cost, great features or customer problem solving?

3. Choose your key financial strategies.
Revenue growth, productivity and asset utilization are the main options here.

4. Choose your key customer-related strategies.
Internal operations, innovation and customer management are all important, but your value proposition will determine which one takes priority.

5. Mobilize steps one to four.
For example, this might include choosing and executing the right business processes to achieve desired strategies.

6. Plan your learning and growth strategies.
All companies have gaps in knowledge, skills and abilities that will hinder progress for the first five steps. This step is meant to bridge the gaps as much as possible.

Currently the Management Accounting Guidelines (MAG®) are offered by CPA Canada in the competency areas of: Strategy Management, Financial Management and Financial Reporting, Performance Management and Measurement and Risk Management and Governance. Explore them all to gain valuable insights for your organization.