shortcut; shorter route
Refers to a path or method that is quicker than the usual one. Can be used literally for roads and figuratively for procedures.
Taking this shortcut is the fastest way to the station.
There is no shortcut to success.
早道 means the same as 近道 but is a much less common, slightly old-fashioned way to say 'shortcut'.
Compound of 早 (はや, 'fast, early') and 道 (みち, 'road, way'). The reading はやみち is a straightforward combination of the two elements.