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.
駅まではこの早道を行くのが一番早い。
Taking this shortcut is the fastest way to the station.
成功への早道はない。
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.