The Importance of Business Vision
Many business owners, particularly inexperienced start-ups, run their business without a vision in mind. They focus on short term profit and forget about the long term goal - to build a business that prospers! Is there any wonder why 90% of start-ups fail?
If you're fortunate enough to be profitable from the outset of your business launch then great! But be careful.. it might not last. There will be highs and lows and it's important to take the good with the bad. Don't get carried away with your initial success but by all means celebrate your first win. Develop a vision which isn't based upon a monetary value and work towards it - this is the key to long term growth and success.
But what is a vision statement?
What are you really in the business of? A vision statement sets out to portray a businesses mid to long term aspirations. It serves as a daily reminder for which course of action to take to move a business forward.
There are many different types of vision statement to suit your business. From short to long, quantitative to qualitative. From competitor based to internal. Some are even based around a role model. There is no right or wrong answers - after all, it's your vision!
Disney - "To Make People Happy"
Disney's short vision statement demonstrates power through simplicity. They have acted upon their vision so consistently that you could almost guess what it would be without actually knowing. This proves just how much guidance the right vision statement can give, providing that it's integrated throughout the whole business hierarchy.
Realise Agency - "Helping businesses grow and their people to thrive"
Our own vision (as part of our mission statement) neatly sums up what we do; we help people achieve business growth, whatever the company size, and with whichever objectives are most important to them. However, our focus on client collaboration, shared responsibility and long-term partnerships, means that there is a people element to what we do. On one side, we share knowledge and learnings both ways, helping the client understand and upskill, and on the other we are offering more training and best practice than ever before. In the fast-paced world of digital marketing this is a must for any relationship.
Why is it important to have a business vision?
They provide the foundations for which to build upon
The foundation of a business is often lost in the day to day running of it. Businesses are all too quick to forget about what they set out to achieve once they're up and running, and this can affect the path for which the business takes moving forward. A vision statement can help to ensure the core goals of the business are apparent, and the values it posses are understood. These can then be referred back to in order to ensure all actions are in line with the long term goals.
They provide purpose and direction moving forward
Again, purpose and direction can be lost, or might not have been there in the first place. Every business is started for a reason - whether it's to fill a gap in the market or to supersede an existing business - there is always a purpose. A vision statement serves as a reminder to this purpose and helps mould actions towards a particular direction - to achieve the vision.
They instil a motivational and empowering culture
Employees are often described as a company's greatest asset. In order to achieve long term goals, the whole team must be on board. A vision empowers employees. It encourages them to think independently. It gives them something to work towards long term. In turn, it helps create a long standing, happy and productive workforce. This culture can filter throughout a whole organisational hierarchy.
To summarise, vision statements are vitally important for any organisation. They serve as a motivational reminder - when short term success isn't apparent, long term success still is. With the right foundations, direction and culture, no vision is unattainable!