A business vision is one of the most important, and often one of the most overlooked aspects of creating a comprehensive business strategy. Although most entrepreneurs have some form of vision for their business, they rarely have something written down that they can reference and use as a guideline. Once more we see the ever-present issue of working “in” the business rather than “on” the business, often getting caught in the smaller details and logistics instead of focusing on the bigger picture. It is vital to remember that, as the owner of the business, the majority of your energy should be directed at the growth and long-term success of the enterprise.
What is Business Vision?
A Business Vision establishes the overall strategic goals of what you want to accomplish in your business over the next few years. The more specific the time frame, the more structured the vision becomes. The most important aspect when creating this is to be as detailed as possible in terms of goal metrics, time frame, scale and overall growth in order to clearly visualize the end result.
Why Business Vision Matters
Having a written-out Business Vision is not only useful for the owner, but vital for the employees of the company as well. It gives everyone a clear understanding of what they should work toward, and provides a unified sense of purpose across the organization; from entry level to executives. Without it, people will perform their daily tasks and duties with little enthusiasm or creativity as they will see it like any other job instead of being part of a team striving to create something extraordinary.
Business VS Personal Vision
At first glance, there seems to be quite a few similarities in the creation of a business and personal vision, however there are a few key distinctions between the two. For starters, the creation of a Personal Vision is much more private and introspective. It is the visualization of an ideal lifestyle within the context of the business owner’s private life which only briefly touches on matters concerning the business. Business Vision takes into consideration the entire organization, from daily tasks to operations and even planning for expansion. A Business Vision needs to be well thought out, as it has to take many more factors into consideration during its formulation. Compared to personal vision, it is more specific to the business itself, and has more specific metrics by which to define success.
Create Your Own Business Vision
A Business Vision should be created with the end goal in mind, especially in relation to metrics such as finances, number of employees/locations etc. The foundation of such a vision should resemble, “In ___ years, I want to have ___ employees, ___ locations and net ____ in profit per year”. Once again, the more specific the goals, the easier it is to structure an action plan to achieve them. You can use SMART goals in the creation of your business vision. SMART stands for Specific, Measurable, Achievable, Relevant and Time-bound. Specific goals clearly define what is expected to be achieved and provide the necessary direction to move forward. Measurable goals allow businesses to track their progress, identify areas of improvement and stay focused on their objectives. Achievable goals are realistic and achievable, given the resources and time available. Relevant goals are important to the success of the business and support the company’s overall mission. Finally, time-bound goals provide a sense of urgency and ensure that tasks are completed within the given time frame. By setting SMART goals, businesses can focus their efforts and ensure they are achieving the most important objectives. Remember, the purpose of the vision is to create clarity and unity at all levels of your company.
A business vision serves as one of the fundamental building blocks in the creation of a strategic plan for your company. It provides a sense of direction, clarity, and purpose, not just to the business owner, but to every employee within the organization. Ultimately, having a business vision provides a destination for the company to strive towards.
About A&E Advisory
A&E Advisory helps small businesses to midsize enterprises regain profitability, organization, and discover new levels of success. We are a boutique business advisory firm assisting both new startups and established companies.
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