Five huge reasons your business needs a clear vision and how you can create it now

Five huge reasons your business needs a clear vision and how you can create it now
Photo by Anastasia Petrova / Unsplash

Having a vision for your business is way more than a catchy TED Talk. A clear vision of a better future is essential for any group working on a mission or a project. Vision is the secret sauce because it provides a starting point for decisions, a benchmark to measure progress, and an energy boost for current teammates and future ones.

How do we know? Just ask Simon Sinek; his landmark book, Start With Why, is dedicated to vision and purpose.

"People don't buy what you do; they buy why you do it and what you do simply proves what you believe. In fact, people will do the things that prove what they believe."
Simon Sinek

We studied Sinek and many others in our Master Series on Vision.

So let's look at what is a company's vision.

A company vision is a statement that outlines a business's long-term goals and future aspirations. It serves as a guiding light for the company, helping to keep it focused on its mission and objectives. A company vision is typically broader in scope than a mission statement, which outlines a business's actions to achieve its goals.

A company vision should be aspirational, inspiring, and forward-looking. It should reflect the values and beliefs of the organization and should provide a clear and compelling picture of what the business wants to achieve in the future.

Some examples of company visions might include:

  • "To become the world's leading provider of clean energy solutions."
  • "To revolutionize the way people shop online."
  • "To create a world where everyone has access to quality education."

A company vision should be communicated to all stakeholders, including employees, customers, and investors. It should also be reviewed and updated regularly to ensure that it remains relevant and aligned with the business's long-term goals.

Having worked in different industries across four other countries, here are my reasons why every business needs a vision.

  1. Vision provides direction and purpose: A vision statement gives the business a sense of direction and purpose, helping to guide decision-making and prioritization.
  2. Vision inspires and motivates: A compelling vision can inspire and motivate employees, helping to create a shared sense of purpose and drive within the organization.
  3. Vision guides resource allocation: A vision can help a business to allocate resources effectively by prioritizing activities that align with the company's long-term goals.
  4. Vision helps to differentiate the business: A clear and unique vision can help a business to stand out from competitors and differentiate itself in the marketplace.
  5. Vision helps to build trust: An idea that aligns with stakeholders' values and goals can help build trust and support for the business.

Creating a vision for a company is an integral part of the entrepreneurial process. It involves setting long-term goals for the business and establishing a clear direction for the company's growth and success. Here are some steps an entrepreneur can follow to create a vision for their company:

  1. Define the company's purpose: The first step in creating a vision is to determine the company's purpose or mission. This work should be a clear and concise statement that reflects the company's values and goals.
  2. Identify the target market: Knowing the target market is crucial in shaping the company's vision. Entrepreneurs should research their target market and understand their needs, preferences, and challenges to create an idea that resonates with them.
  3. Establish long-term goals: Once the purpose and target market is defined, the entrepreneur can set long-term goals for the company. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART).
  4. Create a vision statement: A vision statement is a short, inspiring statement that encapsulates the company's long-term goals and purpose. It should be clear, concise, compelling, and motivating and guide the team towards the desired future.
  5. Communicate the vision: Once it is defined, it is essential to communicate it to the team, stakeholders, and customers. This communication helps ensure everyone is aligned and working towards the same goals.

Creating a vision for a company can be a challenging but rewarding process. It requires an entrepreneur to think creatively, set ambitious goals, and inspire others to follow.