A vision statement defines where the company sees itself in the future, what it has achieved, and the guiding principle for its endeavors. The vision statement takes a long term outlook that justifies the existence of the company. Without such a vision, a company will be aimless and at risk of drifting into irrelevance and demise due to poor planning.
The vision statement applies to the company’s stakeholders, from investors to employees and customers. The content of the vision statement should give you a reason to invest your time, energy, and money into the company. The vision statement should tell you what a successful future for the company looks like and how it will be achieved.
Your vision statement should be short and unambiguous in its declaration. It should be simple yet strive for high-level success. It should clearly define your company and make you unique.
Finally, it should align with your company’s values and complement the mission statement. However, you should understand that the vision statement is different from the mission statement.
It is easy to confuse a vision statement for a mission statement. In fact, some companies incorporate the two into one statement, but those are exceptional cases. You are better off with a clear distinction between your company’s vision and mission.
A mission statement deals with the present and answers why the company exists, what it does, and how it does it. The mission statement focuses on what action is taken by the company and gives a glimpse into its day to day operations. It is a practical statement of action and intent.
The mission statement is very helpful for any customer or investor who is curious about the company, which is why they are usually public and used for branding.
Meanwhile, a vision statement deals with the future. It answers where the company is going.
Though the vision statement may hint at how the company will accomplish its goals, its focus is on the result. This provides inspiration and guidance, which is why the vision statement deals with the abstract of what is possible.
Vision statements are more helpful to internal members of the company because they should be invested in the long term direction and success of the company. Vision statements can be made public, but their relevance depends on whether the customer cares about its future.
To that end, a mission statement is a practical statement of purpose that considers the present, whereas a vision statement is an aspirational goal that gives a company forward direction.
When incorporated, the founder or founders of a company shape the vision. If you want to start your own business, you should have a vision statement ready. Much like the elevator pitch and mission statement, the vision statement will help you attract investors, employees, and customers.
If you are a startup, then you still want feedback for your vision. Ask friends and family, business mentors, and potential investors for their input. However, you must always be the final word. You are about to embark on this great task, so you must believe in the vision and allow it to align with your values.
However, it is not uncommon for companies to change or revise their vision from time to time, especially as it grows. If you find yourself in charge of a bigger company, you have several options to determine the vision. You can ask for input from every stakeholder within the company – that is, the investors and employees, if the amount is reasonable.
If the company is too large, it might be unrealistic to ask for direct input from everybody. However, you can still provide a system to allow for feedback.
For example, you can set up workshops or ask for teams and departments to provide their own vision statements. You could then ask for input from only a select group of qualified people most invested in the company’s future.
The most important thing to consider is that you ask for input from the stakeholders. Theoretically, if you run the company, you can choose the vision on your own. However, this may backfire on you as it could upset the other stakeholders who feel they have just as much a right to determine the vision.
Employees especially can be greatly affected by the vision statement. If their own professional and personal values align with the company, then the employees will feel more connected to their duties.
If employees feel ignored or abused, then their motivation and productivity will drop. In the end, cooperation breeds success, so come to a consensus about the vision.
When you write a vision statement, you want to make sure your words result from a logical process. A vision statement should stand on its merit of reason. To begin:
Now at this point, you should have a good idea of what your company is and where you want to take it. So, write it out and:
Finally, once you have written your vision statement, make sure you ask for feedback.
Depending on your company’s size, you may want to ask employees for feedback if they were unable to contribute to the original vision statement. Allow them to make honest suggestions. If your company is small and new, ask family, friends, and business mentors for input.
Through the vision statement process, make sure to avoid classic mistakes that include:
With a short one to two-sentence vision statement, you should be convinced that any new employee or investor will immediately understand and be inspired by the direction of the company.
Take what you have written and make sure it gets the proper feedback — this includes you. Make sure you feel inspired and proud of the vision you wish to achieve.
Remember that a vision statement is about the future. See your future and your goals as bright possibilities. Though it can be subject to change, this target is your compass as you take your company down the road of success.
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